一、独立董事的基本情况 （一）个人履历 乖宝宠物食品集团股份有限公司 2024年度独立董事述职报告 （王锐） 各位股东及股东代表： 本人作为乖宝宠物食品集团股份有限公司（以下简称"公司"）的独立董事 ，严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《上市公司独立董事管理办法》等法律法规和《独立董事工作制度》等 规定，勤勉尽责，充分发挥独立董事作用，维护公司整体利益和全体股东尤其是 中小股东的合法权益，现对2024年任期内的工作情况，汇报如下： 本人王锐，男，1976年4月出生，中国国籍，本科学历，会计学专业，正高 级会计师职称。1995年7月至2004年4月，山东平阴铝厂，历任厂财务处成本会计 、主管会计；2004年4月至2004年11月，担任泰安天立明信会计师事务所审计部 项目经理；2004年11月至2006年6月，担任山东振鲁会计师事务所有限公司审计 部高级项目经理；2006年6月至2016年11月，历任新联谊会计师事务所有限公司 评估部副主任、主任等职务；2016年11月至2022年7月，担任新联谊会计师事务 所总经理；2020年7月至2022年7月，担任改制后的新联谊会 ...

乖宝宠物食品集团股份有限公司 2024年度独立董事述职报告 （李俊） 各位股东及股东代表： 本人作为乖宝宠物食品集团股份有限公司（以下简称"公司"）的独立董事 ，严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《上市公司独立董事管理办法》等法律法规和《独立董事工作制度》等 规定，勤勉尽责，充分发挥独立董事作用，维护公司整体利益和全体股东尤其是 中小股东的合法权益，现对2024年任期内的工作情况，汇报如下： 一、独立董事的基本情况 （一）个人履历 （一）董事会及股东大会参会情况 2024年，公司共召开了6次董事会会议，3次股东大会。本人作为公司独立董 事均积极出席了任期内召开的董事会和股东大会，认真履行了独立董事的义务并 行使表决权，没有缺席、委托他人出席或连续两次未亲自出席会议的情况。 在出席董事会会议前，本人均提前详细阅读董事会通知中所列的各项议案和 李俊先生，男，1969年9月出生，中国国籍，博士研究生学历，农学专业， 研究员。1991年7月至1993年12月，在北京市挂车厂担任助理工程师；1994年1 月至今，在中国农业科学院饲料研究所担任研究员；2020年11月至今担任本 ...

乖宝宠物食品集团股份有限公司 2024年度独立董事述职报告 本人作为乖宝宠物食品集团股份有限公司（以下简称"公司"）的独立董事 ，严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《上市公司独立董事管理办法》等法律法规规章和《独立董事工作制度 》等规定，勤勉尽责，充分发挥独立董事作用，维护公司整体利益和全体股东尤 其是中小股东的合法权益，现对2024年任期内的工作情况，汇报如下： 一、独立董事的基本情况 （一）个人履历 王凤荣女士，女，1969年10月出生，中国国籍，博士研究生学历，经济学专 业，教授。1989年7月至1990年8月，担任山东省德州外贸公司厂长助理（基层实 习）；1993年4月至1994年4月，担任广东大亚湾投资有限公司项目经理；1994 年4月至1998年8月，担任山东经济学院讲师；1998年9月至2001年6月，在南开大 学攻读博士学位；2001年7月至2006年8月，担任山东大学经济研究院（中心）副 教授；2006年9月至今，担任山东大学经济研究院（中心）教授、博士生导师； 2020年11月至2024年12月，担任山东嘉华生物科技股份有限公司独立董事；2020 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,479,576,725.69, representing a 34.82% increase compared to ¥1,097,485,002.85 in the same period last year[5] - Net profit attributable to shareholders was ¥204,162,303.72, up 37.68% from ¥148,289,332.85 year-on-year[5] - The net cash flow from operating activities surged by 176.43% to ¥170,183,815.93, compared to ¥61,565,473.69 in the previous year[5] - Basic and diluted earnings per share increased by 37.84% to ¥0.51 from ¥0.37 in the same period last year[5] - Total operating revenue for the current period reached ¥1,479,576,725.69, a significant increase of 34.7% compared to ¥1,097,485,002.85 in the previous period[23] - Operating profit for the current period was ¥260,348,917.29, up 37.3% from ¥189,416,747.50 in the previous period[24] - Net profit attributable to the parent company was ¥204,162,303.72, representing a 37.7% increase from ¥148,289,332.85 in the previous period[24] - Basic and diluted earnings per share both improved to ¥0.51, compared to ¥0.37 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,195,063,579.74, a 3.70% increase from ¥5,009,510,974.95 at the end of the previous year[5] - Total assets increased to ¥5,195,063,579.74, up from ¥5,009,510,974.95 in the previous period, reflecting a growth of 3.7%[22] - Total liabilities decreased slightly to ¥844,876,602.83 from ¥858,183,911.67, a reduction of 1.9%[22] - The company's total equity rose to ¥4,350,186,976.91, an increase of 4.8% from ¥4,151,327,063.28 in the previous period[22] Cash Flow - The company reported a cash flow from operating activities of ¥198,443,984.09, compared to ¥138,084,146.25 in the previous period, showing improved cash generation[25] - The net cash flow from operating activities increased to ¥170,183,815.93, up from ¥61,565,473.69 in the previous period, representing a growth of approximately 176%[26] - Cash inflows from operating activities totaled ¥1,535,082,971.68, compared to ¥1,108,840,779.40 in the prior period, indicating an increase of about 38.5%[26] - Cash outflows from operating activities were ¥1,364,899,155.75, up from ¥1,047,275,305.71, reflecting a rise of approximately 30.3%[26] - The net cash flow from investing activities was -¥73,605,216.74, an improvement from -¥183,307,383.51 in the previous period[27] - Cash outflows for investing activities decreased