Core Viewpoint - Petty Co., Ltd. is actively working to ensure that its products from New Zealand can enter the Chinese market, adhering to relevant regulations for importing pet food and additives [1] Regulatory Compliance - The import of pet food must comply with the "Administrative Measures for the Registration of Imported Feed and Feed Additives" and other related regulations [1] - Foreign companies exporting feed and feed additives to China for the first time must apply for registration with the Ministry of Agriculture and Rural Affairs and obtain a product registration certificate [1]

Core Viewpoint - Petty Holdings (300673.SZ) primarily utilizes the FOB (Free on Board) model for its export business, confirming revenue upon completion of production and customs clearance, with shipping costs borne by the buyer [1] Group 1 - The majority of the company's export operations are conducted under the FOB model, where revenue is recognized after the goods are shipped [1] - A smaller portion of the export business operates under the DAP (Delivered at Place) model, where the company is responsible for delivering goods to the buyer's specified location [1] - The company anticipates that port fees will not have a significant impact on its current performance and has been closely monitoring this matter [1]

Core Viewpoint - Petty Holdings (300673.SZ) emphasizes the importance of compliance with regulations for importing pet food into China, specifically the "Registration Management Measures for Imported Feed and Feed Additives" [1] Group 1: Regulatory Compliance - Imported pet food must adhere to relevant regulations, including the requirement for foreign companies to register with the Ministry of Agriculture and Rural Affairs before exporting feed and feed additives to China [1] - Companies must obtain a product registration certificate to facilitate the import process [1] Group 2: Market Expansion - Petty Holdings is actively working to expedite the entry of its products from New Zealand into the domestic market [1]

Group 1 - Yuanhe Capital, in collaboration with Shandong Land Development Group, has completed an investment of over 100 million yuan in Shuaike Pet [1] - Shuaike Pet is a domestic pet food OEM, with main products including dry food, canned food, wet food packages, and freeze-dried products [1] - The company has notable clients such as Blue Cross and NetEase Yanxuan, and owns several subsidiaries including Shandong Hano Biological Technology, Shandong Taimeng Pet Products Co., Ltd., and Shandong Dongci Food Co., Ltd. [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 75.00 CNY [6][12]. Core Insights - The domestic independent brands are accelerating, with continuous improvement in brand rankings. The overseas independent brands are performing strongly, and attention should be paid to the progress of overseas factory production [2][12]. - The company is continuously enhancing its R&D innovation capabilities, leading to an increase in market recognition [2][12]. - The company reported a revenue of 3.86 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 21.1%, with a net profit of 330 million CNY, up 18.2% year-on-year [12]. Financial Summary - Total revenue is projected to grow from 3.75 billion CNY in 2023 to 8.23 billion CNY in 2027, with a CAGR of 21.2% [4][13]. - Net profit attributable to the parent company is expected to increase from 233 million CNY in 2023 to 784 million CNY in 2027, reflecting a significant growth trajectory [4][13]. - The earnings per share (EPS) are forecasted to rise from 0.77 CNY in 2023 to 2.58 CNY in 2027 [4][13]. Market Position and Strategy - The company has launched new products under its brands during the Asia Pet Expo, enhancing its product matrix and driving revenue growth [12]. - The company’s brand "Wanpi" has seen a rapid rise in rankings on Douyin, indicating increasing market competitiveness [12]. - The company’s 100% owned factory in Mexico is completed, with an expected output value of 150 million CNY once fully operational, and a second factory in the U.S. is anticipated to start production in the first half of 2026 [12]. R&D and Cost Management - The company has increased its sales, management, R&D, and financial expense ratios, indicating a strategic investment in brand and product development [12]. - The R&D expenses are expected to grow, contributing to enhanced product capabilities and market acceptance [12].

格隆汇10月15日｜华福证券研报指出，中宠股份2025Q1-Q3归母净利润3.33亿元，同比+18.21%，单季 度来看，25Q3归母净利润1.30亿元，同比-6.64%。单季度营收规模创新高，内外市场全面开花。业绩表 现符合预期，盈利能力稳中有升。公司稳步推进全球产业链布局，海外工厂（美国二期项目、加拿大二 期项目、墨西哥生产基地、柬埔寨二期项目）持续加速建设。另外公司已成立北美总部，通过整合当地 研发、销售及供应链管理职能，构建并推动"全球研发+北美制造+全球销售"的协同运营模式。当前股 价对应2025-2027年PE分别为35x、28x、23x，维持"买入"评级。 ...

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晨会纪要（2025/10/15） 渤海证券研究所晨会纪要（2025.10.15） 基金研究 权益市场主要指数多数上涨，宽基资金大幅流入——公募基金周报 宏观及策略研究 基数支撑出口，后续或温和回落——2025 年 9 月进出口数据点评 编辑人 固定收益研究 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 收益率上行趋势边际改善，配置时机渐至——信用债 10 月投资策略展望 公司研究 证 Q3 扣非后归母净利增长较好，自主品牌稳健发展——中宠股份（002891）2025 年三季报点评 券 行业研究 研 9 月旺季成色不足，10 月关注事件扰动——金属行业 10 月投资策略展望 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 9 晨会纪要（2025/10/15） 宏观及策略研究 基数支撑出口，后续或温和回落——2025 年 9 月进出口数据点评 周 喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析 ...

特别申明： 点击注册小程序 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 【宏观】 为何9月出口增速超预期？——2025年9月进出口数据点评 2025年9月，我国出口同比增长8.3%，原因在于非美经济体需求旺盛、产能出海以及同比低基数效应。机 电产品和高新技术产品的出口拉动率上升。展望未来，我们仍然看好出口。一是，非美经济体对出口支撑 作用持续。二是中美贸易不确定性较高，存在再次"抢出口"的可能。此外由于2024年10月起我国出口同比 增速较高，可能会对未来几个月的同比读数造成压力。 （赵格格/周可） 2025-10-14 您可点击今日推送内容的第1条查看 【有色】9月电解铝产能利用率续创历史新高水平——金属周期品高频数据周报（2025.10.4-10.10） 2025年2月8日，工信部出台《钢铁行业规范 ...

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