证券代码：301498 证券简称：乖宝宠物 公告编号：2024-013 乖宝宠物食品集团股份有限公司 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2024年4月12日召开 第二届董事会第三次会议，审议通过了《关于拟向北京麦富迪贸易发展有限公司 和山东麦富迪贸易发展有限公司增资的议案》，现将有关情况公告如下： 一、本次增资的基本情况 1、为实现公司长期发展战略需求及促进全资子公司进一步发展，公司拟以现 金方式向北京麦富迪贸易发展有限公司、山东麦富迪贸易发展有限公司新增注册 资本。本次增资前，北京麦富迪贸易发展有限公司注册资本为100万元，增资完成 后，其注册资本为2,000万元；本次增资前，山东麦富迪贸易发展有限公司注册资 本为5,000万元，增资完成后，其注册资本为1亿元。公司仍持有北京麦富迪贸易 发展有限公司及山东麦富迪贸易发展有限公司100%股权。 2、根据《深圳证券交易所创业板股票上市规则》相关规定，本次增资不构成 关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重组。本 次增资事项在董 ...

乖 宝 宠 物食 品 集团 股 份 有限 公 司 募 集 资 金存 放 与使 用 情 况鉴 证 报告 天职业字[2024]18596-1 号 目 录 募集资金存放与使用情况鉴证报告 1 关于募集资金 2023 年度存放与使用情况的专项报告 3 募集资金存放与使用情况鉴证报告 天职业字[2024]18596-1 号 乖宝宠物食品集团股份有限公司全体股东： 我们审核了后附的乖宝宠物食品集团股份有限公司（以下简称"乖宝宠物"）《乖宝宠物 食品集团股份有限公司董事会关于募集资金 2023 年度存放与使用情况的专项报告》。 一、管理层的责任 乖宝宠物管理层的责任是按照中国证监会《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》、深圳证券交易所颁布的《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》及相关公告格式规定编制《乖宝宠物食品集团股份有限公 司董事会关于募集资金年度存放与使用情况的专项报告》，并保证其内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是按照《中国注册会计师其他鉴证业务准则 3101 号——历史财务信息审计 ...

经中国证券监督管理委员会（以下简称"中国证监会"）《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，公司首次向社会公开发行人民币普通股（A 股）4,000.45万 股，发行价格为39.99元/股，公司募集资金总额人民币159,978.00万元,扣除发 行费用合计人民币12,738.11万元后，募集资金净额人民币147,239.88万元。募 集资金已于2023年8月11日到位，上述募集资金到位情况已经天职国际会计师事 务所（特殊普通合伙）审验，并于2023年8月11日出具了《验资报告》（天职业 字〔2023〕43412号）。 证券代码：301498 证券简称：乖宝宠物 公告编号：2024-009 乖宝宠物食品集团股份有限公司 关于新增募集资金专户并授权签订募集资金专户监 管协议的公告 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2024年4月12日召 开第二届董事会第三次会议审议通过了《关于新增募集资金专户并授权签订募集 资金专户监管协议的议案》 ...

中泰证券股份有限公司（以下简称"中泰证券"或"保荐人"）作为乖宝宠 物食品集团股份有限公司（以下简称"乖宝宠物"或"公司"）首次公开发行股 票并在创业板上市及持续督导的保荐人，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《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》《深圳证券交易所创 业板股票上市规则》等有关规定，对乖宝宠物使用部分超募资金永久补充流动资 金事项进行了核查，并出具核查意见如下： 一、募集资金基本情况 关于乖宝宠物食品集团股份有限公司 使用部分超募资金永久补充流动资金的核查意见 中泰证券股份有限公司 （一）募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《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，公司首次向社会公开发行人民币普通股（A 股））4,000.45 万股，发 行价格为 39.99 元/股，公司募集资金总额人民币 159,978.00 万元，扣 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2024-008 乖宝宠物食品集团股份有限公司 关于公司及子公司向银行申请综合授信额度暨对外担保 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。 2024 年 4 月 12 日，乖宝宠物食品集团股份有限公司（以下简称"公司"）召开第 二届董事会第三次会议、第二届监事会第三次会议，审议通过了《关于公司及子公司向 银行申请综合授信额度暨对外担保的议案》，该议案尚需提交公司 2023 年年度股东大会 审议。现将具体情况公告如下： 一、2024 年公司及子公司拟申请授信额度及公司对子公司的担保情况 | | 成 | | | | | | 于公司 存在的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定 | | | | | | | 被担 | 立 | 代表 | 注册 | 注册地址 | 经营范围 | 股东信息 | 关联关 | | 保人 | 日 | 人 | 资本 | | | | 系或其 | | | 期 | | | | | | 他业务 | | | | ...

