Core Viewpoint - Zoetis is a leading dividend stock in the animal health sector, known for its robust business model and consistent dividend increases, making it an attractive option for income investors over the next decade [1][9]. Company Performance - Zoetis is the world's leading drugmaker focused on animal health, with a diversified product lineup across various categories, including companion animals and livestock [2]. - In 2024, Zoetis reported a revenue of $9.3 billion, reflecting an 8% year-over-year growth, with earnings per share also increasing by 8% to $5.47 [3]. Challenges and Competition - Following its earnings release, Zoetis' stock experienced a decline due to weak guidance for fiscal year 2025, primarily due to anticipated competition for key products like Apoquel [4]. - The company has faced challenges from new market entrants, such as Elanco Animal Health's Zenrelia, which could impact Apoquel's market share [4]. Long-term Growth Prospects - Despite recent setbacks, Zoetis has a strong track record of revenue growth, outpacing the industry average since 2014, indicating its ability to navigate competitive challenges [5]. - New product approvals, such as Solensia and Librela, are expected to contribute significantly to sales growth in the coming years [6]. - There remains substantial growth potential for Apoquel, with an estimated 13 million dogs not currently being treated, presenting significant sales opportunities [7]. Market Trends - The trend of pet humanization is a critical long-term tailwind for Zoetis, as younger generations increasingly view pets as family members, leading to higher spending on pet care [8]. Dividend Performance - Zoetis has consistently paid and raised its dividends since its IPO in 2013, with a remarkable 502% increase in payouts over the past decade [9]. - Although the current forward yield is 1.2%, slightly below the S&P 500 average of 1.3%, the company's conservative cash payout ratio of 34% suggests potential for future dividend increases [10]. - Despite the lower yield, Zoetis is considered a top income stock for long-term investment [11].

法国诗华在全球拥有约 7,000名员工，是动物健康，尤其是动物疫苗领域的领导者。诗华的业务足迹 覆盖47个国家，向全球的兽医、畜牧业专业人士和宠物主人提供产品、服务与设备。2024 年，法国 诗华的营收 为 17.7亿欧元，自1999年成立以来营收增长了14倍。 厚朴投资合伙人兼联席总裁寒刚表示 :"作为亚洲领先的投资人之一，厚朴投资一直是法国诗华的长 期合作伙伴。我们不仅全程助力法国诗华在亚洲市场的业务布局，更深度参与了其过去十余年来的跨 越式发展历程，对此我们倍感自豪，并期待在未来不断深化与法国诗华的合作关系，共同开拓更广阔 的发展空间。" 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 厚朴投资 ( 以下 简称 "厚朴") 日前 宣布， 其 对全球第五大动物保健公司 —— 法国诗华动物保健公司 （ 以 下 简称 "法国诗华")展开新一轮投资。 厚朴看好法国诗华在全球市 场，尤其是亚洲地区的长期增长潜力。 同时， 厚朴三期基金将随着本轮股权重组成功退出，该笔投资已实现可观的回报倍数。通过本次交 易，厚朴三期基金预计实现约 0.5倍的整体现金 ...

