Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, and others [7]. Core Insights - The report suggests focusing on the recovery cycle of feed and the marginal improvement in breeding [1]. - The pig price has decreased week-on-week, with average prices in key provinces showing a decline [3]. - The feed industry is expected to see a bottoming out and recovery due to the decline in upstream raw material prices and improvements in the downstream breeding sector [3]. - The report highlights the potential growth of Haida Group's overseas feed business as a new performance growth point [3]. Industry Performance - For the week of August 4 to August 10, the CSI 300 index rose by 1.23%, while the agriculture sector increased by 2.52%, ranking 10th among sectors [2][24]. - The top-performing sub-industries included broiler chicken breeding, fruit and vegetable processing, and pig breeding [2][24]. Pig Breeding Sector - As of August 8, the average price of external three-way cross pigs in Sichuan, Guangdong, and Henan was 13.30, 15.39, and 13.83 yuan/kg, respectively, reflecting a week-on-week decline of 2.92%, 4.05%, and 3.82% [3][33]. - The average pork price was 20.41 yuan/kg, down 0.92% from the previous week [3][33]. - The self-breeding profit was 45.13 yuan/head, while the profit from purchasing piglets was -134.14 yuan/head [3][33]. Poultry Sector - As of August 8, the weekly price of white feather broiler chickens was 7.14 yuan/kg, up 4.54% week-on-week [3][47]. - The price of broiler chicks was 3.13 yuan/chick, reflecting a week-on-week increase of 21.79% [3][47]. - The profit from chicken breeding was 0.62 yuan/chick, while egg prices fell by 6.94% to 6.70 yuan/kg [3][47]. Feed Processing Sector - In June 2025, the total industrial feed production in China was 27.67 million tons, a month-on-month decrease of 0.1% but a year-on-year increase of 6.6% [54]. - The production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7%, respectively [54]. Recommendations - The report recommends stocks such as Wen's Shares, Shengnong Group, Juxing Agriculture, Tangrenshen, and New Hope in the pig breeding sector due to expected profitability recovery starting from Q2 2024 [4]. - It also highlights the potential of domestic pet food brands like Guibao Pet and Zhongchong Shares, which are expected to perform well in the upcoming years [5].

Core Viewpoint - The implementation of the second phase of the equity incentive plan by Guibao Pet is expected to enhance the cohesion and motivation of the core management team, thereby strengthening the company's leading position in the pet food industry [1] Group 1: Equity Incentive Plan - The first grant of the equity incentive plan includes 175,100 shares awarded to the company's president, Du Shifang, which accounts for 31.5% of the total shares granted in this round [1] - The recipients of the first grant are consistent with those from the first phase of the equity incentive plan, indicating a focus on the company's middle and senior management [1] Group 2: Market Position and Performance - During the 618 shopping festival, Guibao Pet's brand, Freigat, ranked in the top 3 for pet food on Tmall and top 4 in the Douyin category, while Maifudi ranked first in Douyin and Kuaishou categories, and top 5 on Tmall and second on JD [1] - The company is expected to continue its high-end strategy, with Freigat positioned as a premium brand, leading to an increase in the proportion of high-end products [1] Group 3: Product Development - The product and brand matrix is being further enhanced with the introduction of dog food brand Wangzhenchun and the emphasis on natural formulas with Bafo [1] - The company maintains a positive outlook on the domestic replacement in the pet food sector and the overall enhancement of its competitive capabilities, sustaining a "buy" investment recommendation [1]

证券之星消息，8月12日饲料板块较上一交易日上涨0.29%，乖宝宠物领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 301498 | 乖宝宠物 | 97.20 | 3.40% | | 3.51万 | 3.41亿 | | 832419 | 路斯股份 | 21.93 | 0.87% | | 2.07万 | 4531.44万 | | 300673 | 佩蒂股份 | 16.07 | 0.63% | | 7.58万 | 1.22亿 | | 002311 | 海大集团 | 57.78 | 0.40% | | - 4.66万 | 2.70亿 | | 603609 | 末丰股份 | 9.06 | 0.22% | | 6.64万 | 6052.37万 | | 002548 | 金新农 | 4.20 | 0.00% | | 30.69万 | 1.29亿 | | 00269 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Insights - The company has announced a second stock incentive plan, aiming to grant up to 556,000 restricted shares to 9 core management personnel, representing approximately 0.139% of the total share capital, to further strengthen the core team [5][6] - The company's revenue and net profit forecasts for 2025-2027 have been adjusted to 790 million, 1 billion, and 1.26 billion respectively, with corresponding EPS predictions of 1.98, 2.51, and 3.16, leading to a PE ratio of 37.5x in 2026 [5][6] - The company is expected to achieve 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% during the same period [5][6] Financial Data Summary - Total revenue for 2023 is projected at 4.327 billion, with a year-on-year growth of 27%, and is expected to reach 6.694 billion by 2025, reflecting a growth rate of 28% [6][9] - The company's net profit for 2023 is estimated at 429 million, with a growth of 61%, and is projected to grow to 794 million by 2025, maintaining a growth rate of 27% [6][9] - The company's return on equity (ROE) is forecasted to increase from 15.8% in 2023 to 20.9% by 2027 [9]

