Core Insights - The company, Guibao Pet Food Group Co., Ltd., was established in 2006 and specializes in the research, production, and sales of pet food, providing comprehensive nutritional solutions for dogs and cats throughout their life cycle [1] - Guibao Pet Food was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023, with projected revenue of 5.2 billion yuan in 2024 and a peak market capitalization of 50 billion yuan, making it the largest pet industry company in China by revenue and market value [1] - The company's flagship brand, "Maifudi," has surpassed many international brands in market share, becoming the leading pet food brand in China [1] R&D and Innovation - The company emphasizes innovation and maintains significant R&D investment, with a cumulative investment of 220 million yuan over three years and 341 patents, including 15 invention patents [3] - A milestone project, the Maifudi WarmData research center, utilizes systematic data collection and intelligent analysis to support product development, ensuring the scientific basis for new product designs [3] - The company operates multiple R&D centers in locations such as Liaocheng, Shanghai, and Thailand, facilitating efficient product and technology transformation [3] Brand Performance - In 2024, the company's proprietary brand business reached 3.5 billion yuan, accounting for 67% of total revenue, with a positive growth trend [4] - The main brand, Maifudi, consistently ranks first on Tmall, with a market share of 6.2%, solidifying its position as the top pet food brand in China [4] - The high-end sub-brand, Bafu Natural Grain, is rapidly gaining traction, enhancing brand image and consumer recognition, while the high-end cat food brand, Fuleijiate, has undergone a brand upgrade focusing on "fresh meat precise nutrition" [4]