乖宝宠物食品集团股份有限公司 董事会薪酬与考核委员会与监事会 关于第一期限制性股票激励计划首次授予部分第一个 归属期归属名单的核查意见 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券 交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律监 管指南》"）等相关法律、法规及规范性文件和《乖宝宠物食品集团股份有限公司 章程》（以下简称"《公司章程》"）的规定，乖宝宠物食品集团股份有限公司（以 下简称"公司"）于 2025 年 8 月 23 日召开第二届董事会第十二次会议、第二届 监事会第十一次会议，审议通过了《关于第一期限制性股票激励计划第一个归属 期归属条件成就的议案》。董事会薪酬与考核委员会与监事会对第一期限制性股 票激励计划（以下简称"本激励计划"或"《激励计划》"）首次授予部分第一个 归属期归属名单进行了核查，相关核查意见如下： 根据《管理办法》《自律监管指南》《公司章程》及《激励计划》的有关规定， 本次可归属的 9 名激励对象符合法律、法规和规范性文件规定的任职资格；不存 在《管理办法》规定的不得成为激励对象的情形；符合《激励计划》规定的激励 对象范围，其作 ...

北京市中伦律师事务所 二〇二五年八月 北京市中伦律师事务所 关于乖宝宠物食品集团股份有限公司 第一期限制性股票激励计划首次授予部分 第一期限制性股票激励计划首次授予部分 第一个归属期归属条件成就的 关于乖宝宠物食品集团股份有限公司 法律意见书 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《深圳证券交易所创业板上市公司自律监管指南第 1 号 ——业务办理》等有关法律、法规和规范性文件的规定，就本次激励计划首次授 予部分第一个归属期归属条件成就（以下简称"本次归属"），出具本法律意见书。 为出具本法律意见书，本所律师根据有关法律、法规、规范性文件的规定和 本所业务规则的要求，本着审慎性及重要性原则对本次归属的有关的文件资料和 法律意见书 事实进行了核查和验证。 为出具本法律意见书，本所律师根据《证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，本着 审慎性及重要性原则对公司本次归属有关的文件资料和事实进行了核查和验证， 并保证本法律 ...

Core Viewpoint - The pet consumption market is experiencing strong growth, with a focus on product refinement and functionality, as highlighted by the recent pet exhibition in Shanghai [1] Product Trends - The trend towards functional and refined pet food is rising, with an increase in players in the fresh and prescription food segments [2] - Functional pet food is becoming more popular, addressing specific needs for different life stages, such as growth for puppies and joint protection for older pets [2] - High-end pet food, particularly prescription and fresh food, is seeing increased competition, with domestic brands starting to enter a market previously dominated by imports [2] Marketing Strategies - The pet industry is shifting towards a "content + social" marketing approach, enhancing offline experiences to drive online engagement [3] - Brands are utilizing offline events to attract new customers and improve user profiles for targeted marketing [3] - Interactive activities and promotions at exhibitions are being used to engage consumers and promote products [3] Competitive Landscape - The competition in the pet food industry is intensifying, with a focus on innovation and differentiation among brands [4] - Domestic brands are moving upmarket, leveraging flexibility and pricing advantages, while international brands are increasing their marketing efforts in the mid-to-high-end segments [4] - The concentration of top brands is increasing, but competition among them remains fierce [4] Investment Recommendations - Companies with strong R&D capabilities and brand management are recommended, as the pet food sector is in a stable growth phase [5] - Key companies to watch include Zhongchong Co., Ltd. and Guibao Pet, which have strong operational and R&D capabilities [5] - Attention should also be given to Yuanfei Pet and Petty Co., Ltd. for their potential in the market [5]

