乖宝宠物食品集团股份有限公司 关于第二期限制性股票激励计划内幕信息知情人及激励对 象买卖公司股票情况的自查报告 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。 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。具体内容详见公司于 2025 年 8 月 11 日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的相关公告。 （一）核查对象为本次激励计划的内幕信息知情人及拟激励对象； 证券代码：301498 证券简称：乖宝宠物 公告编号：2025-046 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》等有关法律、 法规及规范性文件的相关规定，经向中国证券登记结算有限责任公司深圳分公司 查询，公司对第二期限制性股票激励计划（以下简称"本次激励计划"）内幕信 息知情人及拟激励对 ...

Core Viewpoint - Guibao Pet Food's stock has experienced fluctuations, with a recent decline of 2.02%, while the company has shown a year-to-date stock price increase of 24.45% [1] Group 1: Stock Performance - As of September 10, Guibao Pet Food's stock price is 96.85 CNY per share, with a market capitalization of 38.744 billion CNY [1] - The stock has seen a trading volume of 1.06 billion CNY, with a turnover rate of 0.61% [1] - Year-to-date, the stock has increased by 24.45%, with a 3.20% increase over the last five trading days, a 0.76% increase over the last 20 days, and a 13.84% decrease over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Guibao Pet Food reported a revenue of 3.221 billion CNY, representing a year-on-year growth of 32.72% [2] - The net profit attributable to shareholders for the same period was 378 million CNY, reflecting a year-on-year increase of 22.55% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Guibao Pet Food has increased to 10,700, a rise of 14.74% from the previous period [2] - The average number of circulating shares per shareholder is 16,801, which is a decrease of 12.85% from the previous period [2] - The company has distributed a total of 368 million CNY in dividends since its A-share listing [3] Group 4: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 11.9017 million shares, an increase of 44,900 shares from the previous period [3] - E Fund's ChiNext ETF is a new entrant among the top ten circulating shareholders, holding 1.9961 million shares [3] - Other notable changes include the exit of several funds from the top ten circulating shareholders list [3]

Core Insights - Guibao Pet Food's stock increased by 5.21% to 99.00 CNY per share, with a trading volume of 269 million CNY and a turnover rate of 1.56%, resulting in a total market capitalization of 39.604 billion CNY [1] Company Overview - Guibao Pet Food Group Co., Ltd. is located at 8 Mudanjiang Road, Economic and Technological Development Zone, Liaocheng, Shandong Province, and was established on June 26, 2006, with its listing date on August 16, 2023 [1] - The company's main business involves the research, production, and sales of pet food, with revenue composition as follows: staple food 58.46%, snacks 40.17%, health products and supplies 0.97%, and others 0.40% [1] Fund Holdings - According to data, one fund under Baodao has a significant holding in Guibao Pet Food. The Baodao Ruijian One-Year Holding Period Mixed Fund (010755) held 96,600 shares in the second quarter, accounting for 4.08% of the fund's net value, ranking as the ninth largest holding [2] - The fund has a current scale of 259 million CNY and has achieved a year-to-date return of 22.8%, ranking 3216 out of 8180 in its category, with a one-year return of 34.78%, ranking 3960 out of 7978 [2] - The fund manager, Liu Jun, has a tenure of 15 years and 190 days, with the best fund return during his tenure being 243.27% and the worst being -0.3% [2]

Core Insights - The stock price of Guibao Pet increased by 2.03% on September 1, reaching 99.58 CNY per share, with a total market capitalization of 39.836 billion CNY [1] - Guibao Pet's stock has risen 27.55% year-to-date, with a 2.77% increase over the last five trading days and a 7.67% increase over the last 20 days, while it has decreased by 10.76% over the last 60 days [2] - The company reported a revenue of 3.221 billion CNY for the first half of 2025, representing a year-on-year growth of 32.72%, and a net profit of 378 million CNY, up 22.55% year-on-year [2] Company Overview - Guibao Pet Food Group Co., Ltd. was established on June 26, 2006, and is located in Liaocheng Economic and Technological Development Zone, Shandong Province [2] - The company specializes in the research, production, and sales of pet food, with its main business revenue composition being 58.46% from staple food, 40.17% from snacks, 0.97% from health products, and 0.40% from other sources [2] - As of June 30, 2025, the number of shareholders increased by 14.74% to 10,700, while the average circulating shares per person decreased by 12.85% to 16,801 shares [2] Financial Performance - Since its A-share listing, Guibao Pet has distributed a total of 268 million CNY in dividends [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 11.9017 million shares, and E Fund's ChiNext ETF as the eighth-largest shareholder with 1.9961 million shares, marking a new entry [3]

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 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3." 三 会 " 运 作 情 况 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.购买、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括对外投资、风险投资、委 托理财、财务资助、套期保值等） | 无 | 不适用 | | 10.发行人或者其聘请的证券服务机构配合保荐工作的情 况 | 无 | 不适用 | | 11.其他（包括经营环境、业务发展、财务状况、管理状况、 | 无 | 不适用 | | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 核心技术等方面的重大变化情况） | | | 三、公司及股东承诺事项履行情况 | 公司及股东承诺事项 ...