关 于 乖 宝宠 物 食品 集 团 股份 有 限公 司 控 股 股 东及 其 他关 联 方 资金 占 用情 况 的 专 项 说 明 天职业字[2024]18596-2 号 目 录 控股股东及其他关联方资金占用情况的专项说明 1 2023 年度非经营性资金占用及其他关联资金往来情况汇总 表 2 控股股东及其他关联方资金占用情况的专项说明 天职业字[2024]18596-2 号 乖宝宠物食品集团股份有限公司董事会： 我们审计了乖宝宠物食品集团股份有限公司（以下简称"乖宝宠物"）财务报表，包括2023 年12月31日的资产负债表和合并资产负债表、2023年度的利润表和合并利润表、现金流量表 和合并现金流量表、股东权益变动表和合并股东权益变动表以及财务报表附注，并于2024年4 月12日签署了无保留意见的审计报告。 根据中国证监会、公安部、国资委、中国银保监会《上市公司监管指引第8号——上市公 司资金往来、对外担保的监管要求》和证券交易所相关文件要求，乖宝宠物编制了后附的2023 年度非经营性资金占用及其他关联资金往来情况汇总表（以下简称"汇总表"）。 编制和对外披露汇总表，并确保其真实性、合法性及完整性是乖宝宠物管 ...

Financial Performance - Revenue in 2023 reached 4.327 billion yuan, a year-on-year increase of 27.36%[2] - Net profit attributable to shareholders in 2023 was 429 million yuan, a year-on-year increase of 60.68%[2] - Revenue for 2023 reached 4.33 billion yuan, a 27.36% increase compared to 2022[20] - Net profit attributable to shareholders in 2023 was 428.84 million yuan, up 60.68% year-over-year[20] - Operating cash flow surged by 101.38% to 617.15 million yuan in 2023[20] - Total assets grew by 81.44% to 4.14 billion yuan at the end of 2023[20] - Shareholders' equity increased by 108.72% to 3.67 billion yuan by the end of 2023[20] - Q4 2023 revenue was 1.21 billion yuan, the highest among all quarters[24] - Q2 2023 operating cash flow was 324.01 million yuan, the highest quarterly figure[24] - Government subsidies in 2023 amounted to 8.79 million yuan, slightly higher than 2022[27] - Non-recurring gains from financial assets in 2023 totaled 2.16 million yuan[27] - Revenue for the reporting period reached 4.327 billion yuan, a year-on-year increase of 27.36%, with net profit attributable to the parent company of 429 million yuan, a year-on-year increase of 60.68%[66] - The company's total operating revenue for 2023 reached 4,326,963,076.35 yuan, a year-on-year increase of 27.36%[71] - Pet food and supplies accounted for 99.61% of total operating revenue, with a year-on-year growth of 27.56%[71] - Domestic sales accounted for 66.17% of total revenue, increasing by 39.38% year-on-year, while overseas sales grew by 8.96%[71] - The gross profit margin for pet food and supplies was 36.83%, an increase of 4.19 percentage points compared to the previous year[72] - The gross profit margin for the direct sales model reached 50.14%, significantly higher than other sales models[72] - The company's production volume increased by 26.37% to 178,111 tons, while sales volume grew by 28.21% to 175,982 tons[73] - Direct materials accounted for 77.49% of the total operating costs, with a year-on-year increase of 18.72%[73] - Sales expenses increased by 32.22% to 720,828,275.45 RMB in 2023, driven by brand promotion and service fees[79] - Management expenses rose by 41.17% to 249,611,456.90 RMB due to increased IPO-related costs and employee compensation[79] - Financial expenses decreased by 27.66% to -13,213,333.12 RMB, mainly due to reduced loan interest and increased interest income[79] - R&D expenses grew by 8.00% to 73,276,704.58 RMB in 2023[79] - The company's cash flow from operating activities increased by 101.38% to RMB 617,149,852.67 in 2023, driven by a 20.12% increase in operating cash inflows[83] - Investment activities generated a net cash flow of -1,074,761,100.81 yuan, a decrease of 498.67% year-over-year[84] - Financing activities generated a net cash flow of 1,281,683,936.41 yuan, an increase of 583.25% year-over-year[84] - Net increase in cash and cash equivalents was 822,020,086.64 yuan, an increase of 754.68% year-over-year[84] - Monetary funds increased to 1,009,093,815.68 yuan, accounting for 24.36% of total assets, up 15.69% from the beginning of the year[86] - Inventory decreased to 657,187,046.54 yuan, accounting for 15.86% of total assets, down 16.36% from the beginning of the year[86] - The company issued 40,004,500 shares, raising a net amount of 1,472,398,800 yuan[84] - Total investment amount for the reporting period was 1,086,707,442.19 yuan, an increase of 504.20% year-over-year[89] - As of December 31, 2023, the company had used 599,730,900 yuan of the raised funds, with 885,568,300 yuan remaining unused[91] - The company's financial assets totaled 882,128,462.34 yuan at the end of the reporting period[87] - The company's restricted assets amounted to 1,446,401.02 yuan, primarily for guarantees related to electricity, liquefied gas, and customs duties[88] - The company's net profit attributable to shareholders in 2023 was RMB 428,842,376.18[173] - The