乖宝宠物食品集团股份有限公司 2025 年第一季度报告 证券代码：301498 证券简称：乖宝宠物 公告编号：2025-004 乖宝宠物食品集团股份有限公司 2025 年第一季度报告 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： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经过审计 □是 否 1 乖宝宠物食品集团股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 1,479,576,725.69 | 1,097,485,002.85 | ...

乖宝宠物食品集团股份有限公司 2024 年年度报告全文 乖宝宠物食品集团股份有限公司 2024 年年度报告 2025 年 4 月 1 乖宝宠物食品集团股份有限公司 2024 年年度报告全文 2024 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个 别和连带的法律责任。 公司遵守《深圳证券交易所上市公司自律监管指引第 4 号——创业板行 业信息披露》中的"电子商务业务"的披露要求进行信息披露工作，并严格 遵守《中华人民共和国电子商务法》，履行消费者权益保护、环境保护、知 识产权保护、网络安全与个人信息保护等方面的义务。 公司经本次董事会审议通过的利润分配预案为：以 400,044,500 股为基 数，向全体股东每 10 股派发现金红利 2.5 元（含税），送红股 0 股，以资本 公积金向全体股东每 10 股转增 0 股。 2 | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 7 | | 第三节 管理层讨论与分析 | 11 | ...

Core Insights - The "pet economy" in China is continuing to grow, with pet numbers expected to reach 120 million in 2024, a year-on-year increase of 2.1% [1] - The pet consumption market is expanding, with the urban pet consumption market projected to exceed 300 billion yuan in 2024, where pet food accounts for 52.8% of the market share [1] - The domestic pet food market is fragmented, with a CR10 market concentration of only 19.96%, indicating potential for domestic brands to break through [1][2] Market Dynamics - The leading domestic pet food brand, Mai Fu Di, is facing significant quality control issues, leading to numerous consumer complaints [4][5] - In 2024, the sales market share of domestic brands in the pet food sector is only 15%, with Mai Fu Di being a notable player, achieving sales of 2.016 billion yuan [2][4] - Consumer trust in domestic brands is still recovering from past incidents, which may hinder the high-end strategy of brands like Mai Fu Di [5] Product Development and Strategy - Mai Fu Di is attempting to transition to high-end products, launching premium lines such as "Fuleijiate" and "Wangzhenchun" [8] - The pricing of Mai Fu Di's high-end products is competitive with international brands, but market acceptance remains low [8] - The company is investing heavily in new production lines for high-end pet food, with 367 million yuan allocated for this purpose and an additional 560 million yuan for a project aimed at producing 100,000 tons of high-end pet food annually [8][9] Financial Considerations - In 2023, Mai Fu Di's total production was only 17.81 tons, raising questions about the necessity of the new high-capacity project [9] - The majority of Mai Fu Di's revenue comes from its flagship brand, accounting for approximately 80% of its self-owned brand sales [9]

证券研究报告·公司深度研究·饲料 乖宝宠物（301498） 宠物蓝海，乖宝先航 2025 年 03 月 07 日 买入（上调） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3398 | 4327 | 5246 | 6297 | 7447 | | 同比（%） | 31.93 | 27.36 | 21.23 | 20.05 | 18.26 | | 归母净利润（百万元） | 266.88 | 428.84 | 616.22 | 758.51 | 963.70 | | 同比（%） | 90.26 | 60.68 | 43.69 | 23.09 | 27.05 | | EPS-最新摊薄（元/股） | 0.67 | 1.07 | 1.54 | 1.90 | 2.41 | | P/E（现价&最新摊薄） | 132.72 | 82.59 | 57.48 | 46.70 | 36.75 | [Table_Tag] [Table_Summar ...

