Core Viewpoint - Tianyuan Pet (301335.SZ), known as the "first stock in pet supplies," is facing a public relations crisis due to its chairman, Xue Yuanchao, being penalized for his spouse's short-term trading activities, raising concerns about the company's internal management and compliance [1][2]. Company Overview - Tianyuan Pet has been in the pet market since 2003 and successfully went public on the ChiNext in 2022. However, the company's performance has not met expectations, with revenue growth not translating into profit [5]. - The company reported revenues of 20.37 billion yuan in 2023 and 27.64 billion yuan in 2024, showing year-on-year growth of 7.96% and 35.69%, respectively. However, net profits fell to 76.77 million yuan in 2023 and 45.96 million yuan in 2024, representing declines of 40.33% and 40.13% [5][6]. Recent Events - On May 28, 2025, Tianyuan Pet announced a significant asset restructuring plan to acquire 89.7145% of Taotong Technology for 688 million yuan, with an overall valuation of 777 million yuan [1][6]. - The acquisition is seen as a potential growth driver, especially as Taotong Technology operates across major e-commerce platforms like Tmall, JD.com, and Douyin, which could enhance Tianyuan Pet's online market presence [6]. Regulatory Issues - The Zhejiang Securities Regulatory Bureau issued a warning to Xue Yuanchao due to his spouse's short-term trading, which coincided with significant stock price fluctuations, raising suspicions of insider trading [2][3]. - The chairman's spouse made a profit of 12,692.4 yuan from the trades, which were executed during a period when the company's stock price surged by 15.3% and hit a 20% limit up [2]. Market Reactions - Following the incident, investor confidence in Tianyuan Pet's internal controls has been shaken, with many questioning the effectiveness of the company's governance [2][7]. - Comparisons have been drawn to other companies facing similar issues, highlighting the potential for more severe regulatory repercussions for Tianyuan Pet if internal controls are not strengthened [2][7]. Future Outlook - The company is under pressure to find new growth avenues amid declining profits and increased scrutiny from regulators. The success of the acquisition and the ability to meet performance commitments will be critical for Tianyuan Pet's future [6][7].

Group 1 - The core viewpoint of the article highlights the collaboration between Shandong and Zhejiang pet industry associations, focusing on the full industry chain innovation and brand strategy upgrade in the pet industry [2] - The Zhejiang exchange delegation visited leading companies such as Petstar and Tianyuan Pet Products, emphasizing the importance of product display and corporate culture [2] - Tianyuan Pet Products is a comprehensive enterprise specializing in the design, development, production, and sales of pet products, covering a wide range of categories including pet beds, toys, clothing, and food [2] Group 2 - Tianyuan Pet Products is actively expanding its business by investing in R&D, with a professional team that has developed nine product categories and holds over 200 domestic and international patents [3] - The company focuses on the lifestyle habits of pets and the interaction needs between pets and owners, continuously developing innovative products that meet various usage scenarios [3] - Tianyuan Pet has established four production bases globally, utilizing intelligent production lines and a strict quality control system to enhance its core competitiveness [3] Group 3 - The company is expanding its international market presence by leveraging platforms like the Canton Fair, establishing long-term partnerships with well-known international retailers and e-commerce platforms [3] - Tianyuan Pet has a presence in over 100 countries and regions, enhancing its brand influence through local market integration [3] - The company has developed multiple well-known brands such as Petstar and Xiaoshouxing, offering over 30,000 different SKUs to provide competitive pricing and quality products [4] Group 4 - The rapid development of Tianyuan Pet reflects the strategic transformation of China's pet industry from traditional manufacturing to comprehensive services [4] - The company is poised to benefit from new consumption trends and the growing pet economy, indicating a promising opportunity for accelerated growth in the pet industry [4]

Core Viewpoint - The company, Hangzhou Tianyuan Pet Products Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 1.00 per 10 shares for shareholders registered on the equity registration date [2][6][9]. Summary by Sections Equity Distribution Plan - The company will distribute a cash dividend of RMB 1.00 per 10 shares (including tax) to all shareholders registered on the equity registration date, based on a total share capital of 122,514,014 shares after excluding 4,388,786 shares held in the repurchase account [2][3][9]. - The total cash dividend amount is expected to be RMB 12,251,401.40 (including tax) [3][9]. Shareholder Meeting Approval - The profit distribution plan was approved at the 2024 annual shareholder meeting held on May 15, 2025 [2][4]. Key Dates - The equity registration date is set for July 3, 2025, and the ex-dividend date is July 4, 2025 [6][8]. Dividend Payment Method - Cash dividends will be directly credited to the accounts of A-share shareholders through their securities companies on the ex-dividend date [8]. Adjustments and Considerations - Shares held in the repurchase account will not participate in the profit distribution, and the cash dividend will be adjusted if there are changes in total share capital due to various corporate actions [9][10]. - The reference price for the ex-dividend will be calculated based on the total share capital, including repurchased shares [10].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、杭州天元宠物用品股份有限公司（以下简称"公司"）回购专用证券账 户中的股份4,388,786股不参与本次权益分派。公司2024年年度权益分派方案为： 以实施 2024 年度利润分配方案时股权登记日的总股本（扣除回购专用账户中已 回购股份）为基数，向股权登记日登记在册的全体股东每 10 股派发现金红利人 民币 1.00 元（含税）。以公司现有总股本 126,902,800 股剔除已回购股份 4,388,786 股后的 122,514,014 股为基数测算，预计派发现金分红总额 12,251,401.40 元（含 税）。 2、本次权益分派实施后计算除权除息价格时，按总股本（含回购股份）折 算的每 10 股现金红利（含税）=现金分红总额÷总股本×10=12,251,401.40 元÷ 126,902,800×10=0.965416 元。本次权益分派实施后除权除息参考价=股权登记 日收盘价-按总股本折算每股现金红利=股权登记日收盘价-0.0965416 元/股。 公司 2024 年年度权益分派方案已获 2 ...