to ¥73,615,416.87 from ¥183,644,894.16, a reduction of about 60%[27] - The net cash flow from financing activities was -¥2,522,355.56, compared to -¥1,588,535.70 in the prior period, indicating a decline in cash flow[27] - The impact of exchange rate changes on cash and cash equivalents was -¥6,484,463.84, contrasting with a positive impact of ¥312,582.11 previously[27] - The net increase in cash and cash equivalents was ¥87,571,779.79, recovering from a decrease of -¥123,017,863.41 in the prior period[27] - The ending balance of cash and cash equivalents stood at ¥751,278,364.19, down from ¥936,059,394.20 in the previous period[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,286[14] - The largest shareholder, Qin Hua, holds 45.76% of shares, totaling 183,079,018 shares[14] - The second largest shareholder, Golden Prosperity Investment S.A R.L., holds 17.08% with 68,318,119 shares[14] - The total number of restricted shares at the end of the period is 221,022,581 shares[18] - The company has no preferred shareholders or changes in restricted shares during the reporting period[16] Research and Development - Research and development expenses increased to ¥21,766,539.82, up from ¥17,109,419.79, indicating a focus on innovation[23] Other Information - The company reported a significant decrease in other income, down 72.72% to ¥1,143,275.40, primarily due to reduced government subsidies received[10] - The company has not disclosed any significant new strategies or market expansions in the current report[19] - Other comprehensive income after tax for the current period was -¥5,977,796.17, an improvement from -¥10,729,667.07 in the previous period[24] - The company’s first quarter report was not audited, as stated in the financial disclosures[28]

Financial Performance - The company's operating revenue for 2024 reached ¥5,244,963,836.08, representing a 21.22% increase compared to ¥4,326,963,076.35 in 2023[20]. - Net profit attributable to shareholders for 2024 was ¥624,721,447.54, a 45.68% increase from ¥428,842,376.18 in 2023[20]. - The net cash flow from operating activities for 2024 was ¥719,614,303.89, up 16.60% from ¥617,149,852.67 in 2023[20]. - Basic earnings per share for 2024 were ¥1.56, a 35.65% increase from ¥1.15 in 2023[20]. - Total assets at the end of 2024 amounted to ¥5,009,510,974.95, a 20.91% increase from ¥4,143,247,172.12 at the end of 2023[20]. - The company reported a weighted average return on equity of 15.85% for 2024, down from 17.40% in 2023[20]. - The company reported a net profit of ¥600,001,605.04 after deducting non-recurring gains and losses, which is a 42.08% increase from ¥422,292,985.03 in 2023[20]. - The gross margin for the pet food and supplies segment was 42.32%, an increase of 5.49% compared to the previous year[103]. - The company achieved revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit of 625 million yuan, up 45.68%[95]. Market Overview - The global pet industry market size is projected to reach approximately $207 billion in 2024, with a compound annual growth rate of 5.5% expected from 2024 to 2029[29]. - The U.S. pet industry market size is estimated to be around $151.9 billion in 2024, with pet food accounting for approximately $65.8 billion, or 43% of the total market[29]. - The urban pet consumption market in China is forecasted to reach 300.2 billion RMB in 2024, representing a 7.5% increase from 2023, with a compound annual growth rate (CAGR) of 20% from 2012 to 2024[34]. - Pet food accounts for approximately 52.8% of the total urban pet consumption in China in 2024, followed by the pet medical market at 28%, while pet supplies and services hold 12.4% and 6.8% respectively[35]. - The pet food market in China is expected to grow from 15.7 billion RMB in 2012 to 158.5 billion RMB in 2024, achieving a CAGR of 21.2%[45]. - The penetration rate of professional dog and cat food in China is projected to be 25% and 43% respectively in 