Core Viewpoint - Zhongchong Co., Ltd. announced the convening of its third extraordinary general meeting of shareholders for 2025 on December 26, 2025, to review the proposal regarding expected daily related transactions for the year 2026 [2] Group 1 - The company will hold a shareholder meeting to discuss future related transactions [2] - The meeting is scheduled for December 26, 2025 [2] - The agenda includes the proposal for daily related transactions for the year 2026 [2]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42] Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 1.55% from December 12 to December 25, 2025, lagging behind the index by approximately 0.43 percentage points [11][14] - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (3.04%), animal health (2.95%), planting (2.28%), fishery (1.56%), breeding (0.81%), and feed (0.29%) [14][15] - The overall price-to-book (PB) ratio for the industry is approximately 2.79 times, indicating a slight recovery in valuation, which remains at a historical low level, around the 62.7 percentile since 2006 [18][24] Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs increased from 11.45 CNY/kg to 11.59 CNY/kg during the reporting period. The cost of corn and soybean meal has slightly decreased, with corn priced at 2338.04 CNY/ton and soybean meal at 3102 CNY/ton as of December 25, 2025 [22][24] - **Profitability**: As of December 26, 2025, the profit for self-bred pigs was -130.11 CNY/head, and for purchased piglets, it was -162.8 CNY/head, showing a reduction in losses compared to the previous two weeks [27] - **Poultry Farming**: The average price of broiler chicks was 3.59 CNY/chick, showing a slight increase, while the average price for white feather broilers was 7.82 CNY/kg, with profitability improving to 0.89 CNY/chick [29][33] Industry Insights - The report emphasizes the potential for a rebound in pig prices as the seasonal consumption peak approaches, with a focus on the high inventory of breeding sows and the opportunities for leading pig farming companies [42][43] - In poultry farming, the report highlights the recovery in white feather broiler prices and the improvement in profitability, suggesting a positive outlook for leading poultry companies [42][43] - The report also notes growth potential in the domestic pet market and the expected increase in export volumes, recommending attention to promising domestic leaders in this sector [42][43]

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-075 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，烟台中宠 食品股份有限公司（以下简称"公司"）于 2022 年 10 月 25 日公开发行了 7,690,459.00 张 可 转 换 公 司 债 券 ， 每 张 面 值 100.00 元 ， 总 募 集 资 金 769,045,900.00 元。扣除承销及保荐费用人民币 12,000,000.00 元（含税金额） 后，实际收到人民币 757,045,900.00 元。本次可转换公司债券主承销商联储证 券股份有限公司已于 2022 年 10 月 31 日将人民币 757,045,900.00 元缴存于公司 的中信银行股份有限公司烟台莱山支行 8110601011901525819 账户内。本次发行 过程中，发行人应支付承销保荐费、律师费、审计验资费、资信评级费、信息披 露及发行手续费等其他费用合计人民币 14 ...