company's accumulated undistributed profit as of December 31, 2023, was RMB 1,116,842,403.84[173] Brand and Market Performance - Own-brand business revenue in 2023 was 2.745 billion yuan, a year-on-year increase of 34.15%[2] - The company's high-end cat food brand, Fregat, has achieved initial success, creating a second growth curve for the company's pet brand[5] - The company's self-owned brand sales accounted for 63.44% of total revenue, reaching 2.745 billion RMB in 2023, a year-on-year increase of 34.15%[42] - The company's self-owned brand "Myfoodie" has achieved significant market recognition, with its high-end cat food brand "Fleigatt" experiencing rapid growth[41] - The company's domestic market share increased from 2.4% in 2015 to 4.8% in 2022, doubling and ranking first among domestic brands[56] - The company's self-owned brand "Myfoodie" ranked first in the 2021-2022 Tmall TOP Brand Power List (Pet) and was the most popular pet food brand among Generation Z in MAT2021[56] - The company's self-owned brand "Fregat" won the "Tmall Senior White-collar Favorite Brand TOP50" and was awarded the "Tmall Treasure New Brand" title[55] - The company's products are sold in multiple countries and regions including the US, Europe, Japan, and South Korea, with a strong customer base and long-term partnerships[52] - The company has established a comprehensive online and offline sales channel system, cooperating with major e-commerce platforms such as Tmall, JD.com, and Douyin[52] - The company's self-owned brand "Myfoodie" has won multiple awards including the "Annual China Quality Manufacturing Award" at the Asia Pet Show for three consecutive years[56] Industry and Market Trends - The pet food industry is expected to achieve a compound annual growth rate of 17% for pet staple food, 15% for pet nutrition, and 25% for pet snacks by 2026[2] - The global pet food market grew at a compound annual growth rate of 8.5% from 2012 to 2022[2] - The pet industry in China is still in its early stages, with significant market potential, rapid development, and low brand concentration[5] - The global pet industry market size was approximately $261 billion in 2022 and is expected to reach $350 billion by 2027, with a compound annual growth rate (CAGR) of 6.1% from 2022 to 2027[29] - The U.S. pet industry market size reached approximately $136.9 billion in 2023, a 10.8% increase from $123.6 billion in 2022, with pet food accounting for 42% of the total market at $58.1 billion[29] - In 2023, China's pet dog population was 51.75 million, a 1.1% increase from 2022, while the pet cat population was 69.8 million, a 6.8% increase[29] - China's urban pet (dog and cat) consumption market reached 279.3 billion yuan in 2023, a 3.2% increase from 2022, with a CAGR of 21.2% from 2012 to 2023[30] - Pet food is the largest segment in China's pet industry, accounting for 52% of the market in 2023, followed by pet medical at 28.5%, pet supplies at 12.5%, and pet services at 6.8%[31][32] - The global pet food market size reached $143.6 billion in 2023, with a CAGR of 10.1% from 2018 to 2023[34] - The U.S. pet food market size grew from $20.6 billion in 2012 to $58.1 billion in 2022, with a CAGR of 10.9%, with dog food accounting for 68.8% and cat food for 28.8% of the market[34] - China's pet food market size grew from 15.7 billion yuan in 2012 to 146.1 billion yuan in 2023, with a CAGR of 22.5%[35] - China's pet food market has significant growth potential with a pet penetration rate of 20% in 2022, compared to 70% in the US, 57% in Japan, and 46% in Europe[36] - The penetration rate of finished cat food in China was 34.3% in 2022, while finished dog food was 19.3%, showing a significant increase from 2006 but still lower than the US (89.8% for cat food, 75.5% for dog food) and Japan (93.6% for cat food, 91.8% for dog food)[36] - The average annual expenditure per pet in China is relatively low, with cat food spending at 632 RMB (94 USD) and dog food at 586 RMB (87 USD) in 2022, compared to 186 USD and 453 USD in the US, and 239 USD and 262 USD in Japan[36] - China's pet food market concentration is low, with CR3, CR5, and CR10 at 16.6%, 21.3%, and 29.8% respectively in 2022, compared to 55.2%, 70.8%, and 77.0% in the US[37] - E-commerce channels dominate China's pet food sales, accounting for 62.9% of the market in 2022, up from 31.4% in 2015, while traditional supermarket channels have declined to 4.6%[38] - China's