证券日报网讯中宠股份（002891）9月30日在互动平台回答投资者提问时表示，中宠股份以宠物食品的 研发、生产和销售为核心主业，目前暂未布局宠物用品生产板块。 ...

证券日报网讯中宠股份（002891）9月30日在互动平台回答投资者提问时表示，目前，中宠股份暂未与 泡泡玛特开展合作。公司将持续聚焦宠物食品的研发与创新，也会积极研判行业内外的合作可能性，力 求为全球养宠人群提供更优质的产品与服务。 ...

Group 1 - The core viewpoint of the news is that Petty Animal Nutrition Technology Co., Ltd. has seen a stock price increase of 5.09%, reaching 18.17 CNY per share, with a total market capitalization of 4.521 billion CNY [1] - The company, established on October 21, 2002, and listed on July 11, 2017, primarily focuses on the research, production, and sales of pet food, with pet food accounting for 98.05% of its main business revenue [1] - The trading volume for Petty shares was 113 million CNY, with a turnover rate of 3.99% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Agricultural Bank of China holds a significant position in Petty shares, with 57,000 shares held, representing 2.87% of the fund's net value [2] - The fund, named Agricultural Bank Quality Agriculture Stock A (016725), has a total scale of 12.1847 million CNY and has achieved a year-to-date return of 6.99% [2] - The fund manager, Song Yong'an, has a tenure of 13 years and 62 days, with the fund's best return during his tenure being 139.94% [2]

佩蒂股份今年以来股价涨1.50%，近5个交易日涨1.91%，近20日跌1.51%，近60日涨9.15%。 资料显示，佩蒂动物营养科技股份有限公司位于浙江省温州市平阳县水头镇工业园区宠乐路2号，成立 日期2002年10月21日，上市日期2017年7月11日，公司主营业务涉及宠物食品的研发、生产和销售。主 营业务收入构成为：宠物食品98.05%，其他1.95%。 9月30日，佩蒂股份盘中上涨2.08%，截至13:45，报17.65元/股，成交7437.90万元，换手率2.66%，总市 值43.92亿元。 分红方面，佩蒂股份A股上市后累计派现2.10亿元。近三年，累计派现8473.18万元。 资金流向方面，主力资金净流出1377.14万元，特大单买入118.86万元，占比1.60%，卖出575.91万元， 占比7.74%；大单买入1082.00万元，占比14.55%，卖出2002.08万元，占比26.92%。 佩蒂股份所属申万行业为：农林牧渔-饲料-宠物食品。所属概念板块包括：小红书概念、出海概念、宠 物经济、小盘等。 截至9月19日，佩蒂股份股东户数1.75万，较上期减少4.28%；人均流通股9232股，较上期增 ...

智通财经APP获悉，华创证券发布研报称，在宠物高端化的进程中，需求侧方向，用户的角色由"被动 买单"向"主动甄选"跃迁；供应侧方向，高端宠物粮市场的消费关注点正从单一营养指标转向综合性能 及功能性细分。而烘焙粮工艺的引入与本土化，成为国产宠粮高端化突破的重要契机。宠物食品市场的 核心竞争已从低价博弈转向"信任溢价"及"供应链自控力"；高端化成功意味着差异化可以被消费者明确 感知，从而解决宠物主信任焦虑，让其为此支付信任溢价的同时形成更高的品牌粘性；同时，进一步加 强龙头品牌的市占率提升逻辑。 华创证券主要观点如下： 高端化的动因：新代际对于高端化的平权解读 新消费的兴起来自于新代际的需求，其需求的特点是：1)重视自我价值表达与理念共识认可；2)要求信 息对等。由此，孕育出全新的商业模式，如爽感经济、社交经济、心理补偿经济即为代表，其共有特性 上与传统消费有所差异。 (1)破解"高端不引流、低价不盈利"的行业困局，来自于品牌路径的系统化布局。其核心逻辑在于：1)以 技术突破绑定消费心智；2)以内容运营获取精准流量；3)以标准建设强化高端认知。由此，孕育出全新 的增长模式，其与传统依赖单一价格或渠道的打法相比有显 ...

