农林牧渔行业 2025 年中期策略：宠物消费高景气，关注 周期底部抬升 20250617 摘要 中国宠物市场持续增长，2024 年整体消费增长 7.5%，猫用产品增速尤 为显著。食品作为刚需占据主导地位，主粮和营养品占比提升，健康化 和专宠专用趋势明显，推动新型主粮的接受度。 宠物食品出口受关税影响，对美出口面临挑战，企业通过海外建厂应对。 乖宝宠物泰国工厂预计年中投产，中宠加拿大产线扩建计划下半年完成， 佩蒂股份新增越南产能预计 2026 年投产，降低关税风险。 国内电商平台国产品牌表现强劲，618 购物节天猫平台成交额前五均为 国产品牌，如仙朗、兰仕、弗列加特、城市一口和麦富迪，部分品牌销 售额增速显著，如爵宴 Mediaway 同比增长 450%。 宠物动保领域呈现大单品密集上市趋势，猫三联疫苗逐步实现进口替代。 老龄化宠物增多及渗透率提升推动医药需求，诊疗药品、疫苗和驱虫药 市场规模持续扩张，复合增速可观。 生猪养殖行业政策监管趋严，供需格局向好，产能去化预期提升。2025 年 4 月能繁母猪存栏量同比微降，头部企业暂停扩产并控制出栏体重， 短期供应压力有所缓解，行业集中度提高，生产效率稳步提升。 Q ...

如何看待宠物食品行业最新变化？20250617 摘要 鲜食宠物食品或成新趋势，但规模化依赖渠道变革而非仅工业化生产。 头部企业如乖宝宠物和中宠需加强最后一公里渠道布局，提升对保鲜要 求的理解能力，以获取市场优势。 国内宠物食品企业研发投入水平初级，品质管理体系较弱，与欧美头部 企业存在显著差距。未来功能性食品及厨房食品是重要赛道，需进行清 晰定义和临床验证。 新品牌进入宠物食品市场门槛提高，成功要素包括渠道能力、产品视觉 创意、品牌运营能力及成本领先优势。零售品牌渠道潜力巨大，值得关 注。 收购传统经销商渠道价值不大，零售品牌渠道潜力巨大。流量型和内容 全周期管理型代运营公司有助于拓展自有品牌，综合性代运营公司尤其 有价值。 未来两三年行业竞争将更激烈。值得关注的赛道包括创新医疗生态、崛 起的零售品牌、供应链与商品品牌重组并购、全球化品牌及大品类刚需 猫砂品牌。 Q&A 宠物食品行业的产品创新主要集中在哪些方向？ 宠物食品行业的产品创新主要集中在原料、工艺和体验三个核心维度。从早期 的肉粉膨化到中期的鲜肉注浆膨化，再到风干、冻干和烘焙，实际上这些工艺 都是在熟化、杀菌、成型、保鲜以及营养体验方面进行提升。未来 ...

| | | | 单位:元 | | --- | --- | --- | --- | | 盈利能力 | 本期 | 上年同期 | 增减比例% | | 营业收入 | 231, 096, 241, 98 | 188, 947, 165. 21 | 22.31% | | 毛利率% | 42.87% | 41.82% | ା | | 归属于挂牌公司股东的净利润 | 33, 489, 029. 42 | 10, 890, 006. 60. | 207.52% | | 归属于挂牌公司股东的扣除非经常 | 31,929,118.36 | 11,072,219.77 | 188.37% | | 性损益后的净利润 | | | | | 加权平均净资产收益率%(依据归属 | 23.98% | 9.85% | | | 于挂牌公司股东的净利润计算) | | | | | 加权平均净资产收益率%(依归属于 | 22.86% | 10.01% | 1 | | 挂牌公司股东的扣除非经常性损益 | | | | | 后的净利润计算) | | | | | 基本每股收益 | 0. 84 | 0. 29 | 188.66% | 瑞财经 钟鸣辰近日，朗诺宠物( ...