pet food export value reached 8.63 billion RMB in 2023, with a CAGR of 8.5% from 2017 to 2023[39] R&D and Innovation - The company plans to increase investment in technology and strengthen basic research in 2024[4] - The Shanghai R&D center of the company's pet nutrition research institute will focus on pet biology and behavior studies[4] - In 2024, the company will continue to strengthen the product innovation capabilities of its brands, Myfoodie and Fregat, and enhance service quality[5] - The company plans to accelerate digital transformation in 2024, optimizing its digital system and increasing investment in digital and intelligent construction[5] - The company has established a pet nutrition research center to collect and analyze data on the behavior of dogs and cats in different living environments, eating habits, and life states, supporting product development and differentiation[58] - The company has developed a series of products such as Myfoodie Meat Grain Dual Mix Series, Fregat High Meat Series, and Myfoodie Fresh Meat Series, covering multiple categories and becoming one of the most diverse domestic brands[59] - The company has built a personalized MES intelligent flexible production line to provide customized formula and production services for care and prescription pet food[59] - The company has introduced advanced equipment and technologies, including the American-made Wenger twin-screw extrusion equipment, to improve production processes[60] - The company has established a production base in Thailand to ensure the quality and safety of raw materials and mitigate risks from international trade friction[61] - The company has obtained multiple international certifications, including BRCGS, FSSC22000, and HACCP, and has been recognized by regulatory bodies such as the US FDA and EU FVO[63] - The company is implementing digital transformation, optimizing logistics networks, and improving production efficiency through automation and data-driven operations[65] - Completed research on low-calorie pet food, aiming to reduce obesity and related complications in pets[80] - Concluded study on protein content and sources in pet food to optimize digestion rates[80] - Finalized research on precise application of nutritional supplements in pet food formulations[80] - Completed study on krill meal in pet food to balance omega-6 and omega-3 fatty acids[80] - Developed new antibacterial and deodorizing pet dental chews, currently in industrialization phase[80] - The company's R&D investment in 2023 was RMB 73,276,704.58, accounting for 1.69% of the operating revenue, a decrease from 2.00% in 2022[82] - The number of R&D personnel increased by 15.48% to 97 in 2023, with the proportion of R&D personnel rising to 2.44% from 2.15% in 2022[82] - The company completed the development of plant active ingredient applications in pet food in October 2023, focusing on antioxidant and immune-boosting properties[81] - The company is in the pilot stage for the application of marine functional ingredients in pet food, aiming to enhance pet immunity through increased intake of unsaturated fatty acids[81] - The company completed the development of low-temperature baked pet food in June 2023, focusing on high meat content and nutrient preservation[81] - The company completed the research on bone-derived pet food nutrition enhancement in December 2023, utilizing chicken bone resources for high-value pet food products[81] - The company is in the pilot stage for the development of differentiated pet nutrition products, targeting various life stages and health conditions of pets[81] - The company is in the pilot stage for the application of healing plant extracts in pet food, focusing on stability and dosage optimization[81] Corporate Governance and Management - The company's employee count increased to 3,980 by the end of 2023[4] - The company will implement a talent strategy in 2024 to enhance organizational capabilities and reshape corporate culture[5] - The company's stock code is 301498, and its legal representative is Qin Hua[15] - The company's registered and office address is No. 8 Mudanjiang Road, Economic and Technological Development Zone, Liaocheng City, Shandong Province, with a postal code of 252000[15] - The company's website is http://www.gambolpet.com, and the email for investor relations is ir@gambolpet.com[15] - The Board Secretary is Wang Peng, and the contact address