格隆汇10月13日丨中宠股份(002891.SZ)公布第三季度报告，报告期内，公司营业收入为14.28亿元，同 比增长15.86%；归属于上市公司股东的净利润为1.31亿元，同比下降6.64%。前三季度营业收入为38.60 亿元，同比增长21.05%；归属于上市公司股东的净利润为3.33亿元，同比增加18.21%。 2.本期预付费用、货款、借款业务、预收客户货款等增加。 主要会计数据和财务指标发生变动的主要原因为：1.本期资金管理产品投资减少及融资款项增加。 ...

中宠股份(002891.SZ)发布2025年三季度报告，该公司前三季度营业收入为38.6亿元，同比增长21.05%。 归属于上市公司股东的净利润为3.33亿元，同比增长18.21%。归属于上市公司股东的扣除非经常性损益 的净利润为3.23亿元，同比增长33.50%。基本每股收益为1.1135元。 ...

（记者 曾健辉） 截至发稿，中宠股份市值为173亿元。 每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ 每经AI快讯，中宠股份（SZ 002891，收盘价：56.68元）10月13日晚间发布三季度业绩公告称，2025年 前三季度营收约38.6亿元，同比增加21.05%；归属于上市公司股东的净利润约3.33亿元，同比增加 18.21%；基本每股收益1.1135元，同比增加15.77%。 ...

Investment Rating - The report gives an investment rating of "Positive" for the agricultural products sector [11] Core Viewpoints - The swine breeding industry has transitioned from a rapid growth phase to a stable development phase, with medium to long-term capacity regulation becoming the new normal. High-quality breeding companies are expected to see significant improvements in profit margins and profitability levels [2][20] - The report highlights a divergence in profitability within the breeding sector, with leading companies still achieving good performance despite overall industry challenges. The poultry sector is experiencing a recovery in yellow-feathered chicken prices, which is gradually improving profitability [2][20] - The aquaculture feed industry continues to show strong performance, with leading companies like Haida Group expected to achieve simultaneous growth in volume and profit [2][20] - The pet food sector is experiencing sustained high growth in proprietary brands, with overseas factories demonstrating resilience in exports. Key recommendations include Guibao Pet and Zhongchong Co [2][20] Summary by Sections Swine Breeding Sector - The swine breeding sector is gradually entering a loss phase, with significant divergence in profitability among listed companies. The average price of live pigs in Q3 2025 is approximately 14.0 CNY/kg, down 4% quarter-on-quarter and 28% year-on-year. The average profit for self-bred pigs is about 42 CNY/head, while purchasing piglets incurs a loss of 118 CNY/head [7][21] - High-quality breeding companies have a complete cost below 12 CNY/kg, maintaining a profit of over 200 CNY/head, while companies with higher costs may still face losses [7][21] - Future pig prices are expected to rise in Q4 2025 and 2026 due to increased supply indicators and policy-driven capacity restrictions [26] Feed Sector - The feed industry maintains growth in production, with aquaculture feed demand recovering. Haida Group's feed sales are expected to grow by about 20% year-on-year in Q3 2025, with net profit in the feed sector expected to increase by 30%-40% year-on-year [8][43] - The report notes that the structure of feed products is improving, with higher-margin products gaining a larger share of sales [8][43] Poultry Sector - The yellow-feathered chicken prices have bottomed out and are recovering, which is enhancing the profitability of the poultry breeding sector [2][20] Pet Food Sector - The pet food sector continues to see high growth in proprietary brands, with Guibao Pet and Zhongchong Co recommended for their resilience in overseas sales. Online sales growth for the pet food industry is around 7.7%, with Guibao's proprietary brand growing by 21% [9][20]

