Summary of Guibao Pet's Conference Call Company Overview - Guibao Pet reported a revenue of 5.244 billion yuan in 2024, representing a year-on-year growth of 16.6% [2] - The brand business revenue reached 3.544 billion yuan, growing by 29.14%, accounting for 67.59% of total revenue [2] - Direct sales from self-owned brands generated 1.969 billion yuan, an increase of 59.33% [2] - In Q1 2025, revenue was 1.479 billion yuan, up 34.82%, with a net profit of 204 million yuan, reflecting a growth of 37.68% [2] Impact of US-China Trade Tensions - The trade tensions have led to increased tariffs, affecting the company's cost structure [4] - Guibao Pet shares the tariff burden with clients and adjusts pricing based on customer circumstances [4][5] - Orders have shifted to Thailand, resulting in higher production costs, but selling prices will also be adjusted, leading to uncertainty in gross margins [4][5] Export Business and Market Expansion - The company exports to over 30 countries, with exports to countries other than the US remaining unaffected by tariffs [6] - The overseas OEM business is expected to grow reasonably in 2025, with a gradual increase in the share of self-owned brands [6] - The overseas market is larger than the domestic market and continues to grow, prompting the company to expand its international presence [6] Production Capacity and Future Plans - The Thai factory is currently operating at full capacity, with an expansion project costing over 200 million yuan expected to double production capacity by June 2025 [7] - The company is also planning a research and development center in Thailand, with budget calculations underway [7] Research and Development Focus - Guibao Pet emphasizes optimizing fresh meat processing, product innovation, functional formula reserves, and manufacturing technology breakthroughs [8] - In 2024, R&D investment exceeded 85 million yuan, a 16% increase, with 329 patents obtained [8] - The pace of product innovation in the industry remains strong, indicating ample room for future innovation [8] Strategic Development Focus - Future strategic focuses include enhancing R&D investment, optimizing supply chain management, and elevating brand positioning [9] - The company is accelerating digital transformation to improve operational efficiency and restructure its digital framework [11] Financial Management and Future Investments - As of the end of 2024, the company had nearly 700 million yuan in cash, including unutilized raised funds [12] - The funds will be allocated to capital expenditures, including major projects, supply chain construction, and digital upgrades [12] - The company is open to mergers and acquisitions if suitable targets align with its strategic goals [12] Dividend Policy and Market Impact - In 2024, Guibao Pet distributed over 200 million yuan in dividends, representing 32% of net profit [13] - The company plans to continue its dividend policy in 2025, emphasizing long-term stability and investor returns [13] - Shareholder inquiries regarding share transfers are seen as normal and do not reflect a lack of confidence in the company's future [13]

Investment Rating - The report assigns a rating of "Outperform" for Gambol Pet Group, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [20][22]. Core Insights - Gambol Pet Group demonstrated remarkable growth in both revenue and profit, with operating revenue reaching 5.244 billion yuan in 2024, a year-on-year increase of 21.22%. The net profit attributable to the parent company was 625 million yuan, up 45.68% year-on-year [2][9]. - The company's own brands are the primary drivers of revenue growth, contributing 3.545 billion yuan, which is 67.59% of total revenue, and growing by 29.14% year-on-year [2][9]. - The company is expanding its operations in Thailand, with a factory expansion project expected to double its capacity by June 2025, alongside the establishment of a research and development center [3][11]. Financial Performance - In Q4 2024, the company reported an operating revenue of 1.573 billion yuan, reflecting a quarter-on-quarter increase of 26.41% [2][9]. - The net cash flow from operating activities for 2024 was 719 million yuan, marking a 16.60% year-on-year increase [2][9]. - For Q1 2025, the company continued its positive trend with operating revenue of 1.479 billion yuan, a 34.82% year-on-year increase, and a profit of 204 million yuan, up 37.68% year-on-year [2][9]. Business Strategy - The company is actively mitigating tariff pressures from Sino-US trade frictions by shifting some production to its Thailand factory, which has alleviated some cost burdens [3][10]. - Gambol Pet Group is committed to enhancing its digital transformation efforts to improve operational efficiency and support its premiumization strategy [4][12]. - The company has outlined clear funding usage plans, with nearly 700 million yuan in cash and cash equivalents, and a stable dividend policy that includes two dividends totaling over 200 million yuan in 2024 [5][13]. Research and Development - The company invested over 85 million yuan in R&D in 2024, a 16% increase year-on-year, and has obtained 329 patents, focusing on innovations in fresh meat processing and functional formula reserves [4][12]. - The planned R&D center in Thailand is expected to play a crucial role in the company's global R&D system, enhancing its international competitiveness [3][11].

