长江商报消息 ●长江商报记者 汪静 宠物口粮"麦富迪"母公司乖宝宠物（301498.SZ）业绩稳定增长。 8月25日晚间，乖宝宠物发布2025年半年度报告，公司上半年实现营业收入32.21亿元，同比增长 32.72%；净利润3.78亿元，同比增长22.55%。 当晚，乖宝宠物还发布第二期限制性股票激励计划（草案），其中，2025年度的业绩考核目标为，以 2024年为基数，营业收入增长率不低于25%、净利润增长率不低于16%。也就是说，2025年度，公司的 营业收入、净利润分别要达到65.56亿元、7.25亿元。 长江商报记者粗略计算，目前，乖宝宠物2025年度的营收目标完成率达49.13%，净利润目标完成率达 52.14%。 乖宝宠物业绩增长主要由于自主品牌持续增长。根据Euromonitor，2015—2024年公司主力品牌麦富迪 的国内市占率从2.4%提升至6.2%，位列国产品牌市占率第一。 营收净利连增五年半 财报显示，2025年上半年，乖宝宠物实现营业收入32.21亿元，同比增长32.72%；净利润3.78亿元，同 比增长22.55%；经营活动产生的现金流量净额3.5亿元，同比大增42.97%。 半年 ...

华福证券 乖宝宠物（301498.SZ） 25H1 业绩点评：自主品牌持续景气高增 ➢ 公司发布 2025 年半年度报告。2025H1 年公司实现营业总收入 32.21 亿元，同比+32.72%，归母净利润 3.78 亿元，同比+22.55%，扣非归母净利 润 3.67 亿元，同比+26.46%。单季度来看，25Q2 实现营业总收入 17.41 亿 元，同比+30.99%，归母净利润 1.74 亿元，同比+8.54%，扣非归母净利润 1.69 亿元，同比+10.43%。利润分配：向全体股东每 10 股派发现金红利 2.5 元（含税），送红股 0 股（含税），不以公积金转增股本。 ➢ 自有品牌表现持续靓丽，直销渠道占比明显提升。分业务来看，自有 品牌：麦富迪品牌：精准锁定年轻消费群体并布局高端犬猫粮市场，屡登 电商销售榜首；高端副品牌霸弗天然粮迅速崛起，24 年双十一期间全网销 售额同比增长 150%；弗列加特品牌：以"鲜肉精准营养"的创新研发技术 成果为核心，满足细分喂养场景需求，成功推出了"大红桶冻干"、"高机 能烘焙粮"两大明星系列。久谦数据显示 25H1 线上猫狗食品麦富迪品牌销 售额+26%，弗列加特 ...

盈利预测与投资评级：公司宠物食品生产、制造、研发优势领先，伴随国内宠物经济红利延续，公司头 部效应持续释放，自主品牌新业务有望加速放量，龙头地位持续夯实，市场份额加速扩张。我们预计 2025-2027 年公司归母净利润分别为7.6/9.6/12.8 亿元，对应PE 分别为51X/40X/30X，维持"买入"评级。 风险提示：国内市场竞争加剧，原材料价格、汇率波动，海外市场拓展不利，贸易摩擦等风险。 公司发布2025 年半年报。2025 年上半年，公司实现营收32.21 亿元，同比增长32.72%，实现归母净利 润3.78 亿元，同比增长22.55%。其中，单二季度公司实现营收17.41 亿元，同比增长30.99%，实现归属 净利润1.74 亿元，同比增长8.54%。 2025 年上半年收入同比+32.72%，主要系境内自有品牌业务增长所致；1）从品类看，公司2025 年上半 年主粮18.83 亿元，同比+57.09%，占比58.69%（（+9.3pcts），零食业务收入12.94 亿元，同比 +8.34%。2）直销渠道销售情况看，核心平台直销收入增速仍较快，第三方平台（阿里系、抖音平台、 京东、拼多多等）20 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 乖宝宠物（301498.SZ） 国内自主品牌持续高增，高端品牌战略持续深化 公司发布 2025 年半年报。2025 年上半年，公司实现营收 32.21 亿元， 同比增长 32.72%，实现归母净利润 3.78 亿元，同比增长 22.55%。其中， 单二季度公司实现营收 17.41 亿元，同比增长 30.99%，实现归属净利润 1.74 亿元，同比增长 8.54%。 2025 年上半年收入同比+32.72%，主要系境内自有品牌业务增长所致； 1）从品类看，公司 2025 年上半年主粮 18.83 亿元，同比+57.09%，占比 58.69%（（+9.3pcts），零食业务收入 12.94 亿元，同比+8.34%。2）直销 渠道销售情况看，核心平台直销收入增速仍较快，第三方平台（阿里系、 抖音平台、京东、拼多多等）2025 年上半年收入 12.1 亿元，占比 37.73%， 同增 39.72%；其中阿里系/抖音平台收入 8.85 亿元，占比 27.58%，同比 增长 45.85%。3）费用端看，销售费用率为 21.12%（（ ...

