CHINA PET FOODS(SZ:002891) Changjiang Securities·2025-08-04 09:34Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The 2025 618 shopping festival saw a significant rise of domestic high-end pet food brands, with leading companies expanding their brand matrix advantages. Notably, brands like Frigate and leading positions on Tmall have shown remarkable improvements. It is expected that in Q2, Guibao and Zhongchong's proprietary brands will maintain over 30% growth [2][15] - On the export front, the export value of cat and dog snacks to the US in Q2 2025 decreased by 52.5% year-on-year due to tariff impacts. Guibao's export revenue is expected to decline by around 10%, while Zhongchong, benefiting from its US factory layout, is projected to achieve a 15% growth in export revenue [2][5][15] Summary by Sections Export Impact and Factory Layout - In Q2 2025, pet snack exports faced significant declines due to tariffs, with a global year-on-year growth rate of -9.6% and a sharper decline of -52.5% for exports to the US. Guibao's revenue is expected to drop by 10%, while Zhongchong's revenue is projected to grow by 15% due to its factory in the US [5][16][22] Domestic Sales Growth - The domestic pet food market continues to show high growth, with Q2 2025 online sales growth at 9.4%. Guibao's proprietary brand online sales surged by 44%, with its main brand, Maifudi, growing by 16% and the high-end sub-brand Frigate experiencing a remarkable 146% growth [6][25][30] Brand Performance in 618 Festival - The 2025 618 shopping festival highlighted the rise of domestic high-end brands, with four out of the top five brands on Tmall being domestic. Frigate, Xianlang, and other brands have shown continuous ranking improvements, indicating a strong brand matrix advantage among leading companies [7][39][41]