公司发布2025 年半年报：25H1 实现营收 32.21 亿元，同比增长32.72%；归母净利润3.78 亿元，同比增 长22.55%；扣非归母净利润3.67 亿元，同比增长26.46%。25Q2 实现营收17.41 亿元，同比增长 30.99%，归母净利润1.74 亿元，同比增长8.54%，扣非归母净利润1.69 亿元，同比增长10.43%。 公司8 月发布二期限制性股票激励计划（草案），拟向共计9 名激励对象授予不超过55.6 万股，约占公 司股本总额0.14%，授予价格为47.55 元/股。激励对象主要是公司公告本激励计划时在公司（含控股子 公司、分公司）任职的董事、高级管理人员、中高层管理人员及董事会认为需要激励的其他人员。激励 目标：以2024 年为基数，2025-2027 年营收增长率分别不低于25%、53%及84%，净利润增长率分别不 低于16%、32%及45%。 评论： 主粮营收大幅增长，毛利率同步稳健提升。主粮营收18.83 亿元，同比增长57.09%，主粮占比大幅度提 高；主粮对应毛利率为46.23%、较去年同期增长1.53pct。零食营收12.94 亿元，同比增长8.34%；零食 对应 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's growth potential and performance [1]. Core Viewpoints - The company has launched a second phase of a restricted stock incentive plan aimed at motivating its core team, which is expected to enhance growth momentum [1][2]. - The company has set ambitious performance targets for the incentive plan, requiring revenue growth rates of at least 25% in 2025, 53% in 2026, and 84% in 2027, along with net profit growth rates of at least 16%, 32%, and 45% respectively [2]. - The company's main brand, Maifudi, continues to lead the industry, maintaining the top position on Tmall for five consecutive years, with significant growth in sales [3]. - The company has developed a robust data empowerment system and research capabilities that enhance product advantages, including proprietary technologies that improve nutrient absorption [4]. - The company is expanding its overseas production capacity, with minimal short-term impact expected on its OEM business despite potential challenges from U.S. tariff policies [4]. Financial Summary - The company’s projected total revenue for 2025 is estimated at 6.386 billion yuan, with a year-on-year growth rate of 21.8% [8]. - The net profit attributable to the parent company is projected to be 740 million yuan in 2025, reflecting an 18.4% year-on-year growth [8]. - The gross profit margin is expected to improve from 36.8% in 2023 to 46.6% in 2025 [8]. - The company’s earnings per share (EPS) is projected to increase from 1.07 yuan in 2023 to 1.85 yuan in 2025 [8][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 89.90 in 2023 to 52.13 in 2025, indicating a potentially more attractive valuation over time [6].

公司层面第二期股权激励考核目标为2025-2027 年营收较2024 年同期增长25%、53%、84%（即 YOY+25%、+22%和+20%，CAGR 22.5%），净利润较2024 年同期增长16%、32%和45%（即 YOY+16%、+14%和+10%，CAGR13.2%）。对比公司2024 年第一期股权激励计划，第二期营收增长率 目标提高（第一期为2024-2026 年较2023 年增长19%、42%和68%，即YOY+21%、15%和14%，CAGR 18.9%），净利润增长率目标下降（第一期为2024-2026 年较2023 年增长21%、39%和59%，即 YOY+19%、19%和18%，CAGR 16.7%），我们预计公司将加大市场投入以提升品牌知名度、加速营收 增长，费用端或将有所加码。 公司发布第二期限制性股票激励计划，为了进一步健全公司长效激励机制，调动核心团队积极性，拟以 47.55 元/股的价格向激励对象授予不超过55.6 万股限制性股票，占当前总股本0.139%，其中首次授予 52.25 万股，预留3.35 万股。股权激励摊销总费用为2583.56 万元，其中2025-2028 年 ...

群益证券(香港)研报指出，乖宝宠物第二期股权激励计划落地，中高层激励更进一步。首次授予对象为 公司中高层管理人员，其中董事、总裁杜士芳获授17.51万股，占本次激励总股票数31.5%。从首次授予 名单来看，首次授予覆盖对象与第一期股权激励首次授予对象保持一致，将进一步提高公司核心团队凝 聚力及积极性，从而激发经营活力，巩固公司宠物食品龙头地位。据星图数据，618大促期间，公司旗 下弗列加特位列天猫宠物食品TOP3、抖音细分类目TOP4；麦富迪位列抖音、快手细分类目榜首，天猫 TOP5、京东TOP2。结合股权激励目标来看，我们预期在麦富迪保持核心品牌定位的同时，公司高端化 战略将继续深入，弗列加特作为高端品牌的定位有望持续发力，高端产品占比将有提升；此外，通过推 出的犬粮品牌汪臻醇、强调天然配方的霸弗等，产品和品牌矩阵得到进一步完善。该行依旧看好宠物食 品国产化替代和公司全方位竞争力的提升维持"买进"的投资建议。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 113 CNY per share [1][9]. Core Insights - The company has implemented a second phase of its restricted stock incentive plan to enhance its long-term incentive mechanism and motivate its core team, granting up to 556,000 shares at a price of 47.55 CNY per share [8][11]. - The revenue growth targets for the second phase of the incentive plan are set at 25%, 53%, and 84% for the years 2025 to 2027 compared to 2024, while net profit growth targets are 16%, 32%, and 45% respectively [11]. - The company is expected to increase market investment to enhance brand awareness and accelerate revenue growth, which may lead to higher expenses [11]. - The company has shown strong performance during promotional events, ranking high in various e-commerce platforms, indicating a solid market position [11]. Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 776 million, 932 million, and 1.158 billion CNY respectively, reflecting year-on-year growth rates of 24.3%, 20%, and 24.2% [11][13]. - Earnings per share (EPS) are expected to be 1.94 CNY, 2.33 CNY, and 2.90 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 48, 40, and 32 [11][13]. - The company’s revenue is projected to grow from 6.591 billion CNY in 2025 to 9.713 billion CNY by 2027, with a significant increase in operating profit as well [16].