董秘回答(中宠股份SZ002891)： 投资者您好，感谢您对公司的关注。 面对宠物食品市场发展的浪潮，中宠股份正以全球化视野加速产 业链布局。目前，集团已在全球范围内建成超22间现代化生产基地。境内目前已形成规模化核心产能， 后续的产能规划将为境内增速目前达成奠定基础，境外目前已在美国、加拿大、墨西哥、新西兰、柬埔 寨等多地设厂，整体着力打造稳定且抗风险的全球供应链护城河。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 投资者提问： 董秘您好，能否介绍下贵公司在建产能有哪些以及进度如何，谢谢 ...

每经AI快讯，有投资者在投资者互动平台提问：能否介绍下贵公司在建产能有哪些以及进度如何？ 中宠股份（002891.SZ）9月25日在投资者互动平台表示，面对宠物食品市场发展的浪潮，中宠股份正以 全球化视野加速产业链布局。目前，集团已在全球范围内建成超22间现代化生产基地。境内目前已形成 规模化核心产能，后续的产能规划将为境内增速目前达成奠定基础，境外目前已在美国、加拿大、墨西 哥、新西兰、柬埔寨等多地设厂，整体着力打造稳定且抗风险的全球供应链护城河。 （文章来源：每日经济新闻） ...

Core Insights - The pet industry in China is experiencing rapid growth due to increased urbanization, aging population, and rising demand for emotional support, with the pet food sector being the largest beneficiary [2][4] - In 2022, the urban pet consumption market in China reached 270.6 billion yuan, with the pet food market accounting for approximately 137.1 billion yuan, representing 50.7% of the total [2][4] Market Overview - The number of pets in China reached nearly 190 million in 2022, indicating a significant increase in pet ownership and a growing market for pet food [4] - The pet food market is expected to see steady growth driven by rising disposable income and changing consumer attitudes towards pet care [4] Consumption Structure - In 2022, the consumption structure of pet food in China showed that staple food accounted for the largest share at 69.6%, followed by snacks at 26.2% and nutritional products at 4.1% [5] - The market size for staple pet food was approximately 95.5 billion yuan, an increase of 6.3 billion yuan from 2021, while the snack market grew by 1.4 billion yuan to reach 35.9 billion yuan [5] Industry Maturity - The Chinese pet industry is on the brink of maturity, with potential for increased per pet spending, which was only 38 USD in 2022 compared to 256 USD in Japan [8] - As pet ownership penetration increases and consumer spending upgrades, there is significant room for growth in both pet ownership and per pet expenditure [8] Competitive Landscape - Initially, foreign brands dominated the pet food market in China, but domestic brands are gaining traction, with local companies now holding 55% of the top ten market share in 2022 [10] - Notably, Guobao Pet surpassed Nestlé to become the second-largest player in the industry with a market share of 4.8% [10] Company Performance - Guobao Pet and Zhongchong Co. achieved revenues of 3.398 billion yuan and 3.248 billion yuan respectively in 2022, with their snack revenue accounting for 57.5% and 63.6% of total revenue [12]

9月18日，因生产的宠物饲料未按规定进行产品质量检验，邢台市农业农村局对河北够派宠物食品有限 责任公司处以1.5万元罚款。 据调查，该公司2025年1月1日至5月28日期间生产的包括益生菌猫粮、鱼油猫粮等品类，共计584袋的10 批次添加冻干小包装宠物饲料未进行产品质量检验。 执法人员调取企业生产记录和自检数据发现，上述产品生产日期集中于2025年2月至5月。虽然该公司对 同期的200批次宠物配合颗粒饲料进行了检测，但根据国家标准GB/T31216-2014和GB/T31217-2014规 定，添加冻干物质后的产品因材料变更需重新认定批次并实施出厂检验。 立案后，执法人员于6月10日约谈负责销售的电商公司法人及化验员，并向企业送达《责令改正通知 书》。7月8日复查确认，该公司自5月29日起生产的每批次产品均已落实自检要求。 依据《饲料和饲料添加剂管理条例》第四十条及河北省裁量基准，监管部门认定企业行为违反《宠物饲 料管理办法》第六条，但因"及时改正"适用较轻处罚幅度，最终处罚款1.5万元。 有消费者曾投诉称 对于此次行政处罚，南都·湾财社记者通过天眼查所提供的联系方式对河北够派宠物食品有限责任公司 进行了多次 ...

