东吴证券给予乖宝宠物“买入”评级，2025年三季报点评：关税影响外销代工，自有品牌持续高增

Group 1 - The core viewpoint of the article is that Dongwu Securities has given a "Buy" rating to Guibao Pet (301498.SZ) based on its performance and growth prospects [1] - The company disclosed its Q3 2025 earnings report, showing a year-on-year increase in gross margin by 1.1 percentage points [1] - Increased investment in sales expenses has been noted, indicating a strategic push for market presence [1] - The company continues to innovate with high-end product upgrades, enhancing its brand strength and market reach [1]