编号：2026-001 | 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 | 按机构名称首字母排序： | | 人员姓名 | 长江证券 顾熀乾、刘文一 | | | 华福证券 谢丽媛、贺虹萍 | | | 中泰证券 严瑾 | | | 中信证券 彭家乐 | | 时间 | 2026 年 3 月 2 日 | | 地点 | 乖宝宠物办公楼 5 楼会议室 | | 上市公司接待人 | 董事长：秦华； | | 员姓名 | 董事、总裁：杜士芳； | | | 董事会秘书：王鹏；证券事务代表：袁伟中、陈雪姣 | | | 1、公司所处行业线上竞争激烈，公司是否会根据行业的线上投放 | | | 策略而改变自身的营销策略？公司未来有什么样的自有品牌发展 | | | 展望？ | | | 答：公司不会过于关注行业内其他品牌的产品策略，公司将始终遵 | | | 循自身发展战略，坚持持续提升品牌价值与产品实力，着眼于长远， | | | 坚持以 ...

智通财经APP获悉，中国银河证券发布研报称，持续重点强调生猪养殖行业的攻守兼备布局机会，基于 能繁母猪作用值及养殖效率的考虑，26年猪价同比下行，期间或有所反弹表现;综合考虑政策去产能以 及行业亏损去产能，重点关注成本边际变化显著、资金面良好的优质猪企。另可关注养殖链后周期及动 物疫苗相关企业。考虑黄羽鸡自身供给相对低位，叠加需求端的改善预期。宠物食品行业处成长过程 中，优质企业市占率呈提升趋势。 宠物食品：25年出口略承压，呈现量增价跌特征 12月我国宠物食品出口额9.06亿元，同比-2.91%。其中出口量3.77万吨，同比+15.49%;出口均价24.02 元/kg，同比-15.93%，刷新年内低点。25年出口额101.02亿元，同比-4.1%;出口量36.13万吨，同比 +7.8%;出口均价27.96元/kg，同比-11%。 2月农业指数表现弱于沪深300 2月农林牧渔指数-0.14%，同期沪深300上涨0.09%。养殖业(+1.02%)涨幅相对居前，而农产品加工 (-3.23%)、动物保健(-3.27%)表现相对靠后。 生猪养殖：2月猪价震荡下行，自繁自养再度亏损 2月11日猪价12.75元/kg，较 ...

Summary of Pet Food ODM Business Conference Call Company and Industry Overview - The conference call discusses Petty Co., a company in the pet food industry, focusing on its ODM (Original Design Manufacturer) business for pet snacks, with significant operations in the U.S. and Europe [2][3]. Key Points and Arguments 1. Revenue Projections - The pet food ODM business is expected to generate revenue of approximately 1.4 to 1.5 billion yuan by 2026, with the U.S. market accounting for about 70% and Europe for over 20% [2][3]. 2. Market Dynamics - The European market is anticipated to become a significant growth source, contingent on the performance of new products from European clients [2][4]. - The U.S. market has shown signs of stabilization and recovery since Q1 2026, while Europe has experienced more pronounced order growth [3][4]. 3. Cost and Pricing Strategy - In 2025, revenue fluctuations were attributed to cautious customer ordering and tariff impacts, but profitability remained stable due to efficient operations in overseas factories, particularly in Southeast Asia [4][5]. - Raw material costs are expected to stabilize in 2026, with exchange rate fluctuations being the main uncertainty. The company has adjusted its USD account positions to mitigate risks [4][5]. 4. Product Development and Brand Strategy - The company has completed the import registration of eight products from New Zealand, with a focus on launching a new brand, "Yuebais," in mid-2026, primarily through Tmall International [5][10]. - The domestic self-owned brand "Jueyan" aims for a 30% growth target in 2026, with a focus on high-quality products, including new cat food offerings [5][6][8]. 5. Competitive Landscape and Market Positioning - The company is monitoring acquisition opportunities in the pet food sector, particularly for second-tier brands in the staple food category [10][11]. - The "Haoshijia" brand is positioned as a mid-range product line, with expected growth rates lower than "Jueyan" due to intense competition and price pressures [8][12]. 6. Operational Capacity and Expansion Plans - The company has significant production capacity in Southeast Asia, with plans to expand operations in Vietnam and Cambodia to meet U.S. and European demand [13][14]. - The New Zealand facility is expected to contribute 800 to 1 billion yuan in revenue once fully operational, with a ramp-up period of 3 to 4 years [16]. 7. Marketing and Sales Strategy - The marketing strategy for "Yuebais" will leverage its New Zealand origin to build consumer trust, initially focusing on online sales through Tmall International [10]. - The company plans to enhance its product offerings in both online and offline channels, with a focus on high-quality, high-priced products [12][16]. Other Important Insights - The company is actively managing its supply chain to mitigate the impact of shipping disruptions, particularly for U.S. orders, which are primarily fulfilled from Southeast Asia [9]. - The anticipated reduction in tariffs for Vietnamese products is expected to boost order volumes from U.S. clients, particularly in Q2 and Q3 of 2026 [9][16]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market dynamics, and operational plans within the pet food industry.

