公司点评报告 · 农林牧渔行业 H1 公司盈利能力提升中，爵宴持续高增 2025 年 8 月 26 日 核心观点 | 佩蒂股份（股票代码：300673.SZ） | | --- | | 推荐 维持评级 | | 分析师 | | 谢芝优 | | ：021-68597609 | | ：xiezhiyou_yj@chinastock.com.cn | | 分析师登记编码：S0130519020001 | | 市场数据 | 2025-8-25 | | --- | --- | | 股票代码 | 300673.SZ | | A 股收盘价(元) | 17.44 | | 上证指数 | 3883.56 | | 总股本(万股) | 24,883 | | 实际流通 A 股(万股) | 16,199 | | 流通 A 股市值(亿元) | 28 | 相对沪深 300 表现图 2025-8-25 资料来源：中国银河证券研究院 资料来源：Wind，中国银河证券研究院 相关研究 -40% -30% -20% -10% 0% 10% 20% 佩蒂股份 沪深300 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中 ...

基于这一客群需求，「爵宴」在报告期内持续丰富产品矩阵，在零食板块推出多款针对小型犬的冻干新 品，满足小型犬精细化营养需求;在主食溼粮领域上线牛骨汤主食罐系列，在主食干粮品类中创新推出 原生风干粮薄脆产品，进一步完善全场景的宠物饮食需要。据了解，下半年「爵宴」还将围绕主粮、咀 嚼食品、主食罐、保健冻干糕点四大高增速品线持续推新，强化在中高端市场的产品护城河。 同时，面向中端市场的「好适嘉」品牌则以「专业营养+质价比」作为核心定位，有效填补「爵宴」在 中端价格带的市场空白，形成双品牌协同效应。报告期内，好适嘉持续推出冻干、零食等多品类新品， 覆蓋更多元消费需求，并将在下半年进一步完善产品矩阵。 8月25日晚，佩蒂股份(300673)发布2025年半年度报告，今年上半年公司实现营业收入7.27亿元;实现归 母净利润7910万元。报告显示，尽管受关税政策变动导致海外客户订单节奏被影响，佩蒂股份整体营收 同比略有下滑，但在自主品牌领域，「爵宴」「好适嘉」等品牌表现突出。 佩蒂股份表示，在国内宠物消费市场持续扩容的背景下，佩蒂股份将自主品牌业务作为战略性发展方 向。今年上半年，公司自主品牌聚焦产品创新与市场精准定位，其中 ...

2025年8月20日至24日，第27届亚洲宠物展在上海隆重召开，本次展馆有31万平方米的展出面积汇聚 2500+国内外展商，吸引数十万人参加。作为国内宠物行业头部上市企业佩蒂动物营养科技股份有限公 司（股票简称：佩蒂股份，股票代码：300673）（展位号：W5D51）携旗下爵宴、好适嘉等明星品牌 亮相展会，并在此次展会中荣获三项大奖：佩蒂股份荣获"年度中国质造大奖"，爵宴自2023-2025连续 三年豪取"年度实力宠物食品品牌大奖"，好适嘉也揽获"年度经典宠物食品品牌"奖项。 爵宴连续三年豪取"年度实力宠物食品品牌" 多款新品首次亮相亚宠展 亚宠展期间，佩蒂股份旗下核心自主品牌爵宴凭借良好的品质与口碑，以及出色的市场表现得到了平台 及行业的认可与推荐，获得了"年度实力食品品牌"荣誉。展会截至8月20日，爵宴抖音的销售额突破200 万元，同比增长50%，其中，主粮销售额近百万元，开启了主粮"新食代"。零食矩阵同时也在持续发 力，老品零食组合斩获宠物粮食好价金榜TOP2，新品零食蜜汁免脊骨摘得狗零食新品榜TOP3。 公司旗下的好适嘉秉承着对宠物健康营养升级的品牌理念，坚持由佩蒂自有宠物营养研究院自主研发生 产，从 ...

Group 1: Company Overview - YuJin Investment recently conducted research on Petty Co., focusing on its operational plans for 2024 and Q1 2025, emphasizing the expansion of offline channels such as Sam's Club and Walmart through a "shelf occupation plan" [1] - Petty Co. plans to deepen its high-end dog food market with its own brand "Jueyan" in 2025, particularly in staple food, and has high expectations for its air-dried food products, while also launching high-end cat food [1] - The company has shifted U.S. customer orders to Southeast Asian factories to mitigate the impact of U.S. tariff policy changes, although the specific effects are still uncertain [1] Group 2: Product Development and Market Strategy - In Q1 2025, Jueyan's growth in new snack products includes natural bone and meat chew snacks, staple canned food, freeze-dried snacks, and fresh grain, with rapid growth noted in freeze-dried products [1] - The company plans to introduce high-end cat food, starting with existing loyal customers, while the "Hao Shi Jia" brand targets cost-effective customers [1] - The New Zealand staple brand SmartBalance is set to launch domestically, with an expected 20% to 30% capacity release in 2025 to meet the diverse demands of high-end staple brands [1]

Investment Rating - The report does not provide a specific investment rating for the pet food industry or companies within it [8] Core Insights - The pet food market shows varied performance across different online platforms, with significant growth in certain brands and categories. For instance, the overall GMV for pet food on Tmall in January-February 2025 reached 2.101 billion yuan, a year-on-year increase of 12.79%, while JD.com saw a decline of 13.27% with a GMV of 860 million yuan. Douyin, however, experienced a robust growth of 29.30%, achieving a GMV of 1.024 billion yuan [5][6] - Notable brands such as MaiFuDi and FleiJiaTe have shown exceptional growth, with MaiFuDi achieving a GMV of 324 million yuan, up 34.29% year-on-year, and FleiJiaTe reaching 112 million yuan, a staggering increase of 176.75% [5] - The competitive landscape in the pet food industry is evolving, with a shift from mere brand expansion to a focus on profitability. The year 2025 is anticipated to be crucial for pet food brands, emphasizing the need to monitor profit margins alongside market share [6] Summary by Sections Market Performance - Tmall's GMV for pet food in January-February 2025 was 2.101 billion yuan, up 12.79% year-on-year - JD.com reported a GMV of 860 million yuan, down 13.27% - Douyin's GMV reached 1.024 billion yuan, up 29.30% [5] Brand Analysis - MaiFuDi's GMV was 324 million yuan, up 34.29%, with Tmall growth at 13.06% - FleiJiaTe achieved a GMV of 112 million yuan, up 176.75%, with Tmall growth at 156.50% - Other brands like GuaiBao and ZhongChong also showed varying growth rates, indicating a competitive market [5][6] Competitive Landscape - The report indicates a shift towards a more stable competitive environment, where brands must balance growth and profitability - The focus is on brands that can lead market trends while improving profit margins, with recommendations for brands like GuaiBao and ZhongChong that are performing well across sales channels [6]