Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The supply-side relaxation continues to suppress pig prices, with a significant acceleration in the reduction of breeding sows in October [2] - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][38] - The planting chain shows a positive outlook with an established upward trend in grain prices, highlighting significant investment opportunities in large-scale planting [3][38] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.91 yuan/kg, down 4.64% week-on-week [11] - The price of 15 kg piglets is 18.93 yuan/kg, up 4.41% week-on-week [11] - The industry is experiencing a comprehensive loss phase, with pig prices dropping below 12 yuan/kg and weaning pig prices around 200 yuan/head [8][11] Poultry - The white feather broiler price remains stable at 7.09 yuan/kg, while chick prices have decreased to 3.54 yuan/chick, down 1.12% week-on-week [16] - The supply of broilers is increasing, but purchasing enthusiasm remains low [16] Feed Sector - Corn and wheat prices have decreased, while soybean meal prices have increased slightly [24] - The average price of corn is 2238.53 yuan/ton, down 0.07% week-on-week [24] Bulk Agricultural Products - The domestic natural rubber price is 14995 yuan/ton, down 0.60% week-on-week, with a new round of inventory replenishment starting [34] - The overall supply remains ample, and the market is characterized by weak demand [34] Investment Recommendations - Positive outlook for the pig farming sector with recommended stocks including Muyuan Foods, Wens Foodstuff Group, and others [3][38] - The planting sector shows promising fundamentals with recommended stocks such as Suqian Agricultural Development and Beidahuang [3][38] - The pet food sector is experiencing growth, with recommended stocks including Guibao Pet and Zhongchong Co., Ltd [3][38]

Core Viewpoint - The ongoing "Double Eleven" shopping festival has highlighted the popularity of pet supplies, particularly cat litter, amidst a declining birth rate in the population, indicating a competitive market landscape for pet products [1][4]. Company Overview - Xu Cuihua, a popular brand under Hangzhou Gaoye Family, has gained significant traction in the pet supplies market, particularly with its cassava cat litter, which has become a top seller on platforms like Tmall during promotional events [2][4]. - The acquisition of Hangzhou Gaoye Family by Yiyi Co., a leading company in pet hygiene products, has led to notable fluctuations in Yiyi's stock price, reflecting market skepticism regarding the acquisition [3][4]. Financial Performance - Xu Cuihua's promotional price is set at 10.37 yuan per kilogram, which is higher than many rice products, yet the company faces a "high price, low margin" dilemma [3][5]. - In 2023, Hangzhou Gaoye Family reported revenues of 302 million yuan with a net profit of 3.08 million yuan, resulting in a net profit margin of only 1%. Projections for 2024 indicate revenues of 460 million yuan and a net profit of 18.3 million yuan, with an improved net profit margin of 4% [5]. Market Dynamics - The pet supplies market is characterized by intense competition, with price wars and high marketing costs impacting profitability. New brands often struggle to differentiate themselves, leading to a homogenization of products [7][10]. - In contrast to the competitive landscape in China, mature markets like Europe and Japan have established brands and less aggressive pricing strategies, resulting in higher profit margins [8][10]. Strategic Insights - The integration of supply chains and achieving economies of scale are crucial for enhancing profitability in the pet supplies sector. Companies are encouraged to optimize production processes and transportation routes to reduce costs [10][11]. - The acquisition of Hangzhou Gaoye Family by Yiyi Co. may provide opportunities for supply chain integration and resource sharing, potentially benefiting both companies in the long run [11]. Future Opportunities - The pet industry may see growth in smart pet devices, such as automated litter boxes and feeding machines, which have not yet established dominant brands in the market, presenting new opportunities for innovation and market entry [11].

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-061 乖宝宠物食品集团股份有限公司 关于 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会不存在否决议案的情形。 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、召开时间：2025年11月7日（星期五）下午14:50 5、主持人：董事长秦华先生 6、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》《上 市公司股东会规则》《深圳证券交易所创业板股票上市规则》等有关法律、行政 法规、规范性文件和《乖宝宠物食品集团股份有限公司章程》的有关规定。 二、会议出席情况 （一）股东出席的总体情况 参加本次股东会现场会议和网络投票表决的股东及股东代理人共156人，代 表有表决权的股份合计为232,536,733股，占乖宝宠物食品集团股份有限公司（以 下简称"公司"）有表决权股份总数400,472,840股的58.0655%。其中：通过现场 2、召开地点：办公楼会议室 3、召开方式：本次股东会采用现场投票与网络 ...

