Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130 RMB [6][4]. Core Views - The company achieved a revenue of 3.221 billion RMB in H1 2025, representing a year-over-year increase of 32.72%, and a net profit of 378 million RMB, up 22.55% year-over-year [1][6]. - The company demonstrated strong growth in domestic revenue despite intense competition, indicating robust product and marketing capabilities [1][3]. - The report emphasizes the company's solid supply chain and R&D foundation, suggesting that leading pet companies will continue to strengthen their competitive positions in a more rational consumer and brand competition environment [1][3]. Summary by Sections Revenue and Profitability - In Q2 2025, the company reported revenue of 1.741 billion RMB, a year-over-year increase of 30.99% and a quarter-over-quarter increase of 17.68% [1][2]. - The main grain products generated revenue of 1.883 billion RMB in H1 2025, up 57.09% year-over-year, with a gross margin of 46.23% [2][3]. - The company’s gross margin improved to 43.8% in Q2 2025, reflecting a year-over-year increase of 1.0 percentage points [3]. Sales Channels and Product Performance - Direct sales channels contributed 1.210 billion RMB in revenue in H1 2025, a growth of 39.72% year-over-year, increasing their share of total revenue from 35.85% to 37.73% [2][3]. - The company’s snack products achieved revenue of 1.294 billion RMB in H1 2025, with a gross margin of 37.48% [2]. Research and Development - The company invested 26.87 million RMB in R&D in Q2 2025, marking a year-over-year increase of 27% [3]. - The report highlights the positive externalities of R&D, particularly the significant impact of the Fliegat 2.0 upgrade on main grain product sales [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 750 million RMB, 964 million RMB, and 1.254 billion RMB, respectively [4][9]. - The report assigns a 54X PE for 2026, reflecting the company's efficient organizational structure and strong core barriers [4].

Core Insights - The company reported a total revenue of 3.221 billion yuan for the first half of 2025, marking a year-on-year increase of 32.72% and ranking 4th among disclosed peers [1] - The net profit attributable to shareholders reached 378 million yuan, up 22.55% year-on-year, ranking 2nd among disclosed peers [1] - The net cash flow from operating activities was 350 million yuan, reflecting a 42.97% increase year-on-year, and ranking 2nd among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio stands at 14.94%, the highest among disclosed peers, with a decrease of 1.32 percentage points from the previous quarter [3] - The gross profit margin is 42.78%, also the highest among disclosed peers, with an increase of 1.22 percentage points from the previous quarter and 0.73 percentage points from the same period last year [3] - Return on equity (ROE) is 8.51%, ranking 3rd among disclosed peers, with an increase of 0.59 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.94 yuan, ranking 2nd among disclosed peers, with a year-on-year increase of 22.08% [3] - The total asset turnover ratio is 0.63 times, ranking 4th among disclosed peers, with a year-on-year increase of 12.38% [3] - The inventory turnover ratio is 2.33 times, reflecting a year-on-year increase of 12.97% [3] Shareholder Structure - The number of shareholders is 10,700, with the top ten shareholders holding 331 million shares, accounting for 82.76% of the total share capital [3] - The largest shareholder is Qin An, holding 45.7% of the shares [3]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by strong growth in its domestic brand and product segments, despite challenges in the export business and trade friction affecting margins [1][2][3]. Financial Performance - In 1H25, the company's revenue increased by 32.72% year-on-year to 3.221 billion yuan, with net profit rising by 22.55% to 378 million yuan. In 2Q25, revenue grew by 30.99% to 1.741 billion yuan, while net profit increased by 8.54% to 174 million yuan [1]. - The gross margin improved, with 1H25 gross margin at 42.4%, up by 0.71 percentage points year-on-year, and 2Q25 gross margin at 43.4%, up by 1.04 percentage points [3]. Growth Trends - The company's domestic brand sales outpaced industry growth, particularly in the mid-to-high-end product lines such as Freka and BARF, with online sales for Freka increasing by 138.2% year-on-year in the first half of 2025 [2]. - The direct sales channel's contribution to revenue rose to 37.7%, with a 40% increase in revenue from third-party platforms [2]. Product and Channel Development - The company experienced a shift in product and channel structure, leading to an increase in gross margins for its main grain products, while snack product margins were pressured by trade friction [3]. - The main grain products achieved revenue of 1.88 billion yuan, up 57% year-on-year, indicating a strong performance in the high-barrier, high-stickiness brand segment [2][3]. Strategic Initiatives - The company has launched a new stock incentive plan aimed at achieving ambitious revenue targets of 6.55 billion yuan in 2025, 8.02 billion yuan in 2026, and 9.64 billion yuan in 2027, positioning itself to potentially surpass Mars as the industry leader [4]. - The pet food market is viewed as a significant growth opportunity, with the company leveraging its strong brand and product capabilities to lead in this sector [4]. Profit Forecast and Valuation - The profit forecast remains unchanged, with the current stock price corresponding to 52x and 43x P/E for 2025 and 2026, respectively. The target price is set at 118 yuan, indicating a potential upside of 22% [5].