Summary of Petty Co. Conference Call Company Overview - Petty Co. has transitioned from an ODM manufacturer to a company with proprietary patents in dog chew products and has participated in setting national standards for pet food [2][3] - The company has established a global production footprint with factories in Vietnam, Cambodia, and New Zealand to enhance supply chain stability and optimize overseas profit structures, particularly in the U.S. market [2][12] Financial Performance - In Q1 2024, Petty Co.'s revenue and profit have largely recovered to levels seen in Q1 2022, with expectations for full-year revenue to match 2022 figures [2][6] - The gross margin for 2024 is projected to increase to 28.01%, benefiting from the completion of inventory destocking in Europe and the U.S. and a rise in capacity utilization at the Cambodia factory to 90% [2][6] Market Trends - The U.S. pet food market shows strong consumer vitality, especially for high-end functional foods like chews, with over 80% of U.S. pet owners recognizing the importance of pet food for health [2][9][10] - The demand for oral health management products is increasing, driven by a significant awareness of dental issues among aging pets [9][10] Product Innovation - Petty Co. has developed the fifth generation of plant and animal fiber mixed chews, which not only meet chewing and dental cleaning needs but also include additional nutritional components, maintaining a technological edge and enhancing bargaining power with customers [2][10][13] Competitive Landscape - The domestic high-end pet food market is primarily dominated by foreign brands, but local brands are finding ways to differentiate themselves. Petty Co. is entering the high-end dog food market with its brand "Jueyan" through a multi-channel strategy [2][11][15] - Domestic brands are increasingly innovating and adopting unique strategies to compete, such as the acquisition of high-end brands and the introduction of specialized products [11] Strategic Initiatives - Petty Co. is focusing on a multi-brand strategy, with "Jueyan" leading the charge in the high-end dog food segment, and plans to expand into wet food and seasonal snacks [5][16] - The company is also enhancing its online and offline channel strategies, leveraging e-commerce platforms and establishing a presence in large retail chains to improve brand visibility and sales [18] Future Outlook - The company anticipates a positive growth trajectory for 2025, with expectations for significant contributions from its brands "Jueyan" and "Haoshijia" as they capitalize on market trends and consumer preferences [19] - The New Zealand factory is expected to resume normal operations in the second half of 2025, which will alleviate profit pressures and support growth [19]

Summary of the Conference Call on the Pet Food Industry and Guibao Company Industry Overview - The Chinese pet consumption market is experiencing continuous growth, with dog-related consumption increasing by approximately 5%. The main drivers include the expansion of pet ownership and increased spending per pet, driven by social changes that create a demand for pet companionship. [2][3] - The pet food market in China is projected to reach approximately 150 billion yuan in 2024, accounting for 53% of the pet consumption market. Staple food represents over 50% of this segment, making it the largest sub-market. [2][4] - The penetration rate of refined pet care in China is below 20%, significantly lower than in Western countries, indicating substantial room for growth. [6] Market Performance - In the first half of 2025, the total pet consumption in China is expected to be around 70 billion yuan, reflecting a year-on-year growth of 9%. The sales revenue for goods is projected to be 58.1 billion yuan, with online channels being the primary sales avenue. [7] - The top ten pet food companies in China in 2024 will include seven domestic firms, highlighting a clear trend towards domestic brand replacement. [8] Competitive Landscape - Domestic brands are increasingly gaining market share, with Guibao and Zhongchong being notable examples. These companies leverage high-quality sourcing and continuous improvement in product quality to close the gap with foreign brands. [10] - The competition landscape shows that while foreign brands like Mars and Nestlé maintain a leading position, they have missed opportunities in online channel development, allowing domestic brands to enhance their market share. [9] Consumer Trends - There is a noticeable shift in consumer behavior towards high-quality pet products, with pet owners increasingly viewing pets as family members. This has led to a rise in demand for premium pet supplies. [3] - The trend towards higher-end products is evident, with consumers moving from basic pet food to more sophisticated options like freeze-dried and baked goods. [12] Guibao Company Insights - Guibao Company, established in 2006, shifted its focus to domestic brands in 2013. Its self-owned brand sales account for 40% of total sales, with rapid growth in its proprietary brands. [13] - The company has a strong competitive advantage through product innovation and brand development, successfully launching several popular products. [14] - Guibao's projected profit for 2024 is 750 million yuan, with expectations to reach 900 million yuan by 2025. The company's PE ratio is expected to remain above 40 times, indicating strong market confidence. [15] Additional Observations - The survival space for white-label pet food products is diminishing due to a lack of innovation and brand recognition, as consumers increasingly prefer established brands. [11] - The market is expected to see a fierce price war in the low-end segment while experiencing an upgrade in mid-to-high-end consumption over the next 3-5 years. [12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. As of September 26, 2025, the average price of live pigs in China is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The investment logic for live pigs is marginally improving, driven by both fundamental and policy factors. The price of live pigs is expected to rise in the second half of 2025 due to strong support from previous breeding sow reductions and winter piglet losses [29][32] Summary by Sections Weekly Observation - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. The average price of live pigs is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The average price of beef is 66.27 yuan/kg, with a month-on-month increase of 2.10% and a year-on-year increase of 7.74% [23] Weekly Market Performance (September 22-26) - The agricultural index underperformed the market by 2.18 percentage points, with the Shanghai Composite Index rising by 0.21% and the agricultural index falling by 1.97% [34][36] - Leading stocks include ST Jinggu (+15.68%), Huaying Agriculture (+5.76%), and Biological Shares (+3.78%) [34][40] Price Tracking (September 22-26) - The average price of live pigs is 12.45 yuan/kg, down 1.81% from the previous week. The average price of piglets is 21.29 yuan/kg, down 4.87% [46] - The average price of beef is 65.90 yuan/kg, with a week-on-week increase of 0.30 yuan/kg [54] Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20][29] - In the feed sector, recommended stocks include Haida Group and New Hope [29] - In the pet food sector, recommended stocks include Guibao Pet, Zhongchong Shares, and Petty Shares [32]

