Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [3][10]. Core Insights - The company reported a revenue of RMB 3.22 billion for the first half of 2025, a year-on-year increase of 32.7%, with a net profit of RMB 380 million, up 22.5% year-on-year. However, the second quarter's performance was below expectations [9][13]. - The company's self-owned brand, 麦富迪, achieved a market share of 6.2%, ranking first among domestic brands. The staple food segment saw a revenue increase of 57% year-on-year, while snacks grew by 8.3% [13]. - The overall gross margin improved by 0.73 percentage points to 42.78% in the first half of the year, with the staple food segment's gross margin rising by 1.53 percentage points to 46.23% [13]. - The company is expected to maintain significant market investment to enhance brand awareness, with projected net profits of RMB 776 million, RMB 932 million, and RMB 1.16 billion for 2025, 2026, and 2027, respectively [13][11]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of RMB 3.22 billion, with a net profit of RMB 380 million. The second quarter revenue was RMB 1.74 billion, with a net profit of RMB 170 million [9][13]. - The projected net profits for the years 2025 to 2027 are RMB 776 million, RMB 932 million, and RMB 1.16 billion, respectively, with year-on-year growth rates of 24.3%, 20%, and 24.2% [11][13]. Market Position - The company’s 麦富迪 brand leads the domestic market with a 6.2% share. The staple food segment contributed 58.5% to total revenue, while snacks accounted for 40.2% [4][13]. - The gross margin for the staple food segment improved significantly, indicating a positive trend in revenue structure optimization [13]. Cost Structure - The overall expense ratio increased by 1.9 percentage points to 27.7% in the first half of 2025, primarily due to higher sales expenses related to new product promotions and increased direct sales channel investments [13].
乖宝宠物（301498）：收入超预期，品牌推广影响盈利业绩概要