股东北京君联晟源股权投资合伙企业（有限合伙）、珠海君联博远股权投资 合伙企业（有限合伙）保证向乖宝宠物食品集团股份有限公司提供的信息内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性 依法承担法律责任。 证券代码：301498 证券简称：乖宝宠物 公告编号：2025-015 乖宝宠物食品集团股份有限公司 股东询价转让计划书 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。 重要内容提示： 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托中国国际金融股份有限公司（以下简称"中金公司"）组织实施乖 宝宠物首发前股东询价转让（以下简称"本次询价转让"）。截至2025年4月30日 ，出让方所持首发前股份的数量、占总股本比例情况如下： | 序号 | 拟参与转让股东的名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 北京君联晟源股权投资合伙企业（有限合伙） | 31,507,168 | 7.88% | | 2 | 珠海君联博远股权投资合伙企业（有限合伙） | 13,835,922 | 3.4 ...

中国国际金融股份有限公司 关于乖宝宠物食品集团股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 中国国际金融股份有限公司（以下简称"中金公司"）受乖宝宠物食品集团股份 有限公司（以下简称"乖宝宠物"）股东北京君联晟源股权投资合伙企业（有限合伙） （以下简称"君联晟源"）、珠海君联博远股权投资合伙企业（有限合伙）（以下简 称"君联博远"）（以下合称"出让方"）委托，组织实施本次乖宝宠物股东向特定 机构投资者询价转让（以下简称"本次询价转让"）。 根据《上市公司股东减持股份管理暂行办法》《深圳证券交易所创业板股票上市 规则（2024 年修订）》《深圳证券交易所上市公司自律监管指引第 18 号——股东及 董事、高级管理人员减持股份（2025 年修订）》《深圳证券交易所上市公司自律监管 指引第 16 号——创业板上市公司股东询价和配售方式转让股份（2025 年修订）》 （以下简称"《指引第 16 号》"）等相关规定，中金公司对参与本次询价出让方的相 关资格进行了核查。 本次询价转让的委托情况、出让方相关资格的核查情况及核查意见如下： 一、本次询价转让的委托 中金公司已收到出让方关于本次询价转让的委托 ...

乖宝宠物 20250428 摘要 • 国产替代和消费升级是宠物食品行业的主要趋势，中高端国产品牌如弗莱 加特、鲜朗等在 2024 年双十一榜单中表现突出，标志着国产替代的成功， 烘焙粮作为新兴品类，驱动消费升级。 • 2025 年宠物食品行业关键词包括猫经济（精细化喂养、多猫家庭）、小 型犬增加（高端粮需求）和老龄化（老年猫狗定制粮需求增加，价格更 高）。 • 乖宝宠物表现优秀的原因在于历史优势（抓住互联网渠道红利，与京东合 作），综合能力（营销、产品力、供应链）以及自有供应链带来的主粮赛 道优势（配方沉淀、差异化品牌）。 • 乖宝宠物通过打造全价格带品牌矩阵（麦富迪为主品牌，弗莱加特为高 端），提升收入和利润率，上市以来业绩超预期，收入利润增速加速，在 内需标的池中稀缺性突出。 • 公司历史对乖宝发展影响重大，2013 年转向国内品牌化，抓住互联网渠 道红利，迎合 90 后养宠潮及国货信任度提升，这些先发优势难以逾越。 Q&A 国内宠物食品行业的发展趋势是什么？ 国内宠物食品行业依然保持高双位数的增长，尤其在线上渠道表现突出。2024 年天猫平台的增速超过 15%，抖音平台的增速约为 60%。尽管线下渠道因 ...

