中信证券股份有限公司、中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司 股东向特定机构投资者询价转让股份的核查报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"）、中泰证券股份有限公司（以下简 称"中泰证券"）（中信证券、中泰证券合并简称"组织券商"）受委托担任 Golden Prosperity Investment S.A.R.L.（以下简称"转让方"）以向特定机构投资者询价转让（以下简称"询 价转让"）方式减持所持有的乖宝宠物食品集团股份有限公司（以下简称"公司"或"乖 宝宠物"）首次公开发行前已发行股份的组织券商。 经核查，中信证券、中泰证券就本次询价转让的股东、转让方是否符合《深圳证券 交易所上市公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让股 份（2025 年修订）》（以下简称"《询价转让和配售指引》"）要求，本次询价转让的询价、 转让过程与结果是否公平、公正，是否符合《询价转让和配售指引》的规定作出如下报 告说明。 一、本次询价转让概况 （一）本次询价转让转让方 截至 2025 年 6 月 5 日转让方所持公司首发前股份的数量及占公司总股本比例情况 如 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-024 乖宝宠物食品集团股份有限公司 关于部分募集资金专户注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意乖宝 宠物食品集团股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 621号）同意注册，乖宝宠物食品集团股份有限公司（以下简称"公司"、"乖 宝宠物"）首次向社会公开发行人民币普通股（A股）4,000.45万股，发行价格 为39.99元/股，公司募集资金总额人民币159,978.00万元，扣除发行费用合计人 民币12,738.11万元后，募集资金净额人民币147,239.88万元。募集资金已于2023 年8月11日到位，上述募集资金到位情况已经天职国际会计师事务所（特殊普通 合伙）审验，并于2023年8月11日出具了《验资报告》（天职业字〔2023〕 43412号）。 为规范募集资金管理，维护投资者合法权益，公司已经对募集资金实行了 专户存储，并与保荐机构、存放募集资金的商业银行签署 ...

Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Agricultural and Animal Husbandry (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [2]. Core Viewpoints - The agricultural sector has shown a slight increase, with the agricultural and forestry sector rising by 0.91% during the week of June 2 to June 8, 2025, outperforming the broader market [3][22]. - The report highlights the potential for Hai Da Group due to the expected recovery in the feed industry as upstream raw material prices stabilize and the breeding sector improves [4][5]. - The report emphasizes that the pig farming industry is entering a profit cycle, with expectations that the duration of profitability may exceed market pessimism, suggesting a potential for valuation recovery [5]. Summary by Sections Industry Performance - The agricultural sector's performance is ranked 20th among various sectors, with significant contributions from other planting industries, food and feed additives, aquaculture, and pig farming [3][22]. - The average price of pigs in key provinces has decreased, with prices in Sichuan, Guangdong, and Henan at 13.85, 15.24, and 13.95 yuan/kg respectively, reflecting a decline of 3.15%, 2.56%, and 3.46% week-on-week [4][31]. Pig Farming - The report notes that the self-breeding profit is 33.83 yuan per head, while the profit from purchasing piglets is negative at -120.80 yuan per head, indicating challenges in the current market [4][31]. - The pig-to-grain ratio is reported at 6.29, showing a decrease of 0.32% from the previous week [31]. Poultry Farming - The average price of white feather broilers is 7.32 yuan/kg, down 0.68% week-on-week, while the price of chicken eggs has decreased by 7.04% to 6.60 yuan/kg [43]. Feed Processing - In April 2025, the total industrial feed production reached 27.53 million tons, with a month-on-month increase of 4.2% and a year-on-year increase of 9.0% [51]. Aquaculture - The price of sea cucumbers remains stable at 90.00 yuan/kg, while shrimp prices have increased by 14.29% to 320.00 yuan/kg [60].

