| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：123133 | 债券简称：佩蒂转债 | | | | 佩蒂动物营养科技股份有限公司 | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 佩蒂转债的上市时间为2022年1月21日，债券简称：佩蒂转债，债券代码：123133， 转股起止日期：自发行结束之日（2021年12月28日）满六个月后的第一个交易日（2022 年6月28日）起至到期日（2027年12月21日）止。 二、募投项目基本情况 根据《佩蒂动物营养科技股份有限公司创业板向不特定对象发行可转换公司债券 募集说明书》，本次发行募集资金总额预计不超过72,000.00万元（含72,000.00万元）， 扣除发行费用后，募集资金净额拟投资于以下项目： | 项目名称 | 投资总额（万元） | | 募集资金承诺投资总额（万元） | | --- | --- | --- | --- | | 新西兰年产3万吨高品质宠物湿粮项目 | | 28,800.76 | 23,650.00 ...

宠物食品 4 月线上数据解读及它博会见闻分享 20250513 摘要 • 2025 年 Q1，乖宝宠物营收增长约 35%，国内市场增长 40%，海外增长 15%，利润同比增长 38%至 2.04 亿元。线上销售占比高，数据准确性强。 毛利率略低于预期，受鸡肉价格下降和固定资产摊销影响。 • 中宠股份 2025 年 Q1 营收增长约 25%，国内市场增长 40%，海外增长 15%，利润同比增长 62%至 0.91 亿元。美国工厂技改后订单充足，利润 贡献显著，加拿大第二工厂下半年投产将提升产能。 • 佩蒂股份 2025 年 Q1 营收和利润略低于预期，受海外出口订单影响。国 内业务表现优秀，爵宴品牌突出，好世家调整期，下半年有望放量。新西 兰品牌 Smart Balance 预计 7 月底上市。 • 宠物食品行业景气度维持良好，电商平台扶持力度加大，中美关税政策缓 和利好国产品牌。产品创新集中在配方和科学营养方面，原料和工艺升级 空间有限。 • 2025 年宠物行业线上 GMV 在天猫、京东和抖音平台增速为 16%，1-4 月累计增速 18%，显示新消费市场韧性。国产中高端品牌表现优于中低端， 进口品牌转向跨境 ...

Summary of the Conference Call on the Pet Food Industry Industry Overview - The report focuses on the pet food industry in China, analyzing its high-end market development by referencing the Japanese market as a benchmark [1] - The industry is currently experiencing rapid growth, with potential for increased pet ownership and spending per pet [1][7] Key Insights - The compound annual growth rate (CAGR) for urban pet ownership in China from 2022 to 2024 is projected at 3.2%, with cats growing at 4.6% and dogs at 1.3% [2] - The spending per cat is increasing faster than for dogs, with a projected spending of 1,067 million in 2024, reflecting a year-on-year growth of 5.9% [2] - The pet food industry is undergoing a consumption upgrade, driven by younger generations (post-90s and post-00s) who are more likely to own pets [2][3] Market Dynamics - The concentration of the market is increasing, with the CR3 (top three companies) market share rising from 15.6% to 19.9% and CR10 (top ten companies) from 28.3% to 32.1% [4] - Compared to Japan (48%) and the US (55%), China's market concentration still has significant room for growth [4] Consumption Trends - The pet accessories market is also seeing an upgrade, particularly in the 60-100 price range, which is growing at 36% compared to the overall industry growth of 13% [5] - The trend towards higher-quality pet food, such as baked grain products with lower starch content and higher meat ratios, is becoming popular due to health benefits and consumer acceptance [6] Company Case Study: Guai Bao - Guai Bao has successfully developed its brands, Maifudi and Fuleijiate, through continuous product upgrades and a focus on high-end positioning [8] - The company has strategically chosen e-commerce channels early on, benefiting from the growth of online sales in the pet industry [10] - Guai Bao's product iterations have led to significant price increases, with expected average prices rising from 47.4 to 65.2 from 2022 to 2025 [12] Product Development - Recent product upgrades include the transition of Maifudi's products from 1.0 to 2.0 versions, with price increases of approximately 5 per kilogram [14] - The introduction of new flavors and formulations, such as the forest flavor for cat food, reflects the ongoing innovation in the product lineup [15] Conclusion - The pet food industry in China is poised for continued growth, driven by demographic trends, increased spending, and a shift towards premium products. The competitive landscape is evolving, with opportunities for consolidation and brand development as the market matures [4][9]