投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □√ 特定对象调研 | □分析师会议 | | --- | --- | --- | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 中金公司 | 王思洋 | | 人员姓名 | 中金公司 | 陈泰屹 | | | Hillhouse | Yingzi YU | | | Pinpoint | Mingfan YANG | | | Value Partner | Boyi LI | | | Dymon Asia | Jianing LIN | | | Cephei Capital | Yong LI | | | Brilliance | Yiwei WEI | | | GreenWoods | Chen YU | | | UBS AM | Matilda CAO | | | 汉和资本 | 张婷婷 | | | 盘京投资 | 蔡建军 | | | 清和泉资本 | 柯嘉雯 | | | 信璞投资 | 闫敏章 | | ...

中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司 2024 年持续督导培训情况报告 中泰证券股份有限公司（以下简称"保荐机构"、"中泰证券"）作为乖宝宠 物食品集团股份有限公司（以下简称"乖宝宠物"、"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《深圳证券交易所上市公司自律监管指引第 13 号--保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号--创业板上市 公司规范运作（2023 年修订）》等有关规定的要求，对乖宝宠物进行了 2024 年 度持续督导培训，现将培训情况报告如下： 一、培训基本情况 2024 年 12 月 27 日，中泰证券持续督导项目组成员通过现场授课的方式对 公司控股股东、实际控制人、董事、监事、高级管理人员、中层以上管理人员及 证券事务部相关人员进行了培训。 二、培训内容简介 本次培训的内容主要为上市公司规范运作及市值管理等内容。 年 月 日 通过本次培训，公司董事、监事、高级管理人员及中层以上管理人员加强了 关于上市公司规范运作及市值管理的认识，进一步理解了其对自身信息披露等方 面应承担的责任和义务，本次培训达到了预期目标，取得了较好的效果。 （以下无正文） ...

中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司 3 现场检查手段：查阅公司定期报告的业绩情况，查阅同行业公司业绩情况并进行对比分析， 对相关人员进行访谈等。 1.业绩是否存在大幅波动的情况 √ 2.业绩大幅波动是否存在合理解释 √ 3.与同行业可比公司比较，公司业绩是否不存在明显异常 √ （七）公司及股东承诺履行情况 现场检查手段：查阅公司、股东等相关人员所作出的承诺函，查阅公司定期报告、临时报告 等信息披露文件，核查公司有关承诺事项的履行情况等。 1.公司是否完全履行了相关承诺 √ 2.公司股东是否完全履行了相关承诺 √ （八）其他重要事项 现场检查手段：查阅公司章程中关于分红的条款及相关公告，查阅公司银行账户对账单，查 阅大额的销售合同，查看公司经营环境等 1.是否完全执行了现金分红制度，并如实披露 √ 2.对外提供财务资助是否合法合规，并如实披露 √ 3.大额资金往来是否具有真实的交易背景及合理原因 √ 4.重大投资或者重大合同履行过程中是否不存在重大变化 或者风险 √ 5.公司生产经营环境是否不存在重大变化或者风险 √ 6.前期监管机构和保荐机构发现公司存在的问题是否已按 相关要求予以整改 √ ...

Group 1 - The stock price of Guibao Pet has reached a historical high, increasing by 5.18% to 77.70 yuan, with a trading volume of 1.8617 million shares and a transaction amount of 141 million yuan, resulting in a total market capitalization of 31.083 billion yuan [1] - The overall increase in the agriculture, forestry, animal husbandry, and fishery industry, to which Guibao Pet belongs, is 2.44%, with 107 stocks rising, including four stocks hitting the daily limit [2] - The latest margin trading data shows that Guibao Pet's margin balance is 131 million yuan, with a financing balance of 129 million yuan, which has decreased by 44.972 million yuan over the past ten days, representing a 25.80% decline [3]