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][62]. Core Viewpoints - The swine sector may experience a combination of price and policy turning points, suggesting a bottoming out phase [4][11]. - The poultry sector is facing challenges due to overseas breeding stock import restrictions, but the yellow chicken industry is showing signs of improvement [5][26]. - The animal health sector is expected to see performance recovery, while the pet medical industry presents significant investment opportunities [6][37]. - The planting sector is witnessing a decline in wheat and soybean meal prices, which may benefit companies with early investments in genetically modified seeds [8][45]. - The feed sector is experiencing price fluctuations, with a potential increase in industry concentration [48]. - The pet economy is thriving, with domestic brands gaining strength and the market showing continuous growth [56]. Summary by Sections Swine - Investment suggestion indicates that after the Spring Festival in 2025, swine prices are expected to remain stable in the range of 14-15 yuan/kg, with significant upward pressure on average weights [4][15]. - The report highlights the importance of low-cost, rapidly expanding, and financially stable swine enterprises, recommending companies such as Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [4][15]. Poultry - The report notes that the poultry sector is affected by avian influenza, leading to a halt in overseas breeding stock imports, but anticipates price improvements due to a lack of quality breeding sources [5][26]. - Key recommendations include Shennong Development and Yisheng Livestock, with a focus on companies like He Feng and Minhe Livestock [5][26]. Animal Health - The animal health sector is expected to see a recovery in performance, supported by the profitability of the swine farming industry [6][37]. - The pet medical market is projected to reach a scale of approximately 840 billion yuan in 2024, representing 28% of the pet industry [6][37]. Planting - The report indicates a decrease in wheat and soybean meal prices, with corn prices remaining stable [8][45]. - Companies such as Suqian Agricultural Development and Longping High-Tech are recommended for their early investments in genetically modified seeds [8][45]. Feed - Feed prices are experiencing fluctuations, with a noted decrease in prices for various types of feed [48]. - The report suggests that the feed industry is likely to see increased concentration, recommending Haida Group and monitoring He Feng [48]. Pets - The pet economy is growing, with the market size for pet consumption reaching 300.2 billion yuan in 2024, reflecting a 7.5% year-on-year increase [56]. - Recommendations include companies in the pet food sector such as Guibao Pet and Zhongchong Co., with a focus on the pet medical sector [56].

证 券 研 究 报 告 寻找价值与景气的交集 2025下半年农林牧渔行业投资策略 证券分析师：盛瀚 A0230522080006 朱珺逸 A0230521080004 胡静航 A0230524090002 2025.6.9 内容提要 www.swsresearch.com 证券研究报告 2 ◼ 2025年上半年回顾：2025年上半年，在供给端持续放量的背景之下，肉类蛋白价格整体偏强，养殖企业盈利较24年同期改善 较为明显，养殖配套环节（主要是动物疫苗与饲料）得益于养殖存栏的回升与下游客户盈利的改善，景气度亦有所回升。宠物 经济如火如荼，尤其是宠物食品，线上销售增速较24年再次提升，头部品牌领先身份进一步扩大，行业迎来头部企业市占率与 利润率共振提升的"黄金时代"。叠加外部环境的扰动，农业板块避险属性凸显，25H1农林牧渔指数表现较好，前5个月有4 个月录得正收益，累计收益率在申万31个子行业中位列第8。 ◼ 2025下半年投资策略：寻找价值与景气的交集。展望下半年，我们总结了三条投资主线：1.弱周期+悲观预期之下，生猪养殖 中长期配置价值逐步显现；2.受益于养殖端盈利延续或改善，养殖存栏的恢复，在经历了持续内 ...

Core Viewpoint - The article discusses the recent share transfer plan by Guai Bao Pet, highlighting the ongoing trend of shareholder reductions and the company's strong stock performance despite these actions [1][2][3][4]. Share Transfer Plan - Guai Bao Pet announced a share transfer plan on June 5, 2025, where the shareholder Golden Prosperity Investment S.A.R.L. intends to transfer 12,001,335 shares, representing 3.00% of the total share capital, due to personal funding needs [1]. - The shares will not be transferred through centralized bidding or block trading, and the transferee must be an institutional investor with appropriate pricing and risk-bearing capabilities [1]. Shareholder Reduction Activity - In recent months, Guai Bao Pet's shareholders have frequently reduced their holdings, with KKR planning to reduce up to 800,089 shares (2% of total share capital) from November 4, 2024, to February 1, 2025 [2]. - By December 19, 2024, Beijing Junlian and Zhuhai Junlian completed their reduction of 2.00% of shares through various trading methods, while KKR also executed its reduction plan during the same period [2]. Stock Performance - Despite the shareholder reductions, Guai Bao Pet's stock price has significantly increased since the second half of 2024, reaching historical highs in 2025, supported by strong revenue and profit growth [3]. - The pet industry is experiencing an upward trend, with the market for pet consumption in urban China expanding, driven by emotional spending and improved industry R&D capabilities [3]. Market Sentiment - The frequent shareholder reductions have raised market concerns, although the company asserts that these actions are due to personal funding needs and will not affect control or governance [4]. - Investors are advised to closely monitor Guai Bao Pet's performance and strategies in maintaining growth amidst shareholder reductions and potential market changes [4].

