华安证券研报指出，中宠股份1-9月实现归母净利润3.33亿元，同比增长18.2%；扣非后归母净利润3.23 亿元，同比增长33.5%。Q3国内自主品牌顽皮、领先收入保持高增长，境外业务稳步推进。Q3归母净 利润同比下降主要是因为2024Q3投资净收益高达0.45亿元。公司国内自主品牌业务保持快速增长，境外 业务板块稳步推进，公司在美国、加拿大、墨西哥均已建厂，在当前地缘政治情况下，北美产能稀缺性 突显。随着北美产能逐步释放，境外收入增速和利润率有望持续改善。伴随着公司海外工厂产能逐步释 放，海外自主品牌逐步发力，国内自主品牌快速增长，维持"买入"评级不变。 ...

中宠股份业绩不如市场预期并非没有先兆。就在第三季度大股东就大幅减持了该股0.52个百分点，套现 大约1亿元。2025年上半年宠物概念新消费一度遭到资金爆炒，此次龙头股之一业绩不如预期，引发投 资者对接下来新消费其余公司即将披露三季报的担忧。 有业内人士认为，宠物概念等新消费在上半年热炒，中宠股份公布业绩不如预期增速，难以支撑此前市 场赋予新消费龙头的高估值，引发了此次股价震荡；接下来新消费概念表现如何，也有市场人士表达了 担忧，也可以考虑在其他公司三季报公布后再选股。 三季度增速放缓 10月13日晚间，中宠股份三季报显示，前三季度实现营业收入38.6亿元，同比增长21.05%；归属于上市 公司股东的净利润3.33亿元，同比增长18.21%；扣非后净利润3.23亿元，同比增长33.5%。 宠物概念龙头股（主要产品是犬用及猫用宠物食品）中宠股份（002891.SZ）公布了第三季度业绩，收 入和利润的增速都出现了逐个季度明显放缓。10月14日上午中宠股份大跌5.47%，报收53.58元。 9月18日，公司公告称，通怡春晓19号于2025年8月7日至9月16日减持157.9万股，占公司总股本的 0.52%。减持后，通 ...

编辑 杨娟娟 新京报贝壳财经讯 10月13日，依依股份发布公告称，公司正在筹划发行股份及支付现金购买资产并募 集配套资金事项，交易标的为杭州高爷家有好多猫宠物食品有限责任公司，交易方式为发行股份及支付 现金并募集配套资金。目前交易对方的范围尚未最终确定，具体交易方式及方案以后续公告为准。公司 已与主要交易对方签署了意向协议，达成初步购买资产意向。公司股票自2025年10月14日起开始停牌， 预计在不超过10个交易日的时间内披露本次交易方案。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company reported a Q3 revenue growth of 15.9% and a non-net profit growth of 18.9%, although the net profit decreased year-on-year due to investment income impacts [7]. - Domestic brand growth continues to be strong, while overseas factory growth is slightly hindered by capacity issues, though demand remains robust [7]. - The company expects to enhance its global supply chain and profitability with new capacities coming online in the U.S. in 2026 [7]. - Projected net profits for 2025-2027 are estimated at 450 million, 601 million, and 786 million respectively, with corresponding EPS of 1.48, 1.97, and 2.58 [7]. Financial Performance - Total revenue for 2023 is projected at 3,747 million, with a year-on-year growth of 15% [2]. - Operating profit is expected to reach 372 million in 2023, reflecting a significant growth of 141% [2]. - The net profit attributable to the parent company is forecasted to be 233 million in 2023, with a remarkable growth of 120% [2]. - The company’s gross margin improved to 29.1% in Q3, driven by an increase in the share of self-owned brands [7]. - The report anticipates a steady increase in revenue and profit margins over the next few years, with a focus on enhancing brand presence and operational efficiency [7][15].

