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]

Group 1 - Petty Co., Ltd. (SZ 300673) announced it will accept research from Changjiang Securities on November 6, 2025, from 10:00 to 11:10 AM, with participation from the company's board secretary and CFO, Tang Zhaobo, who will address investor questions [1] - For the year 2024, Petty Co., Ltd.'s revenue composition is as follows: pet food and other products account for 99.18%, while other businesses account for 0.82% [1]

Group 1: Company Performance Overview - As of the end of Q3 2025, the company's operations are proceeding as planned, with export business facing pressure due to U.S. tariffs, yet maintaining a higher gross margin than the same period in 2024 [1] - The launch of the Wenzhou factory's baking grain production line marks a significant milestone, enhancing the company's capabilities in freeze-dried, air-dried, and baked staple food production [1] Group 2: Marketing and Sales Strategies - During the "Double Eleven" shopping festival, the company increased marketing efforts, achieving over 30% year-on-year growth in overall GMV, with the Jueyan brand leading in the dog snack category [2] - The company introduced new products such as "small particle air-dried food" and "cod air-dried food," aligning with its strategy of deepening high-end market penetration and expanding product categories [2] Group 3: Channel Expansion and Cost Management - The company is focusing on expanding offline channels, collaborating with major regional distributors and new retail supermarkets, with offline channel returns approaching online levels due to cost dilution effects [3][4] - Raw material prices are expected to remain stable next year, with poultry and meat by-product prices decreasing compared to the previous year, positively impacting cost management [4]

Group 1 - The core viewpoint of the report is that Huazhong Securities has given a "buy" rating to Petty Holdings (300673.SZ) with a latest price of 16.45 yuan [1] - The company's operating revenue for Q3 2025 is projected to be 361 million yuan, representing a year-on-year decrease of 24.29% [1] - The gross profit margin has improved year-on-year, while the net profit margin is under short-term pressure [1] - The company is focusing on its own brand business, with the "Jueyan" brand maintaining rapid growth [1] Group 2 - The report highlights several risks, including changes in tariffs and trade policies, exchange rate fluctuations, domestic market expansion not meeting expectations, production capacity not meeting expectations, and raw material price volatility [1]

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]

Core Insights - The eighth China International Import Expo (CIIE) has seen New Zealand enterprises transition from "trying it out" to "returning year after year" due to the platform's effectiveness in establishing long-term ties with the Chinese market [1][3]. Group 1: Event Overview - The CIIE has evolved from a simple product import exhibition to a global platform for market interaction, industry integration, and mutual learning of rules [3]. - This year's expo features a larger scale, more highlights, and greater international influence compared to previous years [1]. Group 2: New Zealand Participation - The New Zealand pavilion showcases 37 exhibitors under the theme "Taste of New Zealand," featuring diverse products such as natural health products, premium meats, pet food, daily consumer goods, beverages, and seafood [3][5]. - New Zealand's beef, lamb, dairy products, and health supplements have become focal points for buyers due to their superior quality [5]. Group 3: Business Opportunities - Many New Zealand member companies secure tens of millions in orders annually through the expo, reflecting strong confidence in the Chinese market [3]. - The expo facilitates the transformation from "exhibits" to "investments," with examples of successful partnerships, such as a 30 million yuan procurement order signed with Shanxi Province [5]. Group 4: Economic Environment - The supportive measures provided by the expo organizers, such as visa and customs facilitation, enhance the event's attractiveness and effectiveness [3]. - Local Chinese governments are actively improving the business environment, particularly in green economy, high-tech industries, and livelihood projects, fostering a fair and efficient service for foreign enterprises [5]. Group 5: Future Outlook - The New Zealand China International Trade Promotion Committee plays a unique role in promoting New Zealand-China relations, acting as both a policy interpreter and a support system for member enterprises [6][7]. - There is optimism regarding China's continued reform and opening-up, with expectations for overseas Chinese to contribute to technology cooperation in advanced fields like artificial intelligence and aerospace [7].

Core Viewpoint - Zhongchong Co., Ltd. has shown a significant increase in stock price and revenue, indicating strong performance in the pet food industry [1][2]. Company Performance - As of November 7, Zhongchong's stock price rose by 2.06% to 58.99 CNY per share, with a total market capitalization of 17.955 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 66.87%, with a 3.13% rise over the last five trading days [1]. - For the period from January to September 2025, Zhongchong reported a revenue of 3.860 billion CNY, reflecting a year-on-year growth of 21.05%, and a net profit of 333 million CNY, up 18.21% [2]. Shareholder Information - As of October 20, the number of shareholders for Zhongchong was 43,000, a decrease of 3.09% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.19% to 7,071 shares [2]. Dividend Distribution - Since its A-share listing, Zhongchong has distributed a total of 322 million CNY in dividends, with 264 million CNY distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 14.3228 million shares, a decrease of 7.0092 million shares from the previous period [3]. - Dongfanghong Industrial Upgrade Mixed Fund entered the top ten circulating shareholders, holding 1.7929 million shares [3].

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]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-11-06 | 002891 | 中宠股份 | 56.07 | 78.75 | 4,415.51 发证券股份有限 | 国泰海通证券股份 | | | | | | | 公司上海民生路证 | 有限公司烟台西盛 | | | | | | | 劳营业部 | 街证券营业部 | 11月6日，中宠股份大宗交易成交78.75万股，成交额4415.51万元，占当日总成交额的10.77%，成交价 56.07元，较市场收盘价57.8元折价2.99%。 ...

Core Viewpoint - Zhongchong Co., Ltd. has shown a significant increase in stock price this year, with a year-to-date rise of 61.81% and a recent trading volume indicating active market participation [2]. Company Performance - As of October 20, Zhongchong Co., Ltd. reported a total revenue of 3.86 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 21.05%. The net profit attributable to shareholders was 333 million yuan, marking an 18.21% increase [2]. - The company's main business revenue composition includes pet snacks (62.89%), pet staple food (32.21%), and other pet products (4.90%) [2]. Stock Market Activity - On November 6, Zhongchong Co., Ltd.'s stock price increased by 2.09%, reaching 57.20 yuan per share, with a trading volume of 170 million yuan and a turnover rate of 1.00% [1]. - The stock has experienced fluctuations, with a 0.56% increase over the last five trading days and a 5.63% increase over the last 20 days, while it has seen a slight decline of 0.07% over the past 60 days [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhongchong Co., Ltd. was 43,000, a decrease of 3.09% from the previous period, with an average of 7,071 circulating shares per shareholder, which is an increase of 3.19% [2]. - The company has distributed a total of 322 million yuan in dividends since its A-share listing, with 264 million yuan distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 14.32 million shares, a decrease of 7.01 million shares from the previous period. New shareholder Oriental Red Industrial Upgrade Mixed Fund holds 1.79 million shares [3].