Core Viewpoint - The report from Zheshang Securities indicates that Guibao Pet's Q3 2025 net profit attributable to shareholders was 135 million yuan, a year-on-year decrease of 16.65%, with revenue growth meeting expectations but performance decline attributed to tariff pressures on OEM business and increased marketing expenses for its own brand [1] Group 1: Financial Performance - Guibao Pet achieved a net profit of 135 million yuan in Q3 2025, reflecting a year-on-year decline of 16.65% [1] - Overall revenue growth was in line with expectations, but the decline in performance is linked to tariff impacts on OEM operations and higher marketing costs for its proprietary brands [1] Group 2: Brand Performance - The proprietary brand Maifudi showed stable performance, while the brand Fleigat demonstrated strong momentum [1] - According to Taobao's report on the pet sector during the Double Eleven shopping festival, Guibao's Fleigat ranked 2nd in both cat and dog food categories, while Maifudi ranked 3rd in cat and dog food, 1st in cat snacks, and 2nd in dog snacks [1] Group 3: Market Outlook - The company is viewed positively for its focus on high-quality market segments and its strong channel and marketing capabilities, which are expected to drive long-term growth [1] - The investment rating for the company is maintained at "Buy" [1]