长江商报消息 ●长江商报记者 汪静 宠物口粮"麦富迪"母公司乖宝宠物（301498.SZ）业绩稳定增长。 8月25日晚间，乖宝宠物发布2025年半年度报告，公司上半年实现营业收入32.21亿元，同比增长 32.72%；净利润3.78亿元，同比增长22.55%。 当晚，乖宝宠物还发布第二期限制性股票激励计划（草案），其中，2025年度的业绩考核目标为，以 2024年为基数，营业收入增长率不低于25%、净利润增长率不低于16%。也就是说，2025年度，公司的 营业收入、净利润分别要达到65.56亿元、7.25亿元。 长江商报记者粗略计算，目前，乖宝宠物2025年度的营收目标完成率达49.13%，净利润目标完成率达 52.14%。 乖宝宠物业绩增长主要由于自主品牌持续增长。根据Euromonitor，2015—2024年公司主力品牌麦富迪 的国内市占率从2.4%提升至6.2%，位列国产品牌市占率第一。 营收净利连增五年半 财报显示，2025年上半年，乖宝宠物实现营业收入32.21亿元，同比增长32.72%；净利润3.78亿元，同 比增长22.55%；经营活动产生的现金流量净额3.5亿元，同比大增42.97%。 半年 ...

乖宝宠物（ [Table_StockNameRptType] 301498） 公司点评 国内自有品牌高速增长，直销收入占比稳步提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-08-26 | | | [Table_BaseData] 收盘价（元） | | 95.73 | | 近 12 个月最高/最低（元） | 125.6/41.27 | | | 总股本（百万股） | | 400 | | 流通股本（百万股） | | 179 | | 流通股比例（%） | | 44.75 | | 总市值（亿元） | | 383 | | 流通市值（亿元） | | 171 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com 分析师：万定宇 执业证书号：S0010524040003 邮箱：wandy@hazq.com [Table_CompanyReport] 相关报告 1.乖宝宠物（301498）年报&一 ...

上 市 公 司 农林牧渔 2025 年 08 月 26 日 乖宝宠物 (301498) ——自有品牌提速带动营收高增 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 95.73 | | 一年内最高/最低（元） | 125.88/42.37 | | 市净率 | 8.6 | | 股息率%（分红/股价） | 0.52 | | 流通 A 股市值（百万元） | 17,138 | | 上证指数/深证成指 | 3,868.38/12,473.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 11.11 | | 资产负债率% | 14.94 | | 总股本/流通 A 股（百万） | 400/179 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06 ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 乖宝宠物(301498) 投资评级 上次评级 证券研究报告 公司研究 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 相关研究 [Table_OtherReport] 乖宝宠物：自主品牌增长靓丽，品牌 高端化持续超预期兑现 我国宠物食品品牌龙头，股权激励彰 显发展信心 乖宝宠物(301498.SZ)24Q3 点评：自主 品牌贡献主要增长、盈利能力持续改 善 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 乖宝宠物：自主品牌持续高增，海外代工业务 韧性突出 [Table_ReportDate] 2025 年 08 月 26 日 [Table_S 事件：乖宝宠物 ummar ...

