6 证券研究报告 点评报告 2025 年 8 月 26 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 8 月 25 日有媒体报道，工信部近期将向三家基础电信运营商正式颁发卫星互联网 牌照，进一步推动电信运营商扩大新兴业务范畴。截止目前，中国星网共完成 9 组共 72 颗组网星发射，其中 7 月 27 至今共发射 5 组 38 颗组网星，组网进程明 显加速。我们认为如果真的发放卫星互联网运营牌照，后续互联卫星的发射和地 面配套设施建设将会较快，在当前 A 股日成交量已经超过 3 万亿的市场热度下， 大概率会带来卫星制造、地面设备和运营方面相关上市公司的投资机会。 8 月 25 日上海正式发文调整楼市限购政策，一是解除外环的购房限制，提升单身 个人的购房套数至与家庭一致，二是将首套和二套房的贷款利率拉平，三是免征 首套和符合条件房产的房产税，四是公积金贷款提取的进一步放松和提高额度。 我们认为一二套房贷款利率的拉平若能在主要限购城市放开，将有助于进一步降 低改善住房的成本。同时在地产仍未明确止住下行趋势的情况下，上海放松限购 也有利于全国地产信心的回升。同时在当前 A 股市场可能高低估 ...

未来，宠物营养补充剂市场将迎来更细分的发展格局，全周期、全方位保障宠物健康。有鉴于此，艾瑞咨询综合研究宠物分阶喂养与营养需求，以白皮书的形式，希 望为业内企业、经销商和消费者提供更多信息参考，提升各方对宠物喂养的认识及理解，长远来看，希望白皮书也有助于推动行业标准的制定及完善，促进宠物喂养 行业的高质量发展。 前言： 在养宠数量增加及情感消费升级的驱动下，中国宠物市场持续扩容。宠物食品作为宠物市场的核心品类，已从早期的通用型向精细化、功能化转型，针对不同年龄 段、不同生理状态的定制化宠物食品成为主流，满足了宠主对爱宠差异化需求的关注。不同年龄段的喂养方式及营养需求呈现出明显差异：幼年期宠物成长快、免疫 力弱，需补充营养，做好疾病防护；青壮年期宠物食量大，需均衡营养；老年期宠物机能衰退，需选择适口性强的食物，并补充关键营养素。随着宠物健康管理意识 的提升，除了维生素等传统营养补充剂，功能性营养补充剂需求也不断增加，其中，益生菌成为调节肠胃的常备品，鱼油成为美毛的养护型产品。 宠物分阶喂养与营养需求 丨白皮书 中国宠物经济的体量与增速 宠物经济市场潜力巨大，近年来稳步增长 宠物行业的发展与国家经济的发展密切相关。 ...

Group 1 - The latest stock price of Zhongchong Co., Ltd. is 60.40 yuan, an increase of 1.34% compared to the previous trading day, with a highest intraday price of 61.99 yuan and a lowest of 59.09 yuan, and a trading volume of 107,900 hands, totaling a transaction amount of 653 million yuan [1] - Zhongchong Co., Ltd. specializes in the research, production, and sales of pet food, covering various categories such as pet snacks and pet staple food, and operates within the agriculture, animal husbandry, and fishery industry, while also being involved in the pet economy sector [1] - Morgan Stanley has entered the top ten circulating shareholders of Zhongchong Co., Ltd. in the second quarter of this year, holding 1.86 million shares, along with other foreign institutions like Itoham Yonekyu Holdings and Aberdeen Asset Management appearing in the company's shareholder list [1] Group 2 - On August 19, Zhongchong Co., Ltd. experienced a net inflow of main funds amounting to 56.65 million yuan, with a cumulative net inflow of 19.28 million yuan over the past five days [1]

