Core Insights - The company reported strong growth in both revenue and net profit for the first half of 2025, with revenue reaching 3.221 billion yuan, a year-on-year increase of 32.72%, and net profit of 378 million yuan, up 22.55% [1] - The company's cash flow from operating activities significantly improved, amounting to 350 million yuan, reflecting a substantial increase of 42.97% year-on-year [1] - The domestic self-owned brand business emerged as the core growth driver, with the main brand "Mai Fudi" leading the industry and high-end sub-brands like "Ba Fu Natural Grain" rapidly gaining traction [1] Business Performance - The ultra-high-end brand "Fu Lie Ge Te" performed well by utilizing "fresh meat precise nutrition" technology to meet specific feeding scenario demands [1] - The newly launched ultra-high-end dog food "Wang Zhen Chun" fills a gap in the domestic market for this product category, showcasing the company's multi-brand strategy to cover different consumer segments [1] - The company maintains stable partnerships with international firms like Walmart and P&G through OEM/ODM models, exporting products to North America, Europe, Japan, and South Korea [1] R&D and Supply Chain - R&D investment reached 48.635 million yuan, marking a year-on-year increase of 27.06%, with 341 domestic patents granted [2] - The company has established R&D centers in Liaocheng, Shanghai, and Thailand, focusing on collaborative innovation in pet nutrition and high-end product development [2] - On the production side, the company has introduced advanced international equipment and created smart flexible production lines, leveraging regional advantages and global procurement strategies for efficient cost control [2] Profit Distribution and Future Outlook - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares (tax included) to all shareholders, demonstrating its commitment to long-term shareholder returns [3] - Looking ahead, the company aims to deepen its "self-owned brand + globalization" strategy, increasing investments in R&D and distribution channels to address market competition and trade environment changes, thereby promoting high-quality development in the pet food sector [3]