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 pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, reflecting a 0.14% decrease [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 that boost 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 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, emphasizing the importance of technological innovation in agricultural modernization [36][37]

Group 1 - The core viewpoint of the article highlights the rise of new consumption brands and the structural opportunities within the consumer sector, which has attracted significant investment attention since the second half of last year [2][3] - The consumer sector is not a single-direction track but encompasses various styles of assets, including cyclical, defensive, and growth categories, with new consumption brands emerging rapidly [2] - The year 2025 is anticipated to be a turning point for the consumer sector, as structural opportunities have begun to surface this year after a prolonged downturn since February 2021 [2] Group 2 - New consumption is defined as new brands rather than new channels or supply chains, with breakthroughs occurring when new consumer habits form or brand influence expands [2] - Fund managers who recognized the trend early have seen substantial returns, with some funds achieving returns of 54.63% and 27.79% year-to-date as of May 8 [3] - The rise of new consumption brands is attributed to the emergence of a younger generation of consumers who prioritize individual expression and are willing to pay a premium for products that align with their tastes [4] Group 3 - The current consumer market is experiencing a new long cycle, driven by younger demographics that value personal satisfaction and have a higher willingness to pay [4] - Companies that demonstrate strong product capabilities in niche markets, such as trendy toys, gold jewelry, and pet products, are expected to seize broader opportunities in the global market [4]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [50] Core Insights - The report indicates that the breeding capacity of sows is expected to continue to decrease, with further potential for reduction in the future. The current valuation of the pig farming sector is at historical lows, presenting opportunities for low-position investments based on capacity reduction expectations [50] - In the poultry farming sector, the impact of avian influenza has limited the introduction of breeding stock for white feather chickens, leading to expectations of capacity reduction. Attention is drawn to leading companies in high-quality white feather chicken farming, while yellow feather chicken farming is expected to see profit improvements due to declining breeding costs [50] - In the feed sector, raw material cost pressures are expected to ease, and the concentration of leading companies is likely to continue to increase [50] - In the seed industry, trade frictions highlight food security concerns, and the commercialization of genetically modified organisms is progressing, with a focus on leading companies with research and development advantages [50] - The domestic pet market is expanding rapidly, with a focus on leading companies that cater to domestic demand [50] Industry Performance Review - The SW agriculture, forestry, animal husbandry, and fishery industry underperformed the CSI 300 index, with an increase of 0.32% from April 25 to May 8, 2025, lagging behind the index by approximately 1.49 percentage points [16] - Among the sub-sectors, only feed and breeding recorded negative returns, down 0.08% and 1.02% respectively, while animal health, fishery, planting, and agricultural product processing saw positive returns of 5%, 2.19%, 2.08%, and 2% respectively [17][18] - Approximately 72% of stocks in the industry recorded positive returns during the same period [18] - As of May 8, 2025, the overall price-to-book (PB) ratio of the SW agriculture, forestry, animal husbandry, and fishery industry index was about 2.58 times, slightly recovering over the past two weeks, and remains at 57.2% of the historical valuation center since 2006, indicating a historical low [22] Key Industry Data - **Pig Farming**: The average price of external three yuan pigs decreased slightly from 14.99 yuan/kg to 14.90 yuan/kg between April 25 and May 8, 2025. The breeding sow inventory reached 40.39 million heads at the end of March 2025, a decrease of 0.66% month-on-month but an increase of 1.2% year-on-year, indicating a normal holding level of 103.6% [26] - **Cost**: As of