Investment Rating - The report assigns an "Outperform" rating to Gambol Pet Group, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [20]. Core Insights - Gambol Pet Group achieved remarkable growth in both revenue and profit in 2024, with operating revenue reaching 5.244 billion yuan, a year-on-year increase of 21.22%. The net profit attributable to the parent company was 625 million yuan, up 45.68% year-on-year [2][9]. - The company's own brands are the main drivers of revenue growth, contributing 3.545 billion yuan, which is 67.59% of total revenue [2][9]. - The company is expanding its operations in Thailand, with plans for a factory expansion and the establishment of a research and development center to enhance international competitiveness [3][11]. Summary by Sections Financial Performance - In 2024, the main food and snacks businesses were the primary growth drivers, with revenues increasing by 28.88% and 14.66% year-on-year, respectively. The direct sales model generated 1.969 billion yuan, a 59.33% increase year-on-year [2][9]. - The net cash flow from operating activities was 719 million yuan, reflecting a 16.60% year-on-year growth [2][9]. International Expansion - The Thailand factory alleviated tariff pressures and maintained growth expectations for overseas OEM business despite Sino-US trade frictions. The company plans to continue developing markets outside the US [3][10]. - An expansion project in Thailand is expected to double the factory's capacity and broaden the product range, with an investment of over 200 million yuan [3][11]. Research and Development - The company invested over 85 million yuan in R&D in 2024, a 16% increase year-on-year, and has obtained 329 patents. The focus is on optimizing fresh meat processing technology and category innovation [4][12]. - The company is also advancing its digital transformation to improve operational efficiency and support its premiumization strategy [4][12]. Financial Strategy - As of the end of 2024, the company had nearly 700 million yuan in cash and cash equivalents, with clear plans for capital and daily expenditures. The company conducted two dividends in 2024 totaling over 200 million yuan, accounting for 32% of net profit [5][13]. - The company remains open to mergers and acquisitions to support its growth strategy [5][13].

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 年度跟踪报告 | 保荐人名称：中泰证券股份有限公司 | 被保荐公司简称：乖宝宠物 | | --- | --- | | 保荐代表人姓名：陈凤华 | 联系电话：0531-68888089 | | 保荐代表人姓名：孙喜运 | 联系电话：0531-68888089 | 一、保荐工作概述 （此页无正文，为《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 年度跟踪报告》之签字盖章页） | 项目 | 工作内容 | | --- | --- | | （3）现场检查发现的主要问题及整改情况 | 无 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 次 9 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 0 次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 否 | | （2）关注事项的主要内容 | 不适用 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-018 为进一步加强与投资者的互动交流，乖宝宠物食品集团股份有限公司（以下 简称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演APP,参与本次互动交流。活动时间为2025年5月15日（周四）15:00-16:30。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告！ 乖宝宠物食品集团股份有限公司 董 事 会 2025年5月13日 乖宝宠物食品集团股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 5.245 billion, representing a year-on-year growth of 21.22% [1] - The net profit attributable to shareholders for 2024 was CNY 625 million, with a year-on-year increase of 45.68% [1] - The revenue from proprietary brand business reached CNY 3.545 billion, growing by 29.14% [1] - For Q1 2025, the company reported a revenue of CNY 1.48 billion, marking a year-on-year growth of 34.82% [2] - The net profit attributable to shareholders in Q1 2025 was CNY 204 million, up by 37.68% year-on-year [2] Group 2: Dividend Policy - The company plans to conduct a second dividend distribution for 2024, with a total cash dividend exceeding CNY 200 million, accounting for 32.02% of the net profit attributable to shareholders [1] - The board has approved a proposal to authorize the board to determine the mid-term dividend for 2025, ensuring continuity and stability in profit distribution policies [1] Group 3: Capacity Expansion and Optimization - The existing factory in Thailand is currently at full capacity, with a new factory project investment of approximately CNY 200 million expected to double production capacity upon completion in June 2025 [2] - The new factory will also expand the range of products produced, with future capacity planning subject to changes in tariff policies [2] - The company is planning to establish a research and development center in Thailand, with budget calculations currently underway [2] Group 4: Strategic Enhancements - The company aims to accelerate digital transformation to enhance operational efficiency, focusing on supply chain digital capabilities to support brand premiumization strategies [2] - There will be a comprehensive optimization and restructuring of the digital system to create a "Smart Pet" strategic framework, enhancing investment in digital construction and innovation capabilities [2] - The company plans to enhance organizational capabilities and talent development, focusing on building a resilient talent and organizational system to support strategic growth objectives [2]

