乖宝宠物（ [Table_StockNameRptType] 301498） 公司点评 国内自有品牌高速增长，直销收入占比稳步提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-08-26 | | | [Table_BaseData] 收盘价（元） | | 95.73 | | 近 12 个月最高/最低（元） | 125.6/41.27 | | | 总股本（百万股） | | 400 | | 流通股本（百万股） | | 179 | | 流通股比例（%） | | 44.75 | | 总市值（亿元） | | 383 | | 流通市值（亿元） | | 171 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com 分析师：万定宇 执业证书号：S0010524040003 邮箱：wandy@hazq.com [Table_CompanyReport] 相关报告 1.乖宝宠物（301498）年报&一 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company has shown significant revenue growth driven by its proprietary brand, with a projected revenue increase of 26% in 2025 [6] - The company's self-owned brand revenue has increased by 50% year-on-year in the first half of 2025, with high-end product revenue share rising significantly [6] - The company is expected to continue its rapid growth in proprietary brand revenue over the next three years, supported by product upgrades and an increasing share of high-end products [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 6,624 million, with a year-on-year growth rate of 26.3% [5] - The net profit attributable to the parent company is projected to be 789 million in 2025, reflecting a year-on-year growth of 26.4% [5] - The gross margin is expected to improve to 44.3% in 2025, up from 42.8% in the first half of 2025 [5] - The company’s return on equity (ROE) is forecasted to reach 16.4% in 2025 [5] - The price-to-earnings (PE) ratio is projected to be 49x for 2025 [6]

Core Insights - The company achieved a revenue of 3.221 billion yuan in H1 2025, representing a year-on-year increase of 32.72%, and a net profit attributable to shareholders of 378 million yuan, up 22.55% year-on-year [1] - In Q2 2025, the company reported a revenue of 1.741 billion yuan, a year-on-year growth of 30.99%, and a net profit of 174 million yuan, increasing by 8.54% year-on-year [1] - The company's proprietary brands and online channels continue to show strong growth, with staple food and snacks achieving revenues of 1.88 billion yuan and 1.29 billion yuan respectively in H1 2025, reflecting increases of 57% and 8% year-on-year [1] Revenue and Profitability - The company's e-commerce direct sales revenue reached 1.21 billion yuan in H1 2025, a year-on-year increase of 39.72%, accounting for 37.7% of total revenue; direct sales from Alibaba and Douyin platforms amounted to 880 million yuan, up 45.9% year-on-year [1] - The gross margin improved in Q2 2025, reaching 43.8%, an increase of 1.0 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to the rising proportion of proprietary brands, especially mid-to-high-end brands [1] Cost Structure and Strategic Initiatives - In Q2 2025, the sales, management, and financial expense ratios increased by 3.5, -0.4, and +0.5 percentage points year-on-year respectively, with sales expenses mainly related to brand promotion [2] - The company continues to innovate and lead the industry, with the launch of new high-end products and the completion of the 2.0 upgrade for the Freycat brand [2] - The company has implemented a second phase of its equity incentive plan, which is expected to enhance team motivation and support long-term growth [2] Profit Forecast - The profit forecast has been slightly adjusted due to the impact of incentive expenses, with expected net profits attributable to shareholders for 2025-2027 projected at 750 million, 980 million, and 1.23 billion yuan respectively, corresponding to PE ratios of 54, 41, and 33 times [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue reaching 3.221 billion yuan, a year-on-year increase of 32.72%, and net profit attributable to shareholders of 378 million yuan, up 22.55% year-on-year [7] - The self-owned brand and online sales channels are experiencing strong growth, with self-owned brand revenue expected to grow over 40% in the first half of 2025 [7] - The company continues to innovate and lead the industry, with a new high-end brand strategy and successful product launches [7] - The profit forecast has been slightly adjusted downwards, with net profits expected to be 750 million yuan, 981 million yuan, and 1.231 billion yuan for 2025, 2026, and 2027 respectively [7] Financial Summary - Total revenue projections for the company are as follows: 4.327 billion yuan in 2023, 5.245 billion yuan in 2024, 6.579 billion yuan in 2025, 8.067 billion yuan in 2026, and 9.794 billion yuan in 2027, with year-on-year growth rates of 27.36%, 21.22%, 25.43%, 22.62%, and 21.41% respectively [1] - Net profit attributable to shareholders is projected to be 428.84 million yuan in 2023, 624.72 million yuan in 2024, 750.09 million yuan in 2025, 981.41 million yuan in 2026, and 1.23074 billion yuan in 2027, with year-on-year growth rates of 60.68%, 45.68%, 20.07%, 30.84%, and 25.41% respectively [1] - The latest diluted EPS is expected to be 1.07 yuan in 2023, 1.56 yuan in 2024, 1.88 yuan in 2025, 2.45 yuan in 2026, and 3.08 yuan in 2027 [1]

