1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2024年12月9日投资者关系活动记录表：国内目前主要以国内各大电商平台为依托进行自有品牌及代 理品牌的运营销售，在天猫、淘宝、抖音、京东、拼多多、小红书等电商平台均开设了线上店铺。 3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生产 和销售。 来源：新浪证券-红岸工作室 8月4日，源飞宠物涨3.68%，成交额1.43亿元，换手率9.01%，总市值38.73亿元。 异动分析 宠物经济+电子商务+共同富裕示范区+人民币贬值受益+一带一路 5、2023年3月31日互动易回复：公司的海外基地主要为柬埔寨爱淘和柬埔寨莱德，其作为公司推进全球 化产能布局、提高市场竞争力的重要战略，主要定位为公司在东南亚地区的生产基地并作为国内产能的 补充；同时作为建立东南亚供应链的尝试，公司设立柬埔寨生产基地有利于降低劳动力成本和应对国际 贸易摩擦。目前，柬埔寨爱淘和柬埔寨莱德已投产，往年产能利用率在80%左右。 4、根据2024年 ...

Core Viewpoint - The company, Wenzhou Yuanfei Pet Products Co., Ltd., is experiencing growth in the pet economy, benefiting from e-commerce and the depreciation of the RMB, with a significant portion of its revenue coming from overseas markets [2][3]. Company Overview - Wenzhou Yuanfei Pet Products Co., Ltd. specializes in the research, production, and sales of pet supplies and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7]. - The company was established on September 27, 2004, and went public on August 18, 2022 [7]. - As of March 31, the company reported a revenue of 335 million yuan for the first quarter of 2025, representing a year-on-year growth of 36.30%, while net profit attributable to the parent company was 25.37 million yuan, a decrease of 30.57% [7]. Financial Performance - The company's overseas revenue accounted for 85.78% of total revenue, benefiting from the depreciation of the RMB [3]. - The main business revenue composition includes pet snacks (46.31%), leashes (34.81%), other pet products (14.99%), and pet injection-molded toys (3.89%) [7]. - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8]. Market Position and Strategy - The company operates primarily through major domestic e-commerce platforms such as Tmall, Taobao, Douyin, JD.com, Pinduoduo, and Xiaohongshu [2]. - The company has established production bases in Cambodia to enhance its global capacity and reduce labor costs, with an average capacity utilization rate of around 80% [3]. Technical Analysis - The average trading cost of the stock is 19.52 yuan, with the current price fluctuating between resistance at 20.50 yuan and support at 18.22 yuan, indicating potential for range trading [6].

Group 1 - Tian Tie Technology's wholly-owned subsidiary signed a procurement order worth 400 million yuan with Zhuhai Xinjie Energy Technology [1] - Shenli Co., Ltd. announced the termination of a share transfer agreement due to the buyer's failure to pay [1] - *ST Tianwei expects a net profit of 30.06 million yuan for the first half of 2025, a significant increase compared to the previous year [2] Group 2 - Weisheng Information reported a net profit of 305 million yuan for the first half of 2025, up 12.24% year-on-year [3] - Fudan Microelectronics anticipates a net profit decline of 39.67% to 48.29% for the first half of 2025 [3] - Jinbei Electric achieved a net profit of 296 million yuan for the first half of 2025, a 7.46% increase year-on-year [4] Group 3 - Huaneng International reported a net profit of 9.262 billion yuan for the first half of 2025, a 24.26% increase year-on-year [4] - Quzhou Development is planning to issue shares to acquire assets, leading to a temporary stock suspension [4] - Huaye Fragrance's controlling shareholder plans to reduce their stake by up to 3% [5] Group 4 - Zhongbei Communication's subsidiary terminated a planned acquisition due to a lack of consensus on key issues [6] - Saiwei Electronics' major shareholder reduced their stake by 1.06% [7] - Suzhou Planning's shareholders plan to collectively reduce their stake by up to 4.5% [7] Group 5 - *ST King Kong received court approval for a new 100 million yuan debt during its pre-restructuring period [8] - Anche Detection's controlling shareholder is planning a change in control, resulting in a temporary stock suspension [9] - Ruishun Technology's shareholders plan to reduce their stake by up to 3.0013% [11] Group 6 - Guanghuan New Network's controlling shareholder's associates plan to reduce their stake by up to 0.08% [13] - Shanghai Auto Parts' shareholders plan to reduce their stake by up to 1.75% [14] - Aosaikang's shareholder plans to reduce their stake by up to 1.48% [14] Group 7 - Edifier's director plans to reduce their stake by up to 850,810 shares [14] - Xintian Pharmaceutical elected a new chairman and vice chairman [15] - Sanbaisuo adjusted its investment plan to increase investment in its subsidiary in Vietnam by 20.52 million USD [17]

