Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's profitability improved quarter-on-quarter in Q3 2025, although short-term profits are pressured by losses from its Cambodian subsidiary [5] - The company achieved a revenue of 619 million yuan in Q1-Q3 2025, representing an 8% year-on-year increase, while net profit decreased by 21% year-on-year to 46.78 million yuan [7] - The company is focusing on enhancing its brand presence both domestically and internationally, participating in key industry exhibitions to promote its products [7] Financial Summary - Revenue projections for the company are as follows: 696 million yuan in 2023, 778 million yuan in 2024, 874 million yuan in 2025E, 1,003 million yuan in 2026E, and 1,147 million yuan in 2027E, with year-on-year growth rates of 26.82%, 11.68%, 12.40%, 14.81%, and 14.34% respectively [6] - The projected net profit for 2025E is 71 million yuan, with a year-on-year decrease of 9.37% [6] - The company’s earnings per share (EPS) are expected to be 0.69 yuan in 2025E, with a price-to-earnings (P/E) ratio of 26.26 [6] Operational Insights - The company’s gross margin for Q1-Q3 2025 was 20.12%, down by 2.83 percentage points year-on-year [7] - The main product categories, including staple food, saw significant revenue growth, with staple food products achieving 59.46 million yuan in revenue, a 40.02% year-on-year increase [7] - The Cambodian project is expected to add 3,000 tons of pet snack production capacity annually once fully operational, contributing to the company's overseas expansion strategy [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year revenue growth of 11.32% in H1 2025, with total revenue reaching 390 million yuan and a net profit of 30.46 million yuan, reflecting a decline of 12.07% year-on-year [7] - The company’s gross profit margin was 20.9%, down by 1.5 percentage points year-on-year, with a net profit margin of 6.9%, down by 3.2 percentage points year-on-year [7] - The company’s overseas revenue grew by 19% year-on-year, while the domestic market saw a decline in certain product categories, prompting the launch of a new brand to target niche markets [5][7] Financial Performance Summary - In H1 2025, the company’s main grain product revenue increased by 40% to 59.46 million yuan, with a gross margin improvement of 5 percentage points [7] - The company’s revenue from meat jerky products was 220 million yuan, accounting for 57.75% of total revenue, with a gross margin of 23.4% [7] - The company’s revenue from canned products increased by 61.13% to 34.17 million yuan, while revenue from meat powder products decreased by 9.72% to 48.495 million yuan [7] - The company’s projected net profits for 2025-2027 are estimated at 81 million, 98 million, and 120 million yuan respectively, with corresponding P/E ratios of 29.7, 24.6, and 20.0 [8]