8月能繁母猪存栏环比-0.1%，9月猪价新低 猪价自24.1.17低点震荡回升，8月中旬达年内高点21.06元/kg，此后震荡回落;25年9月17日猪价13.71 元/kg，较24年年末下跌16%。9月26日自繁自养、外购仔猪养殖利润-74元/头、-237元/头;行业整体亏损 或可带来产能去化。8月末我国能繁母猪存栏量4038万头，环比-0.1%。关于25年猪价走势，该行认为年 度均价同比下行，差异在于优秀猪企完全成本持续优化，带来养殖利润超预期。此外25年以来猪企产能 变化节奏、行业二育情况、出栏体重等方面或受相关影响而带来超预期变化，值得重点关注。 智通财经APP获悉，中国银河证券发布研报称，持续重点强调关注生猪养殖行业的攻守兼备布局机会， 基于能繁母猪作用值及养殖效率的考虑，25年猪价同比或呈下行走势;综合考虑政策去产能以及行业亏 损去产能，叠加成本下行带来的优秀猪企利润超预期，重点关注成本边际变化显著、资金面良好的优质 猪企。宠物食品行业处成长过程中，优质企业市占率呈提升趋势。该行建议可关注养殖链后周期，推荐 饲料龙头及动物疫苗相关企业。黄鸡价格与猪价有一定相关性，且考虑自身供给端低位，后续价格存上 ...

Core Viewpoint - The company reported a decrease in the number of shareholders and a mixed performance in stock price, while showing significant growth in revenue and net profit for the first half of the year [2] Group 1: Shareholder Information - As of September 30, the number of shareholders for the company was 44,419, a decrease of 2,440 from the previous period (September 20), representing a decline of 5.21% [2] Group 2: Stock Performance - The closing price of the company's stock was 54.15 yuan, an increase of 1.77%, but the stock price has cumulatively decreased by 0.42% since the concentration of shares began [2] - The stock experienced 4 days of increases and 4 days of decreases during the reporting period [2] Group 3: Financial Performance - For the first half of the year, the company achieved operating revenue of 2.432 billion yuan, reflecting a year-on-year growth of 24.32% [2] - The net profit for the same period was 203 million yuan, marking a year-on-year increase of 42.56% [2] - The basic earnings per share were 0.6841 yuan, with a weighted average return on equity of 7.78% [2]

Investment Rating - The report suggests a positive outlook on the pig farming industry, indicating a potential for value reassessment of quality pig farming companies due to the "anti-involution" process and policy support [2][3]. Core Insights - The report highlights that the pig farming industry is experiencing a significant downturn, with both fat and piglet farming facing losses, prompting a potential acceleration in capacity reduction [2][3]. - It emphasizes the importance of focusing on quality pig farming companies, as they are expected to see a reassessment of their value amidst the ongoing industry changes [2][3]. - The report anticipates that the current pig cycle is nearing its downward end, making it an opportune time for left-side positioning in investments [2][3]. Summary by Sections Market Performance - The Shenyuan Agricultural Index increased by 0.2%, while the Shanghai and Shenzhen 300 Index rose by 2.0% [2][3]. - The top five performing stocks included Hualu Biological (6.0%), Honghui Fruits and Vegetables (4.1%), and Wancheng Group (3.7%) [2][3]. Pig Farming - The report notes that during the holiday period, pig prices have accelerated their decline, with the national average price for external three yuan pigs at 11.61 yuan/kg, down 0.67 yuan/kg from the previous week [2][3]. - The average self-breeding and self-raising farming cost is estimated between 12.5-13.0 yuan/kg, indicating that the industry is facing comprehensive losses [2][3]. - The report suggests that the current losses in pig farming will likely lead to an accelerated elimination of inefficient production capacity [2][3]. Chicken Farming - For white feathered chickens, prices have shown some recovery, with the average sales price for commodity chicks at 3.27 yuan/chick, up 5.48% week-on-week [2][3]. - The report advises monitoring the performance of related companies as the third-quarter earnings are expected to show a turning point [2][3]. Pet Food - In August, online sales of pet food reached approximately 2.4 billion yuan, reflecting an 11% year-on-year increase [2][3]. - The report highlights the performance of specific companies, such as Guibao Pet, which saw a 19% increase in GMV [2][3].