- The report predicts adjustments to the sample stocks of seven major broad-based indices in the Chinese market, including CSI 300, CSI 500, SSE 50, STAR 50, STAR 100, ChiNext Index, and ChiNext 50, based on the index compilation rules and data as of April 30, 2025 [1][7] - The CSI 300 Index selects stocks from the Shanghai and Shenzhen markets that meet criteria such as good operational status, no significant financial issues, and no abnormal price fluctuations. The selection process involves ranking stocks by daily average trading volume and market capitalization over the past year, applying buffer rules, and excluding stocks with significant losses or long-term suspensions. Adjustments are limited to 10% of the constituent stocks per review [8] - The CSI 500 Index excludes CSI 300 constituents and follows a similar methodology, focusing on stocks with good operational status, no financial irregularities, and stable price movements. Stocks are ranked by daily average trading volume and market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [10] - The SSE 50 Index is derived from the SSE 180 Index, selecting stocks based on daily average market capitalization and trading volume over the past year. The accuracy of SSE 50 predictions depends on the SSE 180 Index's accuracy. Adjustments are limited to 10% of the constituent stocks [13] - The STAR 50 Index represents the top 50 securities on the STAR Market by market capitalization and liquidity. Stocks are ranked by daily average market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [15] - The STAR 100 Index includes 100 mid-sized securities from the STAR Market, reflecting the performance of mid-cap companies. The selection process is similar to STAR 50, with adjustments limited to 10% of the constituent stocks [17] - The ChiNext Index selects stocks from the ChiNext Board based on the top-ranked daily average market capitalization over the past six months. Buffer rules are applied, and stocks with significant losses or long-term suspensions are excluded. Adjustments are capped at 10% of the constituent stocks [20] - The ChiNext 50 Index selects the most liquid stocks from the ChiNext Index's 100 constituents, considering industry coverage and applying buffer rules. Adjustments are limited to 10% of the constituent stocks [24]

Investment Rating - The industry rating is "Positive" (maintained) [5] Core Insights - The fifth "It Expo" held from May 7 to 11, 2025, in Shanghai showcased a significant increase in exhibition area and participating brands, indicating sustained high demand in the pet food sector [1][12] - The trend of market concentration continues, with fewer new brands emerging, primarily focusing on international brands entering the domestic market [2][21] - Baked pet food remains a key product direction, with sales in Q1 2025 reaching 258 million, a year-on-year increase of 94%, accounting for 14.48% of the market [2][29] - The competition in the baked food segment is intensifying, leading to increased product differentiation and innovation among leading companies [3][40] - The industry is witnessing a shift towards more refined product offerings beyond baked food, focusing on specific functionalities and concepts [4][43] Summary by Sections 1. Expo Scale and Market Trends - The 2025 "It Expo" featured over 10,000 square meters of exhibition space and more than 8,000 participating brands, doubling from the previous year [12] - The pet food industry growth rate was 9% in 2024, with a notable decline in investment activities for smaller companies [21] 2. Product & R&D Innovations - Baked food is a product of traditional puffed food technology upgrades, offering higher nutritional value and meat content [26] - The sales of baked food have surged, with a 313% increase in sales volume and a 338% increase in product variety in 2023 [29] - Leading companies are innovating in baked food products, introducing unique formulations aimed at enhancing pet health [40][43] 3. Marketing & Channel Strategies - The online sales penetration rate for pet food reached 65.9% by 2023, with significant growth in platforms like Douyin [54] - The expo has become a crucial marketing node, with leading companies focusing on online sales strategies rather than traditional distribution [59] 4. Investment Recommendations - The report emphasizes the importance of strong R&D capabilities among leading companies, recommending investments in firms like Guibao Pet, Zhongchong Co., and Petty Co. for their innovative product developments [5][60]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]