【私募调研记录】神农投资调研中宠股份

Group 1 - The core viewpoint of the news highlights the recent research conducted by Shennong Investment on Zhongchong Co., which reported 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, reflecting a year-on-year increase of 42.56% [1] - Zhongchong Co. has established a global presence with 22 production bases and is set to complete its second factory in the United States by 2026. The investment in the Mexican factory amounts to 100 million, covering an area of 10,000 square meters and focusing on pet food products [1] - The company's products comply with the USMCA agreement and have not been affected by tariff adjustments. The brand WNPY is identified as a core strength, with efforts in brand building, product development, and cultural promotion to enhance brand power [1] Group 2 - The domestic market for Zhongchong Co. is expanding, although the concentration remains low. However, brand concentration is gradually increasing, indicating a positive trend in market positioning [1] - The company is committed to building its own brand and is accelerating its expansion into overseas markets while focusing on the domestic market [1]