地址：山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 邮编：250102 网址：www.dehenglaw.com 电话：（86）531-8166 3606 北京德恒（济南）律师事务所 关于乖宝宠物食品集团股份有限公司 2025 年第二次临时股东会的法律意见 北京德恒（济南）律师事务所 关于乖宝宠物食品集团股份有限公司 2025 年第二次临时股东会的 法律意见 北京德恒（济南）律师事务所 关于乖宝宠物食品集团股份有限公司 2025 年第二次临时股东会的 法律意见 德恒 11G20250127-02 号 致：乖宝宠物食品集团股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）作为乖宝宠物食品集团 股份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派成晟洁 律师、段振波律师（以下简称"本所律师"）出席公司 2025 年第二次临时股东 会（以下简称"本次股东会"），依据《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《证券法》）、《上市公司股 东会规则》（以下简称《股东会规则》）等现行有效的法律、法规、规范性文件 以及《乖宝宠物食品集团股份有限公 ...

Market Overview - The pet economy sector experienced a decline of 0.4% on November 7, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers in the pet economy sector included: - Huilong New Materials (301057) with a closing price of 26.23, up 7.68% [1] - Shifeng Culture (002862) at 19.50, up 5.52% [1] - Lansheng Co. (600826) at 11.54, up 3.04% [1] - Other companies with positive performance included: - Xinhua Pharmaceutical (000756) at 16.29, up 2.65% [1] - Guai Bao Pet (301498) at 76.00, up 2.29% [1] Capital Flow - The pet economy sector saw a net inflow of 40.86 million yuan from institutional investors, while retail investors experienced a net outflow of 73.58 million yuan [2] - The main stocks with significant capital flow included: - Lansheng Co. (600826) with a net inflow of 36.59 million yuan from institutional investors [3] - Shifeng Culture (002862) with a net inflow of 36.44 million yuan from institutional investors [3] - Xinhua Pharmaceutical (000756) with a net inflow of 29.32 million yuan from institutional investors [3]

Core Viewpoint - The report from Zheshang Securities indicates that Guibao Pet's Q3 2025 net profit attributable to shareholders was 135 million yuan, a year-on-year decrease of 16.65%, with revenue growth meeting expectations but performance decline attributed to tariff pressures on OEM business and increased marketing expenses for its own brand [1] Group 1: Financial Performance - Guibao Pet achieved a net profit of 135 million yuan in Q3 2025, reflecting a year-on-year decline of 16.65% [1] - Overall revenue growth was in line with expectations, but the decline in performance is linked to tariff impacts on OEM operations and higher marketing costs for its proprietary brands [1] Group 2: Brand Performance - The proprietary brand Maifudi showed stable performance, while the brand Fleigat demonstrated strong momentum [1] - According to Taobao's report on the pet sector during the Double Eleven shopping festival, Guibao's Fleigat ranked 2nd in both cat and dog food categories, while Maifudi ranked 3rd in cat and dog food, 1st in cat snacks, and 2nd in dog snacks [1] Group 3: Market Outlook - The company is viewed positively for its focus on high-quality market segments and its strong channel and marketing capabilities, which are expected to drive long-term growth [1] - The investment rating for the company is maintained at "Buy" [1]

Core Viewpoint - The feed sector experienced a decline of 0.57% on November 7, with Hai Da Group leading the drop, while the Shanghai Composite Index closed at 3997.56, down 0.25% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed notable movements, with Aonong Biological rising by 6.13% to close at 5.54, while Hai Da Group fell by 1.90% to 57.80 [1][2]. - The trading volume for Aonong Biological reached 1.6475 million shares, with a transaction value of 905 million yuan [1]. Group 2: Capital Flow - The feed sector saw a net inflow of 100 million yuan from institutional investors, while retail investors experienced a net outflow of 88.30 million yuan [2]. - Aonong Biological had a significant net inflow of 99.9973 million yuan from institutional investors, representing 11.04% of its trading volume [3].