May 8, 2025, the spot price of corn was 2360.98 yuan/ton, showing a slight increase, while the spot price of soybean meal was 3300 yuan/ton, showing a slight decrease [28] - **Profitability**: As of May 9, 2025, the profit from self-breeding and self-raising pigs was 84.33 yuan/head, slightly down from the previous week, while the profit from purchasing piglets was 58.46 yuan/head, slightly up from the previous week [31] - **Poultry Farming**: The average price of broiler chicks in major production areas was 2.91 yuan/chick, showing a slight increase, while the average price of white feather broilers was 7.45 yuan/kg, showing a slight decrease, with a profit of -0.1 yuan/chick [33][36] - **Aquaculture**: The average wholesale price of crucian carp was 20.68 yuan/kg, and for carp, it was 14.29 yuan/kg, remaining stable over the past two weeks [38]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [6] Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry achieved total revenue of 12,460.8 billion in 2024, a year-on-year decrease of 1.6%, but net profit attributable to shareholders was 483.8 billion, marking a return to profitability [14] - In Q1 2025, the industry reported total revenue of 2,917.0 billion, a year-on-year increase of 8.1%, with net profit of 134.0 billion, also returning to profitability [17] - The improvement in profitability is primarily attributed to the recovery in pig prices and a decrease in breeding costs [14][17] Summary by Sections Overall Industry Performance - In 2024, the SW agriculture, forestry, animal husbandry, and fishery industry saw a total revenue of 12,460.8 billion, down 1.6% year-on-year, while net profit was 483.8 billion, indicating a return to profitability [14] - The first quarter of 2025 showed a total revenue of 2,917.0 billion, up 8.1% year-on-year, with net profit reaching 134.0 billion, also indicating a return to profitability [17] Subsector Performance Swine Breeding Sector - In 2024, the SW swine breeding sector achieved total revenue of 3,880.1 billion, a year-on-year increase of 2.5%, with net profit of 306.8 billion, marking a return to profitability [19] - Q1 2025 saw total revenue of 961.8 billion, a 20.0% year-on-year increase, with net profit of 76.2 billion, also returning to profitability [22] - The recovery in profitability is driven by higher average pig prices and lower breeding costs [20][28] Poultry Breeding Sector - The SW poultry breeding sector reported total revenue of 729.1 billion in 2024, a year-on-year increase of 1.9%, with net profit soaring to 29.5 billion, a 2095% increase [30] - In Q1 2025, total revenue was 160.1 billion, up 1.1% year-on-year, with net profit of 3.8 billion, a 155.4% increase [31] - The growth in revenue and net profit is attributed to increased sales volume and reduced raw material costs [33] Feed Sector - The SW feed sector achieved total revenue of 2,624.3 billion in 2024, down 8.3%, but net profit was 79.2 billion, returning to profitability [40] - In Q1 2025, total revenue was 610.8 billion, a 10.6% increase year-on-year, with net profit of 21.4 billion, a 675.8% increase [41] - The significant increase in net profit is due to improved gross margins and reduced expense ratios [41][47] Animal Health Sector - The SW animal health sector reported total revenue of 180.3 billion in 2024, a 6.5% increase, but net profit fell to 6.3 billion, a 61% decrease [49] - In Q1 2025, total revenue was 46.7 billion, a 23.9% increase, with net profit of 5.1 billion, a 32.8% increase [50] - The recovery in Q1 2025 is attributed to increased sales and reduced expense ratios [52] Planting Sector - The SW planting sector achieved total revenue of 1,039.7 billion in 2024, a 10.3% increase, but net profit fell to 19.4 billion, a 45.8% decrease [59] - In Q1 2025, total revenue was 218.6 billion, a 14.4% increase, with net profit of 8.0 billion, a 12.2% decrease [62] - The decline in net profit is primarily due to lower gross margins and decreased non-operating income [62]

会议召开地点：进门财经（https://s.comein.cn/k9a9hmxw） 会议召开方式：网络互动方式 证券代码：301498 证券简称：乖宝宠物 公告编号：2025-017 乖宝宠物食品集团股份有限公司 关于召开2024年度网上业绩说明会的公告 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。 乖宝宠物食品集团股份有限公司（以下简称"公司"）已于2025年4月22日 在巨潮资讯网上披露了《2024年年度报告》全文及《2024年年度报告摘要》。为 便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025年5月13日（星期二）08:30-09:30在"进门财经（https://s.comein.cn/k9a9hmxw） 召开乖宝宠物食品集团股份有限公司2024年度网上业绩说明会，与投资者进行沟 通和交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025年5月13日（星期二）08:30-09:30 二、参加人员 公司财务总监袁雪女士，董事会秘书王鹏先生，独立董事翟月玲女士，保荐 代表人陈凤华女士， ...