2024, indicating significant growth potential compared to the U.S. and Japan[48]. Strategic Initiatives - The company is focused on expanding its product offerings and market reach through strategic initiatives and potential acquisitions[4]. - The company plans to continue expanding its market presence and developing new products to capitalize on the growing pet industry[29]. - The company aims to enhance its brand influence and product quality through diversified marketing strategies and a commitment to safety and quality in production[68]. - The company has established several wholly-owned subsidiaries to enhance its market presence and operational efficiency[4]. - The company has established strong partnerships with international firms like Walmart and Pinnacle, exporting products to North America, Europe, and Japan[60]. Research and Development - The company invested ¥85,476.2 million in R&D in 2024, with a total of 329 authorized patents, including 14 invention patents[80]. - The company is developing a new series of antibacterial pet dental bones aimed at improving oral health, expected to be completed by January 2024[112]. - The company plans to launch a series of differentiated pet nutrition products targeting various life stages by August 2024[112]. - The company has established a pet nutrition research center to enhance its foundational research capabilities in pet food[81]. - The company is focusing on the development of prescription diets to assist in the treatment of diseases in pets[113]. Corporate Governance - The company emphasizes compliance with the Shenzhen Stock Exchange's disclosure requirements and the E-commerce Law of the People's Republic of China[4]. - The report covers the company's governance structure and compliance with relevant regulations[4]. - The company has a complete and independent financial accounting system, allowing for independent financial decision-making[165]. - The company maintains independence in business operations, personnel, assets, institutions, and finances from its controlling shareholders[164]. - The company has implemented effective communication channels with shareholders to ensure equal rights for all, especially minority shareholders[157]. Risk Management - The management has outlined potential risks and countermeasures in the section discussing future development prospects[4]. - The company faces risks from raw material price fluctuations, which could impact operational costs if not managed effectively through supply chain optimization and market forecasting[147]. - Trade friction risks are highlighted, particularly with the U.S. imposing tariffs that could affect export volumes and pricing, prompting the company to diversify its market presence[148]. - The company is exposed to exchange rate fluctuations, particularly with sales denominated in USD and costs in THB, which could impact profitability[149]. Shareholder Engagement - The company held its annual general meeting on June 25, 2024, with a participation rate of 56.57%[166]. - The first extraordinary general meeting of 2024 was held on July 24, 2024, with a participation rate of 56.42%[167]. - The second extraordinary general meeting of 2024 is scheduled for November 14, 2024, with a participation rate of 56.42%[167]. - The company has a dedicated board secretary responsible for information disclosure, ensuring timely and accurate communication with investors[162]. Financial Management - The company raised a total of RMB 159,978.00 million through the public offering of 40,004,500 shares at a price of RMB 39.99 per share[130]. - The net amount raised after deducting issuance costs was RMB 147,239.88 million, with an excess of RMB 87,239.69 million[130]. - The company is actively managing its raised funds to ensure effective utilization and compliance with regulatory requirements[130]. - The company reported a net amount of 87,239.69 million yuan from oversubscribed funds[133].

