中宠股份（002891）：自主品牌强劲增长，H1业绩符合预期业绩概要

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [6][10]. Core Insights - The company has shown strong growth in its self-owned brands, with a 24.3% year-on-year increase in revenue for H1 2025, reaching RMB 2.43 billion, and a 42.6% increase in net profit, amounting to RMB 200 million [6][7]. - The revenue breakdown shows that pet snacks contributed RMB 1.53 billion (up 34.7%), pet food RMB 780 million (up 85.8%), and pet supplies RMB 120 million (up 23.1%) [7]. - The gross margin improved by 3.4 percentage points to 31.38%, driven by higher margins in domestic sales and increased efficiency in overseas operations [7]. - The company is expected to continue benefiting from its brand influence and operational scale, with projections for net profits of RMB 480 million, RMB 600 million, and RMB 720 million for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 21.7%, 24.4%, and 21.3% [7][9]. Summary by Sections Company Overview - The company operates in the food industry, specifically focusing on pet products, with a current market capitalization of RMB 17.48 billion and a share price of RMB 57.44 as of August 6, 2025 [2]. Recent Performance - The company reported a significant increase in revenue and net profit for H1 2025, with Q2 revenue at RMB 1.33 billion (up 23.4%) and net profit at RMB 110 million (up 29.8%) [6][7]. Financial Projections - Future projections indicate a steady increase in revenue from RMB 5.62 billion in 2025 to RMB 8.17 billion by 2027, with corresponding net profits expected to rise from RMB 479 million to RMB 723 million [9][12]. Shareholder Information - Major shareholders include Yantai Zhongxing Biological Technology Co., Ltd., holding 24.03% of shares, and institutional investors account for 6.1% of the circulating A-shares [2][4].