国盛证券研报指出，中宠股份2025年上半年实现归母净利润2.03亿元，同比+42.6%；其中Q2实现归母 净利润1.12亿元，同比+29.8%。公司业绩符合预期，国内收入增速略超预期。海外业务受关税影响小， 产能扩张下收入增速持续超预期。2025年上半年公司海外收入15.8亿元，同比+18%，海外工厂增速较 快。同时，近期墨西哥工厂正式建成，投资近1亿元，产品覆盖宠物零食等品类，这是继美国工厂、加 拿大工厂、柬埔寨工厂、新西兰工厂之后，公司全球供应链的又一重大战略性布局，同时公司在美国、 加拿大设有工厂，未来当地的二期工厂也将建成投产，整合北美区位优势，推动墨西哥工厂与现有海外 基地形成协同，海外业务有望实现高增长，同时公司积极开拓其他国家市场，降低美国加征关税给公司 造成的影响。品牌持续释能，看好公司全年收入增速。给予"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19] Core Insights - The company's performance in H1 2025 met expectations, with total revenue reaching 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [3][4] - The domestic business is experiencing rapid growth, with significant contributions from core brands and product innovation [4][5] - The company has adjusted its profit forecasts upward, expecting revenues of 5.413 billion, 6.467 billion, and 7.667 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 465 million, 573 million, and 703 million yuan [6] Revenue Summary - In H1 2025, the company achieved revenue of 2.432 billion yuan, with snacks (including canned food) generating 1.53 billion yuan (up 6% year-on-year) and pet food revenue at 780 million yuan (up 86% year-on-year) [4] - Domestic revenue was 860 million yuan, reflecting a 39% year-on-year growth, while international revenue was 1.57 billion yuan, up 18% year-on-year [4] Profitability Summary - The company reported a gross margin of 31.4% in H1 2025, an increase of 3.4 percentage points year-on-year, with domestic gross margin at 38% and international gross margin at 28% [5] - The net profit margin for Q2 2025 was 8.4%, reflecting a year-on-year increase of 0.4 percentage points [5] Financial Forecasts - The company expects revenue growth rates of 21.2%, 19.5%, and 18.6% for 2025, 2026, and 2027 respectively, with net profit growth rates of 18.0%, 23.2%, and 22.8% for the same years [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.53 yuan, 1.88 yuan, and 2.31 yuan respectively [7] Valuation Metrics - The current stock price corresponds to price-to-earnings (P/E) ratios of 38x, 31x, and 25x for 2025, 2026, and 2027 respectively [6][7]

公司2025H1 归母净利同比+42.6%：公司披露2025 年中报，2025H1 实现营收24.3 亿元，同比+24.3%， 归母净利2 亿元，同比+42.6%，扣非归母净利2 亿元，同比+44.6%。单拆25Q2，公司实现营收13.3 亿 元，同比+23.4%，归母净利1.1 亿元，同比+29.8%，扣非归母净利1.1 亿元，同比+32.3%。 发展差异化品牌矩阵，自有品牌持续升级：Wanpy 顽皮主品牌，以100%鲜肉粮为核心的小金盾系列大 单品渐成规模，邀请欧阳娜娜担任代言人加速品牌焕新，通过人民网"透明工厂"探厂等进一步夯实品牌 心智。 新西兰ZEAL 真致目前已获得新西兰国家级品质认证，持续深化与天猫头部主播李佳琦知名爱宠IP"奈 娃家族"的联名合作，同时联合全国重点城市宠物社群开展线下宠物活动，精准破圈。Toptrees 领先品 牌，以科研合作与 CCTV 权威认证双轮驱动，与《武林外传》IP 联名，品牌势能进一步提升。 盈利预测与投资评级：中宠股份作为全球宠物食品行业领跑者，境内业务自有品牌顽皮、ZEAL 经历调 整后重拾增长，领先品牌势能持续强劲，境外业务与多家客户保持长期合作关系，客户基础 ...

#宠物经济步入黄金发展期# 【宠物产业升级加速，市场步入黄金发展期】#海航允许乘客带2只宠物进 客舱# 宠物经济浪潮下，国内宠物食品龙头中宠股份于8月5日晚披露2025年半年报。公告显示，中宠股 份业绩延续高增长态势，主粮业务爆发式增长与全球化产能布局成为核心驱动力。"随着年轻群体养宠 渗透率提升和消费升级，宠物行业正从基础用品向主粮、健康服务等高端领域延伸，产业链上市公司集 体受益。"业内人士表示，宠物经济已步入黄金发展期，但竞争加剧亦推动行业加速分化——产品研 发、供应链整合与全渠道运营能力将成为企业突围关键。龙头公司凭借技术壁垒和全球化资源整合优 势，有望在千亿赛道中持续领跑。（中证报，泽塔） ...

