Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Insights - The 2026 Central Document emphasizes agricultural modernization, focusing on stabilizing grain production, promoting healthy development in animal husbandry, and enhancing agricultural technology innovation [3][4][5] - The grain production target has been raised to approximately 1.4 trillion jin, with initiatives to improve grain quality and variety [5][6] - The document acknowledges the success of previous measures in the livestock sector and introduces new strategies to boost dairy product consumption [8][9] - Agricultural technology innovation is highlighted, with a focus on the implementation of breeding actions and the integration of AI in agriculture [15][21] Summary by Sections Grain Sector - The document sets a grain production target of stabilizing at around 1.4 trillion jin and emphasizes quality improvement and variety enhancement [5][7] - It includes measures to protect farmers' interests, such as determining minimum purchase prices for rice and wheat [5][7] - The document also stresses the importance of developing a futures market for agricultural products [5][7] Livestock Sector - The document reinforces the need for comprehensive regulation of pig production capacity and acknowledges the success of previous measures in stabilizing the beef and dairy industries [8][9][11] - It promotes measures to enhance dairy product consumption and supports the development of forage crops [9][11] Agricultural Technology - The document continues to emphasize the implementation of breeding actions and the promotion of breakthrough varieties [15][16][17] - It encourages the development of high-end intelligent agricultural machinery and the integration of AI, drones, and IoT into agricultural practices [21][25] Investment Recommendations - The report recommends several companies across different segments, including: - Livestock: YouRan Agriculture, Modern Agriculture [27] - Swine: HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Co., TianKang Bio, and ShenNong Group [27] - Pet Industry: GuaiBao Pet [27] - Feed: HaiDa Group [27] - Poultry: LiHua Co., YiSheng Co., and ShengNong Development [27] - Animal Health: HuiSheng Bio [27] - Planting Chain: Hainan Rubber, QuanYin High-Tech, Guotou Fengle, and LongPing High-Tech [27]

Core Viewpoint - The company Guibao Pet (301498.SZ) announced that shareholders Beijing Junlian Shengyuan Equity Investment Partnership (Limited Partnership) and Zhuhai Junlian Boyuan Equity Investment Partnership (Limited Partnership) plan to reduce their holdings in the company by up to 7.61 million shares, representing 1.90% of the total share capital, within a specified three-month period from March 6, 2026, to June 5, 2026 [1] Summary by Category - Shareholder Actions - Beijing Junlian and Zhuhai Junlian intend to reduce their combined shareholding in Guibao Pet by a maximum of 7.61 million shares [1] - This reduction accounts for 1.90% of the company's total share capital [1] - Timeline - The planned reduction will take place within three months, specifically from March 6, 2026, to June 5, 2026 [1]

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal in the industry [1][12] - The recommended stocks include leading companies in various segments such as dairy, pork, poultry, and pet food, indicating a diversified investment strategy [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, benefiting companies like Yuran Agriculture and Modern Farming [14][17] - The domestic beef market is anticipated to improve due to reduced production capacity and favorable pricing dynamics, with beef prices currently at 61.88 yuan/kg, reflecting a month-on-month increase of 1.59% [29] - The report highlights the potential for significant earnings recovery for dairy farming companies as milk prices are expected to rebound, driven by improved market conditions [14][17] Pork Sector - The pork sector is witnessing a stabilization in prices, with January 2026 pork prices at 12.16 yuan/kg, down 4% month-on-month, while piglet prices have surged by 57.86% [20][21] - Leading companies in the pork industry, such as Muyuan Foods and Huazhong Holdings, are expected to benefit from improved cash flows and dividend returns as the market stabilizes [15][19] - The report notes that the industry is undergoing a rationalization process, with a focus on reducing production capacity and enhancing profitability for leading firms [20][21] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with broiler prices showing a month-on-month increase of 2.94% to 7.70 yuan/kg, indicating a potential recovery in demand [22][23] - The report suggests that the white-feathered chicken industry is poised for price recovery as domestic demand stabilizes, supported by seasonal consumption trends [22][24] - The overall outlook for poultry remains positive, with expectations of improved profitability driven by demand recovery and supply adjustments [22][24] Pet Food Sector - The pet food market is identified as a high-growth area, with domestic brands gaining market share and expected to benefit from rising consumer sentiment [16][18] - The report highlights the strong performance of leading pet food companies, which are focusing on product upgrades and direct sales strategies to capture market opportunities [16][18] - The pet food export volume has increased by 12.99% month-on-month, indicating robust demand in international markets [16][18] Feed Sector - The feed industry is expected to benefit from the deepening industrialization of livestock farming, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for livestock producers [20][21] Agricultural Products - The report tracks agricultural product prices, indicating that soybean meal prices are at historical lows, while corn prices have shown a slight increase to 2333 yuan/ton [2][21] - The overall agricultural market is characterized by a focus on supply-demand dynamics, with expectations of tightening supply for key commodities like soybeans and corn [20][21]

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal benefiting Hong Kong-listed dairy farming companies [1][12] - The investment strategy highlights a recommended monthly portfolio including leading companies in various segments such as dairy, pig farming, and pet food [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, driven by a reduction in domestic beef production and a historical low in milk prices [14][29] - Key recommendations include Yuran Dairy and Modern Farming, which are positioned to benefit from the anticipated price recovery in raw milk and beef [14][17] Pig Farming Sector - The pig farming sector is witnessing a stabilization in prices, with a notable increase in piglet prices, indicating a potential recovery in profitability for leading companies [20][21] - Recommended companies in this sector include Muyuan Foods, Wens Foodstuffs, and Huazhong Holdings, which are expected to benefit from improved cash flow and dividend returns [3][15] Poultry Sector - The poultry sector is seeing a slight increase in supply, with expectations of demand recovery supporting price stability, particularly for broiler chickens [22][24] - Leading companies such as Lihua Agricultural and Shengnong Development are highlighted for their competitive advantages in cost management and market positioning [18][19] Pet Food Sector - The pet food market is identified as a high-growth area, benefiting from rising consumer sentiment and the emergence of domestic brands [16][18] - Companies like Guibao Pet Food are recommended for their strong growth potential in this segment [3][16] Feed Sector - The feed industry is expected to deepen its industrialization, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for producers [20][21] Agricultural Products - The report tracks agricultural product prices, noting fluctuations in pork, chicken, and feed prices, with implications for overall market dynamics [2][21] - The analysis indicates that soybean meal prices are at historical lows, while corn prices are stabilizing, suggesting a tightening supply-demand balance in the medium term [20][21]