Group 1: Automotive Industry - The smartphone market is expected to ship 1.22 billion units in 2024, marking a 7% year-on-year growth, ending two consecutive years of decline [2] - Level 3 autonomous driving (city NOA) is becoming the core experience, driving the penetration rate of electric vehicles in China to over 50%-80% [2] - Domestic brands are establishing production bases overseas through wholly-owned or joint ventures, promoting the global expansion of smart electric vehicles and gaining recognition from overseas consumers [2] Group 2: Animal Health Industry - The animal health industry is at the bottom of the cycle, with the financial conditions of breeding enterprises gradually improving, and the debt-to-asset ratio decreasing from 66% in Q1 2024 to 61% in Q3 2024, with further declines expected in Q4 [2] - The company is reducing formulation costs through integrated raw material drug layout, with core products like Tylosin and Tiamulin seeing continuous production scale expansion [2] - In the second half of 2024, the utilization rate of raw material drug production is expected to increase, driving a recovery in gross margin, with Q4 revenue projected to exceed 400 million yuan [2] - The factory in Vietnam is accelerating the expansion into the Southeast Asian market, with rapid growth in export business, and is expected to officially start production in Q2 2025 [2] - The company is innovating pet medications, including the "Shengchongning" series of deworming drugs, leveraging its own raw material advantages to offer products with better price competitiveness than imported drugs, opening new growth avenues [2] - The Chinese veterinary drug industry is in a rapid growth phase, with a projected recovery in pig prices in 2024 expected to improve the profitability of downstream breeding industries, thereby driving demand for animal health products [2] Group 3: Optical and Laser Radar Industry - Mobile camera technology is evolving towards optical stabilization, large apertures, periscope telephoto lenses, multi-lens designs, miniaturized modules, and large pixel modules [4] - As the demand for smartphone upgrades gradually releases, hardware upgrades in mobile cameras will drive ASP (average selling price) increases, boosting the performance of optical manufacturers like Sunny Optical and Q Technology [4] - The penetration of Level 2 and above advanced driver-assistance systems (ADAS) is expected to accelerate by 2025, especially in vehicles priced below 100,000 yuan, with smart driving features expected to evolve from "0" to "1" [4] - The demand for in-car cameras will grow rapidly with the advancement of automotive intelligence, and domestic camera and module manufacturers are expected to further increase localization rates [4] - Waveguide technology is becoming the ultimate solution for AR glasses, offering larger field of view, smaller size, and higher light transmittance, with Water Crystal Optoelectronics' layout in the AR field being noteworthy [4] - The average price of laser radar in China has dropped below $500 in 2023, while prices in other global regions range from $700 to $1,000 [6] Group 4: Computing Power Industry - DeepSeek employs a large-scale expert parallel model, enhancing the ability to process parallel requests and improving GPU resource utilization [7] - This model may increase communication latency, but DeepSeek mitigates this issue through a communication overlap strategy, further enhancing computing efficiency [7] - DeepSeek's analysis indicates that low computing power is attributed to low peak multiples (only 1.2) and ultra-high computing efficiency, with a single inference activating 37 billion parameters and an H800 single card utilization rate of 77% [7] - High computing efficiency does not equate to computing power contraction, as future increases in peak multiples and data scale are expected to sustain computing power demand growth [7] - The introduction of multi-modal applications and AI agents will significantly increase the number of tokens per request, further driving computing power demand [7] - Companies providing high-security and reliable cloud services, especially those with extensive IDC resources, are expected to benefit from the growth in computing power demand [7] - Domestic chip manufacturers and switch manufacturers deeply involved in the computing power supply chain are expected to continue benefiting from the growth in computing power demand [7]

Core Viewpoint - Phibro Animal Health (PAHC) has experienced a significant share price increase of 87.5% over the past year, outperforming the industry and S&P 500, driven by strong demand across its diversified portfolio, particularly in the Vaccine business and international markets [1][3]. Company Overview - Phibro is headquartered in New Jersey and offers a wide range of products for food animals, including poultry, swine, beef, dairy cattle, and aquaculture, while also producing ingredients for various industries [2]. - The company is focusing on expanding its product offerings in the companion animal sector [2]. Key Factors Behind PAHC's Surge - The surge in share price is attributed to robust demand for animal health products, with the Animal Health segment reporting a 32.5% year-over-year sales growth, driven by a 47% increase in MFA and other product sales [3]. - The acquisition of Zoetis' medicated feed additive product portfolio has expanded Phibro's offerings to over 37 product lines across 80 countries [3]. - The Vaccine business achieved a 12% growth, supported by new poultry products in Latin America and increased demand globally [4]. - Phibro's international sales accounted for approximately 40.4% of total revenues in the fiscal second quarter, highlighting its global growth potential [5]. Financial Estimates - The Zacks Consensus Estimate projects a 62.2% increase in earnings per share (EPS) for fiscal 2025, reaching $1.93, and an 8.7% increase for fiscal 2026, reaching $2.10 [9]. - Revenues for fiscal 2025 are expected to grow by 25.9% to $1.28 billion, with fiscal 2026 projected to reach $1.38 billion, implying a 7.7% increase [9].