is No. 8 Mudanjiang Road, Economic and Technological Development Zone, Liaocheng City, Shandong Province[16] - The company's annual report is disclosed on the Shenzhen Stock Exchange website (http://www.szse.cn) and other major financial media[18] - The company's annual report is available at the Board Office, No. 8 Mudanjiang Road, Economic and Technological Development Zone, Liaocheng City, Shandong Province[18] - The company's auditor is Tianzhi International Accounting Firm (Special General Partnership), located at Building 68, Area A-1 and A-5, No. 19 Chegongzhuang West Road, Haidian District, Beijing[19] - The signing accountants for the audit are Wang Chuanbang, Zhang Dingkun, and Hui Peng[19] - The company implemented new accounting policies under "Interpretation No. 16" starting January 1, 2023[21] - The company has established a comprehensive corporate governance structure, including a board of directors with 12 members, 4 of whom are independent directors[117] - The board of directors has set up specialized committees (compensation, nomination, strategy, and audit) to provide professional opinions and references for decision-making[117] - The company's supervisory board consists of 3 members, including 1 employee representative, ensuring compliance with legal requirements and effective oversight[118] - The company has implemented a series of governance documents, including rules for shareholder meetings, board meetings, and internal audit systems[114] - The company ensures equal treatment of all shareholders, particularly protecting the rights of minority shareholders through effective communication channels[115] - The controlling shareholder adheres to regulations and does not interfere with the company's decision-making or operations, maintaining the company's independent business operations[116] - The company has established a fair and transparent performance evaluation and incentive mechanism, continuously improving it. Senior management appointments are open and transparent, complying with laws and regulations. The Board has set up a Compensation and Evaluation Committee responsible for formulating and reviewing compensation policies and plans[119] - The company has designated the Board Secretary to handle information disclosure and investor relations, selecting specific newspapers for disclosure. It ensures all shareholders have equal access to information through various channels like dedicated investor hotlines, fax, and the Board Secretary's email[120] - The company respects and protects the legitimate rights and interests of stakeholders, emphasizing social responsibility and maintaining balanced interests among shareholders, employees, and society. The company's governance aligns with legal and regulatory requirements without significant differences[121] - The company maintains independence in assets, personnel, finance, organization, and business from its controlling shareholders and actual controllers. It has a complete business system and independent operational capabilities[122] - The company held its 2023 first extraordinary general meeting with 100% investor participation on March 10, 2023, passing resolutions on extending the validity period of the issuance and listing-related resolutions, the 2023 annual related-party transaction plan, and the 2023 annual financing, bank loans, and external guarantee plan[123] - The 2022 annual general meeting was held on March 28, 2023, with 100% investor participation, passing resolutions on the 2022 Board of Directors work report, Supervisory Committee work report, independent directors' report, financial final accounts report, and the appointment of the 2023 audit institution[124] - The company's Chairman, Qin, has been in office since November 7, 2013, with a term ending on October 10, 2026. The former President