9月21日，随着"'它'经济新纪元"宠物经济论坛的成功举行，第13届TOPS成都宠博会圆满收官。为期四 天的展会吸引了来自国内外超500家展商、4500+优质品牌参与。 从独家冠名行业贵宾酒会，到焕新亮相成都宠博会核心展区，再到联合主办产业高峰论坛，展会期间， 世界500强通威集团旗下宠粮品牌Care好主人以一场"渠道沟通、用户链接、行业引领"三位一体的深度 实践，全面展示了公司25年的品牌积淀，向全行业及消费者清晰传递了"均衡营养无负担"的全新品牌主 张，深刻诠释了作为世界500强旗下健康放心粮的责任与担当。通过深度参与本次展会，Care好主人向 着中国健康放心宠粮的头部品牌迈出了更坚实的一步。 酒会现场，不论是好主人花车、互动打卡背景画面，还是晚宴定制菜单、舞台效果，Care好主人元素随 处可见、深度融入，让与会嘉宾深刻感知Care好主人"让爱宠更健康，促进人宠和谐相伴"的品牌愿景。 颜值与实力并存，Care好主人亮相成都宠博会 9月18-21日，Care好主人全新品牌形象与产品实力在核心展区集中展示。本次展台围绕"均衡营养无负 担"主题打造，凭借其治愈、萌趣的美学设计与科学专业的内核，成为全场焦点。 展 ...

Core Viewpoint - Ping An Securities report indicates that Guibao Pet Products has transitioned from overseas OEM/ODM origins to establishing its own brands, with significant growth in the domestic market and a focus on high-end pet food products [1] Company Overview - Guibao Pet Products was founded in 2013 and launched its own brand "Mafudi" to enter the domestic market [1] - In 2018, the company introduced the brand "Fuleijiate," targeting the high-end cat food segment [1] - The acquisition of the American brand "WagginTrain" in 2021 enhanced the company's overseas presence [1] Financial Performance - By 2024, the company's main food revenue is expected to account for 51% of total revenue, surpassing snacks to become the largest category [1] - Self-owned brand revenue is projected to represent 58% of total revenue, with a compound annual growth rate (CAGR) of 37% from 2020 to 2024 [1] - The overseas OEM/ODM business is expected to maintain stable growth, while domestic self-owned brands are anticipated to grow rapidly [1] Investment Outlook - Given the high proportion of self-owned brands and the ample long-term growth potential, along with rapid profit growth, a price-to-earnings ratio (PE) of 51X for 2025 is considered reasonable [1] - The report initiates coverage with a "recommended" rating for the company [1]

Investment Rating - The report gives an "Overweight" rating for the agricultural sector, indicating a positive outlook for the industry compared to the overall market performance [3][4]. Core Insights - The report highlights the ongoing "anti-involution" process in pig farming, suggesting that the industry is likely to accelerate capacity reduction due to both fundamental and policy-driven factors. This presents an opportunity for value reassessment of quality pig farming companies [3][4]. - The report notes that after over 16 months of profitability, the pig farming industry has entered a phase of losses again, with a significant drop in pig prices. The average selling price of pigs was reported at 12.71 yuan/kg, down 4.2% week-on-week [3][4]. - The report emphasizes the recovery of profits in the breeding industry and the continued demand for pet food, with a notable increase in net profits for tracked companies in the agricultural sector, which reached 20.78 billion yuan, a year-on-year increase of 208% [3][4]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural Index fell by 2.7%, while the CSI 300 Index decreased by 0.4%. The top five gainers included Andeli and Biological Shares, both up by 9.4%, while the biggest losers included *ST Zhongji, down by 18.3% [4][11]. Pig Farming - The report indicates that the pig farming sector is facing accelerated losses, with self-breeding operations losing 24.44 yuan per head. The average price for weaned piglets dropped to 259 yuan per head, a decrease of 32 yuan week-on-week [3][4]. - The Ministry of Agriculture and Rural Affairs is implementing capacity control measures, aiming to reduce the breeding sow population by 1 million heads over the next six months [3][4]. Poultry Farming - The white feather broiler market continues to experience weak pricing, with the average selling price for broiler chicks at 3.10 yuan per chick, down 4.91% week-on-week. The report suggests focusing on leading companies for long-term value [3][4]. - The yellow feather broiler market is seeing a seasonal rebound, with prices for Qingjiao chicken rising significantly since June, indicating potential profitability improvements in the upcoming quarter [3][4]. Pet Food Industry - The report tracks pet food export data, noting a decline in export value to 834 million yuan in August, down 10.4% month-on-month and 15.5% year-on-year. However, the export volume increased by 3.5% year-on-year [3][4].

