Group 1 - The pet economy concept stocks in the A-share market experienced significant gains, with Jieya Co., Ltd. rising over 10% [1] - Yiyi Co., Ltd. hit the daily limit with a 10% increase [1] - Tianyuan Pet increased by over 9%, while Lusi Co., Ltd. rose over 8% [1] Group 2 - Peti Co., Ltd. saw an increase of over 7%, and Chuangyuan Co., Ltd. rose over 6% [1] - Guai Bao Pet and Suo Bao Protein both increased by over 5% [1] - Zhongchong Co., Ltd. and Yuanfei Pet both rose over 4% [1]

Core Viewpoint - The company has announced its 2025 semi-annual profit distribution plan, which includes a cash dividend of 2.5 RMB per 10 shares for all shareholders, based on a total share capital of 400,044,500 shares as of June 30, 2025 [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan was approved by the board on August 23, 2025, and is based on a net profit attributable to shareholders of 26.46% [1][2]. - The cash dividend will be distributed as follows: 2.5 RMB per 10 shares (before tax) for all shareholders, while specific tax rates apply for different categories of investors [2][3]. Group 2: Key Dates - The record date for the profit distribution is set for September 9, 2025, and the ex-dividend date is September 10, 2025 [2][3]. Group 3: Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their securities companies or other custodians [3]. Group 4: Shareholder Commitments - Shareholders who reduce their holdings within two years after the lock-up period must sell at a price not lower than 39.07 RMB per share, adjusted for any rights issues [3].

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-044 乖宝宠物食品集团股份有限公司 2025年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 乖宝宠物食品集团股份有限公司（以下简称"公司"、"本公司"）2025年半 年度权益分派方案已获2025年5月22日召开的2024年年度股东大会授权，并经2025 年8月23日召开的第二届董事会第十二次会议审议通过，将权益分派事宜公告如下： 一、股东大会授权及董事会审议通过权益分派方案情况 1、公司2025年5月22日召开的2024年年度股东大会审议通过《提请股东大会授 权董事会制定2025年中期分红事项的议案》，2025年8月23日召开的第二届董事会 第十二次会议审议通过《关于公司2025年半年度利润分配的议案》，同意公司以截 止2025年6月30日的公司总股本400,044,500股为基数，向全体股东每10股派红利 2.5元（含税），分红金额共计100,011,125.00元（含税），占上市公司2025年半 年度合并报表归属于上市公司股东的净利润的26.46%，不送红股，不以资本 ...

Core Viewpoint - The company reported its 1H25 financial results, showing strong revenue growth and profitability, with domestic business growth being a key driver, particularly in staple food products [2][3]. Financial Performance - In 1H25, the company achieved total revenue of 3.22 billion, a year-on-year increase of 37.7%, and a net profit attributable to shareholders of 380 million, up 22.5% year-on-year [2]. - The gross profit margin for 1H25 was 42.8%, an increase of 0.7 percentage points year-on-year, while the gross profit margin for Q2 was 43.8%, up 1 percentage point year-on-year [2]. - The company reported a net cash flow from operating activities of 350 million in 1H25, compared to 250 million in the same period last year [2]. Business Segments - The domestic business showed significant growth, with Q2 domestic revenue increasing nearly 50% year-on-year, while international business remained flat [3]. - The staple food segment generated revenue of 1.88 billion, accounting for 58.7% of main business revenue, with a gross margin of 46.2%, reflecting a growth of 1.53 percentage points year-on-year [3]. - The snack segment generated revenue of 1.29 billion, accounting for 40.3% of main business revenue, with a gross margin of 37.5%, down 1.71 percentage points year-on-year [3]. Market Position and Brand Development - The brands "麦富迪" and "费列家特" maintained high growth rates in 1H25, with 麦富迪's revenue increasing over 40% and 费列家特's revenue increasing over 120% [4]. - 麦富迪's market share in the domestic market increased from 2.4% in 2015 to 6.2% in 2024, becoming the leading domestic brand [4]. - The company has successfully enhanced its market influence through diversified marketing strategies and product innovation, particularly in high-end market segments [4]. Investment Projects - The company is progressing well with its investment projects, including a pet food production base expansion with a total investment of 369.67 million, achieving 100.63% of the investment progress [5]. - The smart warehousing upgrade project has an investment progress of 95.5%, while the R&D center upgrade project is at 99.4% [5]. - Digital transformation initiatives are ongoing, focusing on marketing, supply chain, and intelligent production [5].

