Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 69 CNY per share, corresponding to a PE ratio of 44 times for 2025 [2][8]. Core Insights - The company reported a revenue of 2.432 billion CNY for the first half of 2025, marking a year-on-year growth of 24.32%, and a net profit attributable to shareholders of 203 million CNY, up 42.56% year-on-year [2]. - The overseas business achieved a revenue of 1.575 billion CNY, growing 17.61% year-on-year, with a gross margin increase of 4.04 percentage points to 27.95% [3]. - Domestic revenue reached 857 million CNY, reflecting a significant increase of 38.89% year-on-year, driven by the growth of the "Wanpi" brand [3]. Financial Performance Summary - Total revenue projections for the company are as follows: 4.465 billion CNY in 2024, 5.746 billion CNY in 2025, 7.235 billion CNY in 2026, and 9.144 billion CNY in 2027, with respective growth rates of 19.1%, 28.7%, 25.9%, and 26.4% [4]. - Net profit attributable to shareholders is forecasted to be 394 million CNY in 2024, increasing to 878 million CNY by 2027, with growth rates of 68.9%, 21.8%, 36.2%, and 34.4% [4]. - Earnings per share (EPS) are projected to rise from 1.29 CNY in 2024 to 2.89 CNY in 2027 [4]. Business Growth and Strategy - The company's main grain business saw a remarkable revenue increase of 85.79% in the first half of 2025, significantly contributing to overall revenue growth [8]. - The domestic brand revenue growth target for the second half of 2025 has been raised to no less than 35%, with the "Xiaojindun" series emerging as a key product [8]. - The company plans to leverage its overseas factories in Canada and Mexico to sustain growth, with new product launches and collaborations expected to enhance brand visibility [8].

证券代码：002891 证券简称：中宠股份 公告编号：2025-055 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、债券代码：127076 债券简称：中宠转 2 债券代码：127076 债券简称：中宠转 2 烟台中宠食品股份有限公司 关于"中宠转 2"转股价格调整的公告 2、本次调整前转股价格为：27.66 元/股 3、本次调整后转股价格为：27.46 元/股 4、本次转股价格调整实施日期：2025 年 8 月 14 日 一、可转换公司债券基本情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，烟台中宠食 品股份有限公司（以下简称"公司"）于 2022 年 10 月 25 日公开发行了 7,690,459.00 张可转换公司债券，每张面值 100.00 元，发行总额为 76,904.59 万元。经深交所 "深证上〔2022〕1090 号"文同意，公司 76,904.59 万元可转换公司债券于 2022 年 11 月 21 日起在深交所挂牌交易，债券简称"中宠转 2"，债券代码"127076"。 二、"中宠转 2"转股价 ...

特别提示： 1、烟台中宠食品股份有限公司（以下简称"公司"）2025 年半年度权益分 派方案为：以公司 2025 年半年度利润分配预案实施时股权登记日的总股本为基 数，按照分配比例不变的原则，向全体股东每 10 股派发人民币现金 2.00 元（含 税），不送红股，不以公积金转增股本。剩余未分配利润结转以后年度分配。 2、按总股本折算的每 10 股现金分红比例为 2.000000 元（按总股本折算的 每 10 股现金分红比例时保留小数点后六位，最后一位直接截取，不四舍五入）， 即按总股本折算的每 10 股现金分红比例=（本次实际现金分红总额（含税）/公 司总股本）*10=2.000000 元。 本次权益分派实施后的除权除息参考价=本次权益分派股权登记日收盘价－ 按总股本折算每股现金分红比例=本次权益分派股权登记日收盘价－0.2000000 元/股。 一、股东大会审议权益分派的情况 证券代码：002891 证券简称：中宠股份 公告编号：2025-054 债券代码：127076 债券简称：中宠转 2 烟台中宠食品股份有限公司 2025 年半年度权益分派实施公告 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 ...

