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 2025 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（2025 年修订）》等有关规定的要求，对乖宝宠物进行了 2025 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 2025 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、部分董事、高级管理人员和中层以上管理人员及董 事会办公室相关人员进行了培训。 二、培训内容简介 保荐代表人签名：______________ _______________ 本次培训的内容主要为上市公司治理准则等内容。 三、培训结论 通过本次培训，公司董事、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 ...

Group 1 - The core transaction of Guibao Pet Company on January 6 involved a block trade of 880,000 shares, amounting to 59.0392 million yuan, with a transaction price of 67.09 yuan per share [2][3] - The buyer of the block trade was an institutional special account, while the seller was China International Capital Corporation's Shanghai branch [2][3] - Over the past three months, Guibao Pet has recorded a total of two block trades, with a cumulative transaction value of 158 million yuan [2] Group 2 - As of January 6, Guibao Pet's closing price was 67.09 yuan, reflecting an increase of 1.65%, with a daily turnover rate of 1.89% and a total trading volume of 226 million yuan [2] - The net outflow of main funds for the day was 20.7439 million yuan, and the stock has seen a cumulative decline of 1.05% over the past five days, with a total net outflow of 38.7547 million yuan [2] - The latest margin financing balance for Guibao Pet is 306 million yuan, which has decreased by 570,800 yuan over the past five days, representing a decline of 0.19% [3]

Core Insights - The pet consumption market is transitioning from "optional" to "essential," leading to a brutal industry reshuffle as of 2025, with capital focusing on sustainable profit models and real technological barriers [1][12] - Maifudi has been recognized as the "No. 1 pet food brand in China" by Euromonitor in August 2025, establishing a replicable and verifiable systemic capability that forms its competitive moat [1][12] Financial Performance - As of October 31, 2025, Guobao Pet achieved a revenue of 4.737 billion yuan (+29.03%) and a net profit of 513 million yuan (+9.05%), with a stable overall gross margin above 40% despite strategic investments increasing costs [3][14] - In Q3 2025, Guobao Pet's revenue reached 1.517 billion yuan, reflecting a year-on-year growth of 21.85% [20] Competitive Advantages - Maifudi's success is attributed to a "research-data-supply chain" triangle barrier, evolving from a single advantage to a systematic barrier that includes a research collaborative network, data assets, and a global supply chain [3][14] - The WarmData center, which collects behavioral and physiological data from nearly 500 pets, has created the first "pet nature nutrition" database in China, driving product innovation [3][14] - Maifudi's collaboration with Aker BioMarine goes beyond ordinary procurement, focusing on exclusive marine active nutrition solutions, showcasing a "demand definition + joint R&D" model that only leading brands can achieve [4][15] Intellectual Property and R&D - Maifudi holds 364 patents, significantly outpacing domestic competitors, and the scale of WarmData's data is unmatched, creating high barriers to entry [5][16] - The value of R&D investments (over 200 million yuan in the past three years) lies in forming exclusive technological windows rather than just the amount spent [5][16] Trust and Transparency - In an era of information overload, Maifudi has transformed its factory into a trust interface, inviting over 10,000 users to witness the production process, thereby enhancing consumer trust [7][18] - The company's high-end product lines saw significant growth during the 2025 Double Eleven shopping festival, with "Baf" increasing by 79% and "Nai Fu" by 384%, indicating effective monetization of trust [7][18] Sustainable Business Model - Maifudi's growth path illustrates a positive feedback loop recognized by capital markets: market leadership leads to pricing power and profit margins, which in turn fund high-certainty investments in research, transparency, and supply chain, reinforcing its leading position [9][20] - The company has successfully transitioned from a focus on sales volume to a focus on systemic capability, positioning itself as a leader in high-quality growth engines [9][20] Investment Perspective - For investors, Guobao Pet's value lies not only in its current revenue and profit figures but also in its established path from "scale leadership" to "value leadership," marking the beginning of sustainable profitability and valuation enhancement [10][21]