Group 1 - The total number of shares representing the share capital as of February 28, 2025, is 8,390,660 [1] - The gross total of voting rights is reported as 12,715,985 [1] - The net total of voting rights, which excludes shares with no voting rights, is 12,699,919 [1] Group 2 - The company is listed on Euronext Paris under Compartiment A with ISIN code FR0000031577 [2] - The company specializes in animal health, indicating a focus on veterinary products and services [2]

Financial Data and Key Metrics Changes - Fourth quarter revenue was $1.02 billion, representing a 1% reported decline, but organic constant currency growth was 4% [46] - Adjusted EBITDA for the fourth quarter was $177 million, an increase of $12 million on a reported basis [54] - Full year adjusted EPS came in at $0.91 compared to $0.89 in 2023, reflecting a year-over-year growth [58] Business Line Data and Key Metrics Changes - Total Pet Health revenue increased 6% in constant currency in the fourth quarter, with U.S. Pet Health growing 2% and international Pet Health growing 11% [47][48] - U.S. Farm Animal business achieved $223 million in sales, a 6% increase, driven by cattle market expansion [49] - International Farm Animal revenue was flat, impacted by the Kexxtone recall and strategic changes in certain geographies [50] Market Data and Key Metrics Changes - The U.S. dermatology market is projected to surpass $2 billion, with Zenrelia capturing significant market share [80] - The global carbon market for Bovaer is estimated to be $2 billion, with strong demand from farmers [38] - The U.S. dairy farmers earned approximately $10 million in credits from using Rumensin in the fourth quarter [39] Company Strategy and Development Direction - The company is focused on growth, innovation, and cash generation, with expectations for 2025 organic constant currency revenue growth of 4% to 6% [12][73] - Strategic divestiture of the aqua business has allowed for debt reduction and increased investments in product launches [10][20] - The company aims to leverage its comprehensive portfolio to enhance market share in both Pet Health and Farm Animal sectors [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in accelerating fundamentals for 2025, despite challenges from foreign exchange impacts [14][72] - The company anticipates continued growth from innovation and a stabilization of its base business [13][42] - Management highlighted the importance of effective commercial execution and the positive reception of new product launches [72] Other Important Information - The company achieved a net leverage ratio of 4.3 times at the end of the year, down from 5.6 times at the start of 2024 [20] - The company launched five new U.S. product approvals in 2024, contributing to a robust innovation pipeline [28] - The company expects adjusted EBITDA for 2025 to be between $830 million and $870 million, factoring in foreign exchange headwinds [64] Q&A Session Summary Question: What is the expected penetration of Zenrelia by year-end 2025? - Management indicated that Zenrelia is experiencing strong adoption, with a focus on increasing clinic penetration through aggressive sampling and direct-to-consumer efforts [81][84] Question: What factors contribute to the accelerating revenue growth in Q1 2025? - Management noted that the growth is driven by the ramp-up of Zenrelia and Credelio Quattro, alongside the absence of headwinds faced in the previous year [88][89] Question: What gives confidence in the innovation contribution for 2025? - Management highlighted strong momentum from products like Experior and AdTab, as well as the growth potential in the dermatology market with Zenrelia and Quattro [96][97] Question: How is the early launch of Credelio Quattro performing? - Management reported positive initial momentum, with strong veterinarian interest and a comprehensive commercialization strategy in place [115][116] Question: What are the dynamics behind the surge in Galliprant sales? - Management attributed the surge to its strong safety profile and effective marketing strategies, expecting continued performance into 2025 [120] Question: How does the company view the competitive environment in dermatology? - Management acknowledged competition as a headwind but emphasized the growing market and unmet needs that present opportunities for growth [125][126]