Core Insights - The company, Guibao Pet Food Group Co., Ltd., was established in 2006 and specializes in the research, production, and sales of pet food, providing comprehensive nutritional solutions for dogs and cats throughout their life cycle [1] - Guibao Pet Food was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023, with projected revenue of 5.2 billion yuan in 2024 and a peak market capitalization of 50 billion yuan, making it the largest pet industry company in China by revenue and market value [1] - The company's flagship brand, "Maifudi," has surpassed many international brands in market share, becoming the leading pet food brand in China [1] R&D and Innovation - The company emphasizes innovation and maintains significant R&D investment, with a cumulative investment of 220 million yuan over three years and 341 patents, including 15 invention patents [3] - A milestone project, the Maifudi WarmData research center, utilizes systematic data collection and intelligent analysis to support product development, ensuring the scientific basis for new product designs [3] - The company operates multiple R&D centers in locations such as Liaocheng, Shanghai, and Thailand, facilitating efficient product and technology transformation [3] Brand Performance - In 2024, the company's proprietary brand business reached 3.5 billion yuan, accounting for 67% of total revenue, with a positive growth trend [4] - The main brand, Maifudi, consistently ranks first on Tmall, with a market share of 6.2%, solidifying its position as the top pet food brand in China [4] - The high-end sub-brand, Bafu Natural Grain, is rapidly gaining traction, enhancing brand image and consumer recognition, while the high-end cat food brand, Fuleijiate, has undergone a brand upgrade focusing on "fresh meat precise nutrition" [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Core Viewpoint - The company reported strong performance in H1 2025, driven by robust growth in its proprietary brands, particularly in staple food products, leading to significant revenue and profit increases [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.221 billion yuan, a year-on-year increase of 32.72%, and a net profit attributable to shareholders of 378 million yuan, up 22.55% year-on-year [1]. - In Q2 2025, the company recorded revenue of 1.74 billion yuan, a year-on-year growth of 31%, with a net profit of 174 million yuan, reflecting a 9% increase year-on-year [1]. Product Performance - The staple food segment saw revenue of 1.88 billion yuan in H1 2025, growing 57.1% year-on-year, with a gross margin of 46.23%, up 1.53 percentage points [2]. - The pet snack segment generated revenue of 1.29 billion yuan in H1 2025, an 8.3% increase year-on-year, with a gross margin of 37.48%, down 1.71 percentage points [2]. Brand Performance - The brand Maifudi holds the largest market share among domestic brands, with online sales growth of 32% in Q1 and 12% in Q2 2025 [2][3]. - The brand Freka achieved remarkable online sales growth of 136% in Q1 and 148% in Q2 2025 [3]. Sales Channels - The company has developed a comprehensive omnichannel strategy, with significant online sales growth through partnerships with major e-commerce platforms [3]. - In H1 2025, direct sales through platforms like Alibaba and Douyin reached 1.21 billion yuan, a 39.72% increase year-on-year, accounting for 37.73% of main business revenue [3]. Profitability Metrics - The gross margin for H1 2025 was 42.8%, an increase of 0.7 percentage points year-on-year, while the net profit margin was 11.8%, down 1.0 percentage point year-on-year [4]. - The expense ratio for H1 2025 was 27.7%, up 1.91 percentage points year-on-year, with a sales expense ratio of 21.12%, reflecting increased investment in proprietary brands [4]. Future Projections - The company is expected to achieve revenues of 6.75 billion yuan, 8.24 billion yuan, and 9.79 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 750 million yuan, 940 million yuan, and 1.14 billion yuan [5].

Group 1: Industry Overview - The pet market in China is experiencing robust growth, with the urban dog and cat consumption market size increasing from 170.8 billion yuan in 2018 to 300.2 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [6][9] - The pet food segment remains the largest market share at 52.8% in 2024, while the medical market holds 28.0% [6][9] - The concentration of pet food brands in China is relatively low compared to the U.S., with the top ten brands accounting for only 26% of sales in 2024, indicating potential for new entrants [15][18] Group 2: Product Strategies - Companies are adopting multi-brand strategies to diversify their product offerings, with Guobao Pet's brands targeting different market segments, including high-end and low-end products [28][30] - Zhongchong's pet food revenue from snacks is projected to reach 70% in 2024, while its main food revenue is steadily increasing [32][38] - Petty's plant-based chewing gum and meat snacks are significant revenue contributors, with plant-based products accounting for 36.6% of total revenue in 2024 [42][43] Group 3: Research and Development - Guobao Pet leads in R&D spending, with its R&D expenses projected to grow from 44.05 million yuan in 2020 to 85.48 million yuan in 2024 [2][3] - Zhongchong's R&D expenses are expected to increase by 52% year-on-year to 72.68 million yuan in 2024 [2][3] - Lusi's R&D expense ratio is the highest in the industry, reaching 3.04% in 2024 [2][3] Group 4: Capacity Expansion - Companies are expanding their production capacities globally, with Zhongchong establishing factories in North America and Guobao Pet expanding in Thailand [2][3] - Petty's production facilities are distributed across New Zealand, China, and Southeast Asia, while Lusi is developing a factory in Cambodia [2][3] Group 5: Marketing Strategies - Companies are increasing their marketing expenditures to enhance brand influence, with Guobao Pet's sales expense ratio exceeding 20% in 2024 [2][3] - Zhongchong is actively participating in co-branding activities and leveraging authoritative media endorsements [2][3] - Petty focuses on scenario-based marketing, while Lusi emphasizes participation in industry exhibitions [2][3] Group 6: Financial Performance - Guobao Pet shows the highest revenue and net profit growth rates from 2021 to 2024, with a revenue CAGR of 26.8% and a net profit CAGR of 64.2% [2][3] - In 2024, Guobao Pet's domestic revenue is expected to account for 67.7% of its total revenue, while Petty's overseas revenue is projected to be 82.6% [2][3] - As of September 4, 2025, Guobao Pet has the largest market capitalization at 39.6 billion yuan, with a price-to-earnings (PE) ratio of 51x [2][3]