Group 1 - Sun Cable's shareholder plans to reduce its stake by up to 3% of the company's shares, amounting to 21.67 million shares, due to operational needs [1] - China Chemical's controlling shareholder has secured a loan commitment of up to 540 million yuan to support its share buyback plan, which aims to purchase between 300 million and 600 million yuan worth of shares within 12 months [1] Group 2 - Palm Holdings has initiated legal proceedings over a loan dispute involving over 149 million yuan, which represents 8.99% of the company's latest audited net assets [2] - Zhongtai Securities' application for a specific stock issuance has been accepted by the Shanghai Stock Exchange, pending further regulatory approval [4] Group 3 - Tongda Electric's stock has seen a significant increase of 30.01% over three consecutive trading days, raising concerns about potential market overheating and irrational speculation [5] - Huaneng International plans to apply for public REITs based on its Qingdao project, involving a transfer of project company shares and strategic participation from related parties [7] Group 4 - Longjian Shares' application for issuing convertible bonds has been approved by the Shanghai Stock Exchange, pending further registration approval from the China Securities Regulatory Commission [7] - Hehe Information is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global capital operations [8] Group 5 - ST Huaxi has signed a significant overseas contract worth approximately 2.9 billion yuan for the reconstruction of a power plant in Iraq, although the contract's effectiveness is subject to certain conditions [9] - Zhongqi Shares has project approval for a chemical product but has not yet commenced production, indicating limited impact from recent industry incidents [11] Group 6 - Sino Medical's subsidiary has received a medical device registration certificate for a new stent product, marking a significant advancement in its product offerings [14] - *ST Longjin's stock is entering a delisting preparation period, with trading expected to last for 15 days [15] Group 7 - Chao Da Equipment has undergone a change in controlling shareholder, with a significant portion of shares transferred to Nanjing Youxu [15] - *ST Wan Fang plans to transfer a 68.88% stake in a subsidiary for 7.6 million yuan, ceasing its financial consolidation with the subsidiary [16] Group 8 - Zhejiang Construction's subsidiary has won a framework contract for a residential redevelopment project valued at approximately 1.2 billion yuan, expected to positively impact the company's performance [17] - China Gold's controlling shareholder plans to increase its stake in the company by investing between 168 million and 335 million yuan [18] Group 9 - Tianhong Shares' major shareholder intends to reduce its stake by up to 3%, amounting to 35.07 million shares, due to personal funding needs [18] - Lingdian Electric Control is planning to acquire a 98.43% stake in a company for 478 million yuan to consolidate resources in the automotive electronics sector [19] Group 10 - Tianyuan Pet is planning to acquire an 89.71% stake in a technology company, with funding to be raised through a share issuance [19] - Beijing Culture's major shareholder plans to reduce its stake by up to 3%, amounting to 21.48 million shares, due to operational funding needs [20]

Industry Rating - The industry is rated as outperforming the market for the first time [1] Core Insights - Card Game Co., Ltd. is the largest pan-entertainment product and toy company in China, leading in the collectible card and pan-entertainment stationery sectors. In 2024, the company's revenue reached approximately 10 billion RMB, with a year-on-year growth rate of 278% and a gross margin of 67.3% [2][5][6] - The collectible card market in China is expected to grow significantly, with a compound annual growth rate (CAGR) of 11.1% from 2024 to 2029, reaching 44.6 billion RMB by 2029. The market size for collectible cards in 2024 is projected to be 26.3 billion RMB [2][46] - Card Game Co. has a diverse IP matrix consisting of 70 IPs, including 69 licensed and 1 proprietary IP, which enhances its product offerings and market position [2][5] Market Analysis - The collectible card market is experiencing high growth, with a significant increase in market concentration. The market size is projected to grow from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a CAGR of 56.6% [46] - The pan-entertainment toy sector is the largest segment within the pan-entertainment product industry, expected to account for 58.5% of the overall market size in 2024 [41][45] Company Advantages - Card Game Co. has a robust product matrix and excels in IP, production, and distribution channels. The company has launched over 320 collectible card series and 42 stationery series based on more than 50 superhero characters [2][5] - The company has a strong focus on product design and development, with a significant emphasis on direct sales channels in recent years [2][5] Financial Analysis - The company's total revenue from 2022 to 2024 shows a strong upward trend, with revenues of 4.13 billion RMB, 2.66 billion RMB, and 10.06 billion RMB, respectively, indicating a substantial recovery and growth [22][27] - The gross profit margin remains high, with gross profits of 2.84 billion RMB, 1.75 billion RMB, and 6.77 billion RMB for the same period, maintaining a gross margin of around 67% [27][34]