事件描述 公司发布2024 年年报及2025 年一季报，2024 年实现营收52.45 亿元，同比增长21.22%，实现归母净利 润6.25 亿元，同比增长45.68%。单四季度公司实现营收15.73 亿元，同比增长29.55%，实现归属净利润 1.54 亿元，同比增长34.78%。2025 年一季度公司营收14.8 亿元，同比增长34.82%，实现归属净利润 2.04 亿元，同比增长37.68%。 事件评论 自主品牌增速持续超预期，高端化带动利润率提升显著。2024 年预计公司自主品牌收入同比增长 30%+，外销收入同比增长15%左右。分品牌来看，预计2024 年麦富迪增速20%左右，弗列加特增速 120%左右，子品牌弗列加特处于爆发增长期，2024 年下半年推出的烘焙粮大单品成为品牌延续高增长 的重要动力，预计弗列加特2024 年实现8 亿左右收入。2024 年公司实现净利率12%，同比+2.0pct，境 内毛利率45.62%，同比+6.4pct，境外毛利率35.24%，同比+3.1pct，弗列加特、barf 等高端系列产品的 增长带动内销毛利率大幅提升，原材料价格利好带动外销毛利率水平有所提升。 202 ...

Core Viewpoint - The rise of the "pet economy" has led to increased investor interest in pet-related stocks, with significant price increases observed in leading companies like Zhongchong Co. and Guobao Pet [1][8]. Group 1: Company Performance - Zhongchong Co. reported a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [2]. - Guobao Pet achieved total revenue of 5.245 billion yuan in 2024, reflecting a 21.22% year-on-year growth, and a net profit of 625 million yuan, which is a 45.68% increase [4]. - Yiyi Co., specializing in pet hygiene products, reported a revenue of 1.798 billion yuan, a 34.41% increase, and a net profit of 215 million yuan, up 108.34% [4]. Group 2: Market Trends - The average spending on a single dog is approaching 3,000 yuan, with overall pet consumption on platforms like Taobao and Tmall exceeding 50 billion yuan [4]. - The Chinese pet food market reached approximately 14 billion USD in 2023, with expectations to surpass 20 billion USD by 2025, indicating a compound annual growth rate (CAGR) of 12.5% [9]. - The market for pet food in China is still in its early stages, with significant growth potential as the market concentration remains low [11]. Group 3: Investor Interest - There has been a surge in institutional interest in pet stocks, with over 200 institutions attending Zhongchong Co.'s earnings briefing [5]. - Guobao Pet has also attracted attention from major investment firms, indicating a shift in focus towards the pet sector [6][7]. - The increasing attention from capital markets, combined with strong performance metrics, has led to soaring stock prices for both Zhongchong Co. and Guobao Pet [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company's high-end strategy has shown significant results, with continuous improvement in profitability [1] - The company reported a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 624.72 million yuan, up 45.68% year-on-year [6] - The first quarter of 2025 saw a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 2.04 million yuan, up 37.68% year-on-year [6] Revenue and Profit Forecast - The forecast for main revenue (in million yuan) is as follows: - 2024: 5,244.96 - 2025: 6,377.13 - 2026: 7,781.69 - 2027: 9,414.97 - Year-on-year growth rates are projected at 21.22% for 2024, 21.59% for 2025, 22.03% for 2026, and 20.99% for 2027 [3][7] - The forecast for net profit (in million yuan) is: - 2024: 624.72 - 2025: 806.48 - 2026: 1,013.32 - 2027: 1,232.31 - Year-on-year growth rates for net profit are expected to be 45.68% for 2024, 29.09% for 2025, 25.65% for 2026, and 21.61% for 2027 [3][7] Product and Channel Performance - The company has seen a continuous increase in the proportion of its main products, with self-owned brand revenue reaching 3.545 billion yuan in 2024, a year-on-year increase of 29.1% [6] - The direct sales revenue grew by 59.3% year-on-year, accounting for 37.5% of total revenue [6] - The company is focusing on high-end product development, with significant sales growth during major shopping events [6] Profitability and Financial Metrics - The company's gross margin improved to 42.27% in 2024, up 5.43 percentage points year-on-year [6] - The projected earnings per share (EPS) are: - 2024: 1.56 - 2025: 2.02 - 2026: 2.53 - 2027: 3.08 - The price-to-earnings (P/E) ratios are projected to be 72.80 for 2024, 56.39 for 2025, 44.88 for 2026, and 36.91 for 2027 [3][7]

