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 ...

Summary of Petty Co. Conference Call Company Overview - **Company**: Petty Co. - **Industry**: Pet Food and Treats Key Points and Arguments Production Capacity and Market Demand - Southeast Asia factories have a total production capacity of 26,000 tons, sufficient to meet U.S. market demand for the next two years [2][3] - The Cambodia factory focuses on high-priced products, with an annual output value close to 500 million RMB when fully operational [2][3] - The Vietnam factory has added 2,000 tons of capacity, with an expected annual output value of 800-900 million RMB when fully operational [2][3] Impact of Tariffs - The company plans to share the burden of the 10% tariff imposed by the U.S. on Vietnam and Cambodia with customers, as current major clients have not requested the company to absorb the tariff [2][5] - The company will continue to negotiate with clients to adapt to future policy changes [5] Market Performance - The U.S. market accounts for approximately 65% of the company's contract manufacturing business, expected to remain stable this year [6][7] - Significant growth is observed in the European market, particularly in the UK and Canada, driven by offline supermarket clients [2][5] - Orders in the U.S. market are normal and unaffected by tariff increases, with third-quarter orders expected to be on par with the previous year [7] Brand Performance - The proprietary brand "Jueyan" is expected to maintain a compound annual growth rate of over 50%, with projected revenue for the first half of the year between 400 million and 450 million RMB [4][10] - The "Haodangjia" brand is anticipated to continue expanding in the second half of the year [4] Financial Performance - The first quarter of 2025 saw a decline in revenue primarily due to adjustments in customer order delivery cycles and increased sales expenses [4][11] - The company expects the gross profit margin to remain stable in the second quarter, with sales expenses continuing to rise [11] Currency Exchange and Material Costs - The company has experienced stable raw material prices, including chicken, with no significant fluctuations [10] - The impact of currency fluctuations, particularly the depreciation of the U.S. dollar and appreciation of the RMB, is being monitored, with potential negative effects on business if the RMB continues to strengthen [8][12] Product Development and Market Expansion - The company plans to launch new products, including cat food, to capture a larger market share [12] - The "Jueyan" brand is positioned in the mid to high-end market, while "Haodangjia" targets the mid-range market [12] Sales Channels - The majority of sales currently come from online channels, with a focus on expanding into offline channels, particularly membership-based supermarkets like Sam's Club [13] - The company has successfully entered Sam's Club with its "Jueyan" duck jerky product, which aligns with the brand's positioning [13] Future Outlook - The company anticipates significant growth from the New Zealand high-end staple food brand "Smart Balance," expected to receive certification by early July 2025 [15][16] - The introduction of new products is expected to enhance market competitiveness and meet consumer demand for high-quality imported products [15][16]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3359.90, down 0.07%, while the Shenzhen Component Index fell by 0.47% to 10005.03 [2][3] - The overall market capitalization of the Shanghai Composite Index is 6531.38 billion, with a price-to-earnings (PE) ratio of 12.03 and a price-to-book (PB) ratio of 1.25 [3] Financial Insights - The report indicates that the overall A-share market is experiencing a downward trend, with the total market turnover reaching 1091.74 billion, a decrease of 189.15 billion from the previous trading day [7] - The TTM PE ratio for the Shanghai Composite Index is 14.64, which is in the 31.7% historical percentile, while the TTM PE for the ChiNext Index is significantly higher at 30.38, in the 10.15% historical percentile [7] Industry Dynamics - The pet food export value in May increased by 12.81% month-on-month, indicating a positive trend in the pet food sector [48] - The Chinese gaming market saw a recovery in May, with a total revenue of 28.051 billion, reflecting a year-on-year growth of 9.86% [41] - The engineering machinery export maintained a robust growth rate, with a total export value of 50.24 billion in May, up 8.51% year-on-year [44] Company Highlights - Petty Co. reported a GMV of over 38 million during the 618 shopping festival, marking a 52% increase year-on-year, with significant growth in both new and returning customer segments [55] - Chongde Technology has entered a strategic partnership with GE Vernova, securing an order worth 7 million for synchronous phase camera bearings, which will be delivered by February 2026 [57] - Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion for the production of high-temperature superconducting materials [54]

Core Viewpoint - The article highlights the significance of the New Fortune Golden Secretary Award in the Chinese capital market, emphasizing the role of outstanding secretaries in enhancing corporate governance and investor relations, thus contributing to the high-quality development of the market [1]. Group 1: Company Overview - Petty Co., Ltd. has transitioned from a contract manufacturer to a leading brand in the pet food industry, benefiting from strategic positioning and capital market support [4]. - The company has over 30 years of experience in the pet industry and has established a strong global supply chain, focusing on the research, manufacturing, and sales of pet food [4]. - Petty's self-owned brands, such as Jueyan and Haoshijia, have seen significant growth, with some products evolving from "hit products" to "hit brands" [4]. Group 2: Management and Strategy - The company emphasizes the importance of deep cultivation in its operations, with a strategy that integrates operational, financial, and capital strategies to explore multiple values beyond traditional metrics [6]. - The management, led by the Secretary of the Board, actively engages in corporate governance, information disclosure, and investor relations to maintain investor confidence and manage market expectations [8][9]. Group 3: Investor Relations - Petty Co., Ltd. adopts a proactive approach to investor communication, ensuring transparency and responsiveness to investor inquiries, which enhances the company's reputation in the capital market [9][10]. - The company has implemented multiple share repurchase plans since 2022 to stabilize investor confidence and optimize its capital structure [10]. Group 4: ESG Commitment - Petty Co., Ltd. is committed to environmental, social, and governance (ESG) principles, launching initiatives like the Petty Campus AAT (Animal-Assisted Therapy) Public Welfare Program to improve youth mental health [12][13]. - The establishment of a board-level ESG committee reflects the company's dedication to sustainable development and social responsibility [13]. Group 5: Future Outlook - The management's philosophy emphasizes a long-term commitment to the company, industry, and society, aiming to leverage capital to empower real business growth while fostering a culture of love and responsibility [15].