Core Insights - The pet industry in China is experiencing significant growth, driven by market dynamics such as population structure changes, emotional needs, and improved living standards [2][4] - Major pet companies like Zhongchong Co. and Guobao Pet have reported substantial revenue increases for 2024 and Q1 2025, indicating a robust market environment [1][2] - The pet food segment is the largest market within the pet industry, accounting for 52.8% of the total pet consumption market in 2024 [3][4] Company Performance - Zhongchong Co. achieved a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [1] - Guobao Pet reported a revenue of 5.245 billion yuan in 2024, a 21.22% increase, and a net profit of 625 million yuan, growing by 45.68% [1] - Petty Co. saw a revenue of 1.659 billion yuan in 2024, a 17.56% increase, but experienced a decline in Q1 2025 with revenues of 329 million yuan, down 14.40% [2] Market Trends - The pet economy in China reached a scale of 592.8 billion yuan in 2023, with projections to grow to 1.15 trillion yuan by 2028 [2] - The demand for pet food is evolving, with consumers increasingly prioritizing quality, safety, and brand reputation [4][6] - The market is witnessing a shift towards premium products, with companies focusing on innovation and differentiation to capture consumer interest [6][7] Industry Dynamics - Domestic pet brands are gaining market share at the expense of foreign companies, with brands like Guobao Pet and Zhongchong Co. increasing their market presence [5] - The competitive landscape is intensifying, with new entrants like Pet&Fresh and established brands like Three Squirrels expanding into the pet food sector [7][8] - Companies are investing in digital transformation and supply chain enhancements to improve operational efficiency and brand competitiveness [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company's high-end strategy has shown significant results, with continuous improvement in profitability [1] - The company reported a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 624.72 million yuan, up 45.68% year-on-year [6] - The first quarter of 2025 saw a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 2.04 million yuan, up 37.68% year-on-year [6] Revenue and Profit Forecast - The forecast for main revenue (in million yuan) is as follows: - 2024: 5,244.96 - 2025: 6,377.13 - 2026: 7,781.69 - 2027: 9,414.97 - Year-on-year growth rates are projected at 21.22% for 2024, 21.59% for 2025, 22.03% for 2026, and 20.99% for 2027 [3][7] - The forecast for net profit (in million yuan) is: - 2024: 624.72 - 2025: 806.48 - 2026: 1,013.32 - 2027: 1,232.31 - Year-on-year growth rates for net profit are expected to be 45.68% for 2024, 29.09% for 2025, 25.65% for 2026, and 21.61% for 2027 [3][7] Product and Channel Performance - The company has seen a continuous increase in the proportion of its main products, with self-owned brand revenue reaching 3.545 billion yuan in 2024, a year-on-year increase of 29.1% [6] - The direct sales revenue grew by 59.3% year-on-year, accounting for 37.5% of total revenue [6] - The company is focusing on high-end product development, with significant sales growth during major shopping events [6] Profitability and Financial Metrics - The company's gross margin improved to 42.27% in 2024, up 5.43 percentage points year-on-year [6] - The projected earnings per share (EPS) are: - 2024: 1.56 - 2025: 2.02 - 2026: 2.53 - 2027: 3.08 - The price-to-earnings (P/E) ratios are projected to be 72.80 for 2024, 56.39 for 2025, 44.88 for 2026, and 36.91 for 2027 [3][7]

Core Viewpoint - The company has demonstrated impressive growth in its financial performance, with a strong focus on high-end brand development and a positive outlook for the pet food industry in China [1][2][7]. Financial Performance - In 2024, the company achieved revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to shareholders of 625 million yuan, up 45.68% [2]. - For Q1 2025, the company reported revenue of 1.48 billion yuan, a growth of 34.82%, and a net profit of 204 million yuan, increasing by 37.68% [2]. - The direct sales revenue in 2024 showed significant growth, with pet food and supplies generating 5.220 billion yuan, a 21.11% increase [3]. Product and Sales Breakdown - In 2024, the revenue from snacks, staple food, health products, and other businesses was 2.484 billion yuan, 2.690 billion yuan, 46 million yuan, and 25 million yuan, respectively, with year-on-year growth rates of 14.66%, 28.88%, -18.90%, and 49.41% [3]. - Domestic and international revenues were 3.551 billion yuan and 1.693 billion yuan, respectively, with year-on-year growth of 24.03% and 15.70% [3]. - The company’s self-owned brand revenue increased by 29.14% to 3.545 billion yuan, while OEM and ODM revenue grew by 19.07% [3]. Profitability Metrics - The gross margin for 2024 was 42.27%, an increase of 5.43 percentage points year-on-year, while the net profit margin improved to 11.96% [4]. - The sales expense ratio increased to 20.11% in 2024, attributed to the growth in self-owned brand and direct sales revenue [4]. Brand Development - The company has successfully advanced its high-end brand strategy, with its main brand, Mai Fu Di, leading the industry and achieving a 150% increase in sales during the 2024 Double 11 shopping festival [5]. - The introduction of new high-end products, such as the "0 Pressure Fresh Meat Cat Food" series, has also contributed to its market leadership [5]. Industry Outlook - The pet food industry in China is still in its early stages, with pet food penetration rates for dogs and cats at 25% and 43%, respectively, indicating significant growth potential [6]. - The high-end pet food market share in China is currently low, with only 29.4% for cat food and 33.4% for dog food, compared to much higher rates in the US and Japan [6]. Investment Forecast - The company is expected to achieve revenues of 6.405 billion yuan, 7.929 billion yuan, and 9.957 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 800 million yuan, 1.009 billion yuan, and 1.272 billion yuan [7]. - The company has been given an "Accumulate" rating based on its strong brand development and the growth potential in the pet food industry [7].