Market Overview - The feed sector increased by 1.07% on August 26, with Aonong Biological leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Aonong Biological (603363) closed at 4.15, up 10.08%, with a trading volume of 785,000 shares and a turnover of 318 million yuan [1] - Tianma Technology (603668) closed at 14.86, up 8.15%, with a trading volume of 411,700 shares and a turnover of 607 million yuan [1] - Bangji Technology (603151) closed at 27.04, up 5.42%, with a trading volume of 72,200 shares and a turnover of 26.8 million yuan [1] - Tiankang Biological (002100) closed at 6.97, up 5.29%, with a trading volume of 1,027,400 shares and a turnover of 706 million yuan [1] - Petty Holdings (300673) closed at 17.80, up 2.06%, with a trading volume of 140,200 shares and a turnover of 249 million yuan [1] Capital Flow Analysis - The feed sector saw a net inflow of 102 million yuan from main funds, while retail investors experienced a net outflow of approximately 95.23 million yuan [2] - Aonong Biological had a main fund net outflow of 94.44 million yuan, with retail investors also showing a net outflow of 45.43 million yuan [3] - Tianma Technology experienced a main fund net inflow of 61.12 million yuan, while retail investors had a net outflow of 28.96 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [6][19]. Core Views - The company's self-owned brands continue to show strong growth, with a significant increase in direct sales channels. The report highlights the performance of brands such as Maifudi and Fliegate, which have seen substantial sales growth [3][4]. - The financial outlook is optimistic, with revenue forecasts for 2025-2027 adjusted upwards, projecting revenues of 65.82 billion, 81.30 billion, and 99.43 billion yuan respectively, reflecting year-on-year growth rates of 25.5%, 23.5%, and 22.3% [5][6]. Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 32.21 billion yuan, a year-on-year increase of 32.72%, and a net profit of 3.78 billion yuan, up 22.55% [2]. - The gross margin for the first half of 2025 was 42.8%, with a slight increase from the previous year, while the net profit margin for Q2 2025 was 10.0% [4]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares to all shareholders [2]. Brand and Market Position - The self-owned brand Maifudi targets young consumers and has established a strong presence in the high-end pet food market, achieving significant sales during major shopping events [3]. - The report notes that the online sales of Maifudi and Fliegate brands increased by 26% and 146% respectively in the first half of 2025, contributing to a total sales growth of 50% for these brands [3]. Future Growth and Incentives - The company has launched a second phase of its restricted stock incentive plan, aiming for ambitious revenue and profit growth targets from 2025 to 2027, reflecting confidence in long-term development [5]. - The projected net profits for 2025-2027 are 7.45 billion, 9.55 billion, and 12.06 billion yuan, with respective growth rates of 19.3%, 28.1%, and 26.3% [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the growth metrics and brand performance. Core Insights - The company achieved a revenue of 3.221 billion yuan in H1 2025, representing a year-on-year increase of 32.7%, with a net profit of 378 million yuan, up 22.5% year-on-year [1][2] - The company's self-owned brands are driving significant growth, with sales through third-party platforms exceeding 1.2 billion yuan, a growth rate of approximately 40% [2] - The main product categories, staple food and snacks, generated revenues of 1.883 billion yuan and 1.294 billion yuan respectively, with year-on-year growth rates of 57.1% and 8.3% [2] - The gross margin for staple food products is 46.2%, an increase of 1.5 percentage points year-on-year, while snack products have a gross margin of 37.5%, a decrease of 1.7 percentage points [2] - The company is leveraging a data empowerment system to enhance product advantages, including a digital life database for pets and collaboration with Nanjing Agricultural University for recipe research [3] - The company is expanding its overseas OEM business, with a new factory in Thailand expected to double production capacity [3] Financial Performance Summary - In H1 2025, the company achieved a gross margin of 42.8%, an increase of 0.7 percentage points year-on-year [4] - The operating cash flow for H1 2025 was 350 million yuan, indicating strong cash generation capabilities [4] - The company forecasts net profits of 740 million yuan, 1.051 billion yuan, and 1.343 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 52.4X, 36.9X, and 28.9X [4][6]

