Core Viewpoints - The A-share market showed mixed performance on Monday, with the Shanghai Composite Index down 0.26%, while the Shenzhen Component Index rose by 0.63% and the ChiNext Index increased by 1.51%. The total trading volume in the Shanghai and Shenzhen markets was 22,771.67 billion yuan [1][5]. - In the Shenwan industry classification, the leading sectors included power equipment, media, and agriculture, forestry, animal husbandry, and fishery, while the sectors that lagged included comprehensive, communication, and national defense industries [1][5]. Economic Performance - In August, the industrial added value above designated size in China grew by 5.2% year-on-year and 0.37% month-on-month. The service production index increased by 5.6% year-on-year, and the total retail sales of consumer goods rose by 3.4% year-on-year and 0.17% month-on-month. From January to August, fixed asset investment increased by 0.5% year-on-year, with manufacturing investment growing by 5.1% and real estate development investment declining by 12.9% [2][6]. Industry Analysis - The agriculture, forestry, animal husbandry, and fishery sector reported a total revenue of 6,147.88 billion yuan in the first half of 2025, marking a year-on-year increase of 9.05%, ranking third among Shenwan's primary industries. The net profit attributable to the parent company reached 269.80 billion yuan, up 173.11% year-on-year, ranking second among primary industries [7]. - The breeding industry segment achieved a revenue of 2,382.09 billion yuan, a year-on-year increase of 14.48%, with a net profit of 169.28 billion yuan, reflecting a significant year-on-year growth of 584.24%. Major players like Muyuan Foods, New Hope Liuhe, and Wens Foodstuff Group saw substantial profit increases [8][10]. - The feed segment reported a revenue of 1,348.13 billion yuan, up 12.56% year-on-year, with a net profit of 44.87 billion yuan, which is a 106.15% increase year-on-year. The segment's profit margins improved, with gross and net profit margins at 11.70% and 3.61%, respectively [8][10]. - The planting industry segment generated a revenue of 502.21 billion yuan, a year-on-year increase of 12.94%, but the net profit decreased by 9.06% to 1.587 billion yuan. Despite some companies facing profit declines, leading firms like Noposion and Beidahuang maintained stable performance [8][10]. - The agricultural product processing segment achieved a revenue of 1,648.71 billion yuan, a slight decline of 0.32% year-on-year, while the net profit increased by 23.55% to 34.18 billion yuan, with leading company Jinlongyu showing significant profit growth [8][10]. Investment Recommendations - The agriculture, forestry, animal husbandry, and fishery sector's performance in the first half of 2025 was strong, with revenue and profit growth rates among the highest in the market. The breeding industry's profitability has significantly improved, and the feed segment also saw revenue and profit increases. The current trend in pig farming capacity reduction suggests that leading companies in pig farming still have low valuations. The pet food industry, with its low concentration, presents substantial growth opportunities for domestic companies [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant revenue and profit growth, with domestic sales showing remarkable increases. For the first half of 2025, the company achieved revenue of 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year. The second quarter of 2025 saw revenue of 1.331 billion yuan, a 23.44% increase year-on-year, and a net profit of 112 million yuan, up 29.79% year-on-year. The company's domestic business growth exceeded expectations, and with the capacity release from the Mexico factory, profit margins are expected to expand further. The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 478 million, 581 million, and 712 million yuan respectively, and corresponding EPS of 1.57, 1.91, and 2.34 yuan [3][4][5]. Revenue and Profit Growth - In the first half of 2025, the company's gross profit margin and net profit margin were 31.38% and 9.16%, respectively, reflecting a year-on-year increase of 3.40 percentage points and 1.25 percentage points. The increase in sales expenses was driven by higher investment in brand promotion and employee compensation, leading to a management expense increase of 82.50% to 148 million yuan [4][5]. Business Segments Performance - The company's revenue from snacks and staple foods in the first half of 2025 was 1.529 billion yuan and 780 million yuan, representing year-on-year increases of 6.37% and 85.79%, respectively. The gross profit margins for these segments were 30.63% and 36.63%, showing year-on-year increases of 3.40 percentage points and 0.79 percentage points [5][6]. Market Expansion - The company achieved domestic and international revenue of 857 million yuan and 1.575 billion yuan in the first half of 2025, with year-on-year growth of 38.89% and 17.61%, respectively. The gross profit margins for domestic and international sales were 37.68% and 27.95%, with year-on-year increases of 0.89 percentage points and 4.04 percentage points. The company is focusing on its overseas strategy as a core engine for global development, with products sold in 73 countries across five continents [6][8]. Financial Summary and Valuation Metrics - The financial summary indicates that for 2025, the expected revenue is 5.286 billion yuan, with a year-on-year growth of 18.4%. The expected net profit is 478 million yuan, reflecting a growth of 21.3%. The projected EPS for 2025 is 1.57 yuan, with a P/E ratio of 36.6 [8][10].

乖宝宠物食品集团股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 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。 经深圳证券交易所审核同意，乖宝宠物食品集团股份有限公司（以下简称 "本公司"、"公司"或"发行人"）发行的人民币普通股股票将于 2023 年 8 月 16 日在深圳证券交易所创业板上市，上市公告书全文和首次公开发行股票并在创 业板上市招股说明书全文披露于中国证券监督管理委员会（以下简称"中国证 监会"）指定信息披露网站：巨潮资讯网，网址 www.cninfo.com.cn；中证网， 网址 www.cs.com.cn；中国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日报网，网址 www.zqrb.cn；中国金融新闻网，网址 www.financialnews.com.cn；供投资者查阅。 点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险以 及本公司所披露的风险因素，审慎做出投资决定。 所属网页二维码：巨潮资讯网 一、上市概况 （一）股票简称：乖宝宠物 （二）股票代 ...