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" [2][8] Core Viewpoints - The agricultural sector is expected to see a significant recovery in Q1 2025, with a projected net profit of 99.30 billion yuan, marking a year-on-year increase of 705% [4][5] - Key sub-sectors expected to show strong growth include seed and planting (+320%), pig farming (+278%), and chicken farming (+117%) [3][4] - The report highlights the performance of specific companies, with notable profit increases for Muyuansheng (289%), Wen's (246%), and Shennong Group (6550%) [3][6] Summary by Relevant Sections Pig Farming - In Q1 2025, despite a slight decline in pig prices, the cost optimization has led to profitability, with an average profit of 85.89 yuan per head [3][4] - The average price of pigs was 15.06 yuan/kg, down 9.43% from the previous quarter [3] - Major pig farming companies are expected to report a combined net profit of 66.70 billion yuan, a significant turnaround from losses [3][4] Chicken Farming - The white feather chicken sector is facing price declines across the supply chain, with significant drops in chick and meat prices [3][4] - The average price for white feather chicken chicks was 2.36 yuan each, down 29.2% year-on-year [3] - Despite challenges, companies like Shennong Development are expected to achieve profitability due to cost management [3][4] Pet Food - The pet food sector is projected to grow rapidly, driven by both domestic and international markets [3][4] - Exports of pet food increased by 9.1% in early 2025, with domestic brands launching new products [3][4] - Companies like Guibao Pet and Zhongchong are expected to see net profit increases of 21% and 42%, respectively [3][4] Animal Health - The increase in livestock numbers is expected to boost sales of veterinary products, with a projected recovery in revenue and net profit for listed companies [3][4] - The number of vaccine approvals increased by 23% year-on-year, indicating a recovery in demand [3][4] Investment Analysis - The report suggests focusing on investment opportunities across various agricultural sub-sectors, particularly in light of favorable tariff policies and the push for self-sufficiency [3][4] - Recommended companies for investment include Muyuansheng, Wen's, Haida Group, Guibao Pet, Shennong Development, and Longping High-Tech [3][4][9]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]

Investment Rating - The industry investment rating is "Overweight" indicating that the agricultural sector is expected to outperform the overall market [2][5]. Core Insights - The report emphasizes the strategic value of the agricultural sector under the backdrop of unexpected tariff policies and the "internal circulation + self-control" approach, highlighting investment opportunities across various sub-sectors [5][3]. - The report notes a significant increase in online sales of pet food, with March sales reaching 2.65 billion yuan, a year-on-year increase of 23% and a month-on-month increase of 44% [3][5]. Summary by Relevant Sections Agricultural Sector Performance - The Shenwan Agricultural Index rose by 3.3%, while the CSI 300 Index fell by 2.9% during the week [3][4]. - Top five gainers included Shen Nong Technology (35.7%), Xin Sai Co. (32.2%), Jin He Biological (28.8%), Wanxiang De Nong (24.9%), and Bei Da Huang (19.7%) [4][12]. Livestock Farming - Swine prices are expected to fluctuate, with the average price for external three yuan pigs at 14.80 yuan/kg, a week-on-week increase of 1.4% [3][13]. - The report anticipates a potential decline in pig prices due to increased supply in the second quarter, suggesting a left-side investment opportunity in the sector [3][5]. Poultry Farming - The price of white chicken chicks continues to weaken, with the average price at 2.54 yuan/chick, a week-on-week decrease of 7.64% [3][5]. - The report highlights the importance of monitoring consumer demand, particularly in the restaurant and catering sectors, as a key factor affecting the poultry market [3][5]. Pet Food Industry - The report indicates that domestic brands are likely to gain market share as the cost-effectiveness of imported pet food declines [5][3]. - Key companies in the pet food sector, such as Guai Bao Pet and Zhong Chong Co., reported significant growth in sales, with Guai Bao Pet achieving a 47% year-on-year increase in March [3][5]. Seed Industry - The necessity for self-control in the seed industry is increasingly evident, with a push towards biological breeding and accelerated industrialization [5][3]. - The report recommends focusing on companies like Longping High-Tech and Dabeinong in the seed sector [5][3].

五粮液：五粮液计划6个月内增持5-10亿元。集团公司计划自公告之日起6个月内通过深圳证券交易所交 易系统增持公司股票，拟增持金额不低于5亿元，不超过10亿元。截至公告日，五粮液集团公司持有公 司股份7.95亿股，占公司总股本的20.49%。在本次公告前的12个月内，五粮液集团公司累计增持公司股 份340.67万股，占公司总股本的0.09%，增持金额为人民币5亿元。 投资建议 招商证券发布研报称，本周受贸易摩擦影响板块震荡。从Q1情况来看，高端白酒需求相对稳定，次高 端酒企表现分化，整体边际改善。食品板块需求企稳，调味品、乳制品、啤酒等板块轻装上阵全年业绩 改善确定性更高，而零食、饮料赛道仍然延续高景气。当前茅台、五粮液（000858）纷纷出台回购方 案，龙头底线价值清晰，白酒位置进可攻退可守，食品把握趋势向上及高景气赛道。内需有望发力背景 下，该行重申板块配置价值。 招商证券主要观点如下： 核心公司跟踪：重啤维持高位分红，中炬全年稳健收官 重庆啤酒（600132）：分红维持高位，结构表现依旧承压。公司24年高档酒结构表现仍然承压，带动吨 价同比下滑，税收政策及诉讼费用影响盈利，收入/归母净利润同比-1.2%/ ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]