关 于 北京植德律师事务所 烟台中宠食品股份有限公司 2025 年第三次临时股东会的 法律意见书 植德京(会)字[2025]0179 号 二〇二五年十二月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12 th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于烟台中宠食品股份有限公司 2025 年第三次临时股东会的 法律意见书 植德京(会)字[2025]0179 号 致：烟台中宠食品股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2025 年第三次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-076 烟台中宠食品股份有限公司 关于 2025 年第三次临时股东会决议的公告 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 12 月 26 日 上午 9:15 至下午 15:00 期间的任意时间。 （2）现场会议召开地点：山东省烟台市莱山区飞龙路 88 号公司会议室 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间： ①现场会议召开日期、时间：2025 年 12 月 26 日 14:30 ②网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 12 月 26 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00。 （3）会议召开方式：本次股东会采用现场投票与网络投票相结合的方式召 开。 （4）会议召集人：董事会 （5）会 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The livestock prices have stabilized after a decline, and the export volume of pet food has shown year-on-year growth [1]. - The industry is currently trading at a price-to-earnings (P/E) ratio and price-to-book (P/B) ratio below historical averages, indicating potential for valuation recovery [7]. Summary by Sections Market Review - In November 2025, the agriculture, forestry, animal husbandry, and fishery index increased by 1.15%, outperforming the CSI 300 index, which fell by 2.46%, resulting in a relative outperformance of 3.61 percentage points [7][10]. - The sub-industry performance showed that the forestry processing sector had the highest gains, while the pet food sector experienced declines [10]. Livestock Industry Data Tracking - **Swine Farming**: In November 2025, the average price of external three-yuan pigs was 11.59 yuan/kg, a month-on-month increase of 0.61%, but a year-on-year decrease of 30.13% [19]. - **Broiler Chickens**: The average price of white feather broiler chickens was 3.48 yuan/jin, with a month-on-month increase of 2.65% and a year-on-year decrease of 7.69% [26]. Pet Food - In November 2025, China's pet food export volume reached 33,400 tons, a year-on-year increase of 11.23%, while the export value was 11.8 million USD, a year-on-year decrease of 3.59% [34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods (牧原股份), Pulaike (普莱柯), and Guobao Pet (乖宝宠物), all rated as "Buy" [1].

Core Insights - The report maintains a strong market rating for the home appliance sector, emphasizing the shift in consumer behavior towards a more present-focused consumption mindset, driven by the new generation of consumers [1] - The report highlights the expected leadership of the new consumption sector in 2025, while traditional consumption sectors are anticipated to show lackluster performance [4] Macro Consumption Trends - The report notes a significant transformation in consumer attitudes, moving from a culture of saving to one of cautious spending and living in the moment, which is expected to create new investment opportunities [4][11] - It identifies a structural opportunity in consumption, with the main drivers shifting from broad-based recovery to specific demographic groups, particularly the elderly and single-person households [32] Global Economic Landscape - The report emphasizes the importance of global emerging markets, suggesting that Chinese companies are well-positioned to lead in new product categories with significant growth potential [4] - It points out that the export structure is evolving towards innovation-driven categories, enhancing resilience against geopolitical risks [4] Domestic Consumption Dynamics - The report indicates that domestic consumption is entering a phase of refinement, with strong companies benefiting from the changing consumption landscape [4] - It highlights the ongoing growth in the pet economy and health supplements, suggesting that companies with e-commerce capabilities will be favored [4] Export Opportunities - The report discusses the resilience of exports, noting a shift from reliance on developed markets to emerging markets, with significant growth in exports to countries like India and Indonesia [49] - It highlights the importance of diversifying export markets and supporting new business models such as cross-border e-commerce [49] Sector-Specific Insights - The report identifies specific sectors poised for growth, including cleaning appliances, which are expected to benefit from government subsidies and increasing consumer demand [53] - It suggests that the pet economy and health products will continue to thrive, driven by changing consumer preferences and increased awareness [4] Consumer Income and Spending - The report notes that while income growth is stabilizing across different income groups, the spending power of high-income households is expected to drive consumption growth [35] - It emphasizes the importance of asset conditions, particularly housing, in influencing consumer behavior and spending patterns [35] Rural Consumption Potential - The report highlights the growing consumption potential in rural areas, where income growth is outpacing urban areas, suggesting a shift in focus towards rural markets [39] - It notes that rural high-income groups are likely to lead in spending on services, healthcare, and entertainment [39]

Group 1 - The feed sector experienced a rise of 2.34% on December 25, with Hai Da Group leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Hai Da Group's stock price increased by 4.13% to 54.65, with a trading volume of 117,900 shares and a transaction value of 636 million yuan [1] Group 2 - The feed sector saw a net outflow of 12.67 million yuan from institutional investors, while retail investors experienced a net outflow of 6.63 million yuan [2] - The top gainers in the feed sector included Tianma Technology, which rose by 3.34% to 16.40, and Chao Guo Ao Quan, which increased by 3.07% to 7.73 [1][2] - The overall trading activity in the feed sector indicated a mixed sentiment, with some stocks experiencing significant inflows from retail investors while others faced outflows [3]