行 业 及 产 业 农林牧渔 朱珺逸 (8621)23297818× zhujy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 5 月能繁母猪存栏小幅增长，重视优质猪企中 长期价值 看好 ——农林牧渔周观点（2025.6.2-2025.6.8） 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 朱珺逸 A0230521080004 zhujy@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 本周申万农林牧渔指数上涨 0.9%，沪深 300 上涨 0.9%。个股涨幅前五名：万辰集团（14.6%）、邦基科 技（14.1%）、永顺泰（10.5%）、罗牛山（7.8%）、ST 佳沃（7.6%），跌幅前五名：瑞普生物（- 1 ...

农林牧渔 2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-06 2024-10 2025-02 农林牧渔 沪深300 相关研究报告 《政策因素或引发猪价波动，头部宠 物食品品牌持续发力 618—行业周 报》-2025.6.2 《二育认价销售致供给增加，期待端 午备货对需求端形成支撑—行业周 报》-2025.5.25 wanggaozhan@kysec.cn 证书编号：S0790123060055 zhubenlun@kysec.cn 证书编号：S0790124060020 周观察：生猪降重或进一步抬升 2025H2 猪价，供给收缩驱动牛价稳步上移 生猪降重加速出栏致短期猪价下行，生猪阶段性供给缺口将至，猪价下行空间 有限。据涌益咨询，截至 2025 年 6 月 6 日，全国生猪均价 14.07 元/公斤，周环 比-0.37 元/公斤，同比-4.38 元/公斤。2025 年 5 月 20-30 日行业销至二育生猪占 实际销量比重降至 1.64%（同比-4.77pct，环比-0.46pct），二育栏舍利用率降至 3 ...

除上述两家企业，路斯股份（832419.BJ）2024 年净利润同比增长 14.57%，今年一季度营收及净利润同比增长超 17%，现金流量净额同比翻倍。佩蒂股份 （300673.SZ）则实现扭亏为盈，2024 年净利润同比激增 1742.81% 。同花顺 iFinD 统计显示，2025 年以来，宠物食品板块涨幅显著，路斯股份、中宠股 份、乖宝宠物股价涨幅均超 45%，其中路斯股份、中宠股份涨幅超五成。进入 4 月业绩披露期，股价上涨加速，截至 4 月 25 日，路斯股份 4 月涨幅 32.5%，乖宝宠物、中宠股份涨幅超 25% 。 近日，A 股 "宠物经济" 概念持续升温，以乖宝宠物（301498.SZ）、中宠股份（002891.SZ）为代表的宠物食品头部公司股价屡创新高，带动板块整体上 扬。2024 年，乖宝宠物营收达 52.44 亿元，净利润 6.24 亿元，分别同比增长 21.22% 和 45.68%；中宠股份营收 44.65 亿元，净利润 3.94 亿元，同比增幅为 19.15% 和 68.89%。今年一季度，乖宝宠物营收及净利润同比增长均超 34%，中宠股份净利润同比增长 62.13% 。 中国银河 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The company is entering the 2.0 phase of brand development, transitioning from merely meeting consumer preferences to leading consumption trends [1][2] - The company has shown strong performance in major sales events, consistently ranking at the top across various metrics [2] - The company is focusing on product enhancement rather than blindly launching new products, with significant upgrades planned for its brands [2][3] - The company is successfully increasing its direct sales ratio, which is expected to exceed 50% in 2024, driven by consumer choice [3] - Capacity expansion is progressing smoothly, with the second phase of the Thailand factory set to be operational in June [4] - The overall impact of tariffs on the company is considered manageable due to its low export ratio to the U.S. [4] Financial Projections and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are estimated at 7.94 billion, 11.21 billion, and 15.04 billion RMB respectively, with corresponding EPS of 1.99, 2.80, and 3.76 RMB [5][7] - The target price is set at 130 RMB, based on a 65.5x PE ratio for 2025 [5][9] - The company is expected to benefit from the growth of the domestic pet industry, with a clear and effective brand-building strategy [5]