Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has achieved continuous revenue and net profit growth for three consecutive years, with a high dividend payout ratio of approximately 80% [4] - In 2025, the company reported revenue of 1.988 billion RMB, a year-on-year increase of 9.2%, and a net profit of 224 million RMB, up 10.3% year-on-year [4] - The company is a leading player in the home care market, with a significant market share in pest control products, and is actively expanding its pet business [5] - The acquisition of Hebei Kanda is expected to significantly enhance revenue and profit, further increasing the company's market share in home care [6] Financial Performance - The company reported a gross profit margin of 52.6% in 2025, an increase of 3.5 percentage points year-on-year, driven by brand strength and operational efficiency [6] - Revenue projections for 2026-2028 are 2.385 billion RMB, 2.606 billion RMB, and 2.806 billion RMB, representing year-on-year growth rates of 20%, 9%, and 8% respectively [9] - The expected net profit for the same period is 249 million RMB, 268 million RMB, and 287 million RMB, with corresponding growth rates of 11%, 8%, and 7% [9] Market Position - The company maintains a leading position in the home care market, with its pest control products ranked first in market share for eleven consecutive years [5] - The company has expanded its pet business significantly, increasing the number of pet stores to 73 and integrating product and service offerings [5] - The online and offline revenue channels achieved 8.74 billion RMB and 11.15 billion RMB respectively, with online sales growing by 30.2% year-on-year [5]