Core Viewpoint - The Chinese pet market is experiencing significant growth driven by increasing pet ownership and emotional consumption, leading to a shift towards customized and functional pet food tailored to different life stages and health needs [1][2]. Group 1: Market Overview - The pet economy in China is substantial and steadily growing, with a projected growth rate of over 10% year-on-year in 2024, and further acceleration expected in 2025 due to diversified service scenarios and health management upgrades [2]. - The number of pet cats has rapidly increased, surpassing dogs, with 71.53 million cats expected by 2024, while dog numbers remain stable [4]. Group 2: Pet Food Market - Domestic pet food brands dominate the mass market, with differentiation driven by product characteristics [6]. - The pet food market is seeing a trend towards wet food and freeze-dried options, with over half of pet owners feeding their pets canned or soft-packaged wet food [20][21]. Group 3: Pet Owner Demographics - A higher proportion of pet owners are women, primarily aged 26-35, residing in high-tier cities with stable incomes [8]. - Most pet owners are married with children, and many have one pet, indicating a trend towards single-pet households [9][11]. Group 4: Pet Care and Emotional Connection - Pet owners report a strong emotional bond with their pets, rating their feelings at an average of 9 out of 10, viewing pets as family members and companions [14]. - Despite challenges in pet care, owners maintain a responsible and accommodating attitude towards their pets [16]. Group 5: Nutritional Awareness - Pet owners prioritize nutrition and health, showing a high level of recognition for scientific and staged feeding practices [18]. - The demand for functional nutritional supplements is rising, with probiotics being the most popular choice among pet owners [24][25]. Group 6: Feeding Habits by Life Stage - For puppies and kittens, owners focus on providing balanced nutrition and disease prevention, with a preference for high-quality ingredients [30][32]. - Young adult pets require a higher intake of protein and regular exercise, with owners spending more on food and supplements [38][40]. - Senior pets need special dietary considerations, with a focus on easy-to-chew, low-calorie foods that support joint health and overall well-being [46][48]. Group 7: Purchasing Behavior - Pet owners tend to purchase food from online platforms and specialty stores, with a focus on promotions and nutritional content [34][42][50]. - The purchasing frequency and spending vary by life stage, with young adult pets leading to higher expenditures compared to puppies and senior pets [44][52].

Group 1 - Zhongyu Pet Food (Luoyang) Co., Ltd. has recently announced the completion of a B+ round financing worth hundreds of millions [1] - The financing round was led by Shuanghui Development, a leading meat company, with participation from existing shareholder Guangfa Qianhe [1]