研报掘金丨海通国际：中宠股份自有品牌和海外工厂高增，管理层上调部分业务指引目标

Core Viewpoint - The report from Haitong International indicates that Zhongchong Co., Ltd. (中宠股份) achieved net profit in line with market expectations for 1H25, with 2Q25 revenue exceeding market forecasts, driven by strong growth in proprietary brands and overseas factories [1] Group 1: Financial Performance - The net profit for 1H25 met market expectations, while 2Q25 revenue surpassed market forecasts [1] - Domestic pet food and overseas factory businesses experienced significant growth, although OEM business faced short-term impacts from tariffs [1] Group 2: Business Guidance and Targets - Management has raised guidance for certain business segments, increasing domestic revenue growth target to 35% and adjusting the overseas brand export target from 400 million to 450 million [1] Group 3: Strategic Developments - The company announced the completion of a significant capacity expansion strategy by establishing a factory in Mexico, focusing on pet snacks and traditional chew toys, with plans for half of the production to supply the U.S. market [1] - Mexico is identified as a key production location due to cost and tariff considerations [1] Group 4: Marketing and Brand Promotion - Zhongchong Co., Ltd. is enhancing its global social media presence by collaborating with top KOLs, KOCs, and veterinarians to create localized content, achieving millions of natural exposures on platforms like TikTok and Instagram [1] - The company is organizing pet-friendly events and interactive pop-up activities in key markets to build a multi-touchpoint marketing loop, enhancing consumer engagement and repeat purchase motivation [1]