Summary of Conference Call Records Industry Overview - The focus is on the pig farming sector and the pet food industry, with significant insights into market trends and investment opportunities for 2025 [1][2][3]. Key Points on Pig Farming Sector - **Current Market Conditions**: Despite a recent decline, pig prices remain high, with ongoing supply pressure expected to persist into 2025. Increased piglet restocking in the first half of the year will lead to greater slaughter pressure in the second half [1][2]. - **Policy Changes**: The National Development and Reform Commission (NDRC) has implemented measures to limit sow production capacity, secondary fattening, and weight reduction to achieve capacity reduction. These policies are expected to positively impact future capacity contraction [1][4]. - **Investment Recommendations**: Investment targets should consider asset structure safety margins, low-cost advantages, and slaughter flexibility. Top recommendations include Muyuan and Wens, with secondary recommendations for Shennong, Juxing Dekang, and Lihua [1][5]. Key Points on Pet Food Industry - **Market Performance**: The pet food market is performing well in 2025, with brands like Guobao's Maifudi seeing a 26% year-on-year growth in May, and Fuleijiate achieving a remarkable 147% growth [1][7][8]. - **Online Sales Growth**: In May 2025, Tmall's pet food sales grew by 2%, JD's by 23%, and Douyin's by 54%, leading to an overall growth of 16% across these platforms. High growth rates are noted for brands with significant direct sales [1][9]. - **Brand Performance**: Leading brands maintained strong growth, with Maifudi achieving a 32% increase and Fuleijiate 137% in the first five months of 2025 [1][11]. Additional Insights - **Industry Trends**: The pet food industry is transitioning towards mid-to-high-end product upgrades, driven by capital operations and increasing profit margins. The consumer acceptance of new products and scientific feeding methods remains high [1][12]. - **Market Concentration**: The concentration of the domestic pet food market is significantly lower than that of international markets, indicating potential for growth and increased competition [1][14]. - **Company Dynamics**: The number of registered pet-related companies peaked in 2023 but has since declined by over 12%, indicating a shift in the industry landscape and higher operational demands [1][13]. - **Future Outlook**: The domestic pet industry is expected to maintain high growth rates, with a focus on product quality as a key driver of consumer behavior. Despite high valuation levels, the industry is anticipated to continue its rapid development [1][17].

行 业 及 产 业 农林牧渔 联系人 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com - ⚫ 本周申万农林牧渔指数上涨 1.6%，沪深 300 下跌 0.3%。个股涨幅前五名：辉隆股份（13.3%）、晓鸣股份 （7.3%）、神农集团（6.6%）、海利生物（6.5%）、牧原股份（6.4%），跌幅前五名：安德利（-14.1%）、ST 天 山（-6.8%）、普莱柯（-6.3%）、国投中鲁（-5.2%）、保龄宝（-4.7%）。投资分析意见：猪价预期重估后，重视 优质猪企布局机会；与此同时，推荐景气向上的养殖配套与宠物食品。"618"购物节期间，宠物食品行业景气 依旧，头部品牌表现亮眼，维持观点，重点关注年内头部企业业绩端超预期的持续性。二季度以来，猪价表现始 终强于市场预期，期货价格持续贴水现货，强现实与弱预期之下，产能恢复的节奏较为缓慢。近期，行业中关于 "降体 ...

Group 1 - The core viewpoint highlights the significant growth in food exports from Luoyang City, with a total export value of 240 million yuan in the first four months of this year, representing a 60% year-on-year increase [1] - The export categories show a diverse range, with leisure food companies leading in quantity and edible mushroom products having high export value; pet food exports reached 46.518 million yuan, growing by 48.9%, ranking first in the province [1] - Zhongyu Pet Food Company has achieved numerous R&D results in pet food processing technology and has obtained several national utility model patents; the company aims to achieve an output value of over 2 billion yuan within five years [1] Group 2 - Luoyang City is focusing on upgrading its food industry from "Chinese kitchen" to "global dining table," establishing key enterprise lists and organizing participation in 15 major food exhibitions worldwide to help companies expand overseas [2] - The Luoyang Customs has implemented measures to facilitate the inspection and clearance of fresh and perishable agricultural products, including a "center + on-site" model for efficient 24/7 customs clearance and expedited certificate issuance [2]

以下文章来源于山农下山 ，作者山农 山农下山 . 山农和他的朋友们，记录这个时代的新商业和新商人。 6月，我跟着一张小红书避雷帖晒出的信息，找到一家宠物食品公司的地址：河北邢台南和的北郑庄 村。 正是麦子成熟的季节，微风中麦浪起伏，树影摇曳，我开车穿越村道时，恍惚间有种老电影里法国乡 村的味道。然后，突然间，浓烈的宠物粮食味道袭来。如果此刻我车里有狗，大概会冲出去兴奋跳 舞。 到了。 眼前是几家挨在一起的宠物食品公司，其中就包括那家被挂出来避雷的企业。但从外面看不出什么异 常，门口的工人正在忙着装货，白色包装袋的宠物食品被码得整整齐齐。他们生意还不错，我进村时 数过：大概5分钟的时间，从村里开出来了3辆货车。 当然，这是村里几家宠物食品公司共同的业绩。一些厂子把储存区放在墙外，搭起高高的架子，加了 防雨防晒的罩子。还有一处面积几百平米的仓库，直接立在麦地里。远远看去，有点艺术品的气质， 还怪好看的。 但对于我这辆穿行在村庄的北京牌汽车，进出工厂的人明显在侧目打量。 本文来自微信公众号： 山农下山 ，作者：山农，头图来自：作者拍摄 一、名声 什么时候开始，河北货就等于劣质货了？ 我把这个问题同时抛给了两位河北邢 ...