Core Insights - The company reported a revenue of 3.221 billion yuan for the first half of 2025, representing a year-on-year growth of 32.72%, with a net profit attributable to shareholders of 378 million yuan, up 22.55% year-on-year [1][2] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.741 billion yuan, a year-on-year increase of 30.99%, with a net profit of 174 million yuan, growing 8.54% year-on-year [1] - The main grain category generated 1.883 billion yuan in revenue during the first half of 2025, up 57.09% year-on-year, accounting for 58.69% of total revenue [2] - The company's gross margin and net margin for the first half of 2025 were 42.78% and 11.75%, respectively, with a slight increase in gross margin of 0.73 percentage points year-on-year [2] Group 2: Business Strategy and Market Position - The company has successfully implemented a high-end brand strategy, with significant sales growth for its premium sub-brands, including a 150% increase for the Ba Fu natural grain brand during the 2024 Double 11 shopping festival [3] - The company has established a pet nutrition research center to support the development of prescription and functional pet food, enhancing its competitive edge in the market [3] - The company's market share for the Mifudi brand increased from 2.4% in 2015 to 6.2% in 2024, making it the leading domestic brand in the pet food sector [3] Group 3: Future Outlook - The company is expected to benefit from the ongoing growth of the domestic pet economy, with projected net profits of 760 million yuan, 960 million yuan, and 1.28 billion yuan for 2025, 2026, and 2027, respectively [4] - The company maintains a "buy" rating, indicating confidence in its ability to expand market share and solidify its leading position in the industry [4]

Core Insights - The company reported strong growth in both revenue and net profit for the first half of 2025, with revenue reaching 3.221 billion yuan, a year-on-year increase of 32.72%, and net profit of 378 million yuan, up 22.55% [1] - The company's cash flow from operating activities significantly improved, amounting to 350 million yuan, reflecting a substantial increase of 42.97% year-on-year [1] - The domestic self-owned brand business emerged as the core growth driver, with the main brand "Mai Fudi" leading the industry and high-end sub-brands like "Ba Fu Natural Grain" rapidly gaining traction [1] Business Performance - The ultra-high-end brand "Fu Lie Ge Te" performed well by utilizing "fresh meat precise nutrition" technology to meet specific feeding scenario demands [1] - The newly launched ultra-high-end dog food "Wang Zhen Chun" fills a gap in the domestic market for this product category, showcasing the company's multi-brand strategy to cover different consumer segments [1] - The company maintains stable partnerships with international firms like Walmart and P&G through OEM/ODM models, exporting products to North America, Europe, Japan, and South Korea [1] R&D and Supply Chain - R&D investment reached 48.635 million yuan, marking a year-on-year increase of 27.06%, with 341 domestic patents granted [2] - The company has established R&D centers in Liaocheng, Shanghai, and Thailand, focusing on collaborative innovation in pet nutrition and high-end product development [2] - On the production side, the company has introduced advanced international equipment and created smart flexible production lines, leveraging regional advantages and global procurement strategies for efficient cost control [2] Profit Distribution and Future Outlook - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares (tax included) to all shareholders, demonstrating its commitment to long-term shareholder returns [3] - Looking ahead, the company aims to deepen its "self-owned brand + globalization" strategy, increasing investments in R&D and distribution channels to address market competition and trade environment changes, thereby promoting high-quality development in the pet food sector [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has demonstrated strong growth in its domestic self-owned brand business, achieving a revenue of 3.221 billion yuan in the first half of 2025, a year-on-year increase of 32.72%, with a net profit of 378 million yuan, up 22.55% year-on-year [1][2] - The high-end brand strategy has shown significant results, with notable sales growth in premium sub-brands during major shopping events [3] - The company is expected to continue benefiting from the ongoing pet economy boom, with projected net profits of 760 million yuan, 960 million yuan, and 1.28 billion yuan for 2025, 2026, and 2027 respectively [4] Summary by Sections Financial Performance - In the first half of 2025, the main grain category generated 1.883 billion yuan, a 57.09% increase year-on-year, accounting for 58.69% of total revenue [2] - The direct sales channel saw a revenue increase of 39.72%, with third-party platforms contributing 1.21 billion yuan [2] - The company's gross margin and net margin were 42.78% and 11.75% respectively, with a slight year-on-year increase in gross margin [2] Brand Strategy - The company is accelerating its high-end branding efforts, with significant sales growth in its premium pet food lines during major shopping events [3] - The introduction of ultra-premium dog food brands has filled a gap in the domestic market, supported by a robust research and development framework [3] Market Outlook - The company is expected to maintain its leading position in the pet food industry, with a projected market share increase from 2.4% in 2015 to 6.2% in 2024 for its flagship brand [3] - The forecasted revenue growth rates for 2025 to 2027 are 21.8%, 18.9%, and 17.4% respectively, indicating a strong growth trajectory [5]