Group 1 - The stock price of Guibao Pet is reported at 94.97 yuan as of August 22, 2025, with a decline of 1.58% from the previous trading day and a trading volume of 347 million yuan [1] - Guibao Pet operates in sectors including agriculture, animal husbandry, and the pet economy, focusing on the research and sales of pet food, with its brand Maifudi holding a significant market share in China [1] - The company participated in the 27th Asia Pet Expo, showcasing high-end staple foods and functional snacks, with its smart pet care devices attracting industry attention [1] Group 2 - The Asia Pet Expo this year set a record with over 2,600 exhibitors participating, highlighting the growing interest in the pet industry [1] - Guibao Pet is expanding its international market presence through overseas factory establishment and brand acquisitions, with its Thailand production base and integration of U.S. channels being key business highlights [1] - On August 22, the net outflow of main funds was 12.43 million yuan, with a cumulative net outflow of 23.64 million yuan over the past five days [2]

乖宝宠物食品集团股份有限公司 董事会薪酬与考核委员会与监事会 关于公司第二期限制性股票激励计划 首次授予激励对象名单的公示情况说明及核查意见 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深 圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称 "《自律监管指南》"）等相关法律、法规及规范性文件和《乖宝宠物食品集团 股份有限公司章程》（以下简称"《公司章程》"）的规定，乖宝宠物食品集团 股份有限公司（以下简称"公司"）于 2025 年 8 月 10 日召开第二届董事会第十 一次会议、第二届监事会第十次会议，审议通过了《关于公司〈第二期限制性股 票激励计划（草案）〉及其摘要的议案》及其他与激励计划相关的议案，并于 2025 年 8 月 11 日至 2025 年 8 月 20 日期间公示了《第二期限制性股票激励计划 首次授予激励对象名单》（以下简称"激励对象名单"）。董事会薪酬与考核委 员会与监事会对激励对象名单进行了核查，相关公示情况及核查意见如下： 一、公示情况及核查方式 1、公示内容：第二期限制性股票激励计划首次授予激励对象名单； 2、公示期：2025 年 8 月 11 ...

Core Viewpoint - The pet snack industry in China is experiencing significant growth driven by factors such as an aging population, an increase in single youths, and a growing emotional investment from pet owners, with the market size expected to reach 47.44 billion yuan in 2024, reflecting an 8.50% year-on-year growth [1][10]. Overview - Pet food is specifically designed to provide essential nutrition for pets, categorized into main food, snacks, and health products, with snacks serving various purposes such as enhancing interaction and training [2]. - Pet snacks can be classified by ingredients (meat, seafood, grains, fruits/vegetables, functional ingredients), texture (dry, moist, chewable, powder/particle), function (training rewards, dental care, nutritional supplements, interactive entertainment), and pet type (dog snacks, cat snacks, other pet snacks) [2]. Development History - The entry of foreign pet food brands in the 1990s, such as Mars and Nestlé, helped cultivate consumer awareness of pet snacks in China [4]. - The rapid rise of e-commerce in 2014 significantly expanded sales channels for pet snacks, leading to increased visibility and accessibility for consumers [4]. - Despite a slowdown in growth in 2018 due to overall retail pressures, the industry has shifted towards more refined operations, focusing on product quality and regulatory compliance, which has led to the elimination of outdated production capacities [4]. Industry Chain - The upstream of the pet snack industry includes suppliers of raw materials (meat, seafood, grains, fruits/vegetables), additives, packaging materials, and production equipment [6]. - The midstream involves the manufacturing of pet snacks, while the downstream consists of sales channels such as pet stores, veterinary clinics, and e-commerce platforms [6]. Current Development - The increasing number of pet owners, driven by demographic changes, has created a substantial consumer base for the pet snack industry, leading to a growing market demand [10]. - Pet owners are increasingly willing to invest in high-quality snacks for their pets, reflecting a shift from basic sustenance to emotional consumption [10]. Competitive Landscape - The pet snack industry in China features numerous participants, including both foreign brands like Mars and Nestlé and domestic brands such as Guobao Pet, Zhongchong Co., Tianyuan Pet, and others [12]. - In 2024, Guobao Pet is projected to achieve total revenue of 5.245 billion yuan, followed by Zhongchong Co. with 4.465 billion yuan and Tianyuan Pet with 2.764 billion yuan [12][14]. Industry Representative Companies - Zhongchong Co. focuses on the research, production, and sales of pet food, with a projected total revenue of 4.465 billion yuan in 2024, of which 3.132 billion yuan comes from pet snacks [14]. - Guobao Pet specializes in various pet food products, with an expected total revenue of 5.245 billion yuan in 2024, and pet snacks contributing 2.484 billion yuan [16]. Development Trends - The future of the pet snack industry will see a shift towards natural ingredients, with a focus on reducing synthetic additives and incorporating functional components to cater to aging pets [18]. - There will be an increasing demand for personalized pet snacks tailored to individual pet needs, potentially integrating with personalized nutrition plans for better health management [18].

