【私募调研记录】理成资产调研中宠股份

Group 1 - The core viewpoint of the news is that a well-known private equity firm, Licheng Asset, conducted research on a listed company, Zhongchong Co., which reported 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 10,000 square meter facility in Mexico [1] Group 2 - Zhongchong Co.'s products comply with the USMCA agreement and are not affected by tariff adjustments, indicating a strategic advantage in international markets [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 brand building, product development, and cultural initiatives, while the company focuses on both domestic and overseas market expansion [1]