Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130 RMB [6][4]. Core Views - The company achieved a revenue of 3.221 billion RMB in H1 2025, representing a year-over-year increase of 32.72%, and a net profit of 378 million RMB, up 22.55% year-over-year [1][6]. - The company demonstrated strong growth in domestic revenue despite intense competition, indicating robust product and marketing capabilities [1][3]. - The report emphasizes the company's solid supply chain and R&D foundation, suggesting that leading pet companies will continue to strengthen their competitive positions in a more rational consumer and brand competition environment [1][3]. Summary by Sections Revenue and Profitability - In Q2 2025, the company reported revenue of 1.741 billion RMB, a year-over-year increase of 30.99% and a quarter-over-quarter increase of 17.68% [1][2]. - The main grain products generated revenue of 1.883 billion RMB in H1 2025, up 57.09% year-over-year, with a gross margin of 46.23% [2][3]. - The company’s gross margin improved to 43.8% in Q2 2025, reflecting a year-over-year increase of 1.0 percentage points [3]. Sales Channels and Product Performance - Direct sales channels contributed 1.210 billion RMB in revenue in H1 2025, a growth of 39.72% year-over-year, increasing their share of total revenue from 35.85% to 37.73% [2][3]. - The company’s snack products achieved revenue of 1.294 billion RMB in H1 2025, with a gross margin of 37.48% [2]. Research and Development - The company invested 26.87 million RMB in R&D in Q2 2025, marking a year-over-year increase of 27% [3]. - The report highlights the positive externalities of R&D, particularly the significant impact of the Fliegat 2.0 upgrade on main grain product sales [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 750 million RMB, 964 million RMB, and 1.254 billion RMB, respectively [4][9]. - The report assigns a 54X PE for 2026, reflecting the company's efficient organizational structure and strong core barriers [4].
乖宝宠物（301498）：境内营收或提速增长，毛利率高位再升