Core Viewpoint - The company has implemented a second phase of its restricted stock incentive plan to enhance its long-term incentive mechanism and motivate its core team, with a target price adjustment to 113.0 yuan and a rating of "Accumulate" [1][2]. Group 1: Incentive Plan Details - The second phase of the restricted stock incentive plan involves granting up to 556,000 shares at a price of 47.55 yuan per share, representing 0.139% of the total share capital, with 522,500 shares granted initially and 33,500 shares reserved [2]. - The total expense for the stock incentive plan is estimated at 25.84 million yuan, to be amortized over the years 2025 to 2028 [2]. Group 2: Management and Performance Targets - The initial grant recipients include senior management, with the president receiving 175,100 shares, accounting for 31.5% of the total shares granted [3]. - The performance targets for the second phase include revenue growth of 25%, 53%, and 84% for the years 2025 to 2027 compared to the same period in 2024, and net profit growth of 16%, 32%, and 45% respectively [3]. Group 3: Market Position and Product Strategy - During the 618 shopping festival, the company's brands ranked highly in various e-commerce platforms, indicating strong market presence [4]. - The company is expected to continue its high-end strategy, with an increase in the proportion of high-end products and the introduction of new brands emphasizing natural ingredients [4]. Group 4: Profit Forecast Adjustments - The profit forecasts for 2025, 2026, and 2027 are adjusted to 780 million, 930 million, and 1.16 billion yuan respectively, reflecting year-on-year growth rates of 24.3%, 20%, and 24.2% [4]. - The earnings per share (EPS) estimates for the same years are projected to be 1.94 yuan, 2.33 yuan, and 2.90 yuan, with corresponding price-to-earnings (PE) ratios of 48x, 40x, and 32x [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 113 CNY per share [1][9]. Core Insights - The company has implemented a second phase of its restricted stock incentive plan to enhance its long-term incentive mechanism and motivate its core team, granting up to 556,000 shares at a price of 47.55 CNY per share [8][11]. - The revenue growth targets for the second phase of the incentive plan are set at 25%, 53%, and 84% for the years 2025 to 2027 compared to 2024, while net profit growth targets are 16%, 32%, and 45% respectively [11]. - The company is expected to increase market investment to enhance brand awareness and accelerate revenue growth, which may lead to higher expenses [11]. - The company has shown strong performance during promotional events, ranking high in various e-commerce platforms, indicating a solid market position [11]. Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 776 million, 932 million, and 1.158 billion CNY respectively, reflecting year-on-year growth rates of 24.3%, 20%, and 24.2% [11][13]. - Earnings per share (EPS) are expected to be 1.94 CNY, 2.33 CNY, and 2.90 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 48, 40, and 32 [11][13]. - The company’s revenue is projected to grow from 6.591 billion CNY in 2025 to 9.713 billion CNY by 2027, with a significant increase in operating profit as well [16].