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

Core Insights - The pet food companies listed on A-shares, including Guobao Pet (301498.SZ), Zhongchong Co., Ltd. (002891.SZ), and Lusi Co., Ltd. (832419.BJ), all based in Shandong, reported revenue growth in their 2025 interim reports [1][2][3] - The total number of pet dogs and cats in China is projected to exceed 120 million by 2024, contributing to a pet consumption market size of 300.2 billion yuan, a 7.5% increase from 2023 [1] Guobao Pet - Guobao Pet leads in revenue and net profit among the listed companies, with a revenue of 3.221 billion yuan and a net profit of 378 million yuan in the first half of 2025, reflecting year-on-year growth of 32.72% and 22.55% respectively [1][2] - The company's proprietary brand products generated 3.544 billion yuan in revenue, a 29.14% increase, accounting for 67.59% of total revenue [2][3] - The main product categories include staple food, which saw a revenue increase of 57.09% to 1.883 billion yuan, and snacks, which grew by 8.34% to 1.294 billion yuan [3] Zhongchong Co., Ltd. - Zhongchong Co., Ltd. reported a net profit increase of over 40% in the first half of 2025, with total revenue reaching 2.432 billion yuan [1][4] - The company’s pet snacks business generated 1.529 billion yuan, accounting for 62.89% of total revenue, while staple food revenue was 783 million yuan, showing an 85.79% year-on-year growth [4] - The overseas business segment achieved 1.575 billion yuan in revenue, representing 64.75% of total revenue, with a year-on-year growth of 17.61% [4][5] Lusi Co., Ltd. - Lusi Co., Ltd. reported total revenue of 391 million yuan in the first half of 2025, with a significant portion coming from meat products, which generated 220 million yuan [1][6] - The company’s export revenue accounted for 63.92% of total revenue, reflecting a year-on-year increase of 19.25% [6] - Lusi has launched a new brand "Miaoguan" aimed at high cost-performance products, while continuing to innovate under its existing brand to enhance product value [6]

Core Viewpoint - The feed sector experienced a slight decline of 0.09% on September 2, with LuDe Environment leading the drop. The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed mixed results, with LuSi Co., Ltd. closing at 20.70, up 1.02%, and HaiDa Group at 61.27, up 0.82% [1]. - The overall trading volume in the feed sector was notable, with stocks like DaBeiNong and TangRenShen showing significant trading activity, with volumes of 102.10 thousand and 31.88 thousand respectively [1]. Group 2: Capital Flow - The feed sector saw a net outflow of 204 million yuan from main funds, while retail investors contributed a net inflow of 174 million yuan [2]. - The capital flow data indicates that speculative funds had a net inflow of 29.51 million yuan, suggesting a mixed sentiment among different types of investors [2].

Core Viewpoint - Securities firms have provided "buy" ratings for nearly 200 A-share listed companies, focusing on industries such as jewelry, automotive, liquor, agriculture, home appliances, food and beverage, fertilizers, and photovoltaic equipment on September 2 [1] Group 1: Company Ratings and Reports - Chao Yun County received 13 reports from various securities firms, ranking first in the list of recommended stocks on September 2 [2] - BYD was the second most recommended stock, receiving 11 reports from multiple securities firms [3] - Shanxi Fenjiu also garnered attention with 11 reports from different firms, indicating strong interest from analysts [3][4] Group 2: Financial Projections - Chao Yun County's projected net profits for 2025-2027 are 474 million, 575 million, and 694 million yuan, with a maintained "buy" rating [3] - BYD's projected net profits for 2025-2027 are 450 billion, 589 billion, and 710 billion yuan, with a target price of 161 yuan and a maintained "buy" rating [3] - Shanxi Fenjiu is noted for its strong brand and product capabilities, with a clear growth path despite economic pressures [4]