Core Viewpoint - The pet consumption market in China is transitioning from "optional" to "essential," leading to a brutal industry reshuffle, where capital is focusing on sustainable profit models and real technological barriers. In this context, the question arises: what defines the true "No. 1 pet food brand in China"? The answer is becoming clear with Maifudi, which has been recognized as the leading domestic brand and has transformed its market position into a replicable and verifiable systematic capability, forming its competitive moat [1]. Group 1: Company Performance - As of October 31, 2025, Guobao Pet achieved a revenue of 4.737 billion yuan (+29.03%) and a net profit of 513 million yuan (+9.05%) in the first three quarters, despite a temporary increase in expenses due to strategic investments. The high-end product line continues to grow, maintaining an overall gross margin above 40% [3]. - Maifudi's strategy is clear: leverage its leading position to support long-term capability building, thereby solidifying its competitive edge [3]. Group 2: Competitive Advantages - Maifudi's success is attributed to a "research-data-supply chain" triangle barrier that only leading brands can build. Its advantages have evolved from a single focus to a systematic barrier comprising a research collaborative network, data assets, and a global supply chain [4]. - The company has established a research collaborative network centered around the WarmData canine and feline behavior database, accumulating over a billion data points to drive product innovation. For instance, the "BARF" diet utilizes insights from WarmData to enhance nutritional efficiency [4][5]. - Maifudi's collaboration with Aker BioMarine goes beyond standard procurement, involving joint development of exclusive marine active nutrition solutions, ensuring the uniqueness and cost control of core raw materials [4]. Group 3: Trust and Transparency - In an era of information overload, consumer demand for transparency and scientific feeding is rising. Maifudi addresses this by transforming its factory into a trust interface, achieving international certifications and inviting over 10,000 users to witness the production process [7]. - The company's commitment to transparency translates into user loyalty and repurchase rates, with significant growth in high-end product lines during major sales events, indicating effective monetization of trust [8]. Group 4: Financial Performance and Growth Model - Maifudi's growth path reflects a positive cycle recognized by capital markets: market leadership leads to pricing power and profit margins, which in turn fund high-certainty investments in research, transparency, and supply chain, reinforcing its competitive position [10]. - Despite increased sales expense ratios due to strategic investments, Maifudi's core profitability remains intact, with a net profit of 513 million yuan in the first three quarters, a 9.05% year-on-year increase [10]. - The company has successfully navigated the shift from volume competition to value competition, demonstrating that true leading brands are those with the strongest systematic capabilities [11]. Group 5: Sustainable Business Model - Maifudi exemplifies a sustainable business model that has successfully transitioned from "scale leadership" to "value leadership," positioning itself for ongoing profitability and valuation enhancement [12].