Investment Rating - The report maintains a "Recommended" rating for the pet food industry, indicating a positive outlook on the sector's fundamentals and growth potential [1][61]. Core Insights - The domestic pet market is characterized by growth potential and low concentration, with a projected market size of 300.2 billion yuan in 2024, reflecting a year-on-year growth of 7.5% [6][11]. - The market is expanding, with leading brands increasing their market share, particularly in the mid-to-high-end product segments, while low-end products face intensified competition [6][30]. - A robust supply chain is essential for brand development, ensuring product quality and responsiveness to market demands [6][41]. - Consumer preferences are shifting towards domestic brands, with a notable increase in the market share of local pet food brands [16][26]. - The trend towards scientific and emotional pet care is driving product innovation and consumer spending [50][59]. Summary by Sections Domestic Pet Market Overview - The pet market in China is growing, with a projected size of 300.2 billion yuan in 2024, driven by a low penetration rate of 21% compared to 40% in Japan and 60% in the U.S. [6][15]. - The market structure is stable, with pet food accounting for the largest share of pet-related expenditures at 52.8% in 2024 [11][12]. Market Dynamics - The market is witnessing a shift towards online purchasing, with 68% of consumers preferring online channels for pet food purchases [23][20]. - Leading brands are outperforming the overall market, with significant growth in their online sales [24][27]. Competitive Landscape - The competitive landscape is becoming more differentiated, with top brands like Myfoodie and Royal Canin gaining market share [26][30]. - The number of new pet-related businesses has declined for the first time in a decade, indicating a consolidation trend favoring established brands [28][30]. Trends in Pet Food Industry - There is a clear trend towards product innovation, focusing on nutritional quality and consumer experience [50][54]. - Emotional and social aspects of pet ownership are becoming increasingly important, influencing consumer purchasing decisions [59][58]. Investment Recommendations - The report suggests that the pet food industry is in a phase of rapid brand development, with a positive long-term growth outlook, maintaining a "Recommended" rating for the sector [61][62].

Company Overview - Yuanfei Pet's stock price closed at 20.79 yuan on August 11, 2025, down 0.81% from the previous trading day, with a trading volume of 0.56 billion yuan and a turnover rate of 3.40% [1] Business Operations - Yuanfei Pet specializes in the design, production, and sales of pet products, including pet leashes and pet snacks, primarily targeting overseas markets [1] - The company operates in sectors such as household light industry, cross-border e-commerce, and the pet economy [1] Corporate Actions - On August 11, 2025, the company held its first extraordinary general meeting of shareholders to review and approve the proposal for the board of directors to handle matters related to the 2025 restricted stock incentive plan [1] Financial Flow - On August 11, 2025, there was a net outflow of 4.685 million yuan in main funds, with a cumulative net outflow of 8.0826 million yuan over the past five days [1]

Core Viewpoint - The company, Zhongchong Co., Ltd., has shown significant growth in its financial performance and is expanding its global production capacity to strengthen its position in the pet food industry. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.432 billion yuan, representing a year-on-year growth of 24.32%, with a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [2][3] - Revenue from domestic operations was 857 million yuan, growing by 38.89%, while overseas revenue reached 1.575 billion yuan, increasing by 17.61% [2] Product Performance - Revenue from pet staple food reached 783 million yuan, marking an impressive growth of 85.79%, while pet snacks generated 1.529 billion yuan, with a growth of 6.37% [3] Global Production Capacity - The company has established over 22 modern production bases globally, with more than 10 new projects underway [4] - North America is the largest sales market, with a collaborative operational structure among factories in the USA, Canada, and Mexico [4] - The new factory in Mexico, with an investment of nearly 100 million yuan and covering an area of 10,000 square meters, is a strategic addition to the company's global supply chain [5] Impact of Tariffs - The company's products comply with the US-Mexico-Canada Agreement and are not affected by recent tariff adjustments, ensuring stable operations in Canada and Mexico [7] Brand Development and Marketing - The company aims to become a leader in the global pet food industry, with significant progress in its overseas brand development, including brands like "WANPY" and "TOPTREES" [8] - The WANPY brand has implemented various marketing strategies, including partnerships with celebrities and innovative product launches, enhancing brand recognition and market presence [10][11] Market Competition - The domestic pet food market is experiencing growth due to rising living standards and changing consumer preferences towards quality and personalized products [9] - The market concentration is still low compared to developed countries, but leading brands with strong R&D and supply chain capabilities are gaining market share [9] Future Outlook - The company plans to focus on building its own brands, expanding into overseas markets, and enhancing its global supply chain while maintaining its traditional OEM business [13]

