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|2022 CR10 24%+AAFCO+BC 1 2 3(002891)(300673)(301498)/2023 08 06 021-63325888*6076 S0860511010001 2.5.8.8.11 11 15.17.18.21“”“”21 23.24.26.26 1ZFUuNqNmPpOsMmPtOoRpO8OaO7NpNqQtRtQfQpPyQfQrRqP7NrQmRvPnPrNxNsPnO 3 1 2022.5 2 2022.5 3 2022.7 4 2022.7 5 2016-2022 CAGR 21%.8 6 2016-2022 CAGR 8%.8 7 2022 4%.8 8 2022 2%.8 9.9 10.9 11 2019 GDP 1.9 12 2022 65 13.72%.9 13.10 14.11 15.11 16 2017.11 17 2020.11 18.12 19.14 20.14 21 2022.15 22 2022.15 23 2022.15 24 2022.15 25 KOL 2018-2022.06.15 26.16 27.16 28 BC.17 29.18 30.18 31“”.18 32.18 33“”.21 34.23 4 35.24 36 BFC Zeal.24 37.24 38 2022.24 39 2022.24 40.25 1.5 2.6 3.7 4.10 5.12 6.13 7/.16 8.19 9.20 10.20 11.21 12.22 13.23 14.26 5 2022 CR10 24%22 5.8%1pct 1%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 10.1 6.3 6.5 6.4 5.9 5.7 5.2 5.1 5.4 5.8 2.1 2.4 2.4 2.2 2.6 3.3 4.1 5.0 4.6 4.8 1.0 1.1 1.1 1.1 1.3 1.4 1.6 2.0 2.2 2.4-0.3 0.9 1.2 1.6 1.8 2.0 2.2 2.3 3.3 2.5 1.7 1.3 1.2 1.2 1.3 1.5 1.7 1.8 4.3 5.4 6.8 5.9 4.6 3.7 2.2 2.0 1.9 1.7-0.2 0.4 1.0 1.2 1.2 1.5 1.6 3.2 3.0 2.8 2.3 1.9 1.5 1.3 1.2 1.3 1.3 0.3 0.4 0.7 0.8 0.8 0.9 0.9 1.1 1.4 1.2 0.2 0.4 0.6 0.7 0.7 0.8 0.8 0.9 1.2 1.1 7 4 1 2022 2 2022 4%4%3%3%3%2%2%2%2%2%73%7%6%3%2%2%2%2%2%2%1%72%6 10-20/100/2/152 5.4kg 65 10kg 39 10kg 3%57 10kg 10%45 12kg 37.5 8kg 7 Barf 53 7.2kg 16 5kg 2023 8 2 65 100 200-400 200 100/20/3 65 1950 170/332 60/117 20/39 200 6000 170/1020 60/360 20/120 3 2022 4 2022 8+2022 486 2016-2022 CAGR 21%2016-2022 CAGR 8%22 5 2016-2022 CAGR 21%6 2016-2022 CAGR 8%7 2022 4%8 2022 2%19.7%48.7%22.1%9.6%15.8%50.4%29.7%4.1%0%10%20%30%40%50%0100200300400500600200920102011201220132014201520162017201820192020202120222023E YoY0%2%4%6%8%10%12%14%16%0100200300400500600200920102011201220132014201520162017201820192020202120222023E YoY 9=*1935 1956 APPA 1988 56%2000 APPA 2022 49%35%20 60 1960 1969 40 2008 19%/12%2022 9.69%8.63%9 10 APPA GDP 2019 1 20 60 80 90 11 2019 GDP 1 12 2022 65 13.72%0%5%10%15%20%25%30%35%40%45%020406080100120140160200920102011201220132014201520162017201820192020202120222023E YoY-2%-1%0%1%2%3%4%5%750800850900950100010501100200920102011201220132014201520162017201820192020202120222023E YoY0%10%20%30%40%50%60%2012 2014 2016 2018 2020 2022 0%5%10%15%20%10 2022 1.17 4%5119 6536-5.7%/+12.6%4.94 1.2 1.3 2022 9%10%13 4 2022 2008 2022 9%1.2 21%1.3 49%1.5 10%1.3 13%1.7 35%2 5119 13573 36405 6536 10835 34904 11655 24408 71309-109%512%APPA 0.001.002.003.004.005.006.007.00 05101520253035%010002000300040005000600070002017 2018 2019 2020 2021 2022 11 80 90 14 15 2017 2021 16 2017 17 2020 0%20%40%60%80%100%2018 2019 2020 2021 202290 80 70 70 0%2%4%6%8%10%12%14%16%18%2016 2022 2016 2022 20-29 30-39 40-49 50-59 60-69 