Investment Rating - The report recommends focusing on the cyclical turning points in the pig and beef farming sectors, highlighting companies like Muyuan Foods and WH Group as potential investments. The pet industry shows clear growth potential, with companies that integrate production, sales, and research expected to succeed, such as Zhongchong Co., Guibao Pet, and Petty Co. The planting sector also has significant growth potential, with recommendations for companies like Morning Light Bio and Noposion [11]. Core Insights - The pig farming sector is expected to face continued low prices in the first half of 2026, driven by both policy and cyclical factors, with a focus on cost improvement and growth potential in pig farming enterprises [2][15]. - The poultry sector is experiencing a recovery phase, with white chicken prices remaining low and yellow chicken demand potentially increasing due to promotional activities [3][37]. - The beef farming sector is characterized by a long production cycle, with supply-side contractions likely to drive prices upward, particularly from 2025 onwards [4][46]. - The feed and animal health sectors are expected to see growth in sales, with a focus on the competitive landscape and the impact of low profits on animal health demand [5][63]. - The planting sector is projected to see stable grain prices, driven by domestic control and innovation, with a focus on specialty crops and plant extracts [6][69]. Summary by Sections Pig Farming - Prices are expected to remain low in the first half of 2026, with a gradual increase in supply due to rising breeding sow inventories [15]. - Capacity policies and cyclical adjustments are leading to a continued reduction in production capacity, with a focus on cost reduction and debt management among pig farming companies [23][27]. - Companies like Muyuan Foods are highlighted for their cost improvements, with expectations of further reductions in production costs [29]. Poultry Farming - The white chicken industry is in a deep price slump, with recovery expected to take time, while yellow chicken prices may see slight recovery due to promotional efforts [32][37]. - Leading companies are improving their operational efficiencies to cope with low prices, which may enhance their performance when prices recover [33]. Beef Farming - The long production cycle and fragmented market structure of beef farming in China are significant factors, with supply reductions expected to lead to price increases starting in 2025 [41][46]. - The beef supply is projected to decrease in the latter half of 2025, with expectations of continued price increases through 2027 [47]. Feed and Animal Health - The feed sector is expected to see a recovery in sales, with high inventory levels in the livestock sector supporting growth [52]. - The animal health sector may face pressure due to low profits in the livestock sector, but there are opportunities for breakthroughs in key products [63][65]. Planting - Grain prices are expected to stabilize and rise, with a focus on domestic production and innovation in seed varieties [69][75]. - The planting sector is seeing a shift towards high-quality, innovative seed varieties, with companies like Kangnong Seed showing strong growth potential [87].

Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, leading to a potential price turning point in Q2 2026, with long-term performance improvements anticipated for related stocks [3][43] - The structural growth trend in the post-cycle sector continues, with profits likely to gradually transmit downstream if the current round of pig capacity reduction proceeds smoothly, benefiting the animal health sector [3] - The planting chain shows a confirmed upward trend in grain prices, indicating favorable fundamentals for planting and seed industries, highlighting significant investment opportunities [3] - The pet food sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies [3] Summary by Sections Pig Farming - The average price of live pigs as of December 31 was 12.76 yuan/kg, a week-on-week increase of 10.38%, while the average price of 15 kg piglets was 19.44 yuan/kg, up 2.21% week-on-week [12][51] - The supply side shows a widening price gap for fattened pigs, supporting price increases, while demand is boosted by consumption expectations during the New Year holiday [12][17] Poultry - The price of white feather broilers increased to 7.82 yuan/kg, up 6.39% week-on-week, and chick prices rose to 3.59 yuan/chick, up 1.7% week-on-week [17][51] - The supply of meat chickens has increased, leading to a more relaxed market supply, while demand has weakened due to some slaughterhouses reducing operations [17] Feed Sector - The prices of corn, wheat, and soybean meal have risen, with corn averaging 2351.57 yuan/ton, up 0.57% week-on-week, and soybean meal at 3172.29 yuan/ton, up 0.96% week-on-week [27][51] - Increased selling enthusiasm among farmers is noted, although the pace of supply remains slow [27] Major Agricultural Products - The domestic natural rubber futures price was 15605 yuan/ton as of December 31, down 0.29% week-on-week, with inventory levels increasing [38][51] - The current down cycle for sugar prices continues, with no significant recovery expected [39]