Core Viewpoint - The pet food industry is experiencing significant growth, with Zhongchong Co., Ltd. reporting strong financial results for the first half of 2025, indicating a robust market demand and competitive landscape [1][3]. Financial Performance - Zhongchong Co., Ltd. achieved a revenue of 2.432 billion yuan in the first half of 2025, marking a year-on-year increase of 24.32%, while net profit reached 203 million yuan, up 42.56% [1][3]. - In Q2 2025, the company reported revenue of 1.331 billion yuan, a 23.44% increase year-on-year, and a net profit of 112 million yuan, reflecting a 29.79% growth [3]. - Domestic revenue was 857 million yuan, growing by 38.89%, while overseas revenue was 1.575 billion yuan, increasing by 17.61% [3]. Market Dynamics - The pet food market is characterized by increasing consumer demand for high-quality and personalized products, driven by rising living standards and emotional companionship needs [8][9]. - The market concentration in China's pet food industry remains low compared to developed countries, with many small to medium-sized enterprises and significant product homogeneity [8][9]. - The shift in consumer preferences towards brand reputation and product quality is leading to a gradual increase in market concentration, favoring companies with strong R&D capabilities and supply chain systems [8][9]. Competitive Landscape - The competition in the pet food sector is intensifying, with leading companies like Zhongchong Co., Ltd. and Guai Bao Pet occupying significant market shares, while smaller firms struggle with lower scale and profit margins [9][10]. - The entry of new players, such as Delisi, into the pet food market highlights the competitive nature of the industry, particularly in regions like Shandong, which is becoming a hub for pet food companies [10]. Strategic Initiatives - Zhongchong Co., Ltd. is focusing on global expansion and supply chain optimization, with over 22 modern production bases established worldwide, including in North America and Southeast Asia [6][7]. - The company plans to enhance its brand influence and market share by leveraging its comprehensive advantages in the evolving pet food market [9].

Core Viewpoint - The pet food industry is experiencing significant growth, with companies like Zhongchong Co., Ltd. reporting strong financial performance in the first half of 2025, indicating a robust market environment for pet food products [2][4]. Financial Performance - Zhongchong Co., Ltd. reported a revenue of 2.432 billion yuan in the first half of 2025, a year-on-year increase of 24.32%, and a net profit of 203 million yuan, up 42.56% [2][4]. - In Q2 2025, the company achieved a revenue of 1.331 billion yuan, reflecting a 23.44% increase year-on-year, with a net profit of 112 million yuan, up 29.79% [4]. - Domestic revenue reached 857 million yuan, growing by 38.89%, while overseas revenue was 1.575 billion yuan, increasing by 17.61% [4]. Market Dynamics - The pet food market is characterized by increasing consumer demand for high-quality and personalized products, leading to a shift from basic survival needs to premium consumption [9][10]. - The market concentration in China's pet food industry remains low compared to developed countries, with many small to medium-sized enterprises present [9][10]. - The competitive landscape is intensifying, with leading companies like Zhongchong Co., Ltd. and Guai Bao Pet occupying significant market shares, while smaller firms may face challenges [10][11]. Brand Development - Zhongchong Co., Ltd. has strengthened its brand presence through strategic marketing initiatives, including partnerships with major media outlets [5]. - The company operates several key brands, including Wanpi, Leading, and New Zealand ZEAL, which have seen increased visibility and consumer recognition [5]. Global Expansion - The company is expanding its global footprint with modern production facilities in North America, including the recent completion of a factory in Mexico [6][7]. - The North American market is identified as the largest sales region for Zhongchong Co., Ltd., with a collaborative operational model across its factories in the U.S., Canada, and Mexico [7][8]. Competitive Landscape - The pet food industry is witnessing a trend towards high-end and functional products, with e-commerce price wars and raw material fluctuations posing challenges for companies [10]. - New entrants, such as Delisi, are exploring opportunities in the pet food sector, indicating a growing interest in this market [10][11]. Regional Advantages - Shandong Province is emerging as a hub for pet food companies due to its abundant raw material supply, logistical advantages, and supportive policies [11].

