Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's revenue for H1 2025 was 728 million yuan, a year-on-year decrease of 13.9%, with a net profit of 79 million yuan, down 19% year-on-year. However, the gross margin improved to 32%, up 5.6 percentage points year-on-year [7]. - The company is increasing its focus on staple food products under its own brand, which has led to an improvement in domestic gross margins. The brand strategy for "Jueyan" has shifted from "high-end dog snacks" to a comprehensive solution including staple foods and supplies [7]. - The company's overseas business has faced short-term disruptions due to increased tariffs, particularly affecting exports to the U.S. However, the gross and net margins for Q2 2025 showed year-on-year growth due to a higher proportion of domestic staple food sales and improved operational efficiency in Southeast Asia [7]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 1,818 million yuan, with a year-on-year growth rate of 9.6%. The net profit is expected to be 174 million yuan, a decrease of 4.3% year-on-year [6]. - The company anticipates revenue growth of 10%, 11%, and 12% for the years 2025, 2026, and 2027, respectively, with net profits projected to be 1.7 billion, 1.8 billion, and 2.2 billion yuan [7].