Group 1: Convertible Bonds Market - As of August 5, 71 convertible bonds have been delisted this year, with 51 due to redemption, leading to a total decline in convertible bond inventory by 80.564 billion yuan to 653.058 billion yuan [1] - Analysts suggest that the recovery of the equity market and the decline in new financing costs have accelerated the strong redemption and delisting of convertible bonds, exacerbating the supply-demand imbalance in the market [1] Group 2: Capital Market Regulation - Regulatory authorities are intensifying penalties against third parties involved in capital market fraud, focusing on those providing substantial fraudulent services to listed companies [1] - The China Securities Regulatory Commission (CSRC) is seeking to amend laws to clarify its authority to impose administrative penalties on these fraudulent third parties [1] Group 3: Robotics Industry - Major players in the humanoid robot sector have recently secured significant contracts, with total budgets reaching 124 million yuan for various projects [2] - The primary application areas for these robots include performance interpretation and exhibition guidance, indicating a trend towards interactive service fields [2] Group 4: Pet Industry - The pet industry in China is experiencing rapid growth, with leading companies like Zhongchong Co. reporting explosive growth in their main food business [3] - The industry is transitioning from basic supplies to high-end products and services, benefiting from increased pet ownership among younger demographics [3] Group 5: Education Policy - The Ministry of Education announced that in 2024, there will be 253,300 kindergartens with 35.839 million children enrolled, with the new policy expected to benefit over 10 million children [4] Group 6: Rare Earth Industry - A new intelligent demonstration line for rare earth disc motors has been established in Baotou, Inner Mongolia, marking a significant advancement in high-end rare earth permanent magnet motor development [4] Group 7: Starbucks China - Starbucks is reportedly in discussions to sell 70% of its China operations, with a valuation of up to 10 billion USD for the stake [4] Group 8: Company Transactions - Baifuk Holdings announced the sale of 1.71% of a target company's shares for 48 million yuan, reducing its stake from 17.16% to 15.46% [4] - Yonghe Intelligent Control is undergoing a change in controlling shareholder, with a transfer of 8% of shares to Hangzhou Runfeng [4] Group 9: Stock Market Performance - U.S. stock indices fell, with the Dow down 0.14%, S&P 500 down 0.49%, and Nasdaq down 0.65%, amid concerns over inflation and economic stagnation [9] - Major tech stocks led the decline, while small-cap stocks showed resilience with a 0.6% increase [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 42.6% year-on-year increase in net profit attributable to shareholders for the first half of 2025, driven by rapid growth in its proprietary brands [8] - The company is optimizing its product structure and accelerating overseas expansion, with significant revenue contributions from both domestic and international markets [8] - The gross margin has improved significantly due to the increased revenue share from higher-margin staple foods [8] - The company is developing a differentiated brand matrix and continuously upgrading its proprietary brands, enhancing brand recognition through various marketing strategies [8] - The company is expected to maintain stable growth with a forecasted net profit of 4.5 billion, 5.5 billion, and 6.5 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 14%, 23%, and 18% [8] Financial Summary - Total revenue for 2023 is projected at 3,747 million RMB, with a year-on-year growth of 15.37% [1] - The net profit attributable to shareholders for 2023 is estimated at 233.16 million RMB, with a significant year-on-year increase of 120.12% [1] - The earnings per share (EPS) for 2023 is projected to be 0.77 RMB, with a price-to-earnings (P/E) ratio of 76.65 [1] - The company’s gross margin for the first half of 2025 reached 31.4%, an increase of 3.4 percentage points year-on-year [8] - The net profit margin for the first half of 2025 was 9.2%, reflecting a year-on-year increase of 1.3 percentage points [8]

2025年8月6日，中宠股份(002891.SZ)发布2025年半年度报告。截至2025年8月05日，共有77个机构投资 者披露持有中宠股份A股股份，合计持股量达2.07亿股，占中宠股份总股本的68.12%。其中，前十大机 构投资者包括烟台中幸生物科技有限公司、烟台和正投资中心(有限合伙)、日本伊藤株式会社、香港中 央结算有限公司、上海通怡投资管理有限公司-通怡春晓19号私募证券投资基金、烟台中宠食品股份有 限公司-2024年员工持股计划、安本亚洲有限公司-安本基金-中国A股可持续股票基金、MORGAN STANLEY & CO. INTERNATIONAL PLC.、中国工商银行股份有限公司-申万菱信新动力混合型证券投 资基金、农银策略收益混合，前十大机构投资者合计持股比例达62.67%。相较于上一季度，前十大机 构持股比例合计下跌了0.15个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括申万菱信消费增长混合A、中欧农业 产业混合发起A、宏利稳定混合、前海联合泳涛混合A，持股增加占比达0.12%。本期较上一季度持股 减少的公募基金共计22个，主要包括农银策略收益混合、农银策略精选混合、 ...

