来源：新浪证券-红岸工作室 10月10日，源飞宠物涨4.94%，成交额1.73亿元，换手率6.73%，总市值45.79亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+人民币贬值受益+一带一路 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生产 和销售。 4、根据2024年年报，公司海外营收占比为85.78%，受益于人民币贬值。 5、2023年3月31日互动易回复：公司的海外基地主要为柬埔寨爱淘和柬埔寨莱德，其作为公司推进全球 化产能布局、提高市场竞争力的重要战略，主要定位为公司在东南亚地区的生产基地并作为国内产能的 补充；同时作为建立东南亚供应链的尝试，公司设立柬埔寨生产基地有利于降低劳动力成本和应对国际 贸易摩擦。目前 ...

截至发稿，于玥累计任职时间7年107天，现任基金资产总规模6.72亿元，任职期间最佳基金回报 85.32%， 任职期间最差基金回报-19.4%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 10月10日，源飞宠物涨5.69%，截至发稿，报24.16元/股，成交7505.34万元，换手率2.95%，总市值 46.12亿元。 数据显示，博时基金旗下1只基金位居源飞宠物十大流通股东。博时第三产业成长混合（050008）二季 度新进十大流通股东，持有股数90.35万股，占流通股的比例为1.15%。根据测算，今日浮盈赚取约 117.46万元。 博时第三产业成长混合（050008）成立日期2007年4月12日，最新规模6.72亿。今年以来收益23.89%， 同类排名4398/8166；近一年收益19.18%，同类排名4714/8014；成立以来收益33.32%。 博时第三产业成长混合（050008）基金经理为于玥。 资料显示，温州源飞宠物玩具制品股份有限公司位 ...

来源：新浪证券-红岸工作室 10月9日，源飞宠物跌1.17%，成交额6343.57万元，换手率2.58%，总市值43.64亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+人民币贬值受益+一带一路 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生产 和销售。 区间今日近3日近5日近10日近20日主力净流入-88.45万-824.06万-721.13万-1696.83万-5031.55万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2424.63万，占总成交额的5.56%。 技术面：筹码平均交易成本为24.06元 该股筹码平均交易成本为24.06元，近期该股有吸筹现象，但吸筹力度不强；目前股价靠近压力位 22.96， ...

Core Viewpoint - The company, Wenzhou Yuanfei Pet Products Co., Ltd., is benefiting from the pet economy, cross-border e-commerce, and the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales [2][3]. Company Overview - Wenzhou Yuanfei Pet Products Co., Ltd. specializes in the research, production, and sales of pet supplies and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7]. - The company was established on September 27, 2004, and went public on August 18, 2022 [7]. - As of June 30, 2025, the company reported a revenue of 792 million yuan, a year-on-year increase of 45.52%, and a net profit of 74.16 million yuan, a year-on-year increase of 0.37% [7]. Revenue Composition - The revenue composition of the company is as follows: pet snacks 52.09%, pet leashes 24.77%, pet staple food 9.79%, others 7.72%, and pet toys 5.64% [7]. International Operations - The company has a significant international presence, with 85.78% of its revenue coming from overseas, benefiting from the depreciation of the RMB [3]. - The overseas sales are primarily conducted through its subsidiary in the U.S., BA, focusing on pet leashes sold via platforms like Amazon and Shopify [2][3]. Production and Supply Chain - The company has established production bases in Cambodia, which serve as important strategic locations for enhancing market competitiveness and reducing labor costs [3]. - The Cambodian production bases, Aitao and Laide, have been operational with an annual capacity utilization rate of around 80% [3]. Shareholder Information - As of June 30, 2025, the company had 15,300 shareholders, an increase of 20.85% from the previous period, with an average of 5,146 shares held per shareholder, a decrease of 17.29% [7][8]. - Notable new institutional shareholders include Hai Fu Tong Growth Value Mixed A and Bo Shi Third Industry Growth Mixed [8].

