稳居“中国宠食第一品牌”：解码乖宝宠物麦富迪护城河

Core Viewpoint - The pet consumption market is transitioning from "optional" to "essential," leading to a brutal industry reshuffle where capital focuses on sustainable profit models and real technological barriers. The key question is what defines the "number one pet food brand in China," with the answer increasingly pointing to Maifudi, which has established itself as the leading domestic brand and was officially recognized by Euromonitor as the "number one pet food brand in China" in August 2025 [1]. Group 1 - As of October 31, 2025, Guibao Pet achieved a revenue of 4.737 billion yuan (+29.03%) and a net profit of 513 million yuan (+9.05%) in the first three quarters, despite a temporary increase in expenses due to strategic investments, with a stable overall gross margin above 40% [3]. - Maifudi's strategy is clear: leverage its leading position to reinforce long-term capability building, thereby solidifying its competitive edge [4]. - The depth of the leading brand's moat is characterized by a "research-data-supply chain" triangle barrier that only market leaders can construct, moving beyond mere channel or marketing advantages to a systematic barrier of "research collaborative networks + data assets + global supply chains" [5]. Group 2 - Maifudi has developed the first "canine and feline nature nutrition" database in China, driven by over a billion real data points from nearly 500 dogs and cats, which informs product innovation [6]. - The collaboration with Aker BioMarine goes beyond ordinary procurement, focusing on exclusive marine active nutrition solutions based on market insights and WarmData, ensuring core raw material exclusivity and cost control [6]. - Maifudi's transparency is not a cost but an efficient tool to reduce customer acquisition and retention costs, with its super factory certified by international standards, enabling direct exports to European and American markets [8]. Group 3 - The financial mapping shows that "verifiable trust" translates directly into user loyalty and repurchase rates, with Maifudi's high-end product line "Baf" experiencing a 79% year-on-year growth during the 2025 Double Eleven shopping festival, while "Nai Fu" saw a 384% increase [9]. - Maifudi's growth path reflects a positive flywheel recognized by capital markets: market leadership → pricing power and profit margins → reinvestment in high-certainty areas (research/transparency/supply chain) → building systematic barriers → consolidating leading position [11]. - Despite a temporary increase in sales expense ratio due to strategic investments in research and transparency, Maifudi maintained its core profitability, achieving a net profit of 513 million yuan in the first three quarters, a 9.05% year-on-year increase [11]. Group 4 - In the critical transition from traffic competition to value competition, Maifudi demonstrates that true leading brands are not merely the highest in sales but possess the strongest systematic capabilities [13]. - The combination of WarmData, industry-academia-research networks, global supply chains, and super factories forms a high-quality growth engine that only market leaders can operate [13]. - For investors, Guibao Pet's value lies not only in its current revenue of 4.7 billion yuan and net profit of 500 million yuan but also in its established path from "scale leadership" to "value leadership," marking the beginning of sustainable profitability and valuation enhancement [13].