中宠股份发布三季报：Q3 实现营收14.28 亿元（yoy+15.86%，qoq+7.26%），归母净利1.30 亿元（yoy- 6.64%，qoq+16.41%），扣非净利1.24 亿元，同比+18.86%、环比+12.30%。2025 年Q1-Q3 实现营收 38.60 亿元（yoy+21.05%），归母净利3.33 亿元（yoy+18.21%），扣非净利3.23 亿元（yoy+33.50%）。 公司内销维持高速增长，外销贡献稳定利润来源，看好26 年海外工厂产能加速释放，维持"买入"评 级。 风险提示：国内消费增长不及预期、国内养宠渗透不及预期等。 25Q3 公司毛利率为29.11%，同比+2.23pct、环比-1.85pct；毛利率同比提升主要得益于公司国内自主品 牌的占比持续提升，环比略降主要因为美元升值影响。费用端：25Q3 公司期间费用率为18.8%、同比 +2.8pct，其中销售费用率yoy+2.3pct，我们估算销售费用/国内营收在32%左右，yoy+1.1pct。 公司维持国内营收30%以上的销售费用投放；研发费用率yoy+0.2pct 至1.9%、管理费用率yoy+0.3pct 至 4. ...

Market Overview - The three major indices opened higher, with the Shanghai Composite Index at 3910.78 points, up 0.55%, the Shenzhen Component Index at 13369.56 points, up 1.04%, and the ChiNext Index at 3121.00 points, up 1.37% [1] Industry News - The Ministry of Transport announced a special port fee for American ships starting October 14, 2025, with a base fee of 400 RMB per net ton, increasing annually [2] - The Ministry of Industry and Information Technology is seeking opinions on new requirements for vehicle production enterprises, aiming to enhance the standards for smart and connected vehicle capabilities [2] - The passenger car retail market reached a historical peak in September, with expectations for stable growth in the fourth quarter driven by policy guidance [2] - Domestic gasoline and diesel prices were reduced by 70 RMB and 75 RMB per ton, respectively, effective from October 13 [2] Company Announcements - Morgan Stanley announced plans to provide up to $1.5 trillion in financing and project support for key industries in the U.S. over the next decade, including rare earths and AI [3] - Asia-Pacific Pharmaceutical plans to raise no more than 700 million RMB through a private placement for new drug development [3] - Salt Lake Co. announced a projected net profit increase of 97%-141% year-on-year for Q3 [3] - Several companies, including Sanmei Co. and Zhongshi Technology, reported significant year-on-year net profit increases for the first three quarters, with Sanmei Co. projecting a 172%-193% increase [3] Economic Indicators - The U.S. Bank raised its gold and silver price forecasts for next year, targeting $5000 per ounce for gold and $65 per ounce for silver [6] - COMEX gold futures rose by 3.24% to $4130 per ounce, while silver futures increased by 7.47% to $50.775 per ounce [6] Analyst Insights - Zhongyuan Securities noted that the A-share market is expected to experience steady upward movement amid policy expectations and potential interest rate cuts by the Federal Reserve [12] - Dongguan Securities highlighted that the A-share market has accumulated experience to handle market volatility, with a resilient risk appetite anticipated [12]

扬子晚报网10月14日讯(记者范晓林)A股周一走出独立行情，强势股有声有色：合锻智能（603011）4连板，安泰科技（000969）、白银有色（601212）、 澄星股份（600078）3连板，新莱应材（300260）20cm2连板，天际股份（002759）6天5板。市场全天震荡回升，三大指数低开高走，开盘一度跌近3%的 科创50指数午后翻红大涨逾1%。沪深两市成交额2.35万亿，较上一个交易日缩量1609亿。板块方面，稀土永磁、有色金属、半导体等板块涨幅居前。分 析认为，A股周一走得不慌不忙，早盘大幅低开是大多数股民预期中的，但开盘即是当日最低点，收盘接近全天最高点，沪指反攻近百点，接近3900点。 面对外围极端施压，这一次场内资金从容应对，铿锵有力。 A.利好精选 依依股份（001206）(001206.SZ)公告称，公司正在筹划发行股份及支付现金购买资产并募集配套资金事项，交易标的为杭州高爷家有好多猫宠物食品有 限责任公司，交易方式为发行股份及支付现金并募集配套资金。目前交易对方的范围尚未最终确定，具体交易方式及方案以后续公告为准。公司已与主要 交易对方签署了意向协议，达成初步购买资产意向。公司股票自2 ...

