平台搭建 畅通跨境贸易立体通道 鲁网7月8日讯（记者 潘亚妮 实习记者 刘悦 通讯员 张巍）为帮助企业在国际贸易中把握机遇、应对挑 战，平度市贸促会持续加强对"自由贸易协定"的政策解读和宣传力度，指导企业申办"优惠原产地证 书"，帮助出口产品在协定国家享受关税减免优惠。 文化扬帆 千帆计划助推特色品牌出海 平度市贸促会积极落实国家对外文化贸易"千帆出海"行动计划，组织12家本地优质企业的23种特色商品 申报"中国好礼产业促进计划"年度推荐评选，推动平度市传统手工艺品、文创产品等地方特色商品"出 海"。成功推荐"节气小精灵""平度睫毛之都"以视频形式走进日本大阪世博会"山东周青岛日"活动，推 动平度城市IP和特色产业亮相国际舞台。同时，通过公众号开设专栏宣传平度特色产品，累计触达受众 近万人次，"好睫毛平度造""平度有香"等产品获上级部门重点关注，显著提升平度特色商品影响力和知 名度。 地标认证 打造区域产业"国际身份证" 为打造本土地理标志品牌，贸促会主动对接中国贸促会贸易推广交流中心，全面掌握地理标志产品品牌 认证的申报流程、功能作用及典型案例。5月27日，马家沟芹菜成功获颁青岛首张《地理标志产品品牌 证明 ...

| 阶段涨幅 | 年度涨幅 季度涨幅 | | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | 0.39% | 0.77% | 9.19% | 4.53% | 1.72% | | 同类平均6 | -0.03% | 2.32% | 14.34% | 10.49% | 7.76% | | 沪深300 | 1.41% | 3.21% | 9.52% | 5.52% | 1.61% | | 同类排名 3 | 1831 4703 | 3416 4683 ี | 3488 4632 | 3343 4529 | 3383 4529 | | 四分位排名� | | | | 图片来源:天天基金网 2025/7/8 | | 农银策略收益一年持有混合、农银策略精选混合基金经理分别为张峰、姚晨飞。 简历显示，张峰先生:工学硕士。具有基金从业资格。历任南方基金管理有限公司研究员、投资经理助理。现任农银汇理基金管理公司投资总监、基金经 理。 | ○ 基金经理:张峰 | | | | | | | | | | --- | ...

Core Viewpoint - The company has approved the reserved grant of restricted stock to specific incentive targets under its first restricted stock incentive plan, confirming compliance with relevant regulations and internal guidelines [1][2]. Group 1: Incentive Plan Approval - The company held meetings on July 7, 2025, where the board and supervisory committee approved the reserved grant of restricted stock to incentive targets [1]. - The supervisory committee verified that the incentive targets do not fall under any disqualifying conditions as per the relevant regulations [1][2]. Group 2: Eligibility of Incentive Targets - The reserved grant of restricted stock aligns with the defined scope of incentive targets in the incentive plan [2]. - The incentive targets do not include independent directors, supervisors, shareholders holding 5% or more, or their immediate family members [2]. - The supervisory committee concluded that the eligibility of the incentive targets is valid and meets the conditions for the reserved grant of restricted stock [2].

Group 1 - The company held its 9th meeting of the 2nd Supervisory Board, with all 3 supervisors present, and the meeting complied with relevant laws and regulations [1] - The Supervisory Board approved the annual profit distribution plan, agreeing to distribute dividends based on a total share capital of 400,044,500 shares without capital reserve conversion [1] - The company adjusted the grant price of restricted stock under the first phase of the incentive plan from 25.68 yuan per share to 25.43 yuan per share, which was deemed compliant with relevant regulations and did not harm the interests of the company and its shareholders [1][3] Group 2 - The Supervisory Board confirmed that the candidates for the incentive plan met the qualifications set forth by the Company Law and other relevant regulations, with no disqualifications in the past 12 months [3] - The reserved grant date for the incentive plan is set for July 7, 2025, with 35,300 shares of the second category of restricted stock reserved for one eligible incentive object at a price of 25.43 yuan per share [3]

