Core Viewpoint - Chaoyun Group is positioned as a leading home care group in China, with solid traditional categories and significant expansion in new brands and segments such as pet care and high-end cleaning, driving robust performance growth [1] Financial Performance - In the first half of 2025, the company achieved revenue of 1.34 billion (+7.2%) and a net profit attributable to shareholders of 174 million (-3.3%). The gross margin was 49.3% (+2.9 percentage points), while the net margin was 12.8% (-1.3 percentage points). The sales and management expense ratios were 30.5% and 6.0%, respectively, showing a year-on-year increase of 5.1 and a decrease of 1.0 percentage points [1] Profitability and Cost Control - The company maintains profitability through three key measures: significant economies of scale in core products, an increase in the proportion of high-margin new products, and long-term supply chain partnerships with digital management to control costs [2] Multi-Brand and Multi-Category Strategy - The traditional leading brands like "Chaowei" are solidifying their market position through a dual-track product strategy, while new brands such as "Beibeijian" and "Stubborn Tail" are rapidly penetrating niche markets, contributing to long-term growth [3] Product Innovation and Consumer Trends - The company focuses on technological innovation to create high-margin products that meet consumer pain points, enhancing overall revenue structure and profitability [4] Omnichannel Integration and Digital Empowerment - The company is expanding its online presence across various e-commerce platforms while optimizing offline distribution channels to enhance market coverage and improve operational efficiency through digital systems [5]

今年以来，宠物经济发展势头迅猛，宠物已逐渐成为情感寄托和家庭的重要成员，宠物消费市场规模持 续扩大。 根据该行测算，2030年我国城镇宠物消费市场空间有望达到4787亿元，对应2024-2030CAGR为6.9%。 宠物医疗消费以13.9%的增速成为增长最快细分领域，食品板块仍占据52.8%的最大份额。该行预计未 来中国宠物行业非食品板块有望占比持续提升，其中宠物医疗增速最快。 银河证券此前指出，我国宠物行业规模有望于2027年突破4000亿元。情感经济、科学养宠、理性养宠等 消费趋势的变化将带来结构性机遇。中信证券认为，2025年宠物板块业绩有望持续增长。宠物经济是稀 缺赛道，需求韧性强，国内市场目前仍处"大行业、小龙头"阶段，龙头集中程度进一步提升，看好龙头 通过产品创新、品牌和渠道建设不断提升市场份额。 宠物经济相关概念港股： 朝云集团(06601)：据朝云集团官方公众号，截至2025年5月13日，米乐乖乖及爪爪喵星球累计门店数量 达68家。中金认为，公司于一二线城市开店空间仍相对广阔，随单店模型打造及中后台固定费用分摊， 公司宠物线下门店盈利模式有望持续改善。此外，公司已打造倔强的尾巴、倔强的嘴巴两大 ...