中宠股份: 2025年半年度报告

Core Viewpoint - Yantai Zhongchong Pet Food Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating a strong performance in the pet food industry, driven by both domestic and international market expansion [3][11]. Financial Performance - The company's revenue for the reporting period reached approximately 2.43 billion yuan, representing a 24.32% increase compared to the same period last year [3]. - Net profit attributable to shareholders was approximately 203 million yuan, marking a 42.56% increase year-on-year [3]. - The net cash flow from operating activities surged by 204.55% to approximately 235 million yuan [3]. - Basic earnings per share increased by 40.88% to 0.6841 yuan [3]. Business Overview - The company specializes in the research, production, and sales of pet food, including dry food, wet food, snacks, and health products for dogs and cats [5][11]. - The product range includes over 1,000 varieties across multiple categories, such as fresh meat series, wet food series, and various snacks [5]. Market Strategy - The company employs a global strategy, with production facilities in multiple countries, including the USA, Canada, New Zealand, and Cambodia, enhancing its supply chain resilience [11][16]. - It focuses on both self-owned brands and OEM/ODM products, utilizing a combination of sales forecasts and production planning to meet market demands [6][7]. Brand Development - The company has established several key brands, including WANPY, TOPTREES, and ZEAL, which are positioned in the mid to high-end market segments [8][10]. - WANPY, the flagship brand, has gained significant recognition and is sold in 73 countries, enhancing the company's international presence [9][10]. Quality Control and Certifications - The company maintains strict quality control measures throughout its production process, ensuring compliance with national standards for raw materials [11]. - It has obtained numerous international certifications, including ISO9001, ISO22000, and HACCP, underscoring its commitment to quality and safety [11][12]. Innovation and R&D - The company has invested in R&D, with over 301 patents and several technology projects aimed at advancing the pet food industry [14][15]. - It collaborates with research institutions to develop industry standards and improve product quality [15].