Core Viewpoint - The article discusses the performance and strategic positioning of Wenzhou Yuanfei Pet Products Co., Ltd., highlighting its focus on pet supplies and food, as well as its international sales strategy benefiting from currency depreciation and global market expansion [2][3]. Company Overview - Wenzhou Yuanfei Pet Products Co., Ltd. specializes in the research, production, and sales of pet supplies and food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][3]. - The company is located in Pingyang County, Wenzhou, Zhejiang Province, and was established on September 27, 2004, with its stock listed on August 18, 2022 [7]. - The revenue composition of the company includes pet snacks (52.09%), leashes (24.77%), staple food (9.79%), other products (7.72%), and toys (5.64%) [7]. Financial Performance - For the first half of 2025, the company achieved a revenue of 792 million yuan, representing a year-on-year growth of 45.52%, while the net profit attributable to the parent company was 74.16 million yuan, with a slight increase of 0.37% [7]. - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8]. Market Position and Strategy - The company benefits from a high overseas revenue ratio, with 85.78% of its revenue coming from international markets, aided by the depreciation of the Chinese yuan [3]. - The company has established production bases in Cambodia to enhance its global capacity and reduce labor costs, with an average capacity utilization rate of around 80% in previous years [3]. Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased by 20.85% to 15,300, while the average circulating shares per person decreased by 17.29% to 5,146 shares [7]. - New institutional shareholders include Hai Fu Tong Growth Value Mixed Fund and Bo Shi Third Industry Growth Mixed Fund, indicating growing interest from institutional investors [8].

Group 1 - The company held its eighth meeting of the third board of directors on September 18, 2025, with all seven directors present, and the meeting was conducted in accordance with relevant laws and regulations [2][4] - The board approved the proposal to continue using part of the temporarily idle raised funds for cash management, with an amount not exceeding 80 million RMB, for a period not exceeding 12 months [2][23] - The company will invest in low-risk, high-liquidity, and capital-preserving financial products or deposit products, including but not limited to wealth management products, structured deposits, large certificates of deposit, and time deposits [7][15] Group 2 - The board also approved the revision of the "Selection System for Accounting Firms," aligning it with relevant laws and the company's actual needs [5][23] - The company has previously approved the use of up to 250 million RMB of temporarily idle raised funds for cash management in 2024, indicating a consistent strategy to enhance fund utilization efficiency [8][9] - The company aims to improve the efficiency of fund usage and increase shareholder returns while ensuring that the cash management does not affect the normal operation of the fundraising investment projects [14][22] Group 3 - The company has established a special account for the management and use of raised funds, ensuring that all funds are properly monitored and utilized [10][12] - The company will ensure compliance with relevant regulations and will not change the purpose of the raised funds through cash management [17][24] - The independent directors and internal audit department will oversee the use and management of the funds to mitigate risks [19][20]

2025年上半年，源飞宠物实现营收7.919亿元，同比增长45.52%；归母净利润7416万元，同比增长 0.37%。 公告称，减持原因为股东自身经营需求。减持价格按照减持时的市场价格及交易方式确定，且不低于公 司首次公开发行股票时的价格。若公司上市后发生派发股利、送红股、转增股本、增发新股或配股等除 息、除权行为，前述价格将进行相应调整。 源飞宠物表示，上述股东不属于公司控股股东、实际控制人，本次减持计划的实施不会导致公司控制权 发生变化，不会对公司股权结构及持续经营产生重大影响。 源飞宠物主要从事宠物用品和宠物零食的研发、生产和销售，主要产品包括宠物牵引用具、宠物注塑玩 具等宠物用品以及狗咬胶等宠物零食。2022年，源飞宠物在深交所上市。 9月18日，源飞宠物（001222）董秘向证券时报记者表示，本次拟减持主体为员工持股平台股东，不涉 及公司控股股东及实际控制人。相关股东拟合计减持不超过655.97万股，占公司总股本比例不超过 3.48%。 9月17日晚间，源飞宠物公告称，该公司三股东平阳晟飞、平阳晟雨、平阳晟进披露减持计划，合计不 超3.4822%股份。 其中，股东平阳晟飞和平阳晟雨计划合计减持公司股 ...