Overview - The perception of pets as family members has deepened, leading to a shift in dog food consumption from "optional" to "essential," providing stable demand for the dog food market in China [1][5] - The rise of single economy, aging population, and emotional companionship needs have expanded the dog owner demographic, increasing both the frequency of dog food purchases and average spending per customer [1][4] Market Statistics - In 2024, China's dog food sales are projected to reach 607,300 tons, with an average selling price of 35,800 yuan per ton, resulting in total sales of 21.738 billion yuan [1][5] - Dry dog food accounts for 83.82% of sales, while wet dog food represents 3.74% [1][5] Industry Development - The dog food industry in China has evolved from informal feeding practices to industrialized production, with domestic brands now competing with international ones [3][4] - Increased regulation and rising costs have led to the elimination of smaller brands lacking core technology and funding, while leading companies are expanding market share through mergers and supply chain upgrades [3][4] Consumer Trends - The aging population and rising divorce rates have increased the number of people seeking companionship from pets, driving growth in the pet economy [4][8] - The average annual spending per pet dog in China is expected to reach 2,961 yuan in 2024, reflecting a 3.0% year-on-year increase [4][5] Supply Chain - The upstream supply chain includes core raw material suppliers such as meat, grains, and fats, which account for over 70% of production costs [6] - In 2024, China's grain production is projected to reach 652.29 million tons, with meat production at 97.80 million tons, ensuring a stable supply of raw materials for the dog food industry [6] Competitive Landscape - The dog food market in China is highly competitive, with numerous brands including international players like Royal Canin and local brands like MaiFuDi and WanPi [9][10] - The top 10 brands in the market hold only 24.60% of the market share, indicating a fragmented competitive environment [9] Future Trends - The focus on pet health will drive dog food products towards natural, grain-free, and functional formulations, with an emphasis on ingredient traceability and safety [13] - Customizable dog food tailored to specific breeds, ages, and health conditions is expected to become more prevalent, including options based on genetic testing [13]

Group 1: Livestock Industry - The pig industry is currently in a phase of deep losses, with supply contraction expected to continue into the first half of 2026, leading to a significant reduction in production capacity. The average pig price for 2025 is projected to be below the cost line, with quarterly estimates of 15.5 CNY/kg, 13.5 CNY/kg, 16.4 CNY/kg, and 17.7 CNY/kg, resulting in an annual average of approximately 13.4 CNY/kg [11][25][26] - The white chicken market is experiencing a cautious outlook, with a projected supply growth of less than 5% for 2026. The decline in the sales of commodity broiler chicks indicates a more conservative price expectation within the industry [30][35] - The yellow chicken sector remains stable, with production capacity not significantly affected. The prices are expected to follow trends in other protein sources, with a focus on seasonal price increases [39] - The beef market is anticipated to see a price increase due to a clear reduction in both domestic and international supply. The wholesale price of beef has been rising, reaching 66.21 CNY/kg in December, reflecting a year-on-year increase of 9.1% [42][70] Group 2: Agricultural Inputs and Other Sectors - The feed industry is showing signs of recovery, with a 6.6% year-on-year increase in feed production for the first three quarters of 2025, indicating improved demand from the livestock sector [71][76] - The edible mushroom sector is witnessing a rebound, particularly with the reversal of the predicament faced by enoki mushrooms and the potential growth of new products like Cordyceps [3][80] - The pet industry continues to thrive, with a notable trend towards high-end domestic products, as evidenced by the performance of brands like Guibao Pet and Zhongchong Co. [4][63] - The natural sweetener market is expected to grow as consumer awareness of sugar reduction increases, with companies like Bailong Chuangyuan and Baolingbao positioned to benefit from this trend [4][71]