乖宝宠物（301498）(301498.SZ)公告，公司股东北京君联晟源股权投资合伙企业(有限合伙)("北京君 联")及珠海君联博远股权投资合伙企业(有限合伙)("珠海君联"，系北京君联的一致行动人)计划自2026年 3月6日至2026年6月5日以集中竞价或大宗交易的方式减持公司股份合计不超过761万股(占公司总股本比 例1.90%)。 ...

智通财经APP讯，乖宝宠物(301498.SZ)公告，公司股东北京君联晟源股权投资合伙企业(有限合伙)("北 京君联")及珠海君联博远股权投资合伙企业(有限合伙)("珠海君联"，系北京君联的一致行动人)计划自 2026年3月6日至2026年6月5日以集中竞价或大宗交易的方式减持公司股份合计不超过761万股(占公司总 股本比例1.90%)。 ...

乖宝宠物公告，北京君联晟源股权投资合伙企业（有限合伙）及一致行动人珠海君联博远股权投资合伙 企业（有限合伙）合计持有3334.21万股，占公司总股本8.33%，拟自2026年3月6日至2026年6月5日，通 过集中竞价或大宗交易减持不超过761万股，占1.90%。其中，北京君联拟减持不超过528.8万股，占 1.32%；珠海君联拟减持不超过232.2万股，占0.58%。截至公告日，公司总股本4亿股。 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2026-004 乖宝宠物食品集团股份有限公司 关于持股5%以上股东减持股份预披露公告 持股5%以上股东北京君联晟源股权投资合伙企业（有限合伙）及其一致行动 人珠海君联博远股权投资合伙企业（有限合伙）保证向公司提供的信息内容真实 、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 合计持有乖宝宠物食品集团股份有限公司（以下简称"公司"）股份 33,342,090股（占公司总股本比例8.33%）的股东北京君联晟源股权投资合伙企 业（有限合伙）（以下简称"北京君联"）及珠海君联博远股权投资合伙企业（有 限合伙）（以下简称"珠海君联"，系北京君联的一致行动人）计划自本公告披 露之日起十五个交易日后的三个月内（即2026年3月6日至2026年6月5日）以集中 竞价或大宗交易的方式减持本公司股份合计不超过7,610,000股（占公司总股本 比例1.90%），其中北京君联拟计划减持不超过5,288,000股(占公司总股本比例 1.32%)，珠海君联拟计划减持不超过2,322,000股(占公 ...

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [11]. Core Insights - The company is focusing on enhancing its competitive edge by deploying high-end production capacity, with a significant investment of RMB 500 million in a new high-end pet staple food project in Shandong, expected to be completed by mid-2027 [11]. - The gross margin is projected to improve due to an increase in the proportion of high-end products, with gross margins expected to be 32.6%, 36.8%, and 42.3% from 2022 to 2024, respectively [11]. - The company is establishing a global production capacity layout, with projects in New Zealand and Thailand, aiming for a revenue target of RMB 9.65 billion by 2027 [11]. Financial Summary - The company’s net profit is forecasted to grow from RMB 709 million in 2025 to RMB 992 million in 2027, representing year-on-year growth rates of 13.5%, 19.1%, and 17.4% respectively [11]. - Earnings per share (EPS) are expected to increase from RMB 1.77 in 2025 to RMB 2.48 in 2027, with corresponding price-to-earnings (P/E) ratios of 36x, 30x, and 26x [11]. - Revenue projections show an increase from RMB 6.56 billion in 2025 to RMB 9.69 billion in 2027, reflecting the company's growth strategy and market positioning [14].

Core Viewpoint - The company, Guibao Pet, is investing 500 million yuan to expand its production capacity for high-end pet food, anticipating a growing market demand for pet staple food [1][3][4]. Group 1: Investment and Expansion Plans - Guibao Pet plans to build a high-end pet staple food project with an annual production capacity of 300,000 tons, with a construction period of two years [1]. - The expansion will take place in Chao Ping District, Liaocheng, Shandong Province, covering a total area of approximately 100,000 square meters [4]. - The company has previously invested 560 million yuan in a project aimed at producing 100,000 tons of high-end pet food, with about 77% of the investment completed by the end of last year [5]. Group 2: Market Trends and Strategic Shift - The domestic pet consumption market is shifting from a "basic needs" model to a "quality-oriented" model, with high-end pet food market growth significantly outpacing the mass market [10]. - The company aims to strengthen its supply chain control over high-end ingredients and meet market demand for high-quality pet food through differentiated products [8][10]. Group 3: Financial Performance and Challenges - For the first three quarters, the company reported revenue of 4.737 billion yuan, with a net profit of 513 million yuan, showing a year-on-year growth rate of 9.05% [18]. - However, the company faced a decline in net profit by 16.65% in the third quarter, marking its first quarterly negative growth since going public, attributed to increased marketing expenses [19][20]. - Major shareholders have been reducing their stakes, with significant sell-offs leading to a substantial drop in the company's market value [21][23].