Core Viewpoint - The report highlights that Zhongchong Co., Ltd. (002891) is experiencing strong domestic growth and has promising prospects for brand expansion overseas, leading to an "Accumulate" rating from Shanxi Securities [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [2]. - For Q2 2025, the company reported revenue of 1.331 billion yuan, a 23.44% increase year-on-year, and a net profit of 112 million yuan, reflecting a 29.79% year-on-year growth [2]. Product Performance - The company's staple food products continue to grow rapidly, while snack products maintain steady performance. In H1 2025, snack and staple food revenues were 1.529 billion yuan and 783 million yuan, respectively, with year-on-year growth of 6.37% and 85.79% [3]. - The gross margins for snacks and staple foods were 30.63% and 36.63%, respectively, indicating an ongoing optimization of the product structure with an increasing share of staple food products [3]. Domestic Business Growth - Domestic business revenue reached 857 million yuan in H1 2025, a 38.89% increase year-on-year, with a gross margin of 37.68%, up 0.89 percentage points year-on-year [3]. - The company's self-owned brand "WANPY" has launched successful new products, and the "TOPTREES" brand has become the first in the pet food industry to establish a strategic partnership with CCTV [3]. Global Expansion - The company's overseas business generated revenue of 1.575 billion yuan in H1 2025, a year-on-year increase of 17.61%, with a gross margin of 27.95%, up 4.04 percentage points year-on-year [4]. - The establishment of a factory in Mexico has strengthened the supply chain in North America, while the company's global capacity layout supports its brand expansion efforts [4]. Investment Outlook - The company is expected to enhance its brand operation capabilities, with projected net profits of 464 million yuan, 555 million yuan, and 681 million yuan for 2025, 2026, and 2027, respectively [5]. - The current stock price corresponds to a PE ratio of 38.5 times for 2025 and 32.2 times for 2026, maintaining an "Accumulate-A" rating [5].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [6] Core Views - The company's domestic business continues to show high growth, with a significant increase in revenue and profit margins. The overseas expansion of its brands is also promising [6] - The company achieved a revenue of 2.432 billion yuan in the first half of 2025, representing a year-on-year increase of 24.32%. The net profit attributable to the parent company was 203 million yuan, up 42.56% year-on-year [1][6] - The company is focusing on enhancing its self-owned brands, which are expected to drive further growth in revenue and profitability [6] Financial Performance - In H1 2025, the company’s revenue from pet food snacks and staple food reached 1.529 billion yuan and 783 million yuan, respectively, with year-on-year growth of 6.37% and 85.79% [3] - The gross profit margins for snacks and staple food were 30.63% and 36.63%, respectively, indicating an improvement in product structure [3] - The company’s domestic business generated 857 million yuan in revenue, a year-on-year increase of 38.89%, with a gross margin of 37.68% [4] Global Expansion - The overseas business generated 1.575 billion yuan in revenue in H1 2025, a year-on-year increase of 17.61%, with a gross margin of 27.95% [5] - The establishment of a factory in Mexico marks a significant step in building a strong supply chain in North America, complemented by facilities in Cambodia and New Zealand [5] - The company is optimistic about its self-owned brands' international expansion, which is seen as a core driver for global growth [6] Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 464 million yuan, 555 million yuan, and 681 million yuan, respectively, with corresponding EPS of 1.52 yuan, 1.82 yuan, and 2.24 yuan [6][8] - The projected P/E ratios for 2025 and 2026 are 38.5 times and 32.2 times, respectively, indicating a favorable valuation outlook [6][8]

（文章来源：每日经济新闻） 开源证券8月7日发布研报称，给予中宠股份（002891.SZ，最新价：60.5元）买入评级。评级理由主要 包括：1）品牌宣传与激励共同驱动，盈利能力稳步提升；2）主粮营收高增驱动，品牌矩阵持续发力； 3）境内市场稳步扩张，出海战略持续深化。风险提示：原材料（鸡胸肉）价格波动，产能扩张不及预 期等。 ...