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Guobao Pet, is a leading domestic pet food brand in China, transitioning from an OEM manufacturer to its own brand, Myfoodie, which has seen significant revenue growth [1][17]. - In 2022, the company achieved a revenue of 3.398 billion yuan, a year-on-year increase of 31.93%, driven by the rapid growth of its own brand and high-end product lines [1][17]. - The pet food industry in China is expanding, with increasing pet ownership and per capita consumption, indicating a strong growth potential for domestic brands [1][10]. - The company's competitive advantages include a strong brand portfolio, diverse product offerings, and effective distribution channels, which support its high growth potential [1][6][30]. Summary by Sections Company Overview - Guobao Pet was established in 2006 and listed on the Shenzhen Stock Exchange in 2023, focusing on the research, production, and sales of pet food [17]. - The company has developed a comprehensive product line covering pet food, snacks, and health products, with a strong emphasis on innovation and quality [30][43]. Financial Performance - The company is projected to achieve a net profit of 4.1 to 4.4 billion yuan in 2023, reflecting a year-on-year growth of 53.63% to 64.87% [1][17]. - Revenue forecasts for 2023, 2024, and 2025 are 4.24 billion, 5.18 billion, and 6.38 billion yuan, respectively, with growth rates of 24.81%, 22.10%, and 23.20% [1]. Market Position - Guobao Pet holds the largest market share among listed pet food companies in China, with a significant focus on high-end and mid-range markets [1][17]. - The company has established a stable customer base, including major clients like Walmart, contributing significantly to its revenue [28][29]. Product Strategy - The company has a well-rounded product matrix, with its own brands Myfoodie, Freka, and Waggin Train, catering to different market segments [6][43]. - The main product categories include staple food, snacks, and health products, with a focus on high-margin staple food items [32][52]. Production Capacity - The company is expanding its production capacity with investments in new production lines and facilities, aiming to enhance its manufacturing capabilities [39][55]. - The planned expansion is expected to significantly increase production capacity and revenue potential once completed [39].

资料来源：淘宝，山西证券研究所 资料来源：淘宝，山西证券研究所 NXI SECURITIES CO., LTD. 公司上市以来股价表现 执业登记编码：S0760522030004 邮箱：chenzhenzhi@sxzq.com 张彦博 盈利预测、估值分析和投资建议：预计公司 2023-25 年归母公司净利润 4.32/5.24/6.25 亿 元 ， 同 比 增 长 61.82%21.39%/19.20% ， 对 应 EPS 为 1.08/1.31/1.56 元，PE 为 37.4/30.8/25.9 倍，首次覆盖给予"增持-A"评级。 邮箱：zhangyanbo@sxzq.com 2024 年 3 月 26 日 公司研究/公司分析 分析师： ITIES CO., LTD. | --- | --- | --- | --- | --- | --- | |-------------------|-------|-------|-------|-------|-------| | 会计年度 | 2021A | 2022A | 2023E | 2024E | 2025E | | 营业收入(百万元 ) | 2,575 | ...

Investment Rating - The report gives an "Outperform" rating for the company, with a target price range of 49.6 to 52.2 CNY based on a PE ratio of 38-40 times for 2024 [76]. Core Insights - The company has experienced rapid revenue growth, with total revenue increasing from 1.22 billion CNY in 2018 to 3.40 billion CNY in 2022, representing a compound annual growth rate (CAGR) of 29.15% [5]. - The self-owned brand business has shown significant growth, with revenue rising from 495 million CNY in 2018 to 2.05 billion CNY in 2022, achieving a CAGR of 42.57% [7]. - The company’s main product category is pet snacks, which accounted for 57.83% of total revenue in 2022, although its share has been gradually declining [11]. - The domestic staple food business is a major driver of revenue growth, with revenue increasing from 340 million CNY in 2018 to 1.39 billion CNY in 2022, reflecting a CAGR of 42.15% [14]. - The company has a strong brand presence, particularly with its self-owned brand "Myfoodie," which has gained significant market recognition and sales [30]. Summary by Sections Company Overview - Founded in 2006, the company initially focused on pet food export processing and has since evolved into a significant player in the domestic market [3]. Financial Performance - From 2018 to 2022, the company's net profit increased from 45 million CNY to 267 million CNY, with a net profit margin rising from 3.65% to 7.86% [5]. Product Segmentation - The company’s main product categories include snacks, staple foods, and health products, with snacks being the largest segment [11]. Market Position - The domestic pet food market is highly fragmented, with the company positioned to benefit from increasing market concentration and consumer preference for domestic brands [28]. Research and Development - The company has a robust R&D framework, with significant investments aimed at enhancing product innovation and quality [46]. Marketing Strategy - The company employs a diverse marketing strategy, including partnerships with entertainment brands and a strong online presence, to enhance brand visibility and consumer engagement [68].