Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's self-owned brand business is in a rapid growth phase, with strong brand incubation and product iteration capabilities, expected to continue outperforming the industry and increasing market share [2][6] - The high-end upgrade strategy is clear and steadily advancing, with significant growth potential for the high-end sub-brand, leading to continuous improvement in domestic sales profitability [2] - The projected EPS for 2025 and 2026 is 1.88 and 2.45 CNY, respectively, with corresponding PE ratios of 52X and 40X, making it a key recommendation [2] Financial Performance - In the first half of 2025, the company achieved revenue of 32.21 billion CNY, a year-on-year increase of 32.72%, and a net profit of 3.78 billion CNY, up 22.55% year-on-year [6] - The second quarter of 2025 saw revenue of 17.41 billion CNY, a 30.99% increase year-on-year, with a net profit of 1.74 billion CNY, reflecting an 8.54% year-on-year growth [6] - The main grain product revenue grew by 57.1% year-on-year to 18.8 billion CNY, while the snack product revenue increased by 8.34% to 12.9 billion CNY [10] Market and Product Insights - The company is focusing on optimizing its product structure, with high-end brands contributing significantly to growth, particularly in the mid-to-high-end cat food segment [10] - The direct sales channel is rapidly increasing its share, with a 39.7% year-on-year growth in direct sales through third-party platforms, accounting for 37.7% of main business revenue [10] - The gross margin for main grain products was 46.23%, up 1.53 percentage points year-on-year, while the gross margin for snack products was 37.48%, down 1.71 percentage points year-on-year [10]