【机构调研记录】长信基金调研中宠股份

Group 1: Company Overview - Zhongchong Co., Ltd. (002891) achieved a revenue of 2.432 billion in the first half of 2025, representing a year-on-year growth of 24.32%, and a net profit of 203 million, with a year-on-year increase of 42.56% [1] - The company has a global presence with 22 production bases and operates factories in North America, with a second factory in the U.S. expected to be completed by 2026 [1] - The investment in the Mexican factory amounts to 100 million, covering an area of 10,000 square meters, focusing on pet food products [1] Group 2: Market Position and Strategy - Zhongchong's products comply with the USMCA agreement and are not affected by tariff adjustments [1] - The company has established overseas brands including WNPY and TOPTREES, with WNPY being a core brand driving growth [1] - The domestic market is expanding, but the concentration remains low, with an increasing trend in brand concentration [1] Group 3: Brand Development - WNPY enhances its brand strength through brand building, product development, and cultural initiatives [1] - The company is committed to building its own brands while focusing on domestic market growth and accelerating overseas market expansion [1]