Core Viewpoint - The report from Haitong International indicates that Zhongchong Co., Ltd. (中宠股份) achieved net profit in line with market expectations for 1H25, with 2Q25 revenue exceeding market forecasts, driven by strong growth in proprietary brands and overseas factories [1] Group 1: Financial Performance - The net profit for 1H25 met market expectations, while 2Q25 revenue surpassed market forecasts [1] - Domestic pet food and overseas factory businesses experienced significant growth, although OEM business faced short-term impacts from tariffs [1] Group 2: Business Guidance and Targets - Management has raised guidance for certain business segments, increasing domestic revenue growth target to 35% and adjusting the overseas brand export target from 400 million to 450 million [1] Group 3: Strategic Developments - The company announced the completion of a significant capacity expansion strategy by establishing a factory in Mexico, focusing on pet snacks and traditional chew toys, with plans for half of the production to supply the U.S. market [1] - Mexico is identified as a key production location due to cost and tariff considerations [1] Group 4: Marketing and Brand Promotion - Zhongchong Co., Ltd. is enhancing its global social media presence by collaborating with top KOLs, KOCs, and veterinarians to create localized content, achieving millions of natural exposures on platforms like TikTok and Instagram [1] - The company is organizing pet-friendly events and interactive pop-up activities in key markets to build a multi-touchpoint marketing loop, enhancing consumer engagement and repeat purchase motivation [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant revenue and profit growth, with domestic sales showing remarkable increases. For the first half of 2025, the company achieved revenue of 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year. The second quarter of 2025 saw revenue of 1.331 billion yuan, a 23.44% increase year-on-year, and a net profit of 112 million yuan, up 29.79% year-on-year. The company's domestic business growth exceeded expectations, and with the capacity release from the Mexico factory, profit margins are expected to expand further. The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 478 million, 581 million, and 712 million yuan respectively, and corresponding EPS of 1.57, 1.91, and 2.34 yuan [3][4][5]. Revenue and Profit Growth - In the first half of 2025, the company's gross profit margin and net profit margin were 31.38% and 9.16%, respectively, reflecting a year-on-year increase of 3.40 percentage points and 1.25 percentage points. The increase in sales expenses was driven by higher investment in brand promotion and employee compensation, leading to a management expense increase of 82.50% to 148 million yuan [4][5]. Business Segments Performance - The company's revenue from snacks and staple foods in the first half of 2025 was 1.529 billion yuan and 780 million yuan, representing year-on-year increases of 6.37% and 85.79%, respectively. The gross profit margins for these segments were 30.63% and 36.63%, showing year-on-year increases of 3.40 percentage points and 0.79 percentage points [5][6]. Market Expansion - The company achieved domestic and international revenue of 857 million yuan and 1.575 billion yuan in the first half of 2025, with year-on-year growth of 38.89% and 17.61%, respectively. The gross profit margins for domestic and international sales were 37.68% and 27.95%, with year-on-year increases of 0.89 percentage points and 4.04 percentage points. The company is focusing on its overseas strategy as a core engine for global development, with products sold in 73 countries across five continents [6][8]. Financial Summary and Valuation Metrics - The financial summary indicates that for 2025, the expected revenue is 5.286 billion yuan, with a year-on-year growth of 18.4%. The expected net profit is 478 million yuan, reflecting a growth of 21.3%. The projected EPS for 2025 is 1.57 yuan, with a P/E ratio of 36.6 [8][10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated a clear brand path and is expected to achieve strong performance throughout the year [1] - The company's revenue for the first half of 2025 reached 2.43 billion yuan, a year-on-year increase of 24.3%, while the net profit