佩蒂股份 20260128 摘要 2025 年美国加征关税影响佩蒂股份海外收入，但通过价格调整和成本 优化，毛利率反而提升。四季度海外订单回升，预计 2026 年美国市场 关税影响减小，欧洲、加拿大市场拓展顺利，新西兰工厂产能释放，有 助于稳定增长。 国内市场，自主品牌"爵宴"表现突出，拓展风干粮、烘焙粮和冻干产 品线，预计 2026 年保持高增长。计划推出高性价比"好视佳"品牌主 粮，温州和江苏工厂生产更多适合国内市场的产品，提高产能利用率和 盈利能力。 江苏和温州工厂调整产线适应国内市场需求，投用多条风干粮、湿粮、 冻干及烘焙粮产线。计划推出新品牌，提升国内市场规模，确保两地工 厂盈利增长。 "爵宴"和"好视佳"线上销售占比近七成，积极拓展线下渠道，与山姆 会员店合作推出专供产品，计划将线上成功的新产品逐步推向线下渠道， 扩大销售网络。 Q&A 请介绍一下佩蒂股份在 2025 年前三个季度的业务表现及第四季度的预期情况。 2025 年前三个季度，佩蒂股份的宠物零食出口业务，特别是咬胶产品，在海 外市场占比依然很高，其中美国市场是最大的市场。然而，从 2025 年 4 月开 始，美国加征关税对东南亚工厂造成 ...

Group 1: Petty Co. (佩蒂股份) - Petty Co. has launched baking grain products under the Jueyan brand, aligning with its brand positioning [1] - The company plans to establish a high-end brand at its New Zealand factory, targeting both domestic and international markets [1] - In Q2, the gross profit margin increased due to cost advantages and economies of scale from the Southeast Asia factory, with expectations for stable growth throughout the year [1] - The online sales channel is significant, primarily driven by e-commerce platforms, with trends showing growth in both mid-high and mid-low end pet food consumption [1] - Sales expense ratio remains stable, although there are fluctuations due to promotional activities [1] - The Southeast Asia factory has high capacity utilization, with plans to increase pet snack production capacity by approximately 5,000 tons by the end of next year [1] Group 2: Sanyou Medical (三友医疗) - In the first half of 2025, Sanyou Medical achieved revenue of 249.76 million yuan, a year-on-year increase of 17.77%, and a net profit of 36.60 million yuan, up 2,083.64% [2] - The company’s market share has risen due to the impact of centralized procurement and medical insurance policies [2] - The revenue from the Waterwood Tianpeng segment reached 73.99 million yuan, growing by 64.80%, while Implanet's overseas revenue was 580.90 thousand euros, up 41.10%, with the U.S. market growing by 444% [2] - Domestic sales of ultrasonic bone knives exceeded 42 million yuan, with a growth rate of over 50% [2] - Multiple products have been approved for market launch, and the company is advancing its layout in sports medicine, AI, and surgical robotics [2] - The company has implemented its first equity incentive plan, focusing on incentivizing sales, R&D, and management personnel [2]

Group 1: Financial Performance - Revenue in the first half of 2025 slightly decreased compared to the same period last year due to tariffs and domestic business impacts, but gross margin improved significantly [4] - Gross margin increase attributed to production cost advantages from Southeast Asia factories, factory price advantages, and economies of scale from capacity release [4] - Operating cash flow decreased year-on-year, primarily due to the current cooperation model with clients, but is expected to recover by year-end [4] Group 2: Cost and Expenses - Management expenses rose by 24.70%, mainly due to increased investments in market expansion and operations at the New Zealand main grain factory, as well as higher advertising costs in sales expenses [4] - Financial expenses decreased due to lower exchange gains compared to the previous year [4] Group 3: Production and Capacity - Southeast Asia factories contributed significantly to profits, with plans to expand capacity by approximately 5,000 tons of pet snacks over the next two years [4] - The impact of tariffs on profitability in the second quarter was limited [4] Group 4: Strategic Focus for the Second Half - Key tasks for the second half include leveraging Southeast Asia factory advantages to strengthen business, expanding into European and South American markets, and continuous investment in domestic self-owned brand business [4] - Emphasis on market expansion, capacity ramp-up, and brand building for the New Zealand main grain production line [4] Group 5: Brand Development - The "Jueyan" brand is positioned as a high-standard natural pet food provider targeting mid-to-high-end users, with plans to expand main grain products and possibly include pet supplies [5] - The "Hao Shijia" brand targets the mid-range market, emphasizing cost-effectiveness and quality-price ratio [5] Group 6: Market Trends and Sales Channels - Online sales channels significantly outperform offline channels, primarily through major e-commerce platforms like Tmall and JD [6] - Dog food consumption shows clear differentiation, with both mid-to-high-end and mid-to-low-end segments growing, while other price segments are declining [6]