Macro and Strategy Research - In July 2025, the Consumer Price Index (CPI) showed a shift from a year-on-year increase to stability, with a month-on-month increase driven by summer travel demand and improved consumption policies [2] - The Producer Price Index (PPI) saw a narrowing of the decline in July 2025, with international pricing of oil and non-ferrous metals rising, while domestic production material prices remained weak due to adverse weather conditions [3][4] Industry Research - The price of corrugated paper has increased, with leading companies like Nine Dragons Paper raising prices, which has led to downstream companies issuing price increase notices for cardboard [6][7] - Beijing has optimized its housing purchase restrictions, allowing eligible families to buy multiple properties outside the Fifth Ring Road, which is expected to positively impact the home goods sector [8] - The light industry manufacturing sector outperformed the CSI 300 index by 1.34 percentage points, while the textile and apparel sector outperformed by 3.00 percentage points during the week of August 4 to August 8 [7] - The corrugated paper price rose by 50 yuan per ton from August 1 to August 8, indicating a positive trend in the packaging paper market as demand increases in the second half of the year [7][8]

| 89 | 山东潍坊润丰化工股份有限公司 | | --- | --- | | 90 | 山东华建铝业集团有限公司 | | 91 | 山东联盟化工集团有限公司 | | 92 | 山东潍坊百货集团股份有限公司 | | 93 | 即发集团有限公司 | | 04 | 泰山体育产业集团有限公司 | | 95 | 山东海鼎农牧有限公司 | | 96 | 山东巨量引擎信息技术有限公司 | | 97 | 临工重机股份有限公司 | | 98 | 滨州中裕食品有限公司 | | da | 山东海王医药集团有限公司 | | 100 | 中创物流股份有限公司 | | 101 | 青岛汉河集团股份有限公司 | | 102 | 山东益通安装有限公司 | | 103 | 鲁南制药集团股份有限公司 | | 104 | 中启胶建集团有限公司 | | 105 | 山东步长制药股份有限公司 | | 106 | 山东龙大美食股份有限公司 | | 107 | 玫德集团有限公司 | | 108 | 青岛新协航国际物流有限公司 | | 100 | 山东海力化工股份有限公司 | | 110 | 潍坊恒信建设集团有限公司 | | 111 | 史丹利农业集团股 ...

Investment Rating - The report does not explicitly state an investment rating for Gambol Pet Group Core Views - The implementation of the second phase of the restricted stock incentive plan is expected to drive continued market share growth for Gambol Pet Group [1][9] - The initial grant price for the restricted shares is set at RMB 47.55 per share, which is 50% of the average trading price of RMB 95.10 prior to the announcement [3][13] Summary by Sections Share Grant - The incentive plan proposes to grant a total of 556,000 restricted shares, accounting for 0.1390% of the total share capital of 40,004.45 million shares [2][10] - The initial grant consists of 522,500 shares, which is approximately 93.97% of the total rights to be granted [2][10] Incentive Recipients and Vesting Ratio - A total of nine individuals will receive the initial grant, including directors and senior management [11] - The vesting ratio is structured as 40% after 12 months, 30% after 24 months, and 30% after 36 months from the grant date [11] Grant Proportion for Incentive Recipients - The director and president, Du Shifang, will receive 175,100 shares, representing 31.49% of the total restricted shares [12] - Senior management will collectively receive 347,400 shares, accounting for 62.48% of the total [12] Performance Assessment - The performance assessment for the initial grant spans the fiscal years 2025 to 2027, with revenue and non-GAAP net profit growth targets set at no less than 25%/53%/84% and 16%/32%/45% respectively [4][14] - The revenue growth for 2025-2026 is targeted at no less than 25.0%/22.4%/20.3% [4][14] Impact on Accounting Costs - The total amortized expense for the initial grant is estimated at RMB 25.8356 million, with specific annual amortization expenses outlined for 2025 to 2028 [5][15]

本激励计划首次授予激励对象总人数为9人，包括公司公告本激励计划时在公司(含控股子公司、分公 司)任职的董事、高级管理人员、中高层管理人员及董事会认为需要激励的其他人员。预留激励对象由 本激励计划经股东大会审议通过后12个月内确定，超过12个月未明确激励对象的，预留权益失效。 格隆汇8月11日丨乖宝宠物(301498.SZ)公布第二期限制性股票激励计划(草案)，本激励计划拟向激励对 象授予不超过55.6万股限制性股票，约占本激励计划草案公告日公司股本总额40,004.45万股的 0.1390%。 本激励计划有效期自限制性股票首次授予之日起至激励对象获授的限制性股票全部归属或作废失效之日 止，最长不超过48个月。 其中首次授予52.25万股，约占本激励计划草案公告日公司股本总额的0.1306%，首次授予部分约占本次 授予权益总额的93.97%；预留3.35万股，约占本激励计划草案公告日公司股本总额的0.0084%，预留部 分约占本次授予权益总额的6.03%。 本激励计划首次授予价格(含预留)为47.55元/股。 ...