Core Insights - The "Pet Economy Index" reached a historical high on September 1, with a year-to-date increase of over 44%, indicating strong performance among popular sectors [1][3] - Several companies, including Jinhe Biological, Delisi, and Yongli Co., are actively seeking to enter the pet economy sector, which is viewed as a high-potential market [1][5] Market Performance - The "Pet Economy Index" has shown significant growth, with stocks like Zhejiang Zhengte rising over 90%, and others like Yuanfei Pet, Zhongchong Co., and Shitou Co. increasing by over 60% [3] - Financial reports from pet food companies indicate solid fundamentals, with revenues for Guibao Pet, Zhongchong Co., and Lusi Co. reaching 3.221 billion, 2.432 billion, and 391 million respectively, showing year-on-year growth rates of 32.72%, 24.32%, and 11.32% [3] Fund Holdings - As of the end of June, public funds held 18.25% of Guibao Pet, making it a top holding for several funds, while Zhongchong Co.'s public fund ownership increased from 8.06% to 15.74% [4] - Yuanfei Pet's public fund ownership surged from 1.69% to 15.27% during the same period, indicating growing interest from institutional investors [4] Industry Trends - The domestic pet market is characterized by growth potential and low industry concentration, with leading brands increasing their market share [6] - Companies are focusing on product innovation and quality supply chains to meet the evolving demands of pet owners [6] Company Initiatives - Jinhe Biological announced the establishment of a wholly-owned subsidiary for pet technology, launching an intelligent pet care app that utilizes a multimodal emotional analysis model [7] - Delisi has entered into strategic partnerships for product development and market expansion in the pet food sector [7] - Yongli Co. is actively developing smart pet appliances, while Hasi Lian has expanded its business scope to include pet food sales [8]

Financial Performance - In H1 2025, the company achieved revenue of 3.221 billion yuan, a year-on-year increase of 32.72% [1] - The net profit attributable to shareholders was 378 million yuan, up 22.55% year-on-year [1] - In Q2 2025, revenue reached 1.741 billion yuan, growing by 30.99% year-on-year, while net profit was 174 million yuan, an increase of 8.54% [1] Incentive Plan - In August, the company announced a second phase of the restricted stock incentive plan, proposing to grant up to 556,000 shares to 9 incentive targets, accounting for approximately 0.14% of the total share capital [1] - The grant price is set at 47.55 yuan per share, targeting directors, senior management, and other key personnel [1] - The incentive goals include revenue growth rates of no less than 25%, 53%, and 84% for 2025-2027, and net profit growth rates of no less than 16%, 32%, and 45% for the same period [1] Product Performance - The main grain revenue significantly increased to 1.883 billion yuan, a year-on-year growth of 57.09%, with a corresponding gross margin of 46.23%, up 1.53 percentage points [2] - Snack revenue was 1.294 billion yuan, growing by 8.34%, but with a gross margin of 37.48%, down 1.71 percentage points [2] Brand Development - The company’s flagship brand, Maifudi, continues to lead the industry, receiving AAA-level national trademark certification in 2024 and being recognized as "China's No. 1 Pet Food Brand" by Euromonitor in August 2025 [2] - The high-end sub-brand, Wanzhenchun, has shown remarkable performance, with a 150% year-on-year increase in sales during the 2024 Double 11 shopping festival [3] Market Positioning - The company has completed a brand 2.0 upgrade and launched a new series of high-end cat food, achieving significant sales during the 2024 Double 11 event [3] - The company is strategically positioning itself in the high-end dog food market with the brand Wanzhenchun, aiming to capture further market share [3] Investment Outlook - The company maintains a strong competitive advantage and leadership position in the domestic market, supported by the new stock incentive plan to enhance core staff motivation [3] - EPS forecasts for 2025-2027 have been adjusted to 1.87, 2.59, and 3.13 yuan per share, with a target price of 113 yuan per share, corresponding to a 44 times PE for 2026 [3]