证券代码：301498 证券简称：乖宝宠物 公告编号：2026-001 根据公司对宠物食品主粮市场行业数据分析，宠物主粮市场需求呈持续快速增长 态势，公司预计现有主粮产能将无法满足未来市场需求。同时，为满足公司品牌高端 化升级需要，推进公司数智化供应链建设，公司计划采用国际先进设备，结合公司研 发的创新工艺和专利技术，拟以自有资金及自筹资金投资建设年产 30 万吨高端宠物主 粮食品项目，本项目总投资 50,000 万元，计划分期投资，总建设周期 2 年。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）上的相 关公告。 乖宝宠物食品集团股份有限公司 关于第二届董事会第十六次会议决议的公告 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。 一、董事会会议召开情况 乖宝宠物食品集团股份有限公司（以下简称"公司"）第二届董事会第十六次会 议于 2026 年 1 月 30 日以现场结合通讯会议方式召开。本次会议通知于 2026 年 1 月 26 日通过电子邮件的方式发出，本次 ...

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 部分募投项目延期的核查意见 中泰证券股份有限公司（以下简称"保荐机构"）作为乖宝宠物食品集团股份 有限公司（以下简称"乖宝宠物"或"公司"）持续督导的保荐机构，根据《证券发 行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》和《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》等法律法 规及规范性文件的要求，对乖宝宠物部分募投项目延期事项进行了审慎核查，具 体情况如下： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意乖宝宠物 食品集团股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕621 号）同意注册，公司首次向社会公开发行人民币普通股（A股）4,000.45万股， 发行价格为39.99元/股，公司募集资金总额人民币159,978.00万元，扣除发行费用 合计人民币12,738.11万元后，募集资金净额人民币147,239.88万元。募集资金已 于2023年8月11日到位，上述募集资金到位情况已经天职国际会计师事务所（特 殊普通合伙）审验，并于2023年8月11日出具了《验资报告》（天职业字〔 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2026-003 乖宝宠物食品集团股份有限公司 关于部分募投项目延期的公告 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。 二、募集资金目前的存放和在账情况 截至2025年12月31日，公司募集资金账户余额为13,657.32万元（含募集资 金利息收入及理财收益），具体存储情况如下： | 存放银行 | 银行账户账号 | 存款方式 | 余额（万元） | | --- | --- | --- | --- | | 中国光大银行股份有限公司聊城 | 56460188000195109 | 活期、定期 | 已销户 | | 分行 | | | | 1 | 中国建设银行股份有限公司聊城 | 37050185860800001869 | 活期、定期 | 已销户 | | --- | --- | --- | --- | | 市中支行 | | | | | 中国农业银行股份有限公司聊城 | 15851001041999994 | 活期、定期 | 已销户 | | 开发区支行 | | | | | 兴业银行股份有限公司聊城分行 | 3776 ...

乖宝宠物食品集团股份有限公司 关于公司投建年产30万吨高端宠物主粮食品项目的公告 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。 重要内容提示： 证券代码：301498 证券简称：乖宝宠物 公告编号：2026-002 投资项目名称：年产30万吨高端宠物主粮食品项目 投资金额：人民币50,000万元 本次对外投资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 所规定的重大资产重组情形。 本次事项已于2026年1月30日经第二届董事会第十六次会议审议通过，无需 提交股东会审议。 一、对外投资概述 （一）对外投资的基本情况 根据乖宝宠物食品集团股份有限公司（以下简称"公司"）对宠物食品市场 分析，宠物主粮市场需求仍呈持续快速增长态势。按照公司发展战略规划，公司 预计现有主粮产能将无法满足未来市场需求。同时，为满足公司品牌高端化升级 需要，推进公司数智化供应链建设，公司计划采用国际先进设备，结合公司研发 的创新工艺和专利技术，拟以自有资金及自筹资金投资建设年产30万吨高端宠物 主粮食品项目，本项目总投资50,000万元，计划分期投资，总建设周期2年。 （二） ...

Market Overview - The feed sector experienced a decline of 0.3% on January 28, with Baiyang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Major gainers in the feed sector included: - Dabeinong (002385) with a closing price of 4.30, up 4.12% on a trading volume of 3.44 million shares and a transaction value of 146.9 million yuan [1] - Tianma Technology (603668) closed at 15.87, up 1.60% with a transaction value of 166 million yuan [1] - Tangrenshen (002567) closed at 4.45, up 1.14% with a transaction value of 19.5 million yuan [1] - Conversely, Baiyang Co., Ltd. (002696) led the decline with a closing price of 7.57, down 3.32% on a trading volume of 131,200 shares and a transaction value of 101 million yuan [2] - Other notable decliners included: - Aonong Biological (603363) down 2.64% [2] - Petty Holdings (300673) down 2.51% [2] Capital Flow Analysis - The feed sector saw a net inflow of 113 million yuan from institutional investors, while retail investors experienced a net outflow of 69.45 million yuan [2] - The capital flow for key stocks included: - Dabeinong had a net inflow of 16.416 million yuan from institutional investors, while retail investors saw a net outflow of 13.4 million yuan [3] - Tiankang Biological (002100) had a net inflow of 26.242 million yuan from institutional investors [3] - Baiyang Co., Ltd. experienced a net outflow of 30.7375 million yuan from retail investors [3]

Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors [53] - Specific companies such as Oppein Home (603833), Sophia (002572), Explorer (300005), Semir Apparel (002563), Guai Bao Pet (301498), and Zhongchong Co. (002891) are rated as "Buy" [53] Core Insights - Major paper companies are set to increase white card paper prices by 200 yuan/ton after the Spring Festival, driven by rising operational costs and a reduction in supply due to maintenance shutdowns [16][9] - The domestic consumption market is projected to exceed 4 trillion yuan, with retail sales of consumer goods expected to grow by 3.7% in 2025, supported by policies promoting consumption [10][52] - The report highlights a positive trend in the light industry, with the sector outperforming the CSI 300 index by 5.10 percentage points from January 19 to January 23 [46][49] Industry News - White card paper prices are currently stable at 4,560 yuan/ton, with expectations for an increase due to upcoming maintenance periods in major paper companies [9][52] - Bubble Mart has repurchased shares totaling nearly 350 million Hong Kong dollars, indicating strong market confidence [16] Important Company Announcements - Zhihong Home expects a decline in net profit attributable to shareholders by 42.92%-55.89% in 2025 [4][46] - Lutai A anticipates a net profit increase of 38.92%-53.54% in 2025 [5][46]

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.

Summary of the China Pet Food Sector Conference Call Industry Overview - **Industry**: China Pet Food Sector - **Key Players**: Leading domestic pet food brands, including Yantai China Pet Foods and Gambol Pet Group Key Takeaways 1. Dominance of Online Channels - Over 85% of sales in China's pet food industry occur on digital platforms - Tmall is the largest online sales channel, followed by Douyin, which has surpassed JD - Douyin's growth is attributed to content-driven discovery rather than pricing strategies - Offline channels, such as traditional pet shops, are experiencing low traffic efficiency, while pet hospitals enhance brand credibility despite low direct sales [2][3] 2. Intensifying Competition - Competitive intensity is increasing as industry growth visibility improves - New entrants are leveraging online platforms to shorten product launch cycles - Top brands show strong growth, while mid-tier players face challenges due to weaker differentiation and rising customer acquisition costs - Competition is shifting towards product innovation, R&D capabilities, and functional differentiation - Structural fragmentation persists, with pet owners often purchasing across multiple brands to meet specific needs [3][4] 3. Continued Consumption Upgrading - Demand is being reshaped by consumption upgrading, with mid to high-end products growing faster - Experienced pet owners are trading up for higher quality and more functional offerings - Low-end categories still attract first-time pet owners, but long-term gains will favor brands that can maintain higher average selling prices (ASPs) through credibility and efficacy - Brands that broaden product depth and reinvest in R&D are positioned for sustained growth [4] 4. Company Ratings and Valuations - **Yantai China Pet Foods**: Rated as "Buy" with a price of Rmb51.75 as of January 16, 2026, due to strong overseas expansion and domestic brand growth [5][21] - **Gambol Pet Group**: Rated as "Neutral" with a price of Rmb68.94 as of January 16, 2026, reflecting fair valuation [5][21] Risks and Challenges - Potential risks for the sector include: - Slower-than-expected expansion of domestic brands - Pet food safety issues - Profitability challenges due to price wars and rising raw material costs - Foreign exchange losses if the CNY appreciates against the USD - Tariff impacts from sales exposure to the US market [7][8][9] Conclusion - The China pet food sector is characterized by a strong online presence, increasing competition, and a trend towards premium products. Companies like Yantai China Pet Foods are well-positioned for growth, while risks related to competition and market dynamics remain significant.

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights a weak fluctuation in pig prices, with the average price in December 2025 at 11.58 yuan/kg, down 0.09% month-on-month and down 26.76% year-on-year. However, a supply gap for heavy pigs is expected to lead to a price rebound [9][19]. - The white feather chicken prices showed an upward trend in December, with an average price of 3.67 yuan/jin, up 5.16% month-on-month, supported by tight supply and demand [9][25]. - Pet food exports maintained a year-on-year growth, with December 2025 exports at 37,700 tons, up 15.49% year-on-year, although the export value in USD decreased by 1.68% [9][32]. Summary by Sections Market Review - In December 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 0.24%, ranking 22nd among 30 sectors, while the Shanghai and Shenzhen 300 index increased by 2.28%, indicating a 2.04 percentage point underperformance [9][12]. Livestock Industry Data Tracking - **Pig Farming**: The average price of pigs in December was 11.58 yuan/kg, with a month-on-month decrease of 0.09% and a year-on-year decrease of 26.76%. The supply-demand dynamics are expected to stabilize, with a potential increase in prices due to supply gaps [19][24]. - **White Feather Chicken**: The average price for white feather chicken in December was 3.67 yuan/jin, reflecting a month-on-month increase of 5.16% due to tight supply and demand support [25][29]. Pet Food - Pet food exports in December reached 37,700 tons, a year-on-year increase of 15.49%, while the total export value for the year was 1.412 billion USD, down 4.62% year-on-year [32][34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, and Guobao Pet, all rated as "Buy" based on their earnings forecasts and relative valuation [1][9].

Group 1 - The feed sector experienced a decline of 0.29% on January 23, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Key stocks in the feed sector showed varied performance, with Tianma Technology rising by 2.94% to a closing price of 16.13, while Zhongchong Co., Ltd. fell by 1.55% to 49.52 [2] Group 2 - The feed sector saw a net outflow of 70.64 million yuan from institutional investors, while retail investors had a net inflow of 90.51 million yuan [2] - The trading volume and turnover for major stocks in the feed sector varied, with major stocks like Tianma Technology and Haida Group showing significant trading activity [3] - The net inflow and outflow of funds for specific stocks indicated a mixed sentiment among investors, with some stocks like Haida Group experiencing a net inflow of 13.67 million yuan from institutional investors [3]