总投资130亿元的优德中大大健康产业园项目坚持"产业为基、创新引领、品牌集聚、开放合作"，持续 招引大健康领域龙头企业和支撑性项目，推动一期、二期、三期、四期联动发展，构建完善的大健康产 业生态。 位于漯河市召陵区的宠物经济专业园区，已培育规上企业7家，签约入驻宠物经济项目17个，2024年实 现产值15亿元，宠物经济全产业链生态初具。园区内的"领头羊"企业中誉宠物与中原食品实验室、双汇 集团深度合作，致力打造中部地区最大的宠物食品企业。在2025全球豫商大会上，总投资30亿元的艾德 奥宠物食品生产项目签约入驻召陵区宠物经济专业园区，为漯河市打造百亿级宠物经济示范区注入了新 动能。 利通超高压流体创新全产业链项目作为制造业重点产业链项目，持续发挥高分子材料、超高压胶管产品 优势，推动产业链向"制造+服务""产品+服务"方向发展。 ………… 记者从日前召开的市委市政府重点工作重大项目交办会议上获悉，截至5月底，全市131个"三个五百 亿"项目完成年度投资393.6亿元，占年度投资计划的50.41%，项目涵盖食品加工、新材料、装备制造等 多个产业领域，成为漯河市创新引领、优势再造、强化投资、激发增长的有效支撑。 ...

研究早观点 2025 年 6 月 11 日 星期三 市场走势 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20250602-20250608）：-券商回 购释放信心，行业估值仍处低位 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,384.82 | -0.44 | | 深证成指 | | 10,162.18 | -0.86 | | 沪深 | 300 | 3,865.47 | -0.51 | | 中小板指 | | 6,358.48 | -0.63 | | 创业板指 | | 2,037.27 | -1.17 | | 科创 | 50 | 982.90 | -1.47 | 资料来源：最闻 【行业评论】化学原料：新材料周报（250603-0606）-发改委印发《意 见》鼓励绿电使用，陶氏出售 DowAksa 全部股权 【山证农业】农业行业周报（2025.06.02-2025.06 ...

Colgate-Palmolive Company (CL) FY Conference Summary Company Overview - **Company**: Colgate-Palmolive Company (CL) - **Date of Conference**: June 10, 2025 - **Key Speakers**: John Fosher (Head of Investor Relations), JP Zamorano (President of Latin America) Key Points Company Strategy and Growth - Transitioned to a growth mindset focusing on driving category growth rather than just market share [3][4] - Core businesses, which account for 60% of revenue, were identified as needing turnaround, leading to investments in key products like Colgate Total [4] - Emphasis on faster growth adjacencies such as whitening and prescription diet segments [5] - Significant push towards e-commerce and pharmacy channels, especially in Latin America [5] Financial Performance - Achieved a gross margin recovery, allowing for increased advertising investment, raising the advertising-to-sales ratio from 9.1% to 13.5% [6] - Despite challenges like tariffs and foreign exchange impacts, the company is guiding for dollar-based earnings per share growth in 2025 [7] - Strong organic sales growth of 9.4% was reported in the first half of the previous year, with expectations for a tougher 2025 [10][11] Innovation and Product Development - Shifted focus from line extensions to breakthrough innovations, with a commitment to incubate smaller businesses for long-term growth [20][21] - Enhanced analytics capabilities to measure advertising effectiveness and revenue growth management [16][17] - The relaunch of Colgate Total is seen as a significant opportunity for premiumization, with market share increasing from 15% to 16.1% post-relaunch [49][52] Market Dynamics in Latin America - Latin America is the largest division for Colgate, with strong market shares in Brazil and Mexico [33] - The company has a balanced portfolio of global and regional brands, allowing for competition across multiple price tiers [38] - Recent consumer sentiment has been affected by inflation, but there are signs of improvement in Mexico and Brazil [45][46] Challenges and Opportunities - Currency volatility in Latin America is a significant challenge, but the company has strategies in place to manage pricing and costs effectively [61][64] - The premium dog food segment (Hill's) is identified as a growth opportunity in Mexico, with a relatively low market share [40][41] - The company is leveraging its strong market presence to capitalize on e-commerce growth and changes in pharmacy retail environments [55][58] Future Outlook - The company aims to deliver growth at the high end of the 3-5% range, with expectations for operating profit to grow ahead of sales [70][72] - Continued focus on premiumization and productivity improvements is expected to enhance profitability in Latin America [72][73] Additional Insights - The cultural evolution within the company emphasizes taking risks and driving performance [8] - The integration of North America and Latin America under one leadership is seen as a strategic move to leverage efficiencies and innovation [29][30] - The company is committed to maintaining a strong advertising presence while ensuring returns for shareholders [15][16]