Summary of Pet Food Industry Conference Call Industry Overview - The pet food industry is undergoing a structural shift from "ingredients and processes" to "functional and solution-oriented" products, driven by both supply-side differentiation and increasing consumer concerns about pet health [1][2][3]. - The demand for functional pet food is growing as consumers seek customized solutions for pets based on age, breed, and specific health issues, moving away from mere concept packaging [1][2]. Key Insights - **Functional Pet Food**: The core of functional pet food lies in providing tailored solutions for pets with specific health concerns, rather than just marketing concepts. Brands like Frigat are focusing on "precision nutrition" to compete with established players like Royal Canin [1][4]. - **Market Dynamics**: Domestic brands are shifting from differentiation strategies to directly competing with international giants. Long-term success will depend on addressing the real needs of pets and educating consumers about nutrition [1][5]. - **Brand Switching Windows**: Pet owners experience three key brand switching windows: breeding (first food), retail (profit-driven), and medical (health concerns). The medical switch is particularly irreversible, making functional and prescription foods critical areas for brands to focus on [1][6]. Competitive Landscape - The competition in the pet food industry has intensified, particularly in the prescription and functional food segments, with a projected market size of approximately 2 billion [2][11]. - Companies like Royal Canin are experiencing supply shortages in prescription foods, indicating strong demand driven by pet health issues [2][11]. - R&D investment and scientific validation are becoming crucial competitive factors, with companies like Weishi establishing research institutes to enhance their product offerings [2][10]. Consumer Behavior - Pet owners are increasingly concerned about their pets' health, leading to a rise in demand for functional foods that address specific health issues such as gastrointestinal, skin, and joint problems [2][7][8]. - The concept of "health-oriented" pet food is gaining traction, with consumers willing to pay more for high-quality, health-focused products [8][9]. Product Development Trends - The industry is seeing a trend towards high-end and health-oriented products, with brands like Frigat launching new lines that emphasize precision nutrition [4][10]. - The aging pet population is prompting the development of age-specific nutrition solutions, with international brands like Royal Canin leading the way in systematic approaches to senior pet food [9][10]. Challenges and Opportunities - The entry barriers for prescription food are high, but the potential for high margins makes it an attractive segment for new entrants [11][24]. - The competitive landscape is shifting, with increased marketing expenditures among leading brands to capture market share, leading to further concentration in the industry [17][18]. Conclusion - The pet food industry is at a pivotal point, with significant opportunities in functional and prescription foods driven by consumer health concerns. Brands must focus on R&D, consumer education, and addressing specific health needs to succeed in this evolving market [1][2][10].

