中原证券给予乖宝宠物“增持”评级，2025年三季报点评：业绩短期承压，持续发力国内渠道建设

Group 1 - The core viewpoint of the report is that Zhongyuan Securities has given a "Buy" rating to Guibao Pet (301498.SZ) based on several factors [1] - The company's performance is under pressure, with a year-on-year decline in net profit for Q3 2025 [1] - The company's brand market share is steadily increasing, and the pre-sale performance for "Double Eleven" is impressive [1] - There is a decline in the company's net profit margin, and the sales expense ratio has increased year-on-year [1]