盈利预测与投资评级：公司宠物食品生产、制造、研发优势领先，伴随国内宠物经济红利延续，公司头 部效应持续释放，自主品牌新业务有望加速放量，龙头地位持续夯实，市场份额加速扩张。我们预计 2025-2027 年公司归母净利润分别为7.6/9.6/12.8 亿元，对应PE 分别为51X/40X/30X，维持"买入"评级。 风险提示：国内市场竞争加剧，原材料价格、汇率波动，海外市场拓展不利，贸易摩擦等风险。 公司发布2025 年半年报。2025 年上半年，公司实现营收32.21 亿元，同比增长32.72%，实现归母净利 润3.78 亿元，同比增长22.55%。其中，单二季度公司实现营收17.41 亿元，同比增长30.99%，实现归属 净利润1.74 亿元，同比增长8.54%。 2025 年上半年收入同比+32.72%，主要系境内自有品牌业务增长所致；1）从品类看，公司2025 年上半 年主粮18.83 亿元，同比+57.09%，占比58.69%（（+9.3pcts），零食业务收入12.94 亿元，同比 +8.34%。2）直销渠道销售情况看，核心平台直销收入增速仍较快，第三方平台（阿里系、抖音平台、 京东、拼多多等）20 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 乖宝宠物（301498.SZ） 国内自主品牌持续高增，高端品牌战略持续深化 公司发布 2025 年半年报。2025 年上半年，公司实现营收 32.21 亿元， 同比增长 32.72%，实现归母净利润 3.78 亿元，同比增长 22.55%。其中， 单二季度公司实现营收 17.41 亿元，同比增长 30.99%，实现归属净利润 1.74 亿元，同比增长 8.54%。 2025 年上半年收入同比+32.72%，主要系境内自有品牌业务增长所致； 1）从品类看，公司 2025 年上半年主粮 18.83 亿元，同比+57.09%，占比 58.69%（（+9.3pcts），零食业务收入 12.94 亿元，同比+8.34%。2）直销 渠道销售情况看，核心平台直销收入增速仍较快，第三方平台（阿里系、 抖音平台、京东、拼多多等）2025 年上半年收入 12.1 亿元，占比 37.73%， 同增 39.72%；其中阿里系/抖音平台收入 8.85 亿元，占比 27.58%，同比 增长 45.85%。3）费用端看，销售费用率为 21.12%（（ ...

证券研究报告 乖宝宠物发布半年报，2025 年 H1 实现营收 32.21 亿元（yoy+32.72%）， 归母净利 3.78 亿元（yoy+22.55%），扣非净利 3.67 亿元（yoy+26.46%）。 其中 Q2 实现营收 17.41 亿元（yoy+30.99%，qoq+17.68%），归母净利 1.74 亿元（yoy+8.54%，qoq-14.84%）。在 25Q2 线上品牌激烈竞争的背 景下，公司通过较强的产品力及营销力实现了境内营收的提速增长、实属不 易。中长期来看，在消费者及品牌竞争更加理性的背景下，我们认为具备坚 实供应链及研发基础的龙头宠企竞争实力将进一步凸显，看好公司强者恒 强，维持"买入"评级。 Q2 境内营收或提速增长，主粮延续高增、直销占比提升 2025 年 8 月 26 日│中国内地 饲料 分境内外来看，我们估算公司 Q2 境内营收同比增长 45%～50%，环比 Q1 或提速 5pct，其中麦富迪、弗列加特营收同比增速或达 40%+、120%+，公 司主要品牌保持较高速增长；关税影响下，公司 Q2 境外营收或同比微增。 分产品来看，1）25H1 主粮实现营收 18.83 亿元，同 ...