宠物行业深度《头部品牌情况梳理》20260226 摘要 国内宠物食品市场集中度提升，头部品牌如乖宝、中宠通过多品牌矩阵 和多业务模式发展，中尾部品牌面临市场份额下滑和出清趋势，天猫渠 道竞争尤为激烈。 吉家旗下疯狂小狗早期抓住中低端国产宠物食品升级趋势，2019 年销 售额超 12 亿；蓝氏通过创新单品"猎鸟乳鸽"切入中高端市场，2024 年销售额达 11.25 亿，预计 2025 年达 16 亿。 吉家在烘焙粮趋势上跟进较慢，资源集中于既有大单品，2025 年推出 "超能奶盾系列"等产品，但销售表现一般。公司调整目标，预计未来 增速为 10%~20%。 鲜朗母公司吉宠旗下品牌包括鲜朗、汪爸爸、江小傲、纯福，鲜朗主打 烘焙粮，是主要收入贡献者，集团资源倾斜明显。鲜朗对天猫渠道重视 程度高，营销侧重小红书投放。 简谟旗下城市一口初期推出黄金单品猫粮 P40，2023 年推出 BK01 烘 焙粮但表现不佳，2025 年加大投入。创始人具备宝洁背景，重视内容 营销和消费者心智培育。 Q&A 2025 年 618 至 2025 年双十一期间，宠物食品行业的整体增速与竞争格局 呈现哪些核心变化？ 行业增速仍维持双位数增 ...

业 及 产 业 农林牧渔 2026 年 03 月 01 日 节后猪价如期下跌，看好产能去化加速 看好 —— 农林牧渔周观点（2026.2.23-2026.3.1） 本期投资提示： 券 研 究 报 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 盛瀚 A0230522080006 shenghan@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 行 业 研 究 / 行 业 点 评 证 告 - ⚫ 本周申万农林牧渔指数上升 4.0%，沪深 300 上涨 1.1%。个股涨幅前五名：亚盛集团（17.5%）、绿康 生化（13.2%）、冠农股份（12.8%）、新赛股份（12.8%）、众兴菌业（12.3%），跌幅前五名：中水渔业 （-4.3%）、国联水产（-3.8%）、中宠股份（-1.8%）、播恩集团（-1.7%）、京 ...

Investment Rating - The report provides a positive outlook on various sectors, indicating a potential upward trend in investment opportunities across multiple industries. Core Insights - The report highlights the acceleration of "global localization" for collectible toys, with companies like Pop Mart expanding their presence in international markets and diversifying their product offerings to drive revenue growth [1][7] - The new tobacco sector is expected to benefit from clearer FDA product review standards, favoring companies with strong manufacturing capabilities [12] - The housing market shows signs of seasonal decline, but there is potential for recovery driven by supportive policies and demand stabilization [13] - The paper packaging industry is experiencing fluctuations in prices and inventory levels, with expectations of recovery as production resumes post-holiday [15] - The pet food market is witnessing significant growth, particularly in e-commerce, with major platforms reporting increased sales [19][20] Summary by Sections 1. Collectible Toys - Pop Mart has established a creative headquarters in Culver City, Los Angeles, enhancing its global localization efforts [7] - The company is diversifying its product lines with new IPs and collaborations, which are expected to drive revenue growth [8][9] 2. New Tobacco - The FDA has clarified product review standards, which may benefit leading companies with strong manufacturing capabilities [12] - The glo hilo product has been launched in Romania, with plans for further global expansion by 2026 [12] 3. Housing Sector - Recent data shows a significant year-on-year decline in property transactions, but there are signs of stabilization in the market [13] - The furniture export market is showing mixed results, with a decline in exports from China but growth in Vietnam [13] 4. Paper and Packaging - Recent price increases in paper products have been noted, with expectations of inventory adjustments as production resumes [15] - The packaging sector is recovering as downstream demand stabilizes [15] 5. Pet Food and Supplies - The pet food market has seen a year-on-year growth of 18% in January, with significant contributions from platforms like Douyin and JD [19][20] - Notable brands are achieving double-digit growth in sales, indicating a robust market environment [21] 6. AI and 3D Printing - The 3D printing market is projected to grow significantly, with a focus on service-oriented business models [30][31] - Innovations in AI are expected to lower barriers for entry into the 3D printing market, enhancing growth potential [31] 7. Xiaomi Group - Xiaomi is expanding its high-end product offerings and enhancing its ecosystem with new releases in the smartphone and accessory markets [17][18] - The company is leveraging AI technology to strengthen its competitive position in the consumer electronics space [18] 8. Silver Economy - The report emphasizes the potential of the silver economy, predicting significant market growth driven by changing consumer behaviors among the elderly [28][29]

