21世纪经济报道记者 刘婧汐 陈晗章 10月13日晚，依依股份（001206.SZ）发布停牌公告，公司称正筹划发行股份及支付现金购买资产并募 集配套资金事项，筹划事项的交易标的为杭州高爷家有好多猫宠物食品有限责任公司（下简称高爷 家），预计在不超过10个交易日的时间内，即在10月28日前披露本次交易方案。 公告内容显示，因有关事项尚存在不确定性，为维护投资者利益，避免对公司证券交易造成重大影响， 经公司申请，公司股票自2025年10月14日开市时起开始停牌。 大胆跨界 依依股份是一次性宠物卫生用品领域的龙头企业，主要经营宠物垫、宠物尿裤等产品，长期为多家国际 宠物品牌提供代工服务。2025年上半年，依依股份宠物一次性卫生护理用品营收占比为93.91%，同时 其有93.47%的收入来自境外。 而高爷家则主要经营中高端猫主粮，曾提出"透明粮"、"益生菌猫粮"等概念，其旗下还有猫砂品牌"许 翠花"。 这是依依股份的一次大胆跨界，意味着这个"宠物纸尿裤"的头部玩家即将通过资本运作入局宠物食品赛 道。要知道，高爷家所处在的宠物主粮品类正是宠物食品领域增长最快的赛道之一。 派读宠物发布的数据显示，2024年在宠物犬猫消费 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the pig price is expected to maintain fluctuations in the short term, with a slight increase in production capacity observed in April. The current pig price is 14.79 CNY/kg, with an average weight of 129.71 kg for market pigs [6][20] - The report suggests a shift from "cyclical thinking" to focusing on financial performance, emphasizing that the efficiency differences among companies are significant. It recommends focusing on leading companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, due to their strong profit certainty in 2025 [7][21] - The poultry sector is experiencing a rebound in chicken prices, with the latest prices for broiler chickens at 7.46 CNY/kg and chick prices at 3.1 CNY each. The report indicates that the industry is facing quality issues with breeding stock, leading to a concentration of profits towards upstream sources [8][22] - In the feed sector, the report recommends Haida Group due to its cash flow turning point and overseas growth potential. The fish prices have shown positive trends, with various species experiencing year-on-year increases [9][23][24] - The pet industry is noted for its continuous growth, with sales data indicating a decline in some segments but strong performance from certain brands like MaiFudi and Fuleijiate. The report emphasizes the importance of domestic brands and their market performance [13][25][29] - The agricultural products sector is expected to see price increases due to reduced imports and a focus on domestic supply, with the report highlighting the importance of improving farmers' income through price adjustments [16][31] Summary by Sections 1. Pig Industry - Short-term pig prices are expected to fluctuate, with a current price of 14.79 CNY/kg and an average weight of 129.71 kg for market pigs. The production capacity is slightly increasing, with a total of 40.39 million breeding sows reported [6][20] - The report suggests that the overall supply of pigs is expected to be high, leading to a weak price outlook in the medium to long term [20][21] 2. Poultry Industry - Chicken prices are rebounding, with broiler prices at 7.46 CNY/kg and chick prices at 3.1 CNY each. The report indicates that the industry is facing quality issues with breeding stock, leading to a concentration of profits towards upstream sources [8][22] 3. Feed Industry - The report recommends Haida Group due to its cash flow turning point and overseas growth potential. Fish prices have shown positive trends, with various species experiencing year-on-year increases [9][23][24] 4. Pet Industry - The pet industry is noted for its continuous growth, with sales data indicating a decline in some segments but strong performance from certain brands like MaiFudi and Fuleijiate. The report emphasizes the importance of domestic brands and their market performance [13][25][29] 5. Agricultural Products - The agricultural products sector is expected to see price increases due to reduced imports and a focus on domestic supply, with the report highlighting the importance of improving farmers' income through price adjustments [16][31]