Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has demonstrated strong growth in its domestic self-owned brand business, achieving a revenue of 3.221 billion yuan in the first half of 2025, a year-on-year increase of 32.72%, with a net profit of 378 million yuan, up 22.55% year-on-year [1][2] - The high-end brand strategy has shown significant results, with notable sales growth in premium sub-brands during major shopping events [3] - The company is expected to continue benefiting from the ongoing pet economy boom, with projected net profits of 760 million yuan, 960 million yuan, and 1.28 billion yuan for 2025, 2026, and 2027 respectively [4] Summary by Sections Financial Performance - In the first half of 2025, the main grain category generated 1.883 billion yuan, a 57.09% increase year-on-year, accounting for 58.69% of total revenue [2] - The direct sales channel saw a revenue increase of 39.72%, with third-party platforms contributing 1.21 billion yuan [2] - The company's gross margin and net margin were 42.78% and 11.75% respectively, with a slight year-on-year increase in gross margin [2] Brand Strategy - The company is accelerating its high-end branding efforts, with significant sales growth in its premium pet food lines during major shopping events [3] - The introduction of ultra-premium dog food brands has filled a gap in the domestic market, supported by a robust research and development framework [3] Market Outlook - The company is expected to maintain its leading position in the pet food industry, with a projected market share increase from 2.4% in 2015 to 6.2% in 2024 for its flagship brand [3] - The forecasted revenue growth rates for 2025 to 2027 are 21.8%, 18.9%, and 17.4% respectively, indicating a strong growth trajectory [5]
乖宝宠物（301498）：国内自主品牌持续高增，高端品牌战略持续深化