Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company reported a revenue of 2.432 billion yuan for the first half of 2025, representing a year-on-year growth of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [3]. - The overseas business has seen a simultaneous increase in volume and profit, with overseas revenue reaching 1.575 billion yuan, a year-on-year increase of 17.61%, and a gross margin of 27.95%, up 4.04 percentage points [3]. - The company has made significant progress in its North American capacity layout, with the second production line in Canada completed and the Mexican factory also finished. A second factory in the U.S. is expected to be completed in 2026, enhancing supply capacity and risk resilience in the North American market [3]. - The company is actively promoting its own brands internationally, which supports its overseas business growth. The ongoing improvement of the global supply chain and the continuous push for brand expansion are expected to drive steady growth in overseas business [3]. - Domestic business revenue reached 857 million yuan, growing 38.89% year-on-year, with pet staple food revenue soaring to 783 million yuan, a remarkable increase of 85.79% [5]. - The company focuses on three major proprietary brands, each with distinct highlights, and is expected to maintain rapid revenue and performance growth throughout the year [5]. Financial Forecasts - The company is projected to achieve net profits of 449 million yuan, 572 million yuan, and 734 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.53 yuan, 1.95 yuan, and 2.49 yuan [5][7]. - The PE ratios for the years 2025, 2026, and 2027 are expected to be 40, 31, and 24 times, respectively [5][7].