Group 1 - Eight pet food companies, including Qingdao Bellman Food Co., Ltd. and Qingdao Huafu Xing Food Co., Ltd., have successfully obtained official feed export registration qualifications for Brazil, marking them as the first batch of companies in the country to gain market access to Brazil [1] - The new regulations for feed export registration in Brazil will be implemented by the end of 2025, requiring companies to complete official registration to gain entry [1] - Qingdao Customs has actively supported these companies by providing guidance on regulatory requirements and assisting in the preparation of necessary documentation, which has facilitated the registration process [1] Group 2 - In recent years, countries such as South Korea, Turkey, and Brazil have introduced new registration regulations for pet food companies, prompting Qingdao Customs to offer comprehensive technical guidance to help more quality pet food enterprises obtain international access [2] - Currently, there are 62 pet food export companies in Qingdao, demonstrating a significant clustering effect in the industry [2] - Qingdao Customs plans to continue enhancing reforms focused on "streamlining administration and delegating power," addressing the urgent needs of companies seeking to expand into international markets [2]

青岛海关动植检处动检一科副科长郑新颖表示，下一步，海关将持续深化"放管服"改革，聚焦企业开拓 国际市场的急难愁盼问题，精准应对各类技术性贸易措施，以高效监管、优质服务为企业纾困赋能，为 外贸经济高质量发展注入海关动能。 2025年年底，巴西出台饲料出口注册新法规，要求输巴西饲料企业必须完成官方注册方可准入。青岛海 关主动靠前服务，积极对接协调各相关部门，为企业出具符合良好操作规范声明，破解了注册关键堵 点。 "针对巴西葡萄牙语法规晦涩难懂问题，我们组织业务骨干翻译法规条文，专门组织法规培训，为企业 清晰解读注册核心要求，并指导企业完善相关外文填报材料。"黄岛海关企业管理处资质管理科一级主 办崔海英介绍。 在青岛海关全程帮扶支持下，青岛市首批推荐的8家企业全部成功获批注册。"海关帮我们攻克了注册难 关，为我们打开了更广阔的国际销路，更坚定了我们开拓国际市场的信心！"青岛华福兴食品有限公司 副总经理赵合表示。 近年来，韩国、土耳其、巴西等国家密集出台宠物食品企业注册新规。为了让更多优质宠物食品企业获 得国际"通行证"，青岛海关主动作为，在国外法律法规培训、生产工艺控制、自检自控体系建设、追溯 体系建立等环节提供全 ...

李若熙 17611619787，lirx@avicsec.com 行情回顾 （2.07-2.21） 申万农林牧渔行业（-2.10%），申万行业排名（28/31）； 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：中航证券研究） 如您需要报告全文，可联系研究所销售团队： 陈艺丹 18611188969，chenyd@avicsec.com 李裕淇 18674857775，liyuq@avicsec.com 李友琳 18665808487，liyoul@avicsec.com 交易上，关注产能去化趋势中的板块机会。一是生猪周期轮转不止，配合"反内卷"政策引导，产能有望合理调减，猪价预期和生猪板块走势有望演绎。二 是生猪行业优势企业价值属性增强。长期稳态下生猪养殖产业整体将保持一定的利润水平，而行业具备养殖管理和成本优势的企业望保持较好盈利能力。 行业前期产能扩张的财务压力释放，产业优质企业的自由现金流大幅改善，支撑相关生猪企业估值。三是生猪行业优势企业红利属性增强。优质养殖企业 重视并不断提升股东回报，生猪板块优质标的的长期红利属性和配置价值有望愈加显著。四是生猪头部企业推进全球 ...