智通财经APP获悉，申万宏源发布研报称，整体消费承压的背景下，宠物食品依然延续较强的增长韧 性，据久谦，2025年宠物食品行业天猫、京东、抖音线上合计GMV为307.1亿元，同比+10.2%(2024年 为13.5%)。淘天份额超半数，抖音增速领先。值得关注的是，中国宠物喂养正逐步步入科学喂养时代， 专宠专用需求(全生命周期分阶段精细化护理；分品种专用粮；分体型/毛长) 、主粮功能化(提高免疫 力、肠胃养护、毛发护理、骨骼强健等)、喂养结构改变—湿粮占比提高，将接力助推消费升级。 申万宏源主要观点如下： 短期：行业景气犹在，头部企业领先身位扩大 整体消费承压的背景下，宠物食品依然延续较强的增长韧性，据久谦，2025年宠物食品行业天猫、京 东、抖音线上合计GMV为307.1亿元，同比+10.2%(2024年为13.5%)。淘天份额超半数，抖音增速领先。 淘天平台25年GMV占比达51.4%。据抖音电商数据，25年抖音宠物行业市场规模同比+88%。 行业集中度加速提升，头部集中化趋势明显。25年中国宠物食品线上CR5、CR10、CR20分别为 25.3%、38.3%、51.9%，同比+3.4pct、+5.0pct ...

证券日报网讯 2月9日，佩蒂股份（300673）在互动平台回答投资者提问时表示，股价受宏观经济环 境、行业景气度、市场情绪及基本面等多重因素综合影响。在行业层面上，宠物行业具备广阔的发展空 间。在经营层面上，公司管理层保持战略定力，正积极通过以下举措夯实内功：深化全球化布局，全面 推进自主品牌与"六个全球化"建设；优化产能结构，持续优化产能布局，拓展业务边界。管理层对公司 未来的发展充满信心，将持续提升经营质量，积极听取各方意见，致力于为股东创造长期价值。 ...

Core Viewpoint - Petty Co. is in the early critical stage of commercial operation for its New Zealand staple food factory, focusing on brand building and contract manufacturing to enhance capacity utilization [2] Group 1 - The company is implementing a dual strategy of "factory brand building" and "contract manufacturing" to drive growth [2] - Significant growth in capacity utilization is expected by 2026 based on current business expansion progress [2]

Core Viewpoint - Petty Co. reported that its current production and operations are normal, with all tasks progressing according to the established business plan [2] Group 1: Overseas Market Strategy - The company is effectively reducing external disturbances and ensuring steady business growth by continuously launching new products, expanding new customers and markets, and optimizing production capacity [2] Group 2: Domestic Market Focus - In the domestic market, the company is focusing on its own brand, aiming to develop high-quality and differentiated staple food products as the core growth engine [2] Group 3: Future Reporting - The company will disclose specific operational data for the first quarter of 2026 in accordance with relevant regulations on April 2026, and investors are encouraged to pay attention to subsequent announcements [2]

证 券 研 究 报 告 行业景气依旧，迎接科学养宠时代 ——2025年宠物食品行业回顾及2026年展望 ——宠物食品行业系列深度报告之八 证券分析师：盛瀚 A0230522080006 胡静航 A0230524090002 2026.2.9 投资案件 ◼ （2）中期：产品革新引领消费升级、需求升级有望接力。宠物食品行业正在进行消费升级。24-25年，猫粮、犬粮中高端价格 带（60-100元/kg）GMV增速均领先于行业。产品端：工艺革新、原材料进阶助推消费升级。中国宠物市场主粮变迁历程是国 产品牌竞争和进步的缩影，宠物行业的"卷"，体现为生产商不断进行工艺创新和原材料升级，去提供更好的产品。膨化粮（皇 家：早期占据消费者心智）→冻干粮（2009年朗诺公司推出中国首款宠物冻干食品，2017年在国内推出自有品牌"朗诺"）→ 鲜肉膨化粮（弗列加特：20年推出0肉粉高鲜肉膨化粮；麦富迪：21年推出barf天然粮）→烘焙粮（鲜朗：鲜肉烘焙粮开创者， 20年推出国内首款鲜肉烘焙粮产品；弗列加特：23年推出首款烘焙粮单品；领先：23年推出首款低温烘焙粮）→酥化粮。需求 端：科学养宠观念、宠物老龄化将继续助推消费升级。中国宠 ...

