Summary of Pet Food ODM Business Conference Call Company and Industry Overview - The conference call discusses Petty Co., a company in the pet food industry, focusing on its ODM (Original Design Manufacturer) business for pet snacks, with significant operations in the U.S. and Europe [2][3]. Key Points and Arguments 1. Revenue Projections - The pet food ODM business is expected to generate revenue of approximately 1.4 to 1.5 billion yuan by 2026, with the U.S. market accounting for about 70% and Europe for over 20% [2][3]. 2. Market Dynamics - The European market is anticipated to become a significant growth source, contingent on the performance of new products from European clients [2][4]. - The U.S. market has shown signs of stabilization and recovery since Q1 2026, while Europe has experienced more pronounced order growth [3][4]. 3. Cost and Pricing Strategy - In 2025, revenue fluctuations were attributed to cautious customer ordering and tariff impacts, but profitability remained stable due to efficient operations in overseas factories, particularly in Southeast Asia [4][5]. - Raw material costs are expected to stabilize in 2026, with exchange rate fluctuations being the main uncertainty. The company has adjusted its USD account positions to mitigate risks [4][5]. 4. Product Development and Brand Strategy - The company has completed the import registration of eight products from New Zealand, with a focus on launching a new brand, "Yuebais," in mid-2026, primarily through Tmall International [5][10]. - The domestic self-owned brand "Jueyan" aims for a 30% growth target in 2026, with a focus on high-quality products, including new cat food offerings [5][6][8]. 5. Competitive Landscape and Market Positioning - The company is monitoring acquisition opportunities in the pet food sector, particularly for second-tier brands in the staple food category [10][11]. - The "Haoshijia" brand is positioned as a mid-range product line, with expected growth rates lower than "Jueyan" due to intense competition and price pressures [8][12]. 6. Operational Capacity and Expansion Plans - The company has significant production capacity in Southeast Asia, with plans to expand operations in Vietnam and Cambodia to meet U.S. and European demand [13][14]. - The New Zealand facility is expected to contribute 800 to 1 billion yuan in revenue once fully operational, with a ramp-up period of 3 to 4 years [16]. 7. Marketing and Sales Strategy - The marketing strategy for "Yuebais" will leverage its New Zealand origin to build consumer trust, initially focusing on online sales through Tmall International [10]. - The company plans to enhance its product offerings in both online and offline channels, with a focus on high-quality, high-priced products [12][16]. Other Important Insights - The company is actively managing its supply chain to mitigate the impact of shipping disruptions, particularly for U.S. orders, which are primarily fulfilled from Southeast Asia [9]. - The anticipated reduction in tariffs for Vietnamese products is expected to boost order volumes from U.S. clients, particularly in Q2 and Q3 of 2026 [9][16]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market dynamics, and operational plans within the pet food industry.

证券日报网讯1月30日，佩蒂股份（300673）在互动平台回答投资者提问时表示，关于新西兰主粮进入 国内市场的事宜，公司正在全力推进各项准备工作，力求尽快满足市场期待，并将及时发布相关动态。 ...

佩蒂股份（300673.SZ）1月9日在投资者互动平台表示，新西兰主粮工厂目前有向客户交付订单，进入 到国内市场的准备工作正在积极有序推进中，品牌设计、产品配方、进口备案以及销售方案等重要节点 工作已基本完成，但目前尚无法公布具体的上市时间表。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：现在已经是2026年1月中旬了，为什么新西兰品牌还没 动静？ ...

