Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company has shown significant revenue growth driven by its proprietary brand, with a projected revenue increase of 26% in 2025 [6] - The company's self-owned brand revenue has increased by 50% year-on-year in the first half of 2025, with high-end product revenue share rising significantly [6] - The company is expected to continue its rapid growth in proprietary brand revenue over the next three years, supported by product upgrades and an increasing share of high-end products [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 6,624 million, with a year-on-year growth rate of 26.3% [5] - The net profit attributable to the parent company is projected to be 789 million in 2025, reflecting a year-on-year growth of 26.4% [5] - The gross margin is expected to improve to 44.3% in 2025, up from 42.8% in the first half of 2025 [5] - The company’s return on equity (ROE) is forecasted to reach 16.4% in 2025 [5] - The price-to-earnings (PE) ratio is projected to be 49x for 2025 [6]
乖宝宠物（301498）：自有品牌提速带动营收高增