Core Viewpoint - Petty Holdings (300673.SZ) is currently in the critical early stage of commercial operation for its New Zealand staple food factory, focusing on brand building and OEM business to enhance capacity utilization [1] Group 1 - The company is leveraging a dual approach of "factory brand building" and "OEM business" to drive growth [1] - Significant growth in capacity utilization is expected by 2026 based on current business expansion progress [1]

Investment Rating - The report gives an "Overweight" rating for the agricultural industry, indicating that it is expected to outperform the overall market [3][10]. Core Insights - The 2026 Central Document emphasizes food security and agricultural modernization, reiterating the importance of "new agricultural productivity" and the continuous focus on seed industry revitalization, particularly in biological breeding [4]. - In livestock, there is a shift towards "strengthening" comprehensive regulation of pig production capacity, with a focus on stabilizing the beef and dairy industries, and promoting dairy product consumption [4]. - The document highlights the importance of grain security, aiming to stabilize grain production at around 14 trillion jin, and introduces measures to enhance grain circulation efficiency [4]. - The report outlines the implementation of agricultural technology, including the integration of artificial intelligence with agriculture, and identifies key application scenarios such as drones, IoT, and robotics [4]. - The report suggests three main investment focuses: the recovery of the beef and dairy industries, the expected rebound in the pig cycle, and the continued advancement of the seed industry and biological breeding [4]. Summary by Sections Livestock Industry - The report indicates a comprehensive approach to regulating pig production capacity and acknowledges the success of measures taken to support the beef and dairy industries [4]. - It also mentions the introduction of multiple measures to promote dairy product consumption for the first time [4]. Crop Production - The focus remains on food security, with a commitment to stabilize grain production and enhance the efficiency of grain circulation [4]. - The report introduces a new round of initiatives aimed at increasing grain production capacity, particularly for oilseed crops like soybeans [4]. Seed Industry - The report emphasizes the ongoing implementation of seed industry revitalization actions and the acceleration of biological breeding industrialization [4]. - It notes the continuous mention of biological breeding in the Central Document over the past six years, highlighting its growing importance [4]. Agricultural Technology - The report outlines the path for implementing new agricultural productivity, emphasizing the need for technology integration, particularly in AI applications [4]. Agricultural Trade - The report advocates for the coordination of agricultural trade and production, promoting diversification of agricultural imports and supporting the export of competitive agricultural products [4].

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2026 年 02 月 03 日 投资评级： 看好（维持） 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 周翔 SAC：S1350525070003 zhouxiang@huayuanstock.com 李冉 liran02@huayuanstock.com 生猪价格转弱，节后供应压力仍存 ——农林牧渔行业周报（20260126-20260130） 证券分析师 投资要点： 生猪：短期供应压力累积，仔猪价格持续上涨 SW 生猪养殖板块涨 0.2%，逐步消化行业去产能偏慢担忧影响，寻底修复。现货端 腊八节后需求支撑 ...

佩蒂动物营养科技股份有限公司 关于回购公司股份的进展公告（截至 2026 年 1 月末） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 2025年11月24日，佩蒂动物营养科技股份有限公司（以下简称公司）召开第四届董 事会第十六次会议，审议通过了《关于以集中竞价方式回购公司股份方案的议案》，批准 公司可以使用自有资金5,000万元（含）——7,000万元（含）人民币以集中竞价交易方 式回购公司部分股份，回购价格不超过26.00元/股，回购期限自董事会审议通过本回购方 案之日起不超过六个月，回购的股份拟全部用于股权激励或者员工持股计划。 本次回购方案的具体内容见公司分别于2025年11月25日、2025年11月26日在巨潮资 讯网（http://www.cninfo.com.cn/）披露的《关于以集中竞价方式回购公司股份方案的公 告》（公告编号：2025-058）和《回购股份报告书》（公告编号：2025-059）。 | 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：123 ...

证 券 研 究 报 告 佩蒂股份（300673）重大事项点评 推荐（维持） 新西兰工厂推进有序，自主品牌突破可期 目标价：25 元 事项： | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,659 | 1,670 | 1,910 | 2,141 | | 同比增速(%) | 17.6% | 0.7% | 14.4% | 12.1% | | 归母净利润(百万) | 182 | 153 | 207 | 270 | | 同比增速(%) | 1,742.8% | -15.9% | 35.4% | 30.1% | | 每股盈利(元) | 0.73 | 0.62 | 0.83 | 1.08 | | 市盈率(倍) | 24 | 29 | 21 | 16 | | 市净率(倍) | 2.3 | 2.2 | 2.0 | 1.9 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 30 日收盘价 公司研究 宠物食品 2026 年 01 月 31 日 | 元 | | --- | | 当前价：17.7 ...