执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 当前价格: 20.57元 | 市场数据 | | | --- | --- | | 总股本(百万股) | 103.31 | | A 股股本(百万股) | 103.31 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 90.60 | | 12 个月最高/最低(元) | 34.98/6.85 | | 第一大股东 | | | 第一大股东持股比例(%) | 37.83 | | 上证综指/沪深 300 | 3870.60/4522.00 | 证券研究报告·公司点评报告 2025 年 9 月 16 日 江海证券研究发展部 消费行业研究组 % 1 个月 3 个月 12 个月 相对收益 -16.23 -34.66 29.96 绝对收益 -4.50 -18.89 193.79 数据来源：聚源 注：相对收益与北证 50 相比 1. 公司深度报告（首次覆盖）-路斯股份 -832419.BJ：北交所宠物食品第一股，主 粮产品持续放量 – 2024.09.06 路斯股份 832419.BJ 农林牧渔行业 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of 5% to 15% over the next 6 to 12 months [4][12]. Core Insights - The company reported a robust revenue growth of 11.32% year-on-year for H1 2025, achieving a revenue of 390 million yuan, while the net profit attributable to shareholders decreased by 12.07% to 30.46 million yuan [5]. - The company is focusing on brand positioning and product innovation, launching the "Miaoguan" brand aimed at high cost-performance products, while the "Lusi" brand is evolving towards high-value-added product lines [8][9]. - The company is actively expanding its market presence both domestically and internationally, utilizing online platforms like Tmall and Pinduoduo, as well as participating in major international pet industry exhibitions [9]. Financial Performance Summary - For H1 2025, the company achieved a revenue of 390 million yuan, with a breakdown showing Q2 revenue at 207 million yuan, reflecting a 6.3% year-on-year increase [5]. - The revenue from main grain products grew by 40.02% year-on-year, while canned products saw a significant increase of 61.13% [6]. - The overall gross profit margin for H1 2025 was 20.86%, down 1.5 percentage points year-on-year, indicating pressure on profitability due to rising costs [7]. Market Segmentation - Domestic market revenue for H1 2025 was 145 million yuan, a slight increase of 0.06% year-on-year, while the international market revenue reached 246 million yuan, growing by 19.25% [8]. - The company’s product categories, including jerky, main grain, canned, and dental bone products, all showed stable growth, with jerky products accounting for the highest revenue share at 56.79% [7]. Future Projections - The company forecasts revenues of 894 million yuan for 2025, with a projected net profit of 74 million yuan, reflecting a growth rate of 15% [4][10]. - The report anticipates a continued focus on technological innovation and market expansion, particularly in the pet food sector, supporting a positive long-term outlook for the company [9].