A股上市公司前三季度业绩预告，正加速披露。 例如领益智造，预计前三季度实现归母净利润18.9亿元至21.2亿元，同比增长34.10%至50.42%。三季度 AI终端产品进入新品发布季，公司三季度新产品开始量产交付及产线稼动率提升，使得公司整体利润 实现较快增长。公司海外工厂收入大幅增长，盈利能力有所提升。 前海开源基金首席经济学家杨德龙分析认为，三季度科技板块行情进一步扩散，算力、算法、人工智能 等科技创新板块轮番上涨。很多科技股实现了翻倍涨幅，赚钱效应明显。有业绩支撑的企业可能脱颖而 出，无业绩的则可能会回落。 三季报陆续披露 今晚，英维克、中宠股份、雅葆轩等公司也披露了三季报。 Wind数据显示，截至10月13日20时，A股共有75家上市公司披露前三季度业绩预告。其中，略增18家、 扭亏4家、预增41家，预喜比例高达84%。 10月13日晚，16家上市公司披露前三季度业绩预告。楚江新材预计前三季度归母净利润同比增长 2057.62%至2242.56%。 多家公司业绩大幅预喜 楚江新材业绩预告显示，预计前三季度实现归母净利润3.5亿元至3.8亿元，同比增长2057.62%至 2242.56%。 公开资料显示 ...

10月13日晚间，中宠股份（002891）披露2025年第三季度报告，公司第三季度实现营业收入14.28亿 元，同比增长15.86%。前三季度实现归母净利润3.33亿元，同比增长18.21%。 ● 本报记者傅苏颖 拥有超千个品种 深化全球产业链布局 海外业务方面，公司主要通过网站推广、参加国外展会、投放广告以及长期客户推荐等方式开拓国外市 场，产品销往欧盟、美国、东南亚等国家和地区。国外主要客户为当地拥有品牌的宠物食品经销商，这 些经销商大多不从事生产，主要依靠从生产企业购买加工完成的宠物食品，再贴牌销售，少数客户为当 地的宠物用品零售商店。在欧美等发达国家和地区，宠物食品市场发展已非常成熟，一些大型品牌商已 树立牢固的品牌形象，并占据大部分市场销售渠道，新进品牌的营销成本和经营风险相对较高。因此， 公司采取与当地的知名厂商进行合作的方式，以OEM/ODM模式进入当地市场。 中宠股份以宠物食品的研发、生产和销售为主要业务，产品覆盖犬用及猫用宠物食品主粮、湿粮、零 食、保健品等品类。公司目前主要产品包括：宠物主粮、宠物湿粮、宠物零食，每个大类包含多个品 种，包括宠物鲜肉粮系列、宠物主食湿粮系列、冻干零食系列、烘 ...

Core Viewpoint - Zhongchong Co., Ltd. reported a revenue of 1.428 billion yuan for Q3 2025, marking a year-on-year increase of 15.86%, and a net profit of 333 million yuan for the first three quarters, up 18.21% year-on-year [1] Group 1: Company Overview - Zhongchong Co., Ltd. specializes in the research, production, and sales of pet food, offering over 1,000 varieties including dry food, wet food, snacks, and health products for dogs and cats [1] - The company utilizes new media platforms like Douyin and Xiaohongshu, participates in domestic exhibitions, and sponsors large pet events to expand its domestic market [1] Group 2: Market Trends - The pet consumption market in urban areas is growing, driven by rising living standards and emotional companionship needs, shifting from basic survival consumption to quality and personalized consumption [2] - The market concentration in China's pet industry remains low compared to developed countries, with many small enterprises and noticeable product homogeneity [2] - Consumer awareness of pet food quality is increasing, leading to a focus on brand reputation, product quality, safety, and personalization, which is gradually enhancing brand concentration in the industry [2] Group 3: Global Expansion - Zhongchong Co., Ltd. is expanding its overseas market through website promotion, participation in international exhibitions, and advertising, with products sold in the EU, the US, and Southeast Asia [2] - The company collaborates with local well-known manufacturers using OEM/ODM models to enter mature markets like North America, where established brands dominate [2][3] - The company has established over 22 modern production bases globally and is advancing more than 10 new projects, aiming to create a leading supply chain platform in the pet industry [3] Group 4: North American Market - North America is the largest sales market for Zhongchong Co., Ltd., with a production system deeply rooted in the US, Canada, and Mexico [4] - The company has successfully completed the second production line in its Canadian factory and the construction of its Mexican factory, with plans for a second factory in the US by 2026 to enhance production capacity and market responsiveness [4]