Investment Rating - The report maintains a "Market Perform" rating for the agriculture, forestry, animal husbandry, and fishery industry [2] Core Insights - The agriculture, forestry, animal husbandry, and fishery industry underperformed the market in February, with a 0.20% increase compared to the Shanghai Composite Index's 2.16% increase [12][8] - The report highlights that the pig farming sector is expected to maintain profitability in 2025, supported by favorable policies and a gradual recovery in pig inventory [49][50] - The poultry farming sector, particularly white feather chicken, is anticipated to see marginal price improvements as the macroeconomic environment stabilizes [52] - The feed and animal health sectors are projected to experience performance recovery as pig inventory gradually increases [53] Summary by Sections Market Review - The agriculture, forestry, animal husbandry, and fishery industry index ranked 25th among 31 industry indices in February, with a year-to-date decline of 2.79% [12][8] - The sub-sectors of fruit and vegetable processing, comprehensive III, and grain and oil processing showed positive growth, while pet food and poultry farming lagged behind [13] Pig Farming - In February, the average price of external three yuan pigs decreased by 6.80% month-on-month, while the average price of external three yuan piglets increased by 21.91% [20] - The average profit for self-bred pigs was approximately 37.35 yuan per head, while for purchased piglets, it was 10.95 yuan per head [20] Poultry Farming - The average price of white feather chicken in February was 6.05 yuan per kilogram, down 18.34% month-on-month [34] - The average price of meat chicken seedlings was 2.12 yuan per chick, down 19.67% month-on-month [34] Fisheries - In February, the prices of various freshwater fish remained stable, while the price of shrimp decreased by 11.11% [45] Investment Recommendations - The report suggests maintaining a focus on high-quality pig farming companies such as Muyuan Foods and Wens Foodstuffs, which are expected to continue generating profits in 2025 [49][52] - The report recommends attention to the feed sector as a post-cycle investment opportunity, particularly in leading companies like Haida Group [53] - In the seed industry, companies with strong research capabilities are highlighted as key players, including Dabeinong and Longping High-Tech [54] - The pet food sector is expected to grow, with recommendations to monitor companies like Guobao Pet and Zhongchong Co., which are expanding their market presence [56]

Group 1: Business Performance - The overall business performance is stable and positive, with self-owned brand business showing steady growth. The brands "Mikfudi" and "Fuleijiate" achieved good sales during the Double Eleven shopping festival [3] - The trend towards high-end products is evident, with the company maintaining competitive advantages and benefiting from the expanding young consumer demographic and multi-pet households [3] - International business orders are stable, with ongoing development of new customers and clear advantages in supply chain and R&D [3] Group 2: Product Innovation - The upgrade of "Fuleijiate 2.0" focuses on precise nutrition from fresh meat, addressing traditional process pain points and enhancing nutritional control for different age stages of cats [4] - The "BARF 2.0" upgrade includes a new nutrient release process and a natural herbal formula, significantly improving digestive health for pets [4] Group 3: R&D and Technology - The company has established a research center early on, focusing on basic research for dogs and cats, and continuously improving R&D capabilities [5] - Collaboration with over ten domestic and international universities and research institutions enhances technological development and innovation [5] Group 4: Brand Strategy - The company has defined its brand strategy early, focusing on strengthening the core brand "Mikfudi" and enhancing the high-end brand "Fuleijiate" [5] - Future strategies include a focus on quality leadership, technological innovation, and optimizing brand structure to expand market share [5] Group 5: Talent Strategy - The company views talent as the core growth driver, implementing measures such as nationwide recruitment, equity incentives, and team structure optimization [5] - The establishment of a research center in Shanghai enhances the company's attractiveness to high-end R&D talent [5]

周期，周期，还是周期！ 作者 | 萧瑟 编辑 | 小白 农林牧渔可以说是与春节关系最为紧密的行业，毕竟春节时间节点的确定依据正是古时的农业历法。 农业社会中，春节往往被视作是新一轮生产周期起始的标志。而人们在此时进行的各种庆祝习俗，也 有祈愿新的一年风调雨顺、农业丰收的寓意。 但在二级市场，2024年对于农业来讲并不是一个友好的年份。申万农林牧渔指数全年下跌11.6%，不 仅跑输上证指数24.2pct，更是在31个行业中排在倒数第二。 从行业名字中我们也能感受到，农林牧渔业态繁多，包含种植、养殖、捕捞等，仅用单一指数很难对 下跌原因一以概之。 因此我们还是按老规矩，聚焦到前十大市值公司来逐个剖析。 有意思的是，从这十家公司的股价表现看，倒是很难感受到行业整体的颓势，甚至其中还有接近翻倍 的个股。 | 公司名称 | 2024年末市值(亿元) | 全年涨跌幅 | 二级行业 | | --- | --- | --- | --- | | 牧原股份 | 2099.9 | J. 4.7% | 养殖业(申万) | | 金龙鱼 | 1768.0 | 2.0% | 农产品加工(申万) | | 温氏股份 | 1098.6 | J ...

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 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company is a leading player in China's pet food market, focusing on the research, production, and sales of pet food. It has transitioned from OEM/ODM operations to developing its own brands, achieving significant revenue growth and market share [8][12]. - The company's self-owned brand revenue reached 2.745 billion yuan in 2023, a 34% increase year-on-year, accounting for 63.44% of total revenue. This growth is attributed to the successful development of high-end brands [8][12]. - The company has implemented an equity incentive plan to boost employee motivation and align their interests with company performance, reflecting strong confidence in future growth [25][26]. Summary by Sections 1. Company Overview and Historical Performance - The company has shown rapid growth in revenue and profitability since 2018, with revenue increasing from 1.221 billion yuan to 4.327 billion yuan from 2018 to 2023, representing a CAGR of 28.8%. Net profit grew from 45 million yuan to 429 million yuan during the same period, with a CAGR of 57.3% [12][34]. - The company has a market share of 5.5% in China's pet food market, ranking second after Mars Group [8][11]. 2. Equity Incentive Plan and Performance Assessment - In July 2024, the company announced its first equity incentive plan, granting 2.177 million shares at a price of 25.93 yuan per share to nine key employees, with performance targets set for revenue and net profit growth from 2024 to 2026 [25][26]. - The performance assessment includes a target of at least 19% revenue growth in 2024 and 2025, and 18% in 2026, with net profit growth targets of 21%, 15%, and 14% respectively [27][32]. 3. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 5.241 billion yuan, 6.245 billion yuan, and 7.393 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 19%, and 18% [32][34]. - The forecasted net profits for the same years are 611 million yuan, 724 million yuan, and 853 million yuan, with growth rates of 43%, 18%, and 18% [32][34]. - The company enjoys a valuation premium due to its leading market position and superior profitability compared to peers, justifying the "Accumulate" rating [35].

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 | | ...