2025年8月6日，中宠股份(002891.SZ)发布2025年中报。 公司最新总资产周转率为0.50次。最新存货周转率为2.82次。 公司股东户数为3.39万户，前十大股东持股数量为1.91亿股，占总股本比例为62.79%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 烟台中幸生物科技有限公司 | 24.0 | | 2 | 烟台和正投资中心(有限合伙) | 16.5. | | ന | 日本伊藤株式会社 | 9.86 | | 4 | 香港中央结算有限公司 | 7.01 | | 5 | 上海通侣投资管理有限公司-通怡春晓19号称幕证券投资基金 | 1.50 | | 6 | 烟台中宠食品股份有限公司-2024年员工持股计划 | 1.47 | | 7 | 安本亚洲有限公司-安本基金-中国A股可持续股票基金 | 0.66 | | 8 | 宋永 | 0.61 | | g | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 0.61 | | 10 | 中国工商银行股份有限公司-申万菱信新动力混合型证券投资基金 | 0 ...

Group 1: Industrial Products - The report indicates a decline in industrial product prices, with the fundamental high-frequency index at 126.9 points, a slight increase from the previous value of 126.8 points, and a year-on-year increase of 5.3 points [3] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - As of the end of Q2 2025, the heavy allocation of agricultural stocks was 1.36%, an increase of 0.37 percentage points from the previous quarter, but still below the industry average allocation by 0.14 percentage points [4] - Zhongchong Co., Ltd. reported a revenue of 2.43 billion yuan for H1 2025, a year-on-year increase of 24.3%, with a net profit of 203 million yuan, up 42.6% [5] - Domestic revenue for Zhongchong Co., Ltd. reached 860 million yuan in H1 2025, a 39% increase year-on-year, with significant growth in pet food and supplies [6] Group 3: Education - New Oriental's Q4 FY2025 results exceeded guidance, with a stable educational business foundation, although Q1 FY2026 guidance is conservative [10] - The forecast for Non-GAAP net profit for FY2026-2028 is 550 million, 608 million, and 647 million USD, reflecting growth rates of 6.2%, 10.8%, and 6.4% respectively [10] Group 4: Electric Equipment - CATL reported H1 2025 revenue of 178.9 billion yuan, a year-on-year increase of 7.3%, with a net profit of 30.5 billion yuan, up 33.3% [11] - The forecast for net profit for CATL from 2025 to 2027 is 66.42 billion, 80.15 billion, and 94.87 billion yuan, with growth rates of 30.9%, 20.7%, and 18.4% respectively [11] Group 5: Building Materials - Zaiseng Technology plans to acquire a 49% stake in Sichuan Maikelong, with a transaction value of 231 million yuan, aiming to enhance its competitive edge in the vacuum insulation panel (VIP) sector [12][13] - The acquisition is expected to streamline operations and improve efficiency, with Maikelong committing to annual revenues of at least 465 million, 560 million, and 648 million yuan for 2025-2027 [12][14] - The new national standards for refrigerators are anticipated to significantly boost the VIP market, with potential demand reaching up to 7,543 million square meters under optimal conditions [14]

Group 1 - Beiyinmei stated that all its products have not increased in price, responding to rumors following the national childcare subsidy policy announcement [1] - This declaration signals a positive response to the national policy and highlights the company's social responsibility, potentially stabilizing consumer expectations in the essential consumer goods sector [1] - The milk powder sector may face a valuation restructuring, with leading companies that have cost advantages likely to receive more attention from the market [1] Group 2 - Zhongchong Co. reported a 24.32% year-on-year increase in revenue, reaching 2.432 billion yuan, and a 42.56% increase in net profit attributable to shareholders, totaling 203 million yuan [2] - The strong performance reflects the ongoing growth of the domestic pet economy, which may enhance investor confidence in leading companies within the pet food sector [2] - As the pet ownership demographic expands and consumption upgrades, the high growth potential of the pet food industry is expected to gain higher valuation recognition in the capital market [2] Group 3 - Tianfu Culture and Tourism signed a strategic cooperation framework agreement with various cultural and tourism departments, aiming to promote the integration of film and tourism [3] - This collaboration marks a significant advancement in the company's "film-tourism integration" strategy, aligning with the current trend of upgrading the cultural and tourism industry [3] - The innovative "culture + tourism" model may inspire similar initiatives in the industry, facilitating a shift from traditional sightseeing to immersive experiences [3]