Core Viewpoint - The chairman of Tianyuan Pet Products Co., Ltd., Xue Yuanchao, faced regulatory action due to his spouse's short-term trading of company stocks, leading to a warning letter from the Zhejiang Securities Regulatory Bureau [1][2] Group 1: Regulatory Action - Xue Yuanchao's spouse, Zhang Zhiwen, engaged in short-term trading by buying 8,400 shares of the company on May 16, 2025, for a total of 231,069 yuan, and selling 2,100 shares on May 19, 2025, for 70,287 yuan [2] - The regulatory body issued a warning letter and required Xue Yuanchao to submit a written report within 10 working days [2] - Xue Yuanchao acknowledged the violation and committed to ensuring that the profits of 12,692.40 yuan from the trading would be returned to the company [2] Group 2: Financial Performance - Tianyuan Pet's 2024 annual report indicated a revenue of 2.764 billion yuan, a year-on-year increase of 35.69%, while the net profit attributable to shareholders was 45.96 million yuan, reflecting a 40.13% decline [3][4] - The company has experienced a continuous decline in net profit for two consecutive years, with a total decrease of 61.67% from its peak of 120 million yuan in 2022, leaving only 38% of its peak profit level [4] Group 3: Strategic Moves - To counteract declining profits, Tianyuan Pet is pursuing acquisitions, including a B2B pet industry platform "Itpin" and a controlling stake in Guangzhou Taotong Technology, which provides e-commerce services for over 40 international brands [4][5] - The company plans to invest 688 million yuan to acquire 89.7145% of Taotong Technology, aiming to enhance its online channel operations and drive domestic business growth [5] - Tianyuan Pet is positioning itself to create a "Pinduoduo" in the pet industry by leveraging both online and offline sales channels, responding to the rapid growth of the domestic pet market and the increasing importance of e-commerce [5]

Core Viewpoint - The announcement details the completion of the first vesting period for the 2024 Restricted Stock Incentive Plan of Hangzhou Tianyuan Pet Products Co., Ltd, highlighting the conditions met for stock vesting and the number of shares involved [1][2][3]. Summary by Sections Stock Incentive Plan Overview - The 2024 Restricted Stock Incentive Plan was approved at the company's first extraordinary general meeting in 2024, allowing for the issuance of A-shares to directors, senior management, and other personnel deemed necessary for motivation, excluding independent directors and supervisors [1][2]. - The total number of shares involved in the incentive plan is 12.6 million, with 2.5% allocated for the incentive plan, amounting to a maximum of 2.58 million shares for the first grant [1][2]. Vesting Conditions and Schedule - The first vesting period for the granted restricted stocks is set from February 28, 2025, to February 27, 2026, with a total of 90,280 shares eligible for vesting, representing 0.7165% of the company's total shares [3][4]. - The vesting schedule includes three periods: 40% after 12 months, 30% after 24 months, and 30% after 36 months from the grant date [4][5]. Performance Assessment Criteria - The performance assessment for the first vesting period is based on the company's revenue and net profit growth compared to 2023, with specific target and trigger values set for each year from 2024 to 2026 [5][14]. - For 2024, the target revenue growth is set at 15%, with a trigger at 10%, while the net profit growth target is 15% with a trigger at 10% [5][14]. Individual Performance Evaluation - Individual performance evaluations for the 52 recipients are categorized into four levels (A, B, C, D), determining the actual number of shares vested based on company-level performance [5][14]. - The evaluation results show that 11 individuals achieved an A rating (100% vesting), 25 achieved B (90% vesting), 16 achieved C (80% vesting), and 1 achieved D (0% vesting) [11][14]. Share Registration and Listing - The shares from the first vesting period will be listed for trading on June 24, 2025, with no lock-up period imposed on the vested shares [16][17]. - The total number of shares post-vesting will increase to 126,902,800, with the new shares not significantly impacting the company's control structure [18]. Legal and Compliance Aspects - The legal opinion confirms that the vesting conditions have been met and that the company has complied with necessary disclosure obligations [18][20]. - The company has also conducted a verification of the funding received from employees participating in the incentive plan, totaling approximately RMB 8.12 million [17].