70-7902004006008001000120014002004200520062007200820092010201120122013201420152016201720182019202020212022 01020304050607080 12 OBM ODM OEM OBM ODM OEM+OBM OEM ODM OBM+ODM ODM 18 2018 4 20 2000 1 1 5 10 1 10 20 5 1.2.38-46 1.13 3.1 1 5 1 5 10 10 2.1 2 5 10 3.1 2000 2 1 2 5 4.2000 1 5.1 2000 2 1 2 5 1.2.1.2.3.4.5.6.1.2.1 2000 2 1 2 5 6 FEDIAF 178/2002/EC 767/2009/EC 1774/2002/EC 183/2005/EC 1.2.3.14 4.FEDIAF MPI NZFMA NZPFMA ACVM APA 1.APA ACVM 2.ACVM 3.NZFMA 4.NZPFMA MPI FDA AAFCO 21 1.FDA AAFCO AAFCO 2.AAFCO USDA 3.FDA 4.PFAC AAFCO 1.2.topdogtips 2014 9 2015 3 9 AAFCO FEDIAF AAFCO 42 45 19 20 AAFCO FEDIAF GB/T AAFCO FEDIAF GB/T+0%5%10%15%20%AAFCO fediaf GB/T AAFCO fediaf GB/T AAFCO fediaf GB/T AAFCO fediaf GB/T AAFCO fediaf GB/T 0%5%10%15%20%25%30%AAFCO fediaf GB/T AAFCO fediaf GB/T AAFCO fediaf GB/T AAFCO fediaf GB/T AAFCO fediaf GB/T 15 AAFCO FEDIAF 21 2022 2022 66%21%9%31%22 2022 23 2022+KOL 24 2022 25 KOL 2018-2022.06 0%10%20%30%40%50%60%70%4%21%66%9%33%5%19%31%3%8%16 7/2023 6 2023 6 2023 6 2023 6 2023 6 1 2 3 4 5 6 7 8 9 10 Nulo+26 27 0%10%20%30%40%50%/B/TOP20 17 BC 28 BC 2012-2018 2019-2021 2022 18 29 30 2022 1 1 11 1 2022 1 1 11 1 Orijen 85%5 2/3 1/3 40%AAFCO Ziwi 92%31 32 0510152025300102030405020122013201420152016201720182019202020212022 0510152025303520122013201420152016201720182019202020212022 19 60-90 1 2 3 4 AAFCO 8 1.2.3.1.2.3.1.2.1.2.3.1.2.1.1.2.1.2.Zeal 2018 11 The Natural Pet Treat Company Limited 100%Zeal 2021 1.545 PetfoodNZ International Limited 70%2021 Zeal PFNZ 0 0 0 0 0 0 94%2023 Zeal 0 PFNZ 20 2020 2.37 2 2020 2.3 6 3 5.0 BUHLER 86 A+/+3 9 Zeal 0 PFNZ 62%5.0 2019 1.87 4 2021 2.88 3 2 3.46 5 2.5 2020 Wenger 0-50 C 70%FDA IPO 3.67 5.85 3133 1230 10 21 Wenger 11 2020 60000 20000 2022 60000 40000 2000 2019 40000 2021 30000 50000 2023 IPO 58500 3133 1230+100%0 23 33 22+2020 12/51 8KG 30.5%15.3%9.5%6.5%5.5%55%60 8KG 55.6%15.2%6.8%62%71 8KG 70%8.5%6%2.4%70%152 5.4KG 23%10%6.5%6%6%42%2023 8 2+23 13/100 60.5 60%20%1%0.8%5%33.5 55%22%1%0.8%6%44.2 47%25%0.6%0.5%8%41.6 65%18%1%0.8%5%41.5 60%20%1%0.8%5%2023 8 2 1 2018 2019 2020 IP Discovery Myfoodie 2021 2 2021 2021 INTO ONE 3 VIVO OPPO 34 KOL 24 KOC 35 1 2022 Zeal Zeal Zeal 2 3 4 2023 4 15 4 36 BFC Zeal 37 CR5 72%38 2022 39 2022 25 1935 Chappel Brothers 20 1958 whiskas 1968 Kal Kan Pedigree 80 Sheba Cesar 2002 7 Royal Canin 2000 Nutro Greenies Crave Peawee 2014 Iams Eukanuba Natura Iams 10 2022 11 Champion Orijen Acana 40 petnotes 1 8%6%5%4%4%74%ONE 28%20%9%8%8%28%JM 26 2 3 Toptrees 2021 9 50%90%2019 7 2 3 50%2022 4 14 2 5 14 8:1:1 18.90%19.30%4.38%Pidan TOP1 2.05%2023 8 2(002891)(300673)(301498)+27 28 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
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