Investment Rating - The report gives an "Overweight" rating to the company, indicating a positive outlook for its future performance [67] Core Views - The company is a leading domestic pet food enterprise with a strong self-owned brand, continuously expanding and moving towards high-end markets [3] - The pet industry is in a favorable development phase, with the company benefiting from its strong R&D capabilities and product differentiation [3] - The company's self-owned brand, "Myfoodie," has achieved significant growth, with a CAGR of 40.33% from 2020 to 2023 [32] - The company's direct sales channel exceeded 1 billion yuan, with impressive performance during key e-commerce sales events like "618" and "Double 11" [39] Company Development and Brand Strategy - The company was founded in 2006, starting with OEM/ODM business and launched its self-owned brand "Myfoodie" in 2013 [3] - The company has been focusing on high-end markets since 2019, launching high-end cat food brand "Fleigarte" and acquiring the US brand "Waggin'Train" in 2021 [12] - In 2024, the company further advanced its high-end strategy by introducing a high-end dog food brand "Wang Zhen Chun" [12] - The company's self-owned brand revenue reached 2.745 billion yuan in 2023, accounting for a leading share in the industry [3] Financial Performance - The company's revenue in 2023 was 4.327 billion yuan, with a year-on-year growth of 27.4% [4] - Net profit attributable to the parent company in 2023 was 429 million yuan, with a year-on-year growth of 60.7% [4] - The company's gross profit margin increased from 32.6% in 2022 to 36.8% in 2023, and is expected to reach 40.6% by 2026 [4] - The company's net profit margin is projected to increase from 7.8% in 2022 to 12.1% by 2026 [4] R&D and Product Innovation - The company's R&D capabilities have effectively translated into product strength, with significant sales during key e-commerce events [3] - The company has developed a variety of product lines, including dual-grain series, probiotic-based main food series, and freeze-dried products [5][6][7] - The company's R&D expenses increased from 68 million yuan in 2022 to 132 million yuan in 2026, reflecting its commitment to innovation [4] Market and Industry Overview - The domestic pet industry exceeded 300 billion yuan in 2024, with the pet food industry reaching 158.506 billion yuan [82] - The pet food industry is expected to grow to 404.2 billion yuan by 2027, with significant potential in the cat food market [82] - Domestic pet food brands are gradually rising, with increasing consumer preference for local brands [82] Sales and Distribution Channels - The company's direct sales revenue reached 1.236 billion yuan in 2023, with a year-on-year growth of 57.02% [39] - The company's online sales during "618" and "Double 11" in 2024 increased by 40% and 65% respectively [3] - The company's distribution channel revenue reached 1.668 billion yuan in 2023, with a CAGR of 35.45% from 2020 to 2023 [25] Geographic and Supply Chain Advantages - The company is located in Shandong, a major agricultural province, providing it with a supply chain advantage [43] - The company has diversified its supply chain, reducing its reliance on single suppliers, with the top five suppliers accounting for 15.91% of total procurement in 2023 [50] Future Projections - The company's revenue is expected to reach 7.575 billion yuan by 2026, with a CAGR of 18.4% from 2024 to 2026 [4] - Net profit attributable to the parent company is projected to reach 912 million yuan by 2026, with a CAGR of 25.9% from 2024 to 2026 [4] - The company's EPS is expected to increase from 1.43 yuan in 2024 to 2.28 yuan in 2026 [55]

证券代码：301498 证券简称：乖宝宠物 公告编号：2024-058 乖宝宠物食品集团股份有限公司 关于持股5%以上股东减持计划实施完成的公告 公司持股5%以上股东北京君联晟源股权投资合伙企业（有限合伙）及其一致 行动人珠海君联博远股权投资合伙企业（有限合伙）保证向公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 乖宝宠物食品集团股份有限公司（以下简称"公司"、"本公司"）已于2024 年10月11日披露了《关于持股5%以上股东减持股份预披露公告》（公告编号： 2024-043）。合计持有公司股份53,343,980股（占公司总股本比例13.34%）的股 东北京君联晟源股权投资合伙企业（有限合伙）（以下简称"北京君联"）及珠 海君联博远股权投资合伙企业（有限合伙）（以下简称"珠海君联"，系北京君 联的一致行动人）计划自上述公告披露之日起十五个交易日后的三个月内（即 2024年11月4日至2025年2月1日）以集中竞价或大宗交易的方式减持本公司股份 合计不超过8,000,890股（占公司总股本比例2.00%），其中北 ...