乖宝宠物食品集团股份有限公司 股东询价转让定价情况提示性公告 股东北京君联晟源股权投资合伙企业（有限合伙）、珠海君联博远股权投资 合伙企业（有限合伙）保证向乖宝宠物食品集团股份有限公司（以下简称"公司"） 提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性依法承担法律责任。 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。 重要内容提示： 证券代码：301498 证券简称：乖宝宠物 公告编号：2025-016 一、本次询价转让初步定价 （一）经向机构投资者询价后，初步确定的转让价格为 83.10 元/股。 （二）本次询价转让收到有效报价单共 40 份，涵盖基金管理公司、合格境 外机构投资者、证券公司、私募基金管理人、期货公司等专业机构投资者。参与 本次询价转让报价的机构投资者合计有效认购股份数量为 13,455,000 股，对应的 有效认购倍数为 1.12 倍。 （三）本次询价转让拟转让股份已获全额认购，初步确定受让方为 23 家机 构投资者，拟受让股份总数为 12,001,000 股。 二、风险提示 根据 2025 年 5 月 6 日询价申购情况，初步 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agriculture industry achieved a revenue of 11,498.20 billion yuan in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to 466.39 billion yuan, an increase of 806.55% [4][14] - In Q1 2025, the industry reported a revenue of 2,706.77 billion yuan, a year-on-year growth of 6.79%, and a net profit of 133.13 billion yuan, up 795.07% year-on-year [4][14] - The profitability indicators showed improvement, with the gross profit margin at 12.91% in Q1 2025, up 5.74 percentage points year-on-year, and the net profit margin at 5.16%, an increase of 6.18 percentage points year-on-year [4][18] Summary by Sections Weekly Observation - The livestock sector saw significant year-on-year profit growth, with poultry farming, livestock farming, feed, and pet food sectors showing net profit increases of 1,109.96%, 389.01%, 230.88%, and 75.67% respectively in 2024 [5][20] - In Q1 2025, the net profit growth rates for feed, poultry farming, livestock farming, aquaculture, animal health, and pet food sectors were 962.42%, 588.35%, 254.62%, 117.28%, and 21.27% respectively [5][20] Weekly Perspective - The swine sector shows low-positioning value, with the recovery of profitability and consumer demand boosting the sector. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][24] - The feed sector benefits from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended stocks include Haida Group and New Hope Liuhe [6][24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers, with recommended stocks including Guai Bao Pet, Zhong Chong Co., and Petty Co. [6][26] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] - The feed sector led the gains among sub-sectors, with individual stocks like Ruip Biotech, New Sai Co., and Daodaoquan leading the market [7][32] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, down 0.11 yuan/kg from the previous week, while the average price of white strip meat rose by 0.11 yuan/kg to 19.2 yuan/kg [8][37] - The average price of beef increased to 69.03 yuan/kg, reflecting a 0.74% rise [8][43] - The average price of bass rose to 35.30 yuan/kg, up 3.82% from the previous week [8][48]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry experienced a decline in revenue in 2024 but saw a significant increase in net profit, indicating improved profitability. The first quarter of 2025 showed a revenue growth of 6.79% year-on-year and a net profit increase of 795.07% [4][14] - The livestock sector, particularly poultry and pet food, demonstrated high growth rates in net profit, with poultry farming seeing a 1109.96% increase in 2024 and a 588.35% increase in Q1 2025 [5][20] - The report highlights the recovery of the pig cycle and the upward trend in pig prices, suggesting a favorable outlook for the livestock sector [6][24] Summary by Sections Weekly Observation - In 2024, the agriculture industry achieved a revenue of 11,498.20 billion yuan, a year-on-year decline of 3.68%, while net profit reached 466.39 billion yuan, an increase of 806.55%. In Q1 2025, revenue was 2,706.77 billion yuan, up 6.79%, and net profit was 133.13 billion yuan, up 795.07% [4][14] Weekly Viewpoint - The pig sector shows low valuation and potential for recovery, supported by consumption revival. Recommended stocks include Muyuan Foods, Wens Foodstuff, and others. The feed sector benefits from strong domestic and overseas demand [6][24] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, a slight decrease from the previous week. The average price of piglets was 36.88 yuan/kg, also down slightly [8][37]

