Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.306 billion CNY, a decrease of 0.72% compared to the same period last year [2] - In Q3 2025, revenue was 418 million CNY, showing a quarter-on-quarter growth of 3.67% but a year-on-year decline of 16.98% [3] - The net profit attributable to shareholders in Q3 2025 was 54.4972 million CNY, a quarter-on-quarter increase of 13.27% but a year-on-year decrease of 2.23% [3] - The comprehensive gross profit margin for Q3 2025 reached 22.57%, up 1.90 percentage points year-on-year and 3.46 percentage points quarter-on-quarter [3] Strategic Acquisitions - The acquisition of Hangzhou Gao Ye Jia focuses on high-quality pet hygiene products and food, with significant growth in sales for its brands [4] - The "Xu Cui Hua" cat litter brand ranked first in sales on Tmall during the 2025 "618" shopping festival [4] - The acquisition aims to achieve category complementarity and enhance the company's competitive edge in the pet hygiene market [5] Market Expansion - The company successfully expanded its customer base by acquiring over 20 new clients in non-US markets during the first three quarters of 2025 [6] - The dual-driven model of "pet hygiene products + adult hygiene products" is being implemented, focusing on customized needs in the Spanish market [6] Production and Operations - The Cambodia production base began operations in May 2025, with initial orders from small clients and some large clients transitioning orders to this facility [7] - The company is optimizing its product structure, with significant growth in high-margin core products like pet diapers [6] Brand Development - The company's own brands, "HUSHPET" and "Yi Ping Hua Fang," are targeting the aging pet population and the younger pet owner demographic, with a notable increase in sales [8] - The company plans to leverage the online operational experience of Hangzhou Gao Ye Jia to further develop its own brands [8] Investment Strategy - The investment in Rui Pai Pet Hospital aims to strengthen the company's position in the pet medical field and enhance synergies with existing product lines [9] - The company has maintained a stable dividend policy, with a payout ratio of 74% of net profit in the previous year [10]

Core Viewpoint - The company is actively exploring the market space and product dimensions of the "pet hygiene care" sector, focusing on consumer trends and technological innovation [1] Group 1: Product Development - The company has a specialized product development team that invests in technology innovation related to pet health, usage scenarios, and environmental needs [1] - It has successfully introduced various functional pet hygiene care products, including features like fixed adhesion, anti-slip, humidity display, quick-drying, bamboo charcoal, antibacterial properties, tear resistance, deodorizing agents, and emotional soothing capabilities [1] Group 2: Market Strategy - The company has established a collaborative mechanism involving research, development, trial production, market feedback, and formal product promotion [1] - By conducting market insights research with international retail chains and specialized pet distributors, the company tailors its innovative products to meet the differentiated competitive needs of customers [1] - This approach shifts the company’s role from "passive supply" to "active demand guidance," enhancing customer competitiveness in the terminal market and solidifying its core value position in the industry chain [1]