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating that it is expected to outperform the overall market [2][4]. Core Insights - The report highlights a significant decline in pig prices during the National Day holiday, leading to losses in both piglet and fat pig farming, and emphasizes the importance of monitoring the capacity reduction process in the industry [1][3]. - The report suggests that the pig farming industry is entering a phase of accelerated capacity reduction due to losses and policy-driven "anti-involution" measures, marking the end of the current pig cycle [3][4]. - It identifies potential investment opportunities in leading pig farming companies, which are expected to undergo a value reassessment due to improved long-term profitability and shareholder returns [3][4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.2%, while the CSI 300 increased by 2.0% [3][4]. - Top-performing stocks included Hualv Biological (+6.0%) and Honghui Fruits and Vegetables (+4.1%) [4][11]. Pig Farming - The average price of external three yuan pigs was reported at 11.61 yuan/kg as of October 8, down 0.67 yuan/kg from the previous week, indicating a significant price drop [3][12]. - The average cost of self-breeding pig farming is estimated between 12.5-13.0 yuan/kg, leading to widespread losses across the industry [3][12]. - The price of weaned piglets fell to 236 yuan/head, a decrease of 23 yuan/week, marking a new low for the year [3][13]. Chicken Farming - The white feather broiler market showed signs of price recovery, with the average selling price of broiler chicks at 3.27 yuan/chick, up 5.48% week-on-week [3][16]. - The yellow feather chicken market experienced a slight decline in prices, with the average price at 5.16 yuan/jin, down 9% week-on-week [3][16]. Pet Food Market - Online sales of pet food reached approximately 2.4 billion yuan in August, reflecting an 11% year-on-year increase [3][4]. - Notable companies in the pet food sector, such as Guibao Pet and Zhongchong Co., reported significant growth in sales [3][4]. Investment Recommendations - The report recommends focusing on leading companies in the pig farming sector, including Muyuan Foods, DeKang Agriculture, and Wens Foodstuffs, as they are expected to benefit from the ongoing capacity reduction and value reassessment [3][4].

本文为节选内容 更多报告，关注公众号：大消费市场调研 中国宠物行业经历了从外资品牌主导到国货品牌崛起的深刻变革，国货品牌崛起历经多阶段。2015-2020 年在电商、社交媒体兴起的浪潮中，部分品牌抓 住电商快速发展的红利期和社交媒体流量红利，相继崛起。这一时期，社交媒体的互动性，为国货品牌提供了与消费者直接沟通的机会，也为品牌崛起奠 定了基础。国货品牌在宣传产品安全性、化解信任危机方面形成合力，成功赢得了消费者信任。在早期，国货品牌以高性价比产品填补价格带空白，渗透 进口品牌未覆盖客群。此外，国货品牌抓住产品升级的机遇，2016 年进口高端品牌普及了无谷鲜肉粮、冻干粮等原料升级的产品概念，但其价格高昂。 面对这一市场痛点，国货品牌则抓住机遇，借助代工厂鲜肉膨化粮的产能扩张与成本优势，以更优的价格完成了产品升级，填补中端市场。2020 年疫情 和外资品牌Petcurean go！的毒猫粮致死事件进一步推动了国货品牌的市场渗透。在这一系列内外部因素的推动下，国货品牌不仅成功改变了市场格局， 还为未来持续引领宠物行业的发展奠定了坚实基础。 1、搭乘电商与社交媒体快车 1.1.阶段一：电商快速发展的红利期 2010 ...

编者按 借用毕马威《2025年中国宠物市场报告》的话：在"悦己经济"与"情感消费"崛起的宏观背景下，宠物经 济正以不可忽视的增速重塑中国宠物消费市场格局。2024年，我国城镇宠物（犬猫）消费市场规模超过 3000亿元，预计至2027年有望突破4000亿元。宠物正逐步从"功能性伴侣"向"家庭成员"的角色转变，反 映出我国宠物经济具有强劲的增长潜力。 不可否认，宠物消费市场规模不断增长。尤其是近两年，一场围绕宠物的消费升级，正蔓延到方方面 面：宠物走进越来越多的商场，越来越多的养宠人选择带宠物一起旅游、给宠物拍写真、让宠物健身上 学…… 相对于宠物食品、宠物医疗等传统行业，一些关于宠物的新兴行业也不断涌现，所有和"人"相关的生意 都正在"宠物"身上重做一遍。近日，《每日经济新闻》记者聚焦宠物经济新蓝海，看养宠人如何带"毛 孩子"过国庆中秋长假，并推出系列报道；记录下这些新服务形态折射出的中国家庭结构与情感满足方 式变迁，以及在这一过程中涌现的机遇、挑战与无限可能。 抢不到票，根本抢不到票。国庆中秋长假前夕，9月27日至30日，北京到杭州连续4天的宠物托运都没有 票了，北京到上海的热门车次也显示，宠物托运仓位已满。 ...