Core Viewpoint - The company has demonstrated impressive growth in its financial performance, with a strong focus on high-end brand development and a positive outlook for the pet food industry in China [1][2][7]. Financial Performance - In 2024, the company achieved revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to shareholders of 625 million yuan, up 45.68% [2]. - For Q1 2025, the company reported revenue of 1.48 billion yuan, a growth of 34.82%, and a net profit of 204 million yuan, increasing by 37.68% [2]. - The direct sales revenue in 2024 showed significant growth, with pet food and supplies generating 5.220 billion yuan, a 21.11% increase [3]. Product and Sales Breakdown - In 2024, the revenue from snacks, staple food, health products, and other businesses was 2.484 billion yuan, 2.690 billion yuan, 46 million yuan, and 25 million yuan, respectively, with year-on-year growth rates of 14.66%, 28.88%, -18.90%, and 49.41% [3]. - Domestic and international revenues were 3.551 billion yuan and 1.693 billion yuan, respectively, with year-on-year growth of 24.03% and 15.70% [3]. - The company’s self-owned brand revenue increased by 29.14% to 3.545 billion yuan, while OEM and ODM revenue grew by 19.07% [3]. Profitability Metrics - The gross margin for 2024 was 42.27%, an increase of 5.43 percentage points year-on-year, while the net profit margin improved to 11.96% [4]. - The sales expense ratio increased to 20.11% in 2024, attributed to the growth in self-owned brand and direct sales revenue [4]. Brand Development - The company has successfully advanced its high-end brand strategy, with its main brand, Mai Fu Di, leading the industry and achieving a 150% increase in sales during the 2024 Double 11 shopping festival [5]. - The introduction of new high-end products, such as the "0 Pressure Fresh Meat Cat Food" series, has also contributed to its market leadership [5]. Industry Outlook - The pet food industry in China is still in its early stages, with pet food penetration rates for dogs and cats at 25% and 43%, respectively, indicating significant growth potential [6]. - The high-end pet food market share in China is currently low, with only 29.4% for cat food and 33.4% for dog food, compared to much higher rates in the US and Japan [6]. Investment Forecast - The company is expected to achieve revenues of 6.405 billion yuan, 7.929 billion yuan, and 9.957 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 800 million yuan, 1.009 billion yuan, and 1.272 billion yuan [7]. - The company has been given an "Accumulate" rating based on its strong brand development and the growth potential in the pet food industry [7].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust business momentum and market positioning [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.25 billion yuan, a year-on-year increase of 21.2%, and a net profit of 630 million yuan, up 45.7% [1]. - For Q1 2025, revenue reached 1.48 billion yuan, reflecting a 34.8% increase year-on-year, with net profit at 200 million yuan, a growth of 37.7% [1]. - Earnings per share (EPS) for 2024 and Q1 2025 were 1.56 yuan and 0.51 yuan, respectively [1]. Product and Business Segmentation - The staple food product segment saw a revenue increase of 28.9%, accounting for 51.3% of total revenue, surpassing the zero-food category for the first time [2]. - The company's proprietary brand business revenue grew by 29.1%, making up 67.6% of total revenue [2]. - Direct sales mode revenue surged by 59.3%, representing 37.6% of total revenue [2]. Profitability and Cost Management - The overall gross margin improved by 5.5 percentage points to 42.3% in 2024, driven by high-margin product categories and effective cost control [2]. - The gross margin for the direct sales model reached 53.1%, benefiting from significant sales through platforms like Alibaba and Douyin [2]. Brand Development and Market Position - The company continues to lead the industry with its proprietary brand, 麦富迪, consistently ranking at the top of consumption lists across various platforms [2]. - The brand 弗列加特 has rapidly developed in the high-end cat product segment, while the newly launched 汪臻醇 targets the premium dog food market, enhancing the multi-brand strategy [2]. Marketing and Expense Management - In Q1 2025, the company increased its sales expenses to enhance brand visibility, with sales, management, financial, and R&D expense ratios at 17.8%, 5.1%, -0.5%, and 1.5%, respectively [3]. - The increase in promotional and sales service expenses aligns with the growth of proprietary brands and direct sales channels [3]. Future Projections - The company forecasts revenues of 6.34 billion yuan, 7.56 billion yuan, and 9.28 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 746 million yuan, 1.005 billion yuan, and 1.190 billion yuan [3]. - Corresponding price-to-earnings (PE) ratios are projected at 55.71, 41.36, and 34.94 times for the same years [3].