Investment Rating - The industry investment rating is "Outperform the Market" [85] Core Viewpoints - The pet food market is expected to grow steadily, with the market size reaching 300.2 billion yuan in 2024, a year-on-year increase of 7%. Pet staple food accounts for 36% of the pet economy [3][6] - The trend towards refined feeding is evident, with a growing preference for baked food and specialized diets among pet owners [3][38] - Online channels remain the primary battlefield for pet staple food, with 57.7% of pet owners choosing to purchase online [3][54] - Domestic brands are performing well, with a significant shift towards local brands as consumers show a preference for them over foreign brands [3][75] Summary by Sections Pet Staple Food: Core Track of the Pet Economy - The pet staple food segment is projected to maintain stable growth, driven by the increasing number of pet owners and the trend of treating pets as family members [3][20] - The pet market is expected to reach 404.2 billion yuan by 2027, with a CAGR of 10% from 2024 to 2027 [6] Products: Rapid Growth of Baked Food - Baked food is experiencing rapid growth, with a preference for refined feeding trends continuing among pet owners [3][42] - The preference for ordinary staple food is declining, while interest in specialized and prescription diets is increasing [3][48] Channels: Online Dominance - Online purchasing remains dominant, with major platforms like Taobao and JD.com leading the market [3][54] - Douyin is rapidly rising as a significant channel for pet food purchases, reflecting changing consumer behaviors [3][61] Competitive Landscape: Strong Performance of Domestic Brands - Domestic brands are increasingly capturing market share, particularly in the mid-range and low-end segments, as they offer competitive pricing and quality [3][72] - In 2024, 35% of consumers preferred domestic brands for cat food, reflecting a 7 percentage point increase year-on-year [3][75]

Summary of Guibao Pet's Conference Call Company Overview - **Company**: Guibao Pet - **Industry**: Pet Food and Products Key Points and Arguments Strategic Focus - Guibao Pet's strategic focus is on increasing market share for its own brands, with internal assessments centered on revenue growth while maintaining healthy profit levels [2][6] - The company does not assess profit margin growth but emphasizes revenue growth, implementing incentive plans that balance revenue and reasonable net profit targets to ensure healthy profitability [2][6] Brand and Product Development - The company aims to launch 10%-20% of new SKUs annually, with product introduction strategies dynamically adjusted based on market feedback and operational strategies [2][11] - Guibao Pet prioritizes functional pet food and has postponed entering the prescription pet food market due to strong competition from Royal Canin, believing that large-scale demand for prescription food in China has not yet materialized [2][12] Outsourcing and Manufacturing - The outlook for the contract manufacturing business is pessimistic for Q4 2025 and 2026, as it is not a strategic focus for the company. Despite negative growth in this segment, overall revenue growth remains unaffected [3] - Guibao Pet has a production capacity of 20,000 tons for snacks in Thailand and is establishing a subsidiary in New Zealand, primarily to meet domestic brand production needs rather than responding to U.S. policies [3] Sales Channels and Market Trends - Douyin (TikTok) has been the fastest-growing channel in recent years and is expected to remain a major growth driver in 2026. The company will continue to focus on high-end, high-priced products [4][13] - The profitability of Tmall and Douyin is comparable, while Pinduoduo and JD.com are slightly weaker. The increasing sales proportion from Douyin is expected to enhance the overall profitability of the company's own brands [14] Profitability Expectations - Guibao Pet cannot provide a clear profit margin forecast but indicates that the contract manufacturing business has a stable profit margin of around 10%. However, fluctuations in exchange rates and raw material prices may affect profit margins in 2024 and 2025 [5] - Since 2019, the share of self-owned brands has gradually increased, contributing to a steady rise in overall profit margins [5] Brand Health and Market Goals - The company monitors various internal metrics, including repurchase rates, ROI, customer acquisition rates, and new product launch frequency, to assess brand health beyond market share and profit balance [10] - Guibao Pet's brand goals for the next three years are seen as challenging targets, with a focus on market share growth, although achieving these goals remains uncertain [9] Brand Strategy Adjustments - The company is in the process of divesting mid-to-low-end brands from the Maifudi brand to align with its high-end strategy while retaining these brands to meet specific channel demands [15][16][17] Consumer Perception and Market Response - Guibao Pet has strategies in place to address negative comments about its products during promotional periods, including clarifying facts with relevant professionals and engaging with users who post negative information [18] - The company has not disclosed specific sales data for the Double Eleven shopping festival but expects linear sales growth based on historical performance [19] Future Outlook on Pet Economy - While there is a trend in the dog economy, its market size and growth rate are currently less clear compared to the cat economy. Guibao Pet has no immediate plans for further action in this area [21]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]