Investment Rating - The report assigns an "Accumulate" rating for the agricultural industry [9] Core Insights - In 2026, the pig and beef cattle farming sectors are expected to reach a cyclical turning point, with clear growth potential in the pet sector and significant opportunities in specialty planting [2][13] - Companies with complete production, sales, and research capabilities in the pet industry are likely to succeed amid competitive pressures [8] Summary by Sections Pig Farming - Price: The pig price is expected to remain low in the first half of 2026, leading to continued low profits in the industry [3] - Capacity: Policy and cyclical adjustments are driving capacity reduction, with a focus on cost improvement and growth potential in pig farming enterprises [3][27] - Debt Reduction: The average debt-to-asset ratio for listed pig farming companies has decreased to 56.27%, indicating improved financial health [27] Poultry Farming - White Chicken: The industry is experiencing deep price declines, with a return to supply-demand balance expected to take time [4][30] - Yellow Chicken: Prices may see slight recovery, supported by promotional activities for native chicken varieties [35] Beef Farming - Long Cycle: The beef farming cycle is lengthy, with a fragmented supply structure impacting pricing dynamics [39] - Price Outlook: A supply contraction is expected to support continued price increases for beef from 2025 onwards [46] Feed and Animal Health - Feed: The feed sector is anticipated to see growth in sales, with a positive outlook for 2026 as livestock numbers remain high [49] - Animal Health: Demand for animal health products may face pressure due to low profits in farming, but breakthroughs in key products are worth monitoring [58][59] Planting - Grain Prices: Grain prices are expected to trend upwards, driven by increased focus on food security and innovation in seed varieties [7][64] - Specialty Planting: Opportunities in specialty crops like blueberries and mushrooms are highlighted, with a focus on innovation and market demand [7][70] Pet Industry - Growth Potential: The pet market is thriving, with strong consumer willingness to spend, indicating clear growth prospects [8][13] - Competitive Landscape: Companies with integrated production, sales, and research capabilities are rare and likely to outperform in the competitive environment [8][13]

Core Viewpoint - The pet economy, while appearing lucrative with a market size of 300 billion and gross margins up to 50%, is not a profitable venture for large companies due to high operational costs and reliance on human capital rather than scalable business models [4][10][30]. Industry Overview - The pet economy is characterized by high gross margins, particularly in pet food, where domestic brands can achieve margins of 40%-50% [10][11]. - Service sectors such as grooming and veterinary care also show high potential margins, but the actual profitability for companies is often low due to high operational costs [10][15]. Company Performance - Major players like Pet Fresh and others have faced significant losses, with Pet Fresh closing 18 stores after burning through 178 million RMB in just nine months, averaging losses of over 200,000 RMB per store monthly [5][11]. - Companies like Zhongchong Co. and Petty Co. report low net profit margins, with Zhongchong's gross margin at 28.16% and net margin at only 9.33% [11][12]. Marketing and Sales Costs - The cost of acquiring customers through KOLs (Key Opinion Leaders) and marketing has skyrocketed, with sales expenses for companies like Guibao Pet increasing from under 100 million RMB in 2017 to 500 million RMB in 2024, leading to diminished net profit margins despite increased sales [13][14]. Challenges in Scaling - The pet economy is heavily reliant on personal relationships and trust between pet owners and service providers, making it difficult for large companies to replicate the success of smaller, independent businesses [27][30]. - The high costs associated with maintaining quality service and customer trust, such as expensive store locations and high employee wages, hinder profitability for larger firms [15][28]. Comparison with Other Industries - Similar challenges are observed in other high-margin industries like beauty and medical services, where the core value lies in skilled personnel rather than scalable business operations [19][20][24]. - The pet industry exemplifies a trend where the most profitable segments are those that rely on individual expertise and customer relationships, rather than mass-market strategies [30].

Market Overview - The feed sector experienced a decline of 1.08% on December 31, with TianKang Biological leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Stock Performance - JinXinNong (002548) saw a significant increase of 9.95%, closing at 6.08, with a trading volume of 816,900 shares and a transaction value of 479 million [1] - TianKang Biological (002100) declined by 3.03%, closing at 7.37, with a trading volume of 337,500 shares and a transaction value of 250 million [2] - Other notable performers include ZhiYang Co. (002696) with a 1.00% increase, and Boen Group (001366) with a 0.91% increase [1] Capital Flow Analysis - The feed sector experienced a net outflow of 75.87 million from institutional investors, while retail investors saw a net inflow of 22.40 million [2] - JinXinNong had a net inflow of 64.54 million from institutional investors, but a net outflow of 36.08 million from retail investors [3] - TianMa Technology (603668) had a net inflow of 11.83 million from institutional investors, while retail investors experienced a net outflow of 13.32 million [3]

Group 1 - The article emphasizes that the content published by Dongfang Caifu aims to disseminate more information and does not represent the platform's stance, nor does it constitute investment advice [1]