Group 1: Trade Impact and Response - The company faces challenges in U.S. export trade due to the U.S.-China trade war, leading to uncertainties. Future strategies include strengthening overseas market presence and supply chain adjustments to mitigate impacts [3] - The "reciprocal tariff" policy affects the company's export business, with approximately 30% of consolidated revenue from overseas OEM operations. The U.S. market holds a significant share, and the policy impacts orders from Chinese factories, while Thai factories remain unaffected [3] - Domestic market trends show a shift towards local brand replacement, accelerated by the trade war, with the company aiming to fill market gaps and enhance brand strength [3] Group 2: Growth Strategies - The company's growth is primarily driven by its proprietary brand business, with OEM operations decreasing in proportion. Revenue and profit margins from domestic brands are on the rise [4] - Key factors for growth include product structure optimization, increasing direct sales, multi-brand strategy, and supply chain enhancements through new and smart factory investments [4] Group 3: Research and Development - The company has invested over 200 million CNY in R&D over the past three years, with 329 domestic patents granted by 2024, focusing on core areas like fresh meat additives and nutrient release technologies [4] - A collaborative innovation model across multiple R&D centers strengthens technological barriers, creating a complete cycle from basic research to market application [4] Group 4: Shareholder Returns - In 2024, the company plans to distribute over 200 million CNY in cash dividends, representing 32.02% of the annual net profit attributable to shareholders, aiming to enhance investor returns and ensure stable profit distribution policies [4]

Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential [1]. Core Views - The company has demonstrated impressive growth in its proprietary brands, with a significant increase in revenue and profit margins. The brand's high-end positioning continues to exceed expectations [2][3]. - In 2024, the company achieved a revenue of 5.245 billion yuan, representing a year-on-year growth of 21.2%, and a net profit of 625 million yuan, up 45.7% [1]. - The first quarter of 2025 saw a revenue of 1.48 billion yuan, marking a 34.8% increase, with a net profit of 204 million yuan, up 37.7% [1]. Summary by Sections Revenue and Profit Growth - In 2024, the company's proprietary brands generated revenue of 3.545 billion yuan, a year-on-year increase of 29.1%. The brand "弗列加特" is expected to see revenue more than double, while "麦富迪" maintains steady growth [2]. - The revenue from snacks and staple foods reached 2.484 billion yuan and 2.690 billion yuan respectively, with year-on-year growth of 14.7% and 28.9% [2]. Direct Sales and E-commerce Performance - Direct sales revenue in 2024 was 1.969 billion yuan, a 59.3% increase, accounting for 37.6% of total revenue, up 9.0 percentage points year-on-year. The combined revenue from 淘系 and 抖音 reached 1.415 billion yuan, a 52.7% increase [2]. Margin and Cost Management - The gross margin for the first quarter of 2025 was 41.6%, reflecting a 0.4 percentage point increase year-on-year. The net profit margin also showed steady improvement [3]. - The company has optimized its operational efficiency, with inventory turnover days at 82, accounts receivable at 25, and accounts payable at 28 days [3]. Future Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 789 million yuan, 1.049 billion yuan, and 1.344 billion yuan respectively, with corresponding price-to-earnings ratios of 60, 46, and 36 times [3].