Summary of Petty Co. Conference Call Company Overview - **Company**: Petty Co. - **Industry**: Pet Food and Snacks Key Points Overseas Business Performance - Petty Co. reported stable overseas shipment volumes in Q2 2025 compared to the same period last year, indicating steady overseas demand [2][3] - The company plans to cover tariffs through cost-plus pricing and expects overseas clients to share some of the costs, maintaining a positive outlook on overseas business profitability recovery in the medium to long term [2][3] Gross Margin Insights - Gross margins for three product categories—plant-based gel, bark gel, and nutritious meat snacks—ranged from 3% to 6.75% in Q2, benefiting from cost control and economies of scale at overseas factories [2][3] - Stable raw material prices and the depreciation of the Vietnamese Dong contributed positively to margins, with expectations for this trend to continue in the second half of the year [2][7] Domestic Market Growth - The domestic market saw significant growth, with the Jieyan brand achieving over 40% growth, becoming a key growth driver [2][5] - The company is shifting focus from the Ziliang agency business to the Jieyan brand, increasing investment in this area [2][5] - The Wenzhou baking grain production line has been launched to enhance the staple food product line and target the domestic staple food market [2][5] Future Orders and Revenue Expectations - Q3 orders are expected to be flat year-over-year, but revenue may fall short of last year's due to tariff impacts; however, Q4 is anticipated to see a recovery in export revenue [2][6][8] - The company plans to promote baking grain products in the domestic market in the second half of the year, with the New Zealand staple food potentially delayed until the end of the year or early next year [2][6] Sales and Marketing Strategy - Sales expenses will focus on supporting the new product "Yuanliwan" and the Jieyan brand, with a target to keep the sales expense ratio around 30% [2][9] - Significant pre-launch investments were made before the 618 shopping festival, with additional support planned for baking grain products in the second half of the year [2][9] Online and Offline Sales Channels - Online channels contribute over 70% of total sales, with major platforms being Taobao and JD.com; Douyin and Xiaohongshu are used primarily for brand promotion [2][4][12] - The Jieyan brand performs exceptionally well online, while offline sales are mainly through large supermarkets [2][4][12] Product Development and Future Plans - The Smart Balance brand is set to enter the domestic market after obtaining regulatory approval, focusing on mid to high-end positioning [2][4][18][24] - New Zealand staple food is expected to launch by the end of the year, with a strategy to first enter online channels before expanding to offline new retail channels [2][5][17] - The company plans to introduce multiple staple food products in 2025 to establish a foundation for significant growth in 2026 [2][26][27] Financial Outlook - The free brand is expected to continue incurring losses in 2025, but these losses are projected to narrow compared to 2024 [2][14] - The company aims for a breakeven point in the domestic market if revenues reach between 700 million to 800 million yuan [2][27] Consumer Education and Marketing - Petty Co. utilizes social media platforms like Xiaohongshu and Douyin for consumer education, leveraging influencers to enhance brand awareness [2][22][23] Conclusion - Overall, Petty Co. maintains a positive outlook for both domestic and overseas markets, focusing on product diversification and effective cost management to drive future growth and profitability [2][26][27]

Group 1 - The core viewpoint of the article is that Petty Co. is currently in the market expansion and capacity ramp-up phase for its New Zealand staple food project, with normal operations and orderly progress in its business plan [2] Group 2 - The New Zealand staple food project is reported to be operating normally, indicating stability in its current phase [2] - The company is actively working on expanding its market presence while increasing production capacity [2] - The business plan for the project is being implemented in an orderly manner, suggesting effective management and strategic planning [2]

Core Viewpoint - Petty Co. is expanding its New Zealand staple food project to target the global mid-to-high-end pet food market, prioritizing its own brand products [1] Group 1: Project Overview - The New Zealand staple food project is being developed according to the operational plan, focusing on market expansion and capacity release [1] - The project aims to leverage high-quality raw materials, strict processes, and advanced production equipment to establish a foundation for becoming a global high-end pet food supplier [1] Group 2: Cost and Production - Although labor costs in New Zealand are higher than in China, the production line is automated, reducing reliance on manual labor [1] - The cost of raw materials varies, being higher or lower compared to domestic prices [1] Group 3: Future Outlook - The company plans to accelerate the operation of this project to contribute to its performance as soon as possible [1]

Core Viewpoint - The company has successfully launched its New Zealand staple food project, targeting the global mid-to-high-end pet food market, with a focus on its own brand products [2]. Group 1: Project Status and Production - The New Zealand staple food project is currently expanding its market and releasing production capacity according to the operational plan [2]. - The project aims to achieve high-quality production standards and is equipped with advanced production facilities [2]. Group 2: Market and Sales - The primary market for the products from the New Zealand project is the global mid-to-high-end pet food sector [2]. - The company plans to prioritize supplying products for its own brand [2]. Group 3: Cost and Operational Efficiency - Labor costs in New Zealand are higher compared to domestic levels, but the production line is automated, reducing reliance on manual labor [2]. - The raw material costs vary, being higher or lower than domestic prices [2]. - The company intends to accelerate the project's operations to contribute to its performance as soon as possible [2].