"它经济"仍在持续升温。 数据显示，2024年我国宠物数量达1.2亿只，同比增长2.1%。宠物数量的增加带动了宠物消费市场的扩张，尤其是宠物食品市场，2024 年，我国城镇宠物消费市场规模突破3000亿元大关，其中宠物食品市场份额达到52.8%，是宠物消费的第一大市场。 值得注意的是，鳌头财经在黑猫投诉上以"纽顿"和"渴望"为关键词搜索，得到的结果分别是45条和56条，麦富迪在投诉量上"遥遥领 先"。 在竞争层面，我国宠物食品市场格局分散，市场集中度CR10仅为19.96%。与此同时，国产品牌与国际大牌相比在技术水平、研发能力 上存在不小差距，直接导致了品牌认知度、品牌调性上落后于国外知名品牌。 市场不集中意味着国产品牌仍存在突围可能，品牌的高端化成为一众国产厂商的共识，乖宝宠物就是其中之一，但其高端化之路并不 顺利。 01消费者投诉，宠物食用麦富迪后离世，走向高端化，品控是第一大难关 在小红书上，"毛孩子"的家长们给出了大量宠物食品的"鄙视链"，在这一众榜单中，乖宝宠物旗下的自有品牌麦富迪都称不上名列前 茅，第一梯队属于巅峰、渴望、纽顿等外国品牌，麦富迪则处于中下游的位置。 这也与行业现状相吻合，数据显示， ...

证券研究报告·公司深度研究·饲料 乖宝宠物（301498） 宠物蓝海，乖宝先航 2025 年 03 月 07 日 买入（上调） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3398 | 4327 | 5246 | 6297 | 7447 | | 同比（%） | 31.93 | 27.36 | 21.23 | 20.05 | 18.26 | | 归母净利润（百万元） | 266.88 | 428.84 | 616.22 | 758.51 | 963.70 | | 同比（%） | 90.26 | 60.68 | 43.69 | 23.09 | 27.05 | | EPS-最新摊薄（元/股） | 0.67 | 1.07 | 1.54 | 1.90 | 2.41 | | P/E（现价&最新摊薄） | 132.72 | 82.59 | 57.48 | 46.70 | 36.75 | [Table_Tag] [Table_Summar ...

投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □√ 特定对象调研 | □分析师会议 | | --- | --- | --- | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 中金公司 | 王思洋 | | 人员姓名 | 中金公司 | 陈泰屹 | | | Hillhouse | Yingzi YU | | | Pinpoint | Mingfan YANG | | | Value Partner | Boyi LI | | | Dymon Asia | Jianing LIN | | | Cephei Capital | Yong LI | | | Brilliance | Yiwei WEI | | | GreenWoods | Chen YU | | | UBS AM | Matilda CAO | | | 汉和资本 | 张婷婷 | | | 盘京投资 | 蔡建军 | | | 清和泉资本 | 柯嘉雯 | | | 信璞投资 | 闫敏章 | | ...

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 2024 年持续督导培训情况报告 中泰证券股份有限公司（以下简称"保荐机构"、"中泰证券"）作为乖宝宠 物食品集团股份有限公司（以下简称"乖宝宠物"、"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《深圳证券交易所上市公司自律监管指引第 13 号--保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号--创业板上市 公司规范运作（2023 年修订）》等有关规定的要求，对乖宝宠物进行了 2024 年 度持续督导培训，现将培训情况报告如下： 一、培训基本情况 2024 年 12 月 27 日，中泰证券持续督导项目组成员通过现场授课的方式对 公司控股股东、实际控制人、董事、监事、高级管理人员、中层以上管理人员及 证券事务部相关人员进行了培训。 二、培训内容简介 本次培训的内容主要为上市公司规范运作及市值管理等内容。 年 月 日 通过本次培训，公司董事、监事、高级管理人员及中层以上管理人员加强了 关于上市公司规范运作及市值管理的认识，进一步理解了其对自身信息披露等方 面应承担的责任和义务，本次培训达到了预期目标，取得了较好的效果。 （以下无正文） ...

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 3 现场检查手段：查阅公司定期报告的业绩情况，查阅同行业公司业绩情况并进行对比分析， 对相关人员进行访谈等。 1.业绩是否存在大幅波动的情况 √ 2.业绩大幅波动是否存在合理解释 √ 3.与同行业可比公司比较，公司业绩是否不存在明显异常 √ （七）公司及股东承诺履行情况 现场检查手段：查阅公司、股东等相关人员所作出的承诺函，查阅公司定期报告、临时报告 等信息披露文件，核查公司有关承诺事项的履行情况等。 1.公司是否完全履行了相关承诺 √ 2.公司股东是否完全履行了相关承诺 √ （八）其他重要事项 现场检查手段：查阅公司章程中关于分红的条款及相关公告，查阅公司银行账户对账单，查 阅大额的销售合同，查看公司经营环境等 1.是否完全执行了现金分红制度，并如实披露 √ 2.对外提供财务资助是否合法合规，并如实披露 √ 3.大额资金往来是否具有真实的交易背景及合理原因 √ 4.重大投资或者重大合同履行过程中是否不存在重大变化 或者风险 √ 5.公司生产经营环境是否不存在重大变化或者风险 √ 6.前期监管机构和保荐机构发现公司存在的问题是否已按 相关要求予以整改 √ ...

