26 August 2025 | 2:03PM HKT Petpal Pet Nutrition Technology (300673.SZ) Earnings review: Margins expand amid tariff sharing; normalizing orders/margins into 2H; Neutral 300673.SZ 12m Price Target: Rmb14.20 Price: Rmb17.44 Downside: 18.6% Petpal reported 2Q25 results with NP 5% above GSe at Rmb57mn while sales 18% below GSe mainly on tariff impacts in its overseas ODM business and domestic branded business mix adjustment. From the briefing, we see positives include: 1) more normalized overseas order outlook ...