证券代码：301335 证券简称：天元宠物 公告编号：2025-082 杭州天元宠物用品股份有限公司 2024 年限制性股票激励计划 首次授予部分第一个归属期归属结果暨股份上市公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 杭州天元宠物用品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第四届董事会第四次会议，审议通过了《关于公司 2024 年限制性股票激励 计划首次授予部分第一个归属期归属条件成就的议案》。近日，公司已在中国证 券登记结算有限责任公司深圳分公司办理完成 2024 年限制性股票激励计划（以 下简称"激励计划"）首次授予部分第一个归属期归属股份的登记工作。现将相 关事项公告如下： 一、股权激励计划简述及已履行的相关审批程序 （一）本次股权激励计划简述 公司《2024 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 及其摘要已经公司 2024 年第一次临时股东大会审议通过，主要内容如下： 1、股权激励方式：本激励计划采取的激励工具为第二类限制性股票； 1 本次归属的第二类限制性股票上 ...

Core Viewpoint - The pet economy is experiencing significant growth, driven by emotional connections for single youths and companionship for the elderly, leading to a billion-dollar market expansion. Companies are adopting various strategic paths to capture this emerging market [2][4]. Company Analysis Tianyuan Pet (301335.SZ) - Tianyuan Pet is actively pursuing mergers and acquisitions to enhance its competitive edge, having acquired e-commerce service provider Taotong Technology and B2B platform "Itpin" in early 2025 [2]. - The company faces challenges with a more than 40% year-on-year decline in net profit for 2024, attributed to low profit margins in pet food and high overseas warehousing costs [2]. - There are concerns regarding Tianyuan Pet's ability to improve profitability in 2025, especially with online sales accounting for less than 10% of total sales [2][4]. Zhongchong Co., Ltd. - Zhongchong Co., Ltd. reported a 68.89% year-on-year increase in net profit for 2024, driven by its proprietary brands "Wangpi" and "ZEAL" [3]. - The company's global expansion strategy, including production facilities in the U.S. and Canada, effectively mitigates tariff risks and enhances supply chain resilience [3]. - Online sales have surged, particularly on platforms like Tmall and Douyin, with significant sales increases during promotional events [3]. Industry Trends - The pet economy reflects a broader trend of consumer upgrading, shifting from basic pet care to high-quality products such as functional pet food and smart feeding devices [3]. - The industry is entering a "large industry, small leaders" phase, with increasing market concentration favoring companies with brand premium and channel advantages [4]. - Despite the industry's growth, challenges such as intensified competition in high-end pet medical and smart products, as well as rising issues of pet abandonment, pose significant concerns for the sector [4].

浙江六和律师事务所 关于杭州天元宠物用品股份有限公司 2025年第二次临时股东大会的 法律意见书 浙江六和律师事务所 关于杭州天元宠物用品股份有限公司 2025年第二次临时股东大会的 法律意见书 浙六和法意（2025）第0917号 致：杭州天元宠物用品股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和国证券法》 （下称"《证券法》"）和中国证券监督管理委员会发布的《上市公司股东会规则》（下 称"《股东会规则》"）等法律法规、规范性文件以及《杭州天元宠物用品股份有限公司 章程》（下称"《公司章程》"）的规定，浙江六和律师事务所（下称"本所"）接受杭州 天元宠物用品股份有限公司（下称"公司"）的委托，指派叶乃涛、汪兴龙律师（下称"本 所律师"）出席公司2025年第二次临时股东大会（下称"本次股东大会"），对本次股东大 会的召集、召开程序、出席会议人员资格、召集人资格、会议的表决程序、表决结果的 有效性等事宜出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行审查，查阅 本所律师认为出具本法律意见书所必需的文件、资料，并对有关事实进行必要的核查和 验证。 ...

特别提示： 1. 本次股东大会无否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 证券代码：301335 证券简称：天元宠物 公告编号：2025-081 杭州天元宠物用品股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 （3）会议表决方式：现场投票和网络投票相结合 （4）召集人：公司董事会 （5）主持人：董事长薛元潮先生 （6）本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股 东大会规则》等有关法律、行政法规、部门规章、规范性文件和《杭州天元宠物 用品股份有限公司章程》的有关规定。 2、会议出席情况 （1）总体出席情况：通过现场和网络投票的股东 149 人，代表股份 76,438,516 股，占公司有表决权股份总数的 62.8548％。其中中小投资者（中小投资者是指 （1）召开时间： 现场会议时间：2025 年 6 月 13 日（星期五） 网络投票时间：通过深圳证券交易所互联网投票系统进行网络投票的具体时 间为 2025 年 6 月 ...