attributable to shareholders was 203 million yuan, up 42.6% year-on-year [5][6] - The company has established a robust supply chain with production facilities in multiple countries, enhancing its risk resilience and market responsiveness [5][6] - The core brand WANPY has significantly improved its market presence through effective marketing strategies and product offerings [5][6] - The company is projected to maintain high growth in the pet sector, with revenue forecasts of 5.55 billion yuan, 6.84 billion yuan, and 8.40 billion yuan for 2025, 2026, and 2027 respectively [7][8] Summary by Sections Recent Performance - In H1 2025, the company's overseas business revenue was 1.575 billion yuan, up 17.61% year-on-year, with a gross margin of 27.95%, an increase of 4.04 percentage points [5] - Domestic business revenue was 857 million yuan, up 38.89% year-on-year, with a gross margin of 37.68%, an increase of 0.89 percentage points [5] Product Performance - Revenue from pet snacks was 1.529 billion yuan, a year-on-year increase of 5.1%, with a gross margin of 30.63%, up 3.4 percentage points [5] - Revenue from pet staple food was 783 million yuan, a year-on-year increase of 85.79%, with a gross margin of 36.63%, up 0.79 percentage points [5] Future Projections - The company forecasts revenue growth rates of 24% for 2025, followed by 23% for both 2026 and 2027 [7] - The projected net profit for 2025 is 443 million yuan, with a growth rate of 12%, and is expected to reach 715 million yuan by 2027 [7][8]

Summary of China Pet Foods (002891.SZ) Earnings Call Company Overview - **Company**: China Pet Foods (002891.SZ) - **Market Cap**: Rmb17.3 billion / $2.4 billion - **Enterprise Value**: Rmb17.9 billion / $2.5 billion - **Current Price**: Rmb58.72 - **Target Price**: Rmb63.00 - **Upside Potential**: 7.3% [1][4] Key Highlights Domestic Sales Performance - **Sales Growth**: Domestic sales increased by over 35% year-on-year (yoy) in 2Q25, driven by strong performance from brands Wanpy and Toptrees, which grew by 30% and 70% respectively [1] - **Sales Target Adjustment**: Management raised the domestic sales growth target for 2025 from 30% to 35% yoy due to better-than-expected momentum [1][2] Overseas Sales and Expansion - **Export Impact**: The company anticipates that the negative impacts from tariffs on overseas orders will stabilize starting from 3Q25, with ongoing negotiations on order prices [1] - **Factory Developments**: A new factory in New Mexico with an annual capacity of Rmb150 million has been launched, contributing to a projected 30% yoy growth in overseas factory sales for the full year [1] - **Own Brand Sales**: Achieved approximately Rmb200 million in sales from its own brand overseas in 1H25, with Wanpy contributing over 50%. The mid-term revenue target for its own brand is set at USD200 million, with FY25 sales guidance increased from Rmb400 million to Rmb450 million [1][2] Financial Performance and Projections - **Revenue Estimates**: FY25 revenue estimates increased by 1% to Rmb5,455 million, while net income estimates were lowered by 2% due to higher-than-expected selling costs [2][23] - **Earnings Projections**: Expected EPS for FY25 is Rmb1.47, with a projected growth of 9.5% in EPS for FY26 [4][11] - **Gross Margin**: Domestic gross profit margin (GPM) increased by approximately 1 percentage point yoy to 38% in 1H25, with expectations for future margin improvements [20] Strategic Initiatives - **Product Launches**: Wanpy is set to launch a new Precision Nutrition series at the Asia Pet Fair, with higher pricing and margin expectations compared to the Little Golden Shield series [20] - **Market Positioning**: The company is expanding its team for overseas markets, focusing on Southeast Asia, the Middle East, and South America, while targeting developed countries with specific brands [20] Risks and Challenges - **Key Risks**: Potential risks include slower-than-expected domestic revenue growth, food safety issues, foreign exchange fluctuations, rising freight and raw material costs, and additional tariffs on pet food exports to the US [27] Conclusion - **Investment Recommendation**: The company maintains a "Buy" rating with a target price of Rmb63.00, supported by strong domestic growth and strategic overseas expansion initiatives [16][23]