Market Overview - The feed sector increased by 0.56% on August 20, with Lude Environment leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Individual Stock Performance - Lude Environment (688156) closed at 24.17, up 7.04% with a trading volume of 50,900 shares and a turnover of 118 million yuan [1] - Zhongchong Co., Ltd. (002891) closed at 62.75, up 3.89% with a trading volume of 137,000 shares and a turnover of 844 million yuan [1] - Other notable performers include Boen Group (001366) up 1.75%, Bangji Technology (603151) up 1.51%, and Guai Bao Pet (301498) up 1.34% [1] Capital Flow Analysis - The feed sector saw a net inflow of 13.84 million yuan from institutional investors, while retail investors experienced a net outflow of 29.77 million yuan [2] - The main capital inflow was observed in Zhongchong Co., Ltd. with a net inflow of 69.92 million yuan, while Lude Environment had a net inflow of 10.56 million yuan [3] Summary of Capital Flows - Zhongchong Co., Ltd. (002891) had a significant net inflow from institutional investors at 69.92 million yuan, while retail investors showed a net outflow of 61.77 million yuan [3] - Lude Environment (688156) experienced a net inflow of 10.56 million yuan from institutional investors, with retail investors also showing a net outflow [3] - Other companies like Jin Xin Nong (002548) and Ao Nong Biological (603363) also had mixed capital flows, with varying levels of institutional and retail investor activity [3]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [5][63]. Core Insights - The report highlights the ongoing recovery in the pig farming sector, the potential for valuation reassessment, and the strong growth in the pet economy, particularly for domestic brands [5][63]. Summary by Sections 1. Swine Industry - The average price of pigs as of August 14, 2025, is 13.74 CNY/kg, with a week-on-week decrease of 0.28 CNY/kg. The price of 15 kg piglets is 484 CNY/head, down 33 CNY/head from the previous week [12]. - The report suggests that the swine industry is moving towards a self-regulatory and stabilizing phase, with top companies like Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture being recommended for investment [12][5]. 2. Poultry Industry - The report notes a decline in poultry prices, with the average price of broiler chickens at 3.60 CNY/kg, remaining stable week-on-week. The report recommends companies like San Nong Development and Lihua Shares [21][22]. 3. Animal Health - The animal health sector is experiencing a recovery, with companies like Huayuan Biological, Reap Biological, and Placo showing improved performance. The approval of mRNA vaccines for veterinary use is seen as a significant technological advancement [33][5]. 4. Planting Industry - The report indicates an increase in soybean meal prices, with the average price reaching 3092 CNY/ton, up 2.8% week-on-week. Companies involved in transgenic seed commercialization are recommended for investment [38][42]. 5. Feed Industry - Feed prices are fluctuating, with the price for fattening pig feed at 3.34 CNY/kg, down 0.3% month-on-month. The report suggests that the feed industry is likely to see increased concentration, recommending companies like Haida Group [44][46]. 6. Pet Industry - The pet economy is booming, with the market size for pet consumption in urban areas projected to reach 300.2 billion CNY in 2024, growing by 7.5%. Companies like Guobao Pet, Zhongchong Shares, and Petty Shares are recommended for investment [53][54].