北京市中伦律师事务所 关于乖宝宠物食品集团股份有限公司 第一期限制性股票激励计划授予价格调整及 预留授予相关事项的 法律意见书 二〇二五年七月 北京市中伦律师事务所 关于乖宝宠物食品集团股份有限公司 第一期限制性股票激励计划授予价格调整及 预留授予相关事项的 法律意见书 致：乖宝宠物食品集团股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受乖宝宠物食品集团股份有 限公司（以下简称"乖宝宠物"或"公司"）的委托，担任公司第一期限制性股 票激励计划（以下简称"本次激励计划"）相关事宜的专项法律顾问。 本所律师根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《深圳证券交易所创业板上市公司自律监管指南第 1 号 ——业务办理》等有关法律、法规和规范性文件的规定，就《乖宝宠物食品集团 股份有限公司第一期限制性股票激励计划（草案）》（以下简称"《激励计划》"） 的授予价格调整（以下简称"本次调整"）及预留授予限制性股票事项（以下简 称"本次预留授予"），出具本法律意见书。 法律意见书 为出 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock price relative to the benchmark index over the next six months [6][13]. Core Insights - The company is experiencing rapid growth in its self-owned brands, driven by both domestic and international business strategies. The positive feedback from the 618 pre-sale indicates strong growth potential for the brand "Wanpi" [4][5]. - The company has implemented a differentiated channel strategy, balancing online new business models with refined offline operations. The rise of direct sales and private domain operations is contributing to higher gross profit orders [5]. - The company's profitability is expected to improve due to product structure optimization and economies of scale, despite facing raw material price fluctuations [5]. Financial Projections - Revenue forecasts for 2025-2027 are set at 53.47 billion, 63.32 billion, and 74.43 billion yuan, reflecting year-on-year growth rates of 19.75%, 18.44%, and 17.54% respectively [6][9]. - The projected net profit attributable to the parent company for the same period is 4.7 billion, 5.95 billion, and 7.16 billion yuan, with growth rates of 19.46%, 26.40%, and 20.38% respectively [6][9]. - Earnings per share (EPS) are expected to be 1.55, 1.95, and 2.35 yuan for 2025, 2026, and 2027, corresponding to price-to-earnings (P/E) ratios of 40, 31, and 26 times [6][9].

Core Viewpoint - The article highlights the growth and expansion of Zhongchong Co., a leading player in the pet food industry, particularly under the leadership of its founder, Hao Zhongli, who has made significant investments and strategic moves to enhance the company's market position and global footprint [1][4][22]. Company Overview - Zhongchong Co. has invested over 800 million yuan in New Zealand, acquiring the high-end pet food brand ZEAL and establishing three production bases [1]. - The company started from pet snack OEM and now owns several brands, including Wanpi and Zhenzhi, with 22 production bases globally [3][22]. - The stock price of Zhongchong Co. has increased nearly 80% since the beginning of the year, indicating strong market performance [4]. Financial Performance - From 2022 to 2024, Zhongchong's revenue is projected to rise from 3.248 billion yuan to 4.465 billion yuan, while net profit is expected to grow from 106 million yuan to 394 million yuan, nearly quadrupling [7]. - The company's gross margin was 29.13% last year, which is lower than its competitor, Guobao Pet, at 42.32% [10][11]. - The company has improved its domestic gross margin to 35.18% through product restructuring and the introduction of high-margin products [11]. Market Strategy - Zhongchong Co. focuses on the mid-to-high-end market, leveraging a "domestic brand + cost performance" strategy [9]. - The company has shifted from an OEM model, which contributed 58% of its revenue, to a self-operated sales model, with over 68% of revenue coming from overseas [14]. - The company has established a strong online presence, with e-commerce channels accounting for approximately 70% of total pet sales in China [17]. Marketing and Branding - The company employs various marketing strategies, including collaborations with celebrities and social media influencers, to enhance brand visibility [18]. - In 2022, online sales of its proprietary brands accounted for 60% of domestic revenue, while offline sales made up 40% [19]. Research and Development - Zhongchong Co. invested 72.68 million yuan in R&D last year, a year-on-year increase of over 50%, representing 1.63% of total revenue [20]. Global Expansion - The company has established 22 production bases worldwide, including in the U.S., Canada, and New Zealand, and products are sold in 85 countries [22][23]. - The U.S. factory, built with an investment of 28 million USD, became profitable in its first year of operation [21]. - The company plans to expand its production capacity in North America, with a second factory expected to be completed by 2026 [24].

