Core Viewpoint - Sourcefly Pet (stock code: 001222) reported a significant revenue increase of 45.52% year-on-year for the first half of 2025, driven by product innovation and a dual strategy of "global supply chain + local branding" [1][2][6] Financial Performance - The company achieved a revenue of 792 million yuan in the first half of 2025, marking a substantial growth of 45.52% compared to the same period last year [1] - Net profit attributable to shareholders was 74 million yuan, a slight increase of 0.37% year-on-year, while the net profit excluding non-recurring gains and losses was 73 million yuan, up 3.50% year-on-year, indicating stable profitability [1] Business Structure - Core businesses, including pet snacks and pet leashes, accounted for 52.09% and 24.77% of total revenue, respectively, with pet snacks showing a remarkable growth rate of 64.63% [2] - Other segments like pet food and toys also performed well, with revenues of 77 million yuan and 45 million yuan, reflecting year-on-year growth rates of 55.39% and 47.93% [2] Market Performance - The company experienced a robust growth in domestic markets, with revenue reaching 172 million yuan, a staggering increase of 136.77% year-on-year, attributed to strategic enhancements in brand operations and online presence [3] - Internationally, revenue was 620 million yuan, up 31.44% year-on-year, supported by new customer acquisition and deepened cooperation with existing clients [3] Global Strategy - Sourcefly Pet has established dual design and R&D centers in Shanghai and the U.S., enhancing product innovation and meeting diverse customer needs [4] - The company has optimized its production capabilities in Southeast Asia, leveraging cost advantages and ensuring global supply stability [4] Brand Development - The company employs a tiered strategy for its own brands, targeting different market segments with products ranging from budget-friendly to high-end offerings [5] - The global pet economy is projected to grow significantly, with the market expected to reach $207 billion by 2024 and $270 billion by 2029, indicating strong growth potential for Sourcefly Pet [5] Future Outlook - Sourcefly Pet plans to continue its dual strategy of "global supply chain + local branding" to expand market share and brand value, positioning itself favorably in the competitive global pet industry [6]