Group 1 - Domestic economic data shows a decline in growth rates for industrial production, investment, and social consumption in July, all falling below expectations [1][25] - The central bank's monetary policy report indicates a shift from "increasing credit supply" to "stabilizing support," reflecting a cautious approach to credit issuance [1][25] - The U.S. core CPI growth in July exceeded expectations, with a year-on-year increase of 3.1%, leading to a high probability of a rate cut by the Federal Reserve in September [1][26] Group 2 - The quantitative timing system indicates that the market is in an upward trend, with a significant positive money-making effect, suggesting continued inflow of mid-term incremental capital [2] - The industry allocation model recommends focusing on sectors benefiting from policy support, such as innovative pharmaceuticals, securities insurance, and technology [2] - The overall liquidity environment remains comfortable, with low interest rates expected to persist, despite minor fluctuations due to tax periods [3] Group 3 - The medical device sector saw a significant year-on-year increase in bidding amounts, with July's total reaching 12.643 billion yuan, a 20% increase [18] - Domestic brands like Mindray Medical experienced substantial growth in bidding amounts, particularly in PET/CT devices, which saw a 536% increase year-on-year [18] - The agricultural chemical industry may benefit from the U.S. imposing higher tariffs on Indian imports, potentially favoring Chinese pesticide exports [17] Group 4 - North汽蓝谷 (600733) is experiencing a recovery in revenue, with a 150.75% year-on-year increase in Q1 2025, driven by deepening collaboration with Huawei [15] - The company is positioned in the high-end electric vehicle market, with plans to release new models that could enhance market coverage and revenue potential [15] - The target market capitalization for North汽蓝谷 is set at 707 billion yuan, with a target price of 12.68 yuan per share, indicating a potential upside of 47% [15] Group 5 - The consumer electronics sector is optimistic about the potential exemption of the 232 tariffs on Apple products, which could enhance valuations across the supply chain [8] - The rapid development of AI applications is creating a new paradigm in the consumer electronics market, with significant user engagement and growth in various AI application categories [8]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][4][49]. Core Insights - The report highlights the pressure on pig prices, which have slightly weakened, and emphasizes the growth in online sales of pet food [1][4]. - The report suggests focusing on the "anti-involution" process in the pig farming industry and capturing investment opportunities in quality pig enterprises [4][5]. - Short-term price weakness combined with policy guidance may lead to a restart in capacity reduction, with a recommendation to closely monitor the implementation of industry regulation measures [4][5]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index fell by 0.1%, while the CSI 300 rose by 2.4% [4][5]. - Top five gainers included COFCO Sugar (35.9%), Shenlian Bio (14.0%), and Xiaoming Co. (8.9%) [4][5]. Pig Farming - The average price of external three yuan pigs was 13.67 yuan/kg, down 0.5% week-on-week [4][5]. - The average weight of market pigs was stable at 127.82 kg, with a slight increase of 0.02 kg per head week-on-week [4][5]. - The average price of weaned piglets was 429 yuan/head, down 11 yuan week-on-week [4][5]. Poultry Farming - The average selling price of white feather broiler chicks was 3.48 yuan/chick, up 18.4% week-on-week [4][5]. - The average selling price of white feather broiler meat was 3.35 yuan/kg, up 2.6% week-on-week [4][5]. Pet Food - In July, the total sales on platforms like Tmall, JD, and Douyin reached approximately 2 billion yuan, a year-on-year increase of 5% [4][5]. - The cumulative sales from January to July were 16.9 billion yuan, up 12% year-on-year [4][5]. Animal Health - The report indicates a recovery in the performance of animal health companies due to stable profits in pig farming and increased demand for vaccines [4][5]. - Jinhe Bio reported a revenue of 1.39 billion yuan in the first half of 2025, a year-on-year increase of 30.5% [4][5].