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-040 乖宝宠物食品集团股份有限公司 关于公司 2025 年半年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 乖宝宠物食品集团股份有限公司（以下简称"公司"）于 2025 年 8 月 23 日召开第二届董事会第十二次会议和第二届监事会第十一次会议，审议通过了 《关于公司 2025 年半年度利润分配预案的议案》，根据公司 2024 年年度股东大 会对董事会办理中期分红事项的授权，本议案无需提交股东大会审议。现将有关 情况公告如下： 一、审议程序 （一）董事会审议情况 公司于 2025 年 8 月 23 日召开第二届董事会第十二次会议，以同意 11 票、 反对 0 票、弃权 0 票的表决结果审议通过《关于公司 2025 年半年度利润分配预 案的议案》，2024 年年度股东大会已授权董事会办理中期分红事项。 （二）监事会审议情况 乖宝宠物食品集团股份有限公司 董事会 公司于 2025 年 8 月 23 日召开第二届监事会第十一次会议，以同意 3 票、反 对 0 票、弃权 0 票的 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-039 （一）本激励计划概述 公司于2024年7月24日，召开2024年第一次临时股东大会，审议通过了《关 于公司〈第一期限制性股票激励计划（草案）〉及其摘要的议案》，其主要内 容如下： 乖宝宠物食品集团股份有限公司 关于公司第一期限制性股票激励计划首次授予部分 第一个归属期归属条件成就的公告 本公司及董事会全体成员保证本公告的内容真实、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： 司"）向激励对象定向发行的公司A股普通股股票。 司将发布相关提示性公告，敬请投资者注意。 公司于2025年8月23日召开第二届董事会第十二次会议和第二届监事会第十 一次会议，审议通过了《关于第一期限制性股票激励计划第一个归属期归属条 件成就的议案》，根据《公司第一期限制性股票激励计划（草案）》（以下简 称"《激励计划》"）及公司2024年第一次临时股东大会授权，董事会认为公 司第一期限制性股票激励计划（以下简称"第一期激励计划"或"本激励计 划"）首次授予部分第一个归属期归属条件已经成就，同意为符合归属条件的9 名激励对象办理42.8340万股第 ...

智通财经APP讯，乖宝宠物(301498.SZ)发布2025年半年度报告，报告期内，公司实现营业收入32.21亿 元，同比增长32.72%。实现归属于上市公司股东的净利润3.78亿元，同比增长22.55%。实现归属于上市 公司股东的扣除非经常性损益的净利润3.67亿元，同比增长26.46%。基本每股收益0.94元。 ...

金融界消息 截至2025年8月25日收盘，乖宝宠物（301498）报收于96.9元，上涨2.03%，换手率2.01%， 成交量3.59万手，成交金额3.46亿元。 资金流向方面，今日主力资金净流出2265.79万元，占比成交额6.54%。其中，超大单净流出1185.74万 元、占成交额3.42%，大单净流出1080.05万元、占成交额3.12%，中单净流出流出95.81万元、占成交额 0.28%，小单净流入2361.60万元、占成交额6.82%。 乖宝宠物最新一期业绩显示，截至2025中报，公司营业总收入32.21亿元、同比增长32.72%，归属净利 润3.78亿元，同比增长22.55%，扣非净利润3.67亿元，同比增长26.46%，流动比率3.394、速动比率 2.038、资产负债率14.94%。 天眼查商业履历信息显示，乖宝宠物食品集团股份有限公司，成立于2006年，位于聊城市，是一家以从 事食品制造业为主的企业。企业注册资本40004.45万人民币，实缴资本36109.384199万人民币。公司法 定代表人为秦华。 通过天眼查大数据分析，乖宝宠物食品集团股份有限公司共对外投资了19家企业，参与招投标项目 ...

Group 1 - The company, Guibao Pet (301498), announced that it will hold its first extraordinary general meeting of shareholders for 2025 on September 11, 2025 [1] - The agenda for the meeting includes the proposal to authorize the board of directors to handle matters related to equity incentives [1]

每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ 每经AI快讯，乖宝宠物（SZ 301498，收盘价：96.9元）8月25日晚间发布公告称，公司第二届第十二次 董事会会议于2025年8月23日以现场结合通讯会议方式召开。会议审议了《关于公司〈2025年半年度报 告〉及其摘要的议案》等文件。 （记者 张喜威） 2024年1至12月份，乖宝宠物的营业收入构成为：宠物食品及用品占比99.53%，其他业务占比0.47%。 截至发稿，乖宝宠物市值为388亿元。 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-041 乖宝宠物食品集团股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 乖宝宠物食品集团股份有限公司（以下简称"公司"）董事会根据中国证券监督 管理委员会发布的《上市公司募集资金监管规则》和深圳证券交易所发布的《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》及公司《募集 资金管理制度》等有关规定，编制了2025年半年度募集资金存放与使用情况的专项报 告，现将2025年半年度（以下简称"报告期"）募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意乖宝宠物食品集团股份有限公司首次公开 发行股票注册的批复》（证监许可[2023]621号）同意注册，公司2023年8月于深圳证 券交易所向社会公众公开发行人民币普通股(A股)40,004,500.00股，发行价为39.99元/ 股，公司募集资金总额为人民币1,599,779,955.00元，扣 ...