中宠股份（002891）：业绩符合预期，未来表现可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 2.432 billion yuan for the first half of 2025, representing a year-on-year growth of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [5][13] - The company plans to distribute a cash dividend of 2.00 yuan (including tax) for every 10 shares to all shareholders [5][13] - The significant growth in the pet food segment, particularly in staple food, is highlighted, with revenues from pet staple food, snacks, and other products reaching 783 million, 1.529 billion, and 119 million yuan respectively, showing year-on-year increases of 85.79%, 6.37%, and 23.12% [5][13] - The gross profit margins for staple food and snacks are reported at 36.63% and 30.63%, reflecting increases of 0.79 and 3.40 percentage points year-on-year [5][13] Summary by Sections Financial Performance - The company achieved a revenue of 2.432 billion yuan in H1 2025, with a net profit of 203 million yuan, marking significant growth in both metrics [5][13] - Revenue from domestic markets grew by 38.89% to 857 million yuan, while international markets saw a 17.61% increase to 1.575 billion yuan [13] - The company’s gross profit margin improved, with domestic margins at 37.68% and international margins at 27.95% [13] Cost and Expenses - Sales expenses increased by 35.81% to 297 million yuan, primarily due to increased marketing efforts for domestic and international brands [14] - Management expenses surged by 82.50% to 148 million yuan, attributed to higher employee compensation and stock incentives [14] Growth Prospects - The company is accelerating overseas production capacity, with a second factory in the U.S. under construction and a factory in Mexico expected to be completed in 2025 [15] - The report anticipates significant revenue growth, projecting revenues of 5.369 billion, 6.121 billion, and 7.029 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.26%, 14.00%, and 14.85% [16][18] - The net profit forecast for the same years is 445 million, 537 million, and 646 million yuan, with growth rates of 12.96%, 20.62%, and 20.46% respectively [16][18]