Industry Overview - The pet economy is rapidly growing, driven by social changes such as urbanization, smaller family structures, and an increase in single and elderly populations, leading to pets being viewed as family members and emotional companions [4][5] - The Chinese pet industry is entering a new development stage, with pets transitioning from "functional companions" to "family members," resulting in a rise in demand for specialized pet products and services [5][6] Market Size and Growth - According to the "2025 China Pet Industry White Paper," the number of pet dogs in China is projected to reach 52.58 million in 2024, a 1.6% increase from 2023, while the number of pet cats is expected to reach 71.53 million, a 2.5% increase [7] - The urban pet market in China is expected to exceed 300 billion yuan in 2024 and is projected to surpass 400 billion yuan by 2027, indicating significant growth potential compared to the U.S. pet market, which is expected to exceed 140 billion USD in 2024 [8][9] Consumer Spending Trends - Pet food constitutes a major portion of pet owners' expenses, with average monthly costs for pet care varying based on pet type and owner preferences; for example, one owner spends approximately 2,000 yuan monthly on their dog [7][8] - The rise of "self-indulgence economy" and "emotional consumption" is reshaping the pet consumption market in China, with a growing focus on high-quality pet food and services [8][9] Product and Service Innovations - Pet food brands are increasingly focusing on product quality, nutritional value, and specialized needs, with domestic brands gaining market share through insights into local consumer preferences [9][10] - The demand for diverse, intelligent, and one-stop pet services is growing, with over 30,000 businesses providing pet services on platforms like Meituan, reflecting a 24% year-on-year increase [11] Competitive Landscape - The pet industry is attracting significant investment from various sectors, with companies like Daqian Ecology and Three Squirrels entering the market to create comprehensive pet service brands [13] - The competition is intensifying, prompting companies to innovate and differentiate their offerings, such as unique pet cages and specialized pet food products [15][16]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [5]. Core Insights - Guibao Pet released its second phase of stock incentive plan, which is expected to enhance team motivation. The plan involves granting up to 556,000 restricted shares, accounting for approximately 0.14% of the company's total equity, with performance targets set for revenue and net profit growth from 2025 to 2027 [1]. - Petty Co. has launched its first baking staple production line, optimizing its product structure. The company is transitioning from a pet snack leader to a full-category supplier, with a focus on baking products that meet evolving consumer preferences [2]. - The pet food market is shifting towards baked products, with significant increases in consumer preference for these items, providing a favorable environment for Petty's entry into the baking segment [2]. Summary by Sections Guibao Pet's Stock Incentive Plan - The second phase of the stock incentive plan aims to motivate key personnel by granting 556,000 restricted shares, with a performance assessment based on revenue growth targets of 25%, 53%, and 84% for 2025 to 2027, and net profit growth targets of 16%, 32%, and 45% for the same period [1]. - The expected revenue targets for 2025-2027 are 6.556 billion, 8.025 billion, and 9.651 billion yuan, respectively, with net profit targets of 725 million, 825 million, and 906 million yuan [1]. - The total estimated expense for the incentive plan is 25.836 million yuan, with impacts on financials spread across 2025-2028 [1]. Petty Co.'s Production Line Launch - Petty Co. has officially launched its baking staple production line, enhancing its ability to produce various staple products, including baked, dried, and wet food [2]. - The company is adapting to changing consumer preferences, with a notable increase in the demand for baked pet food, which aligns with the trend of pet owners investing in nutrition rather than just fulfilling basic needs [2]. - The baking staple's digestibility rate is reported at 97%, exceeding the industry average, which supports the product's health attributes [2]. Investment Recommendations - The report suggests focusing on companies with strong channel layouts and innovative product offerings in the pet industry, including Guibao Pet and Petty Co., as well as other firms involved in pet technology and health [3].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7]. Core Views - The company has launched a second phase of its restricted stock incentive plan, aiming for significant revenue growth, targeting 10 billion in revenue by 2027 [1][2]. - The incentive plan is designed to lock in the core team and anchor high growth targets over the next three years, with projected revenue growth rates of no less than 25%, 53%, and 84% for 2025 to 2027 [2]. - The company is focusing on enhancing its domestic brand presence and expanding its high-end product offerings, with notable achievements in brand rankings on e-commerce platforms [3]. - The company is also expanding its production capacity in Thailand to mitigate the impact of U.S. tariffs and accelerate its global supply chain [4]. Summary by Sections Incentive Plan - The second phase of the stock incentive plan involves granting up to 556,000 shares at a price of 47.55 yuan per share, representing 0.14% of the total share capital [1][2]. - The plan aims for revenue targets of 6.56 billion, 8.03 billion, and 9.65 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 728 million, 828 million, and 910 million yuan [2]. Domestic Market Performance - The company's main brand, Maifudi, has maintained its top position on Tmall for five consecutive years through product upgrades and comprehensive marketing strategies [3]. - The high-end brand, Friega, has achieved significant recognition in the industry and is launching innovative products aimed at premium segments [3]. International Expansion - The new factory in Thailand is expected to double production capacity and will serve as a key point to bypass tariff barriers, with an investment of approximately 200 million yuan [4]. - The company is also planning to establish a research and development center in Thailand to enhance global collaboration [4]. Financial Projections - Revenue projections for 2025 to 2027 are estimated at 6.59 billion, 8.20 billion, and 9.94 billion yuan, with net profits expected to reach 754.94 million, 1.02 billion, and 1.29 billion yuan respectively [5]. - The company anticipates maintaining high growth rates, with revenue growth rates of 26%, 24%, and 21% for the respective years [5].