Core Insights - The pet consumption market is transitioning from "optional" to "essential," leading to a brutal industry reshuffle as of 2025, with capital focusing on sustainable profit models and real technological barriers [1][12] - Maifudi has been recognized as the "No. 1 pet food brand in China" by Euromonitor in August 2025, establishing a replicable and verifiable systemic capability that forms its competitive moat [1][12] Financial Performance - As of October 31, 2025, Guobao Pet achieved a revenue of 4.737 billion yuan (+29.03%) and a net profit of 513 million yuan (+9.05%), with a stable overall gross margin above 40% despite strategic investments increasing costs [3][14] - In Q3 2025, Guobao Pet's revenue reached 1.517 billion yuan, reflecting a year-on-year growth of 21.85% [20] Competitive Advantages - Maifudi's success is attributed to a "research-data-supply chain" triangle barrier, evolving from a single advantage to a systematic barrier that includes a research collaborative network, data assets, and a global supply chain [3][14] - The WarmData center, which collects behavioral and physiological data from nearly 500 pets, has created the first "pet nature nutrition" database in China, driving product innovation [3][14] - Maifudi's collaboration with Aker BioMarine goes beyond ordinary procurement, focusing on exclusive marine active nutrition solutions, showcasing a "demand definition + joint R&D" model that only leading brands can achieve [4][15] Intellectual Property and R&D - Maifudi holds 364 patents, significantly outpacing domestic competitors, and the scale of WarmData's data is unmatched, creating high barriers to entry [5][16] - The value of R&D investments (over 200 million yuan in the past three years) lies in forming exclusive technological windows rather than just the amount spent [5][16] Trust and Transparency - In an era of information overload, Maifudi has transformed its factory into a trust interface, inviting over 10,000 users to witness the production process, thereby enhancing consumer trust [7][18] - The company's high-end product lines saw significant growth during the 2025 Double Eleven shopping festival, with "Baf" increasing by 79% and "Nai Fu" by 384%, indicating effective monetization of trust [7][18] Sustainable Business Model - Maifudi's growth path illustrates a positive feedback loop recognized by capital markets: market leadership leads to pricing power and profit margins, which in turn fund high-certainty investments in research, transparency, and supply chain, reinforcing its leading position [9][20] - The company has successfully transitioned from a focus on sales volume to a focus on systemic capability, positioning itself as a leader in high-quality growth engines [9][20] Investment Perspective - For investors, Guobao Pet's value lies not only in its current revenue and profit figures but also in its established path from "scale leadership" to "value leadership," marking the beginning of sustainable profitability and valuation enhancement [10][21]
稳居“中国宠食第一品牌”:解码乖宝宠物麦富迪护城河