Core Viewpoint - The company, Guibao Pet, has rapidly developed its own brands in the pet food industry, with significant growth in market share and sales performance, particularly in the high-end segment [1][2]. Group 1: Company Overview - Guibao Pet was established in 2006, initially focusing on pet snacks for export and OEM processing. The company launched its own brand "Maifudi" in 2013 to enter the domestic market [1]. - The company has expanded its brand portfolio, introducing high-end pet food brands such as "Fuleijiate" in 2019 and the high-end sub-brand "BARF" in 2021 [1]. - According to Euromonitor data, Guibao Pet is projected to hold the largest market share among domestic brands in the pet food industry by 2024 [1]. Group 2: Sales Performance - The two main brands, Maifudi and Fuleijiate, have shown rapid growth, with GMV on major e-commerce platforms (Tmall, JD, Pinduoduo) increasing by 23.5% and 146.8% year-on-year respectively in the first half of 2025 [1]. - The pet food sales across the three major e-commerce platforms grew by 13% year-on-year in the first half of 2025, indicating a sustained growth trend in the industry [2]. Group 3: Market Outlook - The pet food sector is expected to experience significant growth, with projections indicating a high single-digit growth in 2024 and a potential growth of 60% to 90% by 2030 [2]. - The competitive landscape in China's pet food industry remains fragmented, with opportunities for domestic brands to increase their market share, potentially reaching 10% to 18% when compared to markets in Japan, South Korea, and Thailand [2]. Group 4: Brand Development and Innovation - The company has effectively identified trends and leveraged strong R&D capabilities to launch high-quality new products, resulting in an increasing share of mid-to-high-end brands [3]. - The product matrix is well-rounded, with strong performance across various categories, and the company maintains a stable ranking in sales during major promotional events [3]. Group 5: Export Business - The export business has experienced fluctuations due to external factors such as tariffs and global economic conditions, but is expected to recover to double-digit growth in 2024 [4]. - The company has expanded its production capacity in Thailand, which is anticipated to positively impact export performance in the long term, despite short-term challenges [4]. Group 6: Profitability - The company's gross margin is projected to increase from 28.8% in 2021 to 42.3% in 2024, driven by favorable raw material costs and improved product and channel structures [5]. - The net profit margin is expected to rise from 5.4% in 2021 to 11.9% in 2024, indicating significant potential for profitability compared to global leaders like Nestlé and Colgate [5]. Group 7: Financial Forecast - Revenue projections for the company are set at 6.43 billion, 7.94 billion, and 9.63 billion yuan for 2025 to 2027, reflecting year-on-year growth rates of 22.6%, 23.4%, and 21.4% respectively [6]. - The expected net profit for the same period is forecasted to be 760 million, 970 million, and 1.22 billion yuan, with growth rates of 21.4%, 28.0%, and 25.7% respectively [6].

