Investment Rating - The investment rating for the company is "Accumulate" with a target price of 75.00 CNY [6][12]. Core Insights - The domestic independent brands are accelerating, with continuous improvement in brand rankings. The overseas independent brands are performing strongly, and attention should be paid to the progress of overseas factory production [2][12]. - The company is continuously enhancing its R&D innovation capabilities, leading to an increase in market recognition [2][12]. - The company reported a revenue of 3.86 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 21.1%, with a net profit of 330 million CNY, up 18.2% year-on-year [12]. Financial Summary - Total revenue is projected to grow from 3.75 billion CNY in 2023 to 8.23 billion CNY in 2027, with a CAGR of 21.2% [4][13]. - Net profit attributable to the parent company is expected to increase from 233 million CNY in 2023 to 784 million CNY in 2027, reflecting a significant growth trajectory [4][13]. - The earnings per share (EPS) are forecasted to rise from 0.77 CNY in 2023 to 2.58 CNY in 2027 [4][13]. Market Position and Strategy - The company has launched new products under its brands during the Asia Pet Expo, enhancing its product matrix and driving revenue growth [12]. - The company’s brand "Wanpi" has seen a rapid rise in rankings on Douyin, indicating increasing market competitiveness [12]. - The company’s 100% owned factory in Mexico is completed, with an expected output value of 150 million CNY once fully operational, and a second factory in the U.S. is anticipated to start production in the first half of 2026 [12]. R&D and Cost Management - The company has increased its sales, management, R&D, and financial expense ratios, indicating a strategic investment in brand and product development [12]. - The R&D expenses are expected to grow, contributing to enhanced product capabilities and market acceptance [12].