【私募调研记录】盘京投资调研中宠股份

Group 1 - The core viewpoint of the news is that Panjing Investment has conducted research on Zhongchong Co., which has shown significant growth in revenue and net profit for the first half of 2025 [1] - Zhongchong Co. achieved a revenue of 2.432 billion with a year-on-year growth of 24.32% and a net profit of 203 million, reflecting a year-on-year increase of 42.56% [1] - The company has established a global presence with 22 production bases and is set to complete its second factory in the U.S. by 2026, with a $100 million investment in a factory in Mexico [1] Group 2 - The products of Zhongchong Co. comply with the USMCA agreement and are not affected by tariff adjustments, indicating a strong competitive position in North America [1] - The domestic market for pet products is expanding, but the concentration remains low, with an increasing trend in brand concentration [1] - The brand WNPY, a core strength of Zhongchong Co., is enhancing its brand power through various strategies including brand building and product development [1]