Group 1 - Source Pet has formed a strategic partnership with the潮玩 brand Heyone 黑玩, focusing on leveraging its manufacturing and supply chain management capabilities in related consumer sectors [1] - The collaboration is expected to primarily involve OEM production, allowing Source Pet to utilize its supply-side advantages [1] - Source Pet has a well-established manufacturing and supply chain management system in the pet food and supplies sector, which is adaptable to high-quality潮玩 products [1] Group 2 - The trend for proprietary brands is positive, with the Pikapoo brand achieving strong sales performance [2] - The company has begun focusing on pet staple food since mid-2025, utilizing advertising and social media marketing to reach customers effectively [2] - The overseas OEM business is performing well, with limited impact from U.S. tariffs due to established production in Cambodia [2] Group 3 - The company expects net profits attributable to shareholders to reach 170 million, 220 million, and 280 million yuan from 2025 to 2027, with corresponding P/E ratios of 27.1X, 21.0X, and 16.5X [2]
源飞宠物(001222)：与潮玩品牌黑玩达成战略合作 主业表现良好