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 ...

根据中国证券监督管理委员会《上市公司独立董事管理办法》、深圳证券交 易所《深圳证券交易所创业板股票上市规则》《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》等要求，乖宝宠物食品集团股份有 限公司（以下简称"公司"）董事会，就公司在任独立董事王凤荣、李俊、王锐、 翟月玲的独立性情况进行评估并出具如下专项意见： 乖宝宠物食品集团股份有限公司 经核查独立董事王凤荣、李俊、王锐、翟月玲及前述独立董事的直系亲属和 主要社会关系人员的任职经历以及签署的相关自查文件，上述人员不存在《上市 公司独立董事管理办法》第六条不得担任独立董事的情形，未在公司担任除独立 董事以外的任何职务，也未在公司主要股东公司担任任何职务，与公司以及主要 股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，因此，公 司独立董事符合《上市公司独立董事管理办法》《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》中对独立董事独立性的相关要求。 董事会关于独立董事独立性自查情况的专项意见 2025 年 4 月 19 日 乖宝宠物食品集团股份有限公司董事会 ...

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 （翟月玲） 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 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 相关材料，在审议议案时通过与公司经营管理层进行交流讨论，及时了解公司发 展规划和日常经营情况，以谨慎的态度行使表决权，独立发表意见，依法表决。 2024年度任期内，本人所参与的公司董事会的召集、召开均符合法定程序， 重大经营决策事项和其它重大事项均履行了相关的审批程序，合法有效。本人对 2024年历次董事会所有议案均投出赞成票，没有反对、弃权的情况。 本人2024年度具体参加董事会、股东大会的情况如下： 翟月玲女士，女，1973年11月出生，中国国籍，博士研究生学历，教 ...

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].

Core Insights - The "pet economy" in China is continuing to grow, with pet numbers expected to reach 120 million in 2024, a year-on-year increase of 2.1% [1] - The pet consumption market is expanding, with the urban pet consumption market projected to exceed 300 billion yuan in 2024, where pet food accounts for 52.8% of the market share [1] - The domestic pet food market is fragmented, with a CR10 market concentration of only 19.96%, indicating potential for domestic brands to break through [1][2] Market Dynamics - The leading domestic pet food brand, Mai Fu Di, is facing significant quality control issues, leading to numerous consumer complaints [4][5] - In 2024, the sales market share of domestic brands in the pet food sector is only 15%, with Mai Fu Di being a notable player, achieving sales of 2.016 billion yuan [2][4] - Consumer trust in domestic brands is still recovering from past incidents, which may hinder the high-end strategy of brands like Mai Fu Di [5] Product Development and Strategy - Mai Fu Di is attempting to transition to high-end products, launching premium lines such as "Fuleijiate" and "Wangzhenchun" [8] - The pricing of Mai Fu Di's high-end products is competitive with international brands, but market acceptance remains low [8] - The company is investing heavily in new production lines for high-end pet food, with 367 million yuan allocated for this purpose and an additional 560 million yuan for a project aimed at producing 100,000 tons of high-end pet food annually [8][9] Financial Considerations - In 2023, Mai Fu Di's total production was only 17.81 tons, raising questions about the necessity of the new high-capacity project [9] - The majority of Mai Fu Di's revenue comes from its flagship brand, accounting for approximately 80% of its self-owned brand sales [9]

证券研究报告·公司深度研究·饲料 乖宝宠物（301498） 宠物蓝海，乖宝先航 2025 年 03 月 07 日 买入（上调） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3398 | 4327 | 5246 | 6297 | 7447 | | 同比（%） | 31.93 | 27.36 | 21.23 | 20.05 | 18.26 | | 归母净利润（百万元） | 266.88 | 428.84 | 616.22 | 758.51 | 963.70 | | 同比（%） | 90.26 | 60.68 | 43.69 | 23.09 | 27.05 | | EPS-最新摊薄（元/股） | 0.67 | 1.07 | 1.54 | 1.90 | 2.41 | | P/E（现价&最新摊薄） | 132.72 | 82.59 | 57.48 | 46.70 | 36.75 | [Table_Tag] [Table_Summar ...

投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □√ 特定对象调研 | □分析师会议 | | --- | --- | --- | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 中金公司 | 王思洋 | | 人员姓名 | 中金公司 | 陈泰屹 | | | Hillhouse | Yingzi YU | | | Pinpoint | Mingfan YANG | | | Value Partner | Boyi LI | | | Dymon Asia | Jianing LIN | | | Cephei Capital | Yong LI | | | Brilliance | Yiwei WEI | | | GreenWoods | Chen YU | | | UBS AM | Matilda CAO | | | 汉和资本 | 张婷婷 | | | 盘京投资 | 蔡建军 | | | 清和泉资本 | 柯嘉雯 | | | 信璞投资 | 闫敏章 | | ...