Core Insights - The company is experiencing rapid growth in domestic self-owned brands and is seeing a significant rise in staple food sales. The expansion of overseas production capacity is diversifying supply chains, while the international performance of self-owned brands is strong, driving global development [1] Investment Highlights - The investment recommendation is to maintain a "buy" rating with a target price of 75 yuan. The projected EPS for 2025-2027 is 1.45, 1.96, and 2.58 yuan respectively. The company’s three main brands are showing strong growth, with a rapid adjustment in product structure and ongoing optimization of overseas business. Compared to peers, the domestic growth potential and resilience of overseas business are high, justifying a 52x valuation for 2025, corresponding to the target price of 75 yuan [2] - In the first half of 2025, the company achieved revenue of 2.43 billion yuan (up 24.3% year-on-year) and a net profit attributable to shareholders of 200 million yuan (up 42.6% year-on-year). In Q2 alone, revenue reached 1.33 billion yuan (up 23.4% year-on-year) with a net profit of 110 million yuan (up 29.8% year-on-year) [2] - Domestic revenue in the first half of 2025 reached 860 million yuan (up 38.9% year-on-year), with self-owned brands accelerating. The core brand "Wangpi" has effectively coordinated "brand, product, and channel," enhancing brand strength through initiatives like factory visits and celebrity endorsements. The "Little Gold Shield" product series performed excellently, driving rapid revenue growth in staple food categories. Revenue from pet staple food reached 780 million yuan (up 85.8% year-on-year), significantly increasing its share to 32.2% (up 10.6 percentage points year-on-year), indicating a notable optimization in product structure [2][3] Overseas Expansion - In the first half of 2025, overseas revenue reached 1.57 billion yuan (up 17.6% year-on-year), primarily due to the commissioning of the second production line in Canada and improved production efficiency at the first factory in the U.S. The construction of a factory in Mexico has been completed with an investment of nearly 100 million yuan, covering pet snack categories and expected to commence production in Q3 2025. A second factory in the U.S. is under construction, expected to be operational by 2026, with a capacity of 12,000 tons upon completion. The company is continuously expanding its global production capacity to build a resilient supply chain [3]