天眼查App显示，近日，四川余骨棒品牌管理有限公司成立，法定代表人为孙建才，注册资本20万人民 币，经营范围为许可项目：食品互联网销售；食品销售；酒类经营；酒吧服务（不含演艺娱乐活动）。 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许 可证件为准）一般项目：品牌管理；供应链管理服务；市场营销策划；酒店管理；采购代理服务；保健 食品（预包装）销售；外卖递送服务；商业、饮食、服务专用设备销售；集贸市场管理服务；自动售货 机销售；单用途商业预付卡代理销售；居民日常生活服务；会议及展览服务；日用品销售。（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - Jiangsu Da'ao Beverage Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Xu Ronggui [1] - The business scope includes food sales, internet food sales, and pre-prepared food sales, subject to approval from relevant authorities [1] Group 2 - The company is involved in various general projects such as the sale of pre-packaged food, food additives, special medical purpose formula food, and pet food and supplies [1] - Additional activities include the sale of health food (pre-packaged), agricultural and sideline products, and household appliances [1] - The company also engages in the sale of food plastic packaging containers, kitchenware, and daily miscellaneous goods [1]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while regulating its organization and behavior according to the Company Law and Securities Law of the People's Republic of China [1][2] - The company is established as a joint-stock limited company approved by the Shanghai Municipal Government and registered with the Shanghai Administration for Industry and Commerce [2][3] Business Objectives and Scope - The company's business objective is to rely on high technology for rapid industrialization and marketization of scientific achievements, continuously developing high-tech products that meet market demand, and improving the quality of life for the elderly [5] - The company is engaged in various business activities, including tourism, pharmaceutical wholesale and retail, food production and sales, and health consultation services, among others [5] Shares - The company's shares are issued in the form of stocks, with each share having a nominal value of RMB 1 [6][8] - The total number of shares issued by the company is 774,920,000, all of which are ordinary shares [8] - The company has implemented several capital increase plans through stock dividends in previous years [8] Shareholders and Shareholder Meetings - Shareholders have rights to dividends, request meetings, supervise company operations, and transfer their shares according to the law [14][15] - The company must hold an annual general meeting within six months after the end of the previous fiscal year [50] - Shareholders holding more than 10% of the shares can request a temporary shareholder meeting [50][56] Board of Directors and Management - The chairman of the board serves as the legal representative of the company and is responsible for executing company affairs [3] - The company has established an audit committee to oversee compliance and protect shareholder interests [17] Financial Accounting and Auditing - The company is required to maintain a financial accounting system and conduct internal audits [7] - The appointment of external auditors must be approved by the shareholders [7] Amendments to the Articles of Association - The articles of association can be amended according to the procedures established by the company law and must be approved by the shareholders [9] Miscellaneous - The company is committed to providing necessary conditions for the activities of the Communist Party organization within the company [4]

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].