Group 1: Core Conclusions - The report highlights that AI's demand for computing power accelerates the iteration of communication technology, with significant opportunities in marine energy and communication sectors. The company, as a global leader in the optical cable industry, is expected to benefit from the rising demand in both communication and energy fields. Projected net profits for 2025-2027 are 3.4 billion, 3.9 billion, and 4.5 billion CNY, with growth rates of 21.7%, 15.7%, and 15.7% respectively, corresponding to PE ratios of 12, 10, and 9 times [1][6][7] Group 2: Company Overview - The company is ranked among the top three in the global optical fiber communication industry and marine cable systems, focusing on both communication and energy sectors. It possesses a complete production and service capability across the entire industry chain, from optical fiber preform to optical fiber cable and optical network deployment [6][7] - In the communication sector, the company is a top player in the optical fiber cable market and the only domestic company with the capability to deliver cross-border marine cable systems. In the energy sector, it maintains a leading position in land power grids, offshore wind cables, and specialty cables, with a comprehensive product range across various voltage levels [6][7] Group 3: Market Trends and Opportunities - The demand for low-loss and hollow-core optical fibers is increasing due to the growth in computing power, which is driving the iteration of communication infrastructure. The company has strategically positioned itself in next-generation fiber technology, achieving significant market shares in recent tenders and projects [7] - The government has included deep-sea technology in its work report, indicating ongoing policy support for marine energy and communication sectors. The company is well-positioned to benefit from the accelerated installation of offshore wind power and the increasing demand for submarine cables as the industry enters a replacement phase [7] Group 4: Financial Performance - For Ningde Times, the company reported a revenue of 178.886 billion CNY and a net profit of 30.485 billion CNY for the first half of 2025, reflecting year-on-year increases of 7.27% and 33.33% respectively. The second quarter saw a revenue of 94.182 billion CNY, up 8.26% year-on-year, and a net profit of 16.523 billion CNY, up 33.73% year-on-year [9][10] - For Zhongchong Co., the company achieved a revenue of 2.432 billion CNY and a net profit of 203 million CNY in the first half of 2025, with year-on-year increases of 24.32% and 42.56% respectively. The second quarter revenue was 1.331 billion CNY, up 23.44% year-on-year [13][14]

Group 1: Haiguang Information/Semiconductors - The demand for domestic high-end chips has surged, with Q2 revenue increasing by 41% year-on-year [3][4] - In H1 2025, Haiguang Information reported revenue of 5.464 billion yuan, a year-on-year increase of 45.21%, and a net profit of 1.201 billion yuan, up 40.78% [4] - The company achieved a significant milestone with its net profit exceeding 1 billion yuan for the first time since its listing [4] - The growth in revenue is attributed to the rising demand in the domestic high-end chip market and strengthened partnerships with key industry players [4] - Inventory and contract liabilities remain high, indicating strong downstream demand and operational confidence [5] - The company has increased its R&D investment, reaching 1.711 billion yuan in H1 2025, a 24.68% increase year-on-year, enhancing its product competitiveness [6][7] - Profitability is under pressure with a gross margin of 60.15%, down 3.28 percentage points year-on-year, and a net margin of 30.05%, down 2.53 percentage points [6] Group 2: Zhongchong Co./Feed Industry - Zhongchong Co. reported H1 2025 revenue of 2.43 billion yuan, a year-on-year increase of 24.3%, and a net profit of 203 million yuan, up 42.6% [9][10] - The company’s overseas business revenue reached 1.575 billion yuan, growing by 17.61%, with an improved gross margin of 27.95% [10] - The domestic business saw a revenue increase of 38.89%, with a gross margin of 37.68% [10] - The company has established a robust supply chain with production bases in multiple countries, enhancing its market responsiveness [10][11] - The WANPY brand has significantly improved its market presence, achieving notable sales performance and brand recognition [11] - Future revenue projections for Zhongchong Co. are optimistic, with expected revenues of 5.553 billion, 6.836 billion, and 8.404 billion yuan from 2025 to 2027 [12] Group 3: Meta Platforms Inc./Overseas - Meta Platforms reported Q2 2025 revenue of $47.516 billion, a year-on-year increase of 22%, and a net profit of $18.337 billion, up 36% [13][14] - The core advertising business saw significant growth, driven by AI, with revenue reaching $46.563 billion, exceeding market expectations [14][15] - AI has enhanced user engagement and advertising monetization, with notable increases in ad conversion rates on platforms like Facebook and Instagram [15][16] - Meta's capital expenditure is projected to be between $66 billion and $72 billion for 2025, reflecting a substantial increase in investment [16] - The company is focusing on five main areas for AI development, including advertising efficiency and user experience [16][17] - Future revenue forecasts for Meta are strong, with expected revenues of $194.6 billion, $223.2 billion, and $251.2 billion from 2025 to 2027 [18]