Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [6][19]. Core Views - The company's self-owned brands continue to show strong growth, with a significant increase in direct sales channels. The report highlights the performance of brands such as Maifudi and Fliegate, which have seen substantial sales growth [3][4]. - The financial outlook is optimistic, with revenue forecasts for 2025-2027 adjusted upwards, projecting revenues of 65.82 billion, 81.30 billion, and 99.43 billion yuan respectively, reflecting year-on-year growth rates of 25.5%, 23.5%, and 22.3% [5][6]. Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 32.21 billion yuan, a year-on-year increase of 32.72%, and a net profit of 3.78 billion yuan, up 22.55% [2]. - The gross margin for the first half of 2025 was 42.8%, with a slight increase from the previous year, while the net profit margin for Q2 2025 was 10.0% [4]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares to all shareholders [2]. Brand and Market Position - The self-owned brand Maifudi targets young consumers and has established a strong presence in the high-end pet food market, achieving significant sales during major shopping events [3]. - The report notes that the online sales of Maifudi and Fliegate brands increased by 26% and 146% respectively in the first half of 2025, contributing to a total sales growth of 50% for these brands [3]. Future Growth and Incentives - The company has launched a second phase of its restricted stock incentive plan, aiming for ambitious revenue and profit growth targets from 2025 to 2027, reflecting confidence in long-term development [5]. - The projected net profits for 2025-2027 are 7.45 billion, 9.55 billion, and 12.06 billion yuan, with respective growth rates of 19.3%, 28.1%, and 26.3% [5].