Core Viewpoint - Yuanfei Pet experienced a decline of 5.24% on September 18, with a stock price of 23.70 CNY per share and a total market capitalization of 4.524 billion CNY [1] Company Overview - Yuanfei Pet was established on September 27, 2004, and went public on August 18, 2022. The company is located in Wenzhou, Zhejiang Province, and specializes in the research, production, and sales of pet products and pet snacks [1] - The revenue composition of Yuanfei Pet is as follows: pet snacks 52.09%, pet leashes 24.77%, pet food 9.79%, other products 7.72%, and pet toys 5.64% [1] Shareholder Information - According to data, Bosera Fund has a presence among the top ten circulating shareholders of Yuanfei Pet. The Bosera Third Industry Growth Mixed Fund (050008) entered the top ten shareholders in the second quarter, holding 903,500 shares, which accounts for 1.15% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 1.1836 million CNY [2] Fund Performance - The Bosera Third Industry Growth Mixed Fund (050008) was established on April 12, 2007, with a current scale of 672 million CNY. Year-to-date, it has achieved a return of 24.71%, ranking 3734 out of 8172 in its category. Over the past year, it has returned 35.42%, ranking 4822 out of 7980 [2] - The fund manager, Yu Yue, has been in the position for 7 years and 85 days, with the best fund return during this period being 85.32% and the worst being -19.29% [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [12]. Core Insights - The company emphasizes growth with a steady approach, expanding its capabilities and planning strategically. It started as an OEM for foreign trade and has begun to cultivate its brand operation capabilities by acquiring a team in 2023. The company is leveraging trends in pet consumption and opportunities in Douyin e-commerce to incubate its own brands, starting with dog snacks and gradually expanding into the broader pet food and supplies market [3][7]. Company Overview - The company is transitioning from manufacturing and marketing to brand development. It has a solid foundation in foreign trade OEM and is now focusing on internal brand development. The business structure includes approximately 86% from foreign sales OEM, over 10% from domestic brand agency, and a low single-digit percentage from its own brands, which are expected to grow significantly [7][22]. Financial Analysis - The company achieved revenues of 1.31 billion yuan and a net profit of 160 million yuan in 2024, with a five-year CAGR of 21% and 25%, respectively. The first half of 2025 saw a revenue increase of 46% year-on-year. The gross margin for 2024 is projected at 23%, with a net profit margin of 13% [8][32][33]. Export Business - The company's export business is steadily expanding, with a projected revenue of 1.124 billion yuan in 2024, reflecting a five-year CAGR of 18%. The North American pet market is mature, with significant growth in pet snacks. The company has established production capacity in Cambodia, which is expected to enhance its competitive edge in exports [9][65][66]. Domestic Sales - The domestic pet food market is fragmented, with the company leveraging platforms like Douyin for brand exposure. It has launched three proprietary brands focusing on dog snacks and is expected to achieve significant growth in the coming years. The company aims to reach a scale of 300-500 million yuan in the next three years [10][24].

Company Overview - The company focuses on growth with a scientific approach to planning and execution, transitioning from foreign trade OEM to brand operation capabilities in 2023 [1] - The business structure includes foreign trade OEM (approximately 86% in 2024), domestic brand agency (over 10%), and self-owned brands (low single digits) [1] - By H1 2025, the revenue share from pet snacks and pet leashes is expected to be 52% and 25% respectively, with a rapid increase in the share of pet snacks [1] Financial Analysis - In 2024, the company is projected to achieve revenue and net profit of 1.31 billion and 160 million respectively, with a 46% year-on-year growth in H1 2025 [2] - The company has a 5-year CAGR of 21% for revenue and 25% for net profit, with H1 2025 gross margin and net profit margin at 22% and 9% respectively [2] - The company has set ambitious revenue growth targets of 35%/31%/18% for 2025-2027, with trigger values of 22%/31%/18% [2] Export Business - The company’s export revenue is expected to reach 1.124 billion in 2024, with a 5-year CAGR of 18% [3] - The company benefits from overseas production capacity, which has not been significantly affected by tariffs, and is expanding capacity in Cambodia [3] - The focus remains on retail partnerships and expanding product categories to enhance market share [3] Domestic Market - The domestic pet food industry is transitioning to stable growth, with Douyin emerging as a key channel for new brands [4] - The company has launched three self-owned brands in the pet snack category, leveraging product innovation and effective operations [4] - The self-owned brand Pikapoo has seen significant sales growth on Douyin, with a 90% and 387% increase in sales in Q1 and Q2 respectively [4] - The company aims to achieve a scale of 300-500 million in the next three years, with projected net profits of 185 million, 218 million, and 239 million for 2025-2027 [4]