Core Viewpoint - The economic landscape of China in 2025 is becoming clearer through specific data, showcasing resilience in traditional industries, breakthroughs in emerging sectors, meticulous cultivation of domestic demand, and bold positioning in global markets [2]. Market Capitalization - As of September 15, 2025, the total market capitalization of A-shares exceeded 118 trillion yuan, a significant increase of 37% from the end of the previous year, adding 32 trillion yuan, equivalent to 17.4 times the market cap of Kweichow Moutai [3]. - The concentration of industries is increasing, with the top ten industries accounting for 66% of the total market capitalization, indicating a strengthening of the "head effect" [3]. - Among 5,439 companies that disclosed semi-annual reports, 2,909 achieved performance growth, representing 53.5%, while 46.5% have not yet recovered from downturns, illustrating a mixed economic recovery [3]. Revenue and Profit - Total revenue of A-shares reached 34.95 trillion yuan, nearly flat year-on-year, while total profit was 3.2 trillion yuan, a growth of 2.31% [13]. - The top ten industries contributed 45% of total revenue, with traditional sectors like refining and trade, infrastructure, and state-owned banks remaining economic cornerstones [13][14]. - The highest revenue growth industries include wind power equipment (45.6%) and various electronic sectors, while traditional sectors like coal and oil show declines [15][11]. Employment and Salaries - The total number of employees in A-share companies reached 30.87 million, an increase of 284,300 year-on-year, with the passenger vehicle industry leading in employee growth at 20.36% [21]. - Average employee salary across industries was approximately 108,400 yuan, a slight increase of 3.24% from the previous year, with the oil and gas extraction industry leading in salary levels at 478,600 yuan [27][29]. Overseas Revenue - 54.27% of A-share companies reported overseas business income, totaling over 4.5 trillion yuan, indicating a shift towards globalization among Chinese enterprises [33]. - The refining and trade industry topped the list for overseas revenue, with significant contributions from consumer electronics and white goods sectors [35]. Industry Trends - The "specialized, refined, and innovative" enterprises outperformed the overall market with an 8.58% revenue growth and a 13.32% profit growth, highlighting the importance of R&D investment [20]. - The education sector showed a recovery trend with an 11% revenue growth and a 28% profit increase, driven by scale effects and AI integration [56]. - The pet food industry demonstrated strong performance with a total revenue exceeding 6.7 billion yuan, although growth was uneven among companies [45].

Investment Rating - The report indicates a positive investment outlook for the agriculture, forestry, animal husbandry, and fishery sector, highlighting significant profit growth across various sub-sectors [2][11]. Core Insights - The agriculture, forestry, animal husbandry, and fishery sector achieved a substantial year-on-year profit increase of 208% in the first half of 2025, with total net profit reaching 207.8 billion yuan [2][11]. - The sub-sectors with the highest profit growth included seed industry (+1212%), pig farming (+663%), and agricultural product processing (+60%) [2][11]. - The report emphasizes the recovery of profitability in pig farming, driven by improved cost efficiency and increased production volume, despite a slight decline in pig prices [2][17]. - The poultry sector, particularly white feathered chicken, is experiencing pressure due to oversupply and weak demand, while yellow feathered chicken prices have significantly dropped [2][17]. - The pet food industry is noted for its continued growth, with domestic brands gaining market share and profitability, despite challenges in export due to increased tariffs [2][3]. Summary by Sections 1. Overview of the Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for H1 2025 was 207.8 billion yuan, marking a 208% increase year-on-year [11]. - The second quarter of 2025 also showed a profit increase of 26% compared to the previous year, with notable growth in agricultural product processing and pig farming [15]. 2. Sub-sector Performance 2.1 Pig Farming - The pig farming sector reported a total revenue of 201.9 billion yuan in H1 2025, a 17.9% increase year-on-year, with net profit soaring to 159.24 billion yuan, up 866% [2][17]. - Despite a slight decline in pig prices, the sector benefited from increased production and reduced costs, leading to significant profit improvements [2][17]. 2.2 Poultry Farming - The white feathered chicken sector is stabilizing, with a slight recovery in profitability due to cost improvements, while the yellow feathered chicken sector faces significant price declines [2][17]. 2.3 Pet Food - The pet food sector saw a revenue increase of 21.4% in H1 2025, driven by domestic brand growth and improved profitability [2][3]. 2.4 Animal Health - The animal health sector experienced a revenue increase of 26.44% in H1 2025, with net profit rising by 68.35% [4]. 2.5 Feed - The feed sector reported a revenue increase of 13.3% in H1 2025, with net profit up 29.5% [4]. 2.6 Seed Industry - The seed industry faced challenges with a revenue decline of 9.7% in H1 2025, attributed to falling grain prices [4]. 3. Investment Analysis - The report suggests that the pig farming industry is entering a phase of stable, high-quality development, with potential for significant profit stability and valuation reassessment for leading companies [3][5]. - The pet food sector is expected to continue its long-term growth trajectory, supported by increasing pet ownership and spending [3][5].