Core Insights - The freeze-dried food industry in China is part of the agricultural and agricultural product processing sector, with upstream focusing on raw materials and freeze-drying equipment, midstream on food freeze-drying processing, and downstream on wholesalers, supermarkets, convenience stores, and food companies [1] Industry Overview - The freeze-dried food industry is primarily concentrated in Shandong and Jiangsu, with additional presence in Anhui, Henan, and Fujian [3] - Upstream raw material companies are mainly located in Xinjiang, Gansu, Shandong, and Hubei, while upstream refrigeration equipment companies are found in Beijing and Shanghai. Midstream freeze-dried food companies are predominantly in Shandong and Fujian [6] Company Performance - In the first half of 2024, the revenue from pet snacks for Guai Bao Pet reached 1.194 billion yuan. The gross margin varies significantly among listed companies, with Lai Yi Fen's candy and fruit products gross margin exceeding 45%, while Hao Xiang Ni's health-preserving products have a gross margin of only 11.50% [7][8] - The number of stores for Lai Yi Fen is the highest among listed companies, totaling 3,472 [7] Company Financials | Company Name | Revenue (Billion Yuan) | Gross Margin (%) | Other Indicators | | --- | --- | --- | --- | | Hao Xiang Ni (002582) | 0.35 | 11.50% | Store Count: 390 | | Lai Yi Fen (603777) | 3.41 | 45.18% | Store Count: 3,472 | | Liang Pin Pu Zi (603719) | 6.67 | 33.15% | Store Count: 2,814 | | San Zhi Song Shu (300783) | 0.35 | 21.32% | Store Count: 415 | | Guai Bao Pet (301498) | 1.194 | 39.19% | Pet Feed Sales: 176,000 tons | | Lu Si Co. (832419) | 0.215 | 26.41% | | | Zhong Chong Co. (002891) | 1.136 | 25.45% | Pet Food and Supplies Sales: 99,600 tons | | Pei Ti Co. (300673) | 0.190 | 29.87% | Pet Food and Others Sales: 30,100 tons [8] Recent Developments - Since 2024, representative companies in the freeze-dried food industry have engaged in strategic partnerships, established new companies, and built R&D centers [11]

Core Viewpoint - The company has demonstrated strong growth in revenue and net profit, indicating a robust performance in the pet food industry, supported by effective brand marketing and channel expansion [1][2]. Financial Performance - In 2024, the company achieved a revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to shareholders of 625 million yuan, up 45.68% [1]. - For Q1 2025, the company reported a revenue of 1.48 billion yuan, reflecting a year-on-year growth of 34.82%, and a net profit of 204 million yuan, which is a 37.68% increase [1]. - The gross margin for 2024 was 42.27%, an increase of 5.43 percentage points year-on-year, while Q1 2025 gross margin was 41.56%, up 0.42 percentage points [1]. Cost and Investment - The sales expense ratio for 2024 was 20.1%, an increase of 3.45 percentage points year-on-year, and for Q1 2025, it was 17.81%, up 0.52 percentage points [1]. - The company invested 437 million yuan in new construction projects, including a 100,000-ton pet food project and a factory in Thailand, with progress at 35.4% and 52.9% respectively [2]. Brand and Market Position - The company has established a strong brand presence in the domestic market with its core brands "MaiFuDi" and "FuLieJiaTe" [2]. - The company has increased its marketing efforts through diversified online platforms, leading to a significant rise in brand awareness [2]. Sales Channels - Sales from third-party platforms (including Alibaba, Douyin, and JD.com) reached 1.969 billion yuan in 2024, accounting for 37.72% of total revenue, a year-on-year increase of 59.33% [2]. - Direct sales channels generated 1.415 billion yuan, representing 27.10% of total revenue, with a year-on-year growth of 52.69% [2]. Industry Outlook - The pet food sector is expected to maintain high growth rates, with leading companies like the one in focus likely to benefit from the Matthew effect, expanding their advantages and achieving better performance [2]. - According to Deloitte's report, the compound annual growth rates for pet staple food, nutritional products, and snacks are projected to reach 17%, 15%, and 25% respectively by 2026 [2]. Investment Recommendations - The company is positioned as a leading player in the pet food industry, with expectations of continued revenue growth driven by its brand, products, and channel advantages [2]. - Forecasts for net profit attributable to shareholders for 2025-2027 are 780 million yuan, 990 million yuan, and 1.26 billion yuan respectively, with corresponding EPS of 1.96 yuan, 2.48 yuan, and 3.15 yuan [2].