Group 1 - The stock price of Guibao Pet has reached a historical high, increasing by 5.18% to 77.70 yuan, with a trading volume of 1.8617 million shares and a transaction amount of 141 million yuan, resulting in a total market capitalization of 31.083 billion yuan [1] - The overall increase in the agriculture, forestry, animal husbandry, and fishery industry, to which Guibao Pet belongs, is 2.44%, with 107 stocks rising, including four stocks hitting the daily limit [2] - The latest margin trading data shows that Guibao Pet's margin balance is 131 million yuan, with a financing balance of 129 million yuan, which has decreased by 44.972 million yuan over the past ten days, representing a 25.80% decline [3]

Investment Rating - The report gives an "Overweight" rating to the company, indicating a positive outlook for its future performance [67] Core Views - The company is a leading domestic pet food enterprise with a strong self-owned brand, continuously expanding and moving towards high-end markets [3] - The pet industry is in a favorable development phase, with the company benefiting from its strong R&D capabilities and product differentiation [3] - The company's self-owned brand, "Myfoodie," has achieved significant growth, with a CAGR of 40.33% from 2020 to 2023 [32] - The company's direct sales channel exceeded 1 billion yuan, with impressive performance during key e-commerce sales events like "618" and "Double 11" [39] Company Development and Brand Strategy - The company was founded in 2006, starting with OEM/ODM business and launched its self-owned brand "Myfoodie" in 2013 [3] - The company has been focusing on high-end markets since 2019, launching high-end cat food brand "Fleigarte" and acquiring the US brand "Waggin'Train" in 2021 [12] - In 2024, the company further advanced its high-end strategy by introducing a high-end dog food brand "Wang Zhen Chun" [12] - The company's self-owned brand revenue reached 2.745 billion yuan in 2023, accounting for a leading share in the industry [3] Financial Performance - The company's revenue in 2023 was 4.327 billion yuan, with a year-on-year growth of 27.4% [4] - Net profit attributable to the parent company in 2023 was 429 million yuan, with a year-on-year growth of 60.7% [4] - The company's gross profit margin increased from 32.6% in 2022 to 36.8% in 2023, and is expected to reach 40.6% by 2026 [4] - The company's net profit margin is projected to increase from 7.8% in 2022 to 12.1% by 2026 [4] R&D and Product Innovation - The company's R&D capabilities have effectively translated into product strength, with significant sales during key e-commerce events [3] - The company has developed a variety of product lines, including dual-grain series, probiotic-based main food series, and freeze-dried products [5][6][7] - The company's R&D expenses increased from 68 million yuan in 2022 to 132 million yuan in 2026, reflecting its commitment to innovation [4] Market and Industry Overview - The domestic pet industry exceeded 300 billion yuan in 2024, with the pet food industry reaching 158.506 billion yuan [82] - The pet food industry is expected to grow to 404.2 billion yuan by 2027, with significant potential in the cat food market [82] - Domestic pet food brands are gradually rising, with increasing consumer preference for local brands [82] Sales and Distribution Channels - The company's direct sales revenue reached 1.236 billion yuan in 2023, with a year-on-year growth of 57.02% [39] - The company's online sales during "618" and "Double 11" in 2024 increased by 40% and 65% respectively [3] - The company's distribution channel revenue reached 1.668 billion yuan in 2023, with a CAGR of 35.45% from 2020 to 2023 [25] Geographic and Supply Chain Advantages - The company is located in Shandong, a major agricultural province, providing it with a supply chain advantage [43] - The company has diversified its supply chain, reducing its reliance on single suppliers, with the top five suppliers accounting for 15.91% of total procurement in 2023 [50] Future Projections - The company's revenue is expected to reach 7.575 billion yuan by 2026, with a CAGR of 18.4% from 2024 to 2026 [4] - Net profit attributable to the parent company is projected to reach 912 million yuan by 2026, with a CAGR of 25.9% from 2024 to 2026 [4] - The company's EPS is expected to increase from 1.43 yuan in 2024 to 2.28 yuan in 2026 [55]

证券代码：301498 证券简称：乖宝宠物 公告编号：2024-058 乖宝宠物食品集团股份有限公司 关于持股5%以上股东减持计划实施完成的公告 公司持股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。 乖宝宠物食品集团股份有限公司（以下简称"公司"、"本公司"）已于2024 年10月11日披露了《关于持股5%以上股东减持股份预披露公告》（公告编号： 2024-043）。合计持有公司股份53,343,980股（占公司总股本比例13.34%）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）计划自上述公告披露之日起十五个交易日后的三个月内（即 2024年11月4日至2025年2月1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8,000,890股（占公司总股本比例2.00%），其中北 ...

Research and Development Center 我国宠物食品品牌龙头，股权激励彰显发展信心 [Table_CoverStock] — 乖宝宠物（301498.SZ）首次覆盖报告 [Table_ReportTime] 2024 年 12 月 18 日 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------- ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2024-057 乖宝宠物食品集团股份有限公司 关于持股5%以上股东减持股份比例达到1% 暨减持计划实施完成的公告 公司持股5%以上的股东GOLDEN PROSPERITY INVESTMENT S.A.R.L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。 公司于近日收到KKR出具的《关于对持有乖宝宠物食品集团股份有限公司减 持股份累计达到1%暨减持计划实施完成的告知函》，2024年11月19日至2024年12 月9日期间，KKR通过大宗交易减持4,000,445股，减持比例占公司总股本1.00%。 截至2024年12月9日，KKR通过集中竞价交易和大宗交易累计减持8,000,830股，减 持比例占公司总股本2.00%，其减持计划实施完毕，现将具体情况公告如下： 一、减持股份比例达到1%的情况 | 1.基本情况 | | --- | 信息披露义务人 GOLDEN PROSPERITY INVESTMENT S.A.R.L | 住所 | 2. rue Edward Steichen, L-2540 Luxembourg | | ...