Summary of Industry and Company Insights from Conference Call Industry Overview - **Agricultural Industry Performance**: The agricultural industry in the first half of 2025 is relatively stable, with grain prices at a low point and pig prices showing a year-on-year recovery, although they are declining on a quarter-on-quarter basis. Poultry prices are affected by weak demand in the catering sector and abundant supply, leading to a continued downturn in the poultry farming sector [2][3]. Key Points on Specific Sectors 1. Pig Farming Industry - **Price and Profitability**: The average pig price is approximately 14.8 yuan per kilogram, down 4.2% year-on-year. However, due to a greater decline in farming costs compared to pig prices, industry profitability has significantly improved, with average profit per head around 70 yuan, compared to a loss of 25 yuan in the same period last year [3][4]. - **Company Performance**: Major companies like Muyuan Foods are expected to report over 10.5 billion yuan in profits for the first half of the year, with a 90% increase in Q2 profits. Other companies like Shennong Group and Wens Foodstuffs are also showing strong profitability despite challenges in certain segments [4]. 2. Poultry Farming Industry - **Current Situation**: The white feather broiler market remains at a low point, with upstream companies benefiting from downstream capacity expansion. However, the price drop in upstream is greater than in downstream. The average selling price of layer chicks has increased by 40% year-on-year to about 4.3 yuan per chick due to supply constraints [5]. - **Financial Performance**: Companies like Shengnong Development expect a 22% year-on-year growth in Q2 performance, while Wens and Lihua are facing losses in the yellow feather chicken segment, averaging losses of 0.2 to 0.3 yuan per bird [5]. 3. Pet Food Market - **Market Dynamics**: The domestic pet food market remains robust, with online GMV growth of 17% in the first five months of 2025, compared to 14% last year. However, companies focused on export OEM are facing declines due to US-China trade tensions, while strong domestic brands are expected to maintain high growth rates [6][9]. - **Company Performance**: Companies like Guibao and Zhongchong are projected to see significant growth, with expected Q2 growth rates of around 40% and 31%, respectively. In contrast, companies heavily reliant on export OEM may see stagnant or slightly declining performance [10]. 4. Feed and Animal Health Sub-Industries - **Sales Growth**: The feed and animal health sectors are benefiting from a recovery in livestock numbers and stable profitability. For instance, Bangji Technology reported over 200% year-on-year growth in feed sales, while Haida Group expects a growth rate of 25% to 30% [7]. - **Vaccine Demand**: There has been a recovery in vaccine demand, with prices for certain products like Tylosin and Tiamulin increasing by 30% and 10%, respectively. Companies like Keqian Bio are expected to see a 20% to 25% growth in Q2 performance [8]. Recommendations for Investment - **Investment Focus**: Recommendations include focusing on post-cycle breeding varieties, feed, and animal health sectors. Key companies to watch include Bangji Technology, Haida Group, and leading vaccine producers like Keqian Bio and Huisheng Bio. Attention should also be given to low-valuation leading breeding companies with strong performance [11]. - **Market Outlook**: If the pig farming sector can stabilize and avoid overproduction, there is significant potential for valuation increases in the industry, particularly for companies like Muyuan Foods and Wens Foodstuffs [11].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][45]. Core Insights - The report highlights a significant increase in pig prices, reaching a new high since the Spring Festival, with a current average price of 15.37 CNY/kg, up 4.8% week-on-week [3][4]. - The report emphasizes the importance of focusing on quality pig farming companies and the opportunities in the livestock support and pet food sectors, as the pet food industry remains vibrant with leading brands performing well [3][4]. - The report anticipates a notable improvement in overall profitability in the agricultural sector for the first half of 2025, particularly in pig farming, feed, pet food, and animal health sectors [3][4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 2.5%, outperforming the CSI 300 Index which increased by 1.5% [3][4]. - The top five gainers in individual stocks include Muyuan Foods (+4.9%), Shennong Group (+4.0%), and Xiaoming Co. (+4.8%) [3][4]. Pig Farming - Pig prices have shown a strong upward trend, with the average price reaching 15.37 CNY/kg, marking a significant increase from previous months [3][4]. - The report discusses the reasons behind the recent price surge, including a reduction in supply pressure and increased second fattening activities [3][4]. Poultry Farming - The report notes a decline in broiler chick prices, with the average price dropping to 1.14 CNY/chick, down 7.3% week-on-week [3][4]. - Broiler prices have also decreased, with the average price for live chickens at 3.37 CNY/kg, reflecting a weak market [3][4]. Animal Health - The report highlights a recovery in demand for vaccines, with a 15.8% year-on-year increase in vaccine issuance from January to May 2025 [3][4]. - It emphasizes the importance of monitoring new vaccine varieties and the potential growth in the pet health sector [3][4]. Recommendations - The report suggests focusing on companies such as Muyuan Foods, Wen's Food Group, and Shennong Group for potential investment opportunities [3][4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction and macroeconomic catalysts are expected to provide strong support for pig prices in Q3 2025. The average selling price of pigs on July 4 was 15.37 yuan/kg, reflecting a week-on-week increase of 0.71 yuan/kg and a 4.84% rise [12][13] - The central economic committee's recent meeting emphasized the need to promote high-quality development of the marine economy, which is expected to benefit the aquaculture sector [21][36] - The agricultural index outperformed the market by 1.14 percentage points during the week of June 27 to July 4, with the agricultural index rising by 2.55% compared to a 1.40% increase in the Shanghai Composite Index [32][34] Summary by Sections Supply and Demand Dynamics - The average daily slaughter volume of pigs was 133,800 heads, a decrease of 7,300 heads from the previous week, indicating a seasonal decline in demand due to rising temperatures [12] - The supply side continues to contract due to previous over-culling and losses from piglets after the Spring Festival, which is expected to support prices [12] Price Trends - The average price of pigs increased to 15.35 yuan/kg, with a week-on-week rise of 0.63 yuan/kg. The price of piglets decreased to 31.33 yuan/kg, down by 0.27 yuan/kg [6][39] - The price of corn increased to 2,511 yuan/ton, reflecting a week-on-week increase of 8 yuan/ton, while soybean meal prices decreased to 2,926 yuan/ton, down by 27 yuan/ton [4][16] Investment Recommendations - The report recommends investing in companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the improving investment logic in the pig sector [27] - In the feed sector, companies like Haida Group and New Hope are recommended due to domestic market benefits and strong overseas demand [27] Market Performance - The aquaculture sector led the market gains, with stocks like Guolian Aquatic Products rising by 12.22%, Shennong Technology by 7.31%, and Dongrui Co. by 6.92% during the week [32][35]