中宠股份(002891)：自主品牌拓展提速 海外业务维持景气 Q1归母净利润同比+62%

Core Insights - The company has accelerated the expansion of its own brands, maintaining a positive outlook for overseas business, with a year-on-year increase of 62% in net profit attributable to shareholders in Q1 2025 [1] - Q1 2025 revenue reached 1.101 billion yuan, a decrease of 13.71% quarter-on-quarter but an increase of 25.41% year-on-year, driven by rapid growth in the "Wangpi" and "Leading" brands and sustained order demand from overseas factories [1] - The company reported a net profit of 91 million yuan in Q1 2025, down 18.50% quarter-on-quarter but up 62.13% year-on-year, primarily due to revenue growth from its own brands and an increase in gross margin [1] Financial Performance - In Q1 2025, the gross profit margin was 31.87%, up 2.11 percentage points quarter-on-quarter and 4.02 percentage points year-on-year, attributed to the faster growth and higher margins of the own brand business [1] - The net profit margin for Q1 2025 was 9.30%, with a quarter-on-quarter increase of 0.34 percentage points and a year-on-year increase of 1.89 percentage points, influenced by increased marketing expenses for the own brand business [1] - Sales expenses in Q1 2025 amounted to 125 million yuan, a year-on-year increase of 37.55%, with a sales expense ratio of 11.38% [2] - Management expenses were 68 million yuan in Q1 2025, up 51.00% year-on-year, with a management expense ratio of 6.14% [2] - Operating cash flow improved significantly, with a net cash flow of 190 million yuan in Q1 2025, a year-on-year increase of 1541.54% [2] Strategic Focus - The company is focusing on domestic market expansion, brand development, and staple food products, with its three main brands "Wangpi," "Leading," and "ZEAL" making significant inroads into the domestic staple food sector [3] - Domestic revenue in 2024 increased by 30.26% to 1.414 billion yuan, with a gross margin increase of 4.00 percentage points to 35.18% [3] - Revenue from staple foods grew by 91.85% to 1.107 billion yuan in 2024, with a gross margin increase of 5.53 percentage points to 34.59% [3]