丨证券研究报告丨 行业研究丨专题报告丨农产品 [Table_Title] 2025 年宠物食品中报业绩前瞻：出口代工受 关税影响，618 大促国产高端品牌全面崛起 报告要点 [Table_Summary] 2025 年 618 大促国产高端品牌全面崛起，头部企业品牌矩阵优势扩大，弗列加特、领先天猫 排名提升明显，预计二季度乖宝、中宠自有品牌保持 30%+高增长。外销层面，2025Q2 猫狗零 食对美出口额同比下滑 18.1%，对美出口业务受关税扰动影响，乖宝宠物二季度外销收入预计 下滑 10%左右，中宠股份受益于美国工厂布局，二季度外销收入预计保持 15%左右增长。 分析师及联系人 [Table_Author] 陈佳 顾熀乾 卜凡星 SAC：S0490513080003 SAC：S0490519060003 SFC：BQT624 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 2025 年宠物食品中报业绩前瞻：出口代工受关 2] 税影响，618 大促国产高端品牌全面崛起 [Table_Summary2] 2025 年 618 大促国产高 ...

Core Viewpoint - The article highlights the growth and expansion of Zhongchong Co., a leading player in the pet food industry, particularly under the leadership of its founder, Hao Zhongli, who has made significant investments and strategic moves to enhance the company's market position and global footprint [1][4][22]. Company Overview - Zhongchong Co. has invested over 800 million yuan in New Zealand, acquiring the high-end pet food brand ZEAL and establishing three production bases [1]. - The company started from pet snack OEM and now owns several brands, including Wanpi and Zhenzhi, with 22 production bases globally [3][22]. - The stock price of Zhongchong Co. has increased nearly 80% since the beginning of the year, indicating strong market performance [4]. Financial Performance - From 2022 to 2024, Zhongchong's revenue is projected to rise from 3.248 billion yuan to 4.465 billion yuan, while net profit is expected to grow from 106 million yuan to 394 million yuan, nearly quadrupling [7]. - The company's gross margin was 29.13% last year, which is lower than its competitor, Guobao Pet, at 42.32% [10][11]. - The company has improved its domestic gross margin to 35.18% through product restructuring and the introduction of high-margin products [11]. Market Strategy - Zhongchong Co. focuses on the mid-to-high-end market, leveraging a "domestic brand + cost performance" strategy [9]. - The company has shifted from an OEM model, which contributed 58% of its revenue, to a self-operated sales model, with over 68% of revenue coming from overseas [14]. - The company has established a strong online presence, with e-commerce channels accounting for approximately 70% of total pet sales in China [17]. Marketing and Branding - The company employs various marketing strategies, including collaborations with celebrities and social media influencers, to enhance brand visibility [18]. - In 2022, online sales of its proprietary brands accounted for 60% of domestic revenue, while offline sales made up 40% [19]. Research and Development - Zhongchong Co. invested 72.68 million yuan in R&D last year, a year-on-year increase of over 50%, representing 1.63% of total revenue [20]. Global Expansion - The company has established 22 production bases worldwide, including in the U.S., Canada, and New Zealand, and products are sold in 85 countries [22][23]. - The U.S. factory, built with an investment of 28 million USD, became profitable in its first year of operation [21]. - The company plans to expand its production capacity in North America, with a second factory expected to be completed by 2026 [24].