Core Viewpoint - The report from Guohai Securities indicates that Zhongchong Co., Ltd. has achieved a net profit attributable to shareholders of 333 million yuan for the first three quarters of 2025, representing an 18.21% year-on-year increase [1] Financial Performance - In the third quarter, the company's net profit attributable to shareholders was 130 million yuan, showing a year-on-year decrease of 6.64% [1] - The non-recurring net profit attributable to shareholders for the third quarter was 124 million yuan, reflecting a year-on-year increase of 18.86% [1] Business Strategy - The company is focused on building a strong supply chain moat characterized by high product quality, stable supply chain systems, and strong risk resistance [1] - The development path for the company's proprietary brands is clear, indicating a strategic focus on brand enhancement [1] Market Outlook - The changing competitive landscape in the domestic market is expected to favor leading companies with stable supply chains, continuous R&D capabilities, and high product quality [1] - The pet segment is anticipated to maintain high growth rates in profitability through 2025, supporting a "buy" rating for the stock [1]