双十一宠物赛道韧性增长，国货头部阵营排名明显分化 1)行业大盘延续高景气成长势头：据久谦及飞瓜数据，10M25宠物食品线上销售额同增28%至47亿元； 2)国货品牌分化：乖宝、鲜朗、金故排名靠前，蓝氏、诚实一口存在下滑。天猫方面，鲜朗/麦富迪/弗 列加特位列前三，同比+1/-1/+1名；蓝氏/诚实一口位列第四/第六，同比-1/-1名。抖音方面，麦富迪/金 故位列前二，去年同期金故未进入前十名，诚实一口/鲜朗位列第七/第九，同比-4/-3名。3)外资排名提 升：皇家/渴望/爱肯拿位列天猫第五/第七/第十，同比+1/+2/持平。 智通财经APP获悉，中金发布研报称，据久谦及飞瓜数据，10M25宠物食品线上销售额同增28%至47亿 元，分品牌上看，乖宝、鲜朗、金故排名靠前，蓝氏、诚实一口存在下滑。2H25宠食线上CR3/CR5分 别为12.1%/16.2%，同比+2.2/2.8ppt，头部品牌份额正在加速集中。当前宠食行业竞争已行至中局，国 货头部品牌正处份额加速提升的战略机遇期，阵营排名将继续分化，同时或伴随费用率的阶段性抬升。 看好全产业链布局的国货龙头中长期成长确定性，推荐乖宝宠物(301498.SZ)、中宠 ...

Core Insights - The pet consumption sector showed strong performance during the Double 11 shopping festival, with domestic brands rising in rankings and companies like Zhongchong Co., Ltd. performing notably well [1][2] Group 1: Market Performance - The pet consumption market is expected to grow rapidly, with projected sales reaching 9.4 billion yuan during the 2025 Double 11, a 59% increase from 2024 [1] - JD Supermarket reported a 25% year-on-year growth in new users during the Double 11 period [1] - Tmall accounted for 64% of pet sales, with a daily sales figure during the first phase of Double 11 reaching 280% of the average daily sales in September [1] Group 2: Brand Performance - All top 5 brands on Tmall and Douyin during Double 11 were domestic brands, with brands like Maifudi and Frigat making the top 5 [2] - On JD, Royal and Maifudi ranked first and second in the dry food category for dogs and cats, while Zhongchong Co., Ltd. led in both dog and cat food categories [2] Group 3: Consumer Trends - The role of pets in households is evolving from mere tools to family members, leading to increased emotional and quality-driven consumption [2] - The Engel coefficient for pet spending has decreased by 2.93% over three years, indicating a richer pet consumption landscape [2] - The market for high-end pet food products is growing, with new processing techniques gaining market share [2]

Investment Rating - The report suggests a positive outlook for the pet industry, highlighting the rapid growth of domestic brands and recommending attention to specific companies such as Yantai China Pet Foods, Gambol Pet Group, and Petpal Pet Nutrition Technology [8][9]. Core Insights - The pet consumption sector is experiencing significant growth, with sales reaching RMB 9.4 billion during Double 11 in 2025, marking a 59% increase from 2024 [4][5]. - Tmall dominates the pet sales market with a 64% share, while JD.com and TikTok account for 21% and 14% respectively [5][6]. - Domestic brands are rising in prominence, with all top five brands on Tmall and TikTok being local, including Gambol Pet Group's Myfoodie and Frigate [6][7]. - There is a clear trend towards refined pet consumption, with pets increasingly viewed as family members, leading to higher quality and frequency of purchases [7][8]. Summary by Sections Sales Performance - The pet sector on comprehensive e-commerce platforms achieved RMB 9.4 billion in sales during Double 11 2025, a 59% increase from the previous year [4]. - JD.com saw a 25% increase in new users during the event, while pet apparel GMV grew by 42% and grooming services by 32.93% on smzdm.com [4][5]. Market Share - Tmall accounted for 64% of pet sales, with daily sales during the first phase of Double 11 reaching 280% of September's daily sales [5]. - The annual transaction scale on Tmall surpassed RMB 50 billion, with over 100 million users [5]. Brand Performance - The top five brands on Tmall and TikTok during Double 11 were all domestic, with Gambol Pet Group's Myfoodie and Frigate making the list [6]. - On JD.com, Royal Canin and Myfoodie ranked first and second in dog/cat dry food sales [6]. Consumption Trends - The Engel coefficient for pet spending on Tmall decreased by 2.93% over three years, indicating a richer pet consumption landscape [7]. - High-end pet foods have seen an increase in market share for three consecutive years, reflecting a trend towards premium products [7].

Core Insights - The domestic pet industry is experiencing significant performance differentiation among listed companies as they report their Q3 2025 results, driven by the rise of private brands and global capacity layout amidst increasing competition and cost pressures [1][4] Revenue Performance - Guibao Pet (301498) and Zhongchong Co. (002891) lead the industry with Q3 revenues of 4.737 billion and 3.86 billion respectively, showing year-on-year growth of 29.03% and 21.05% [3] - Yuanfei Pet (001222) reported a revenue of 1.281 billion, with a notable growth rate of 37.66% [3] - In contrast, Petty Co. (300673) faced a revenue decline of 17.68% due to reduced overseas orders and domestic agency business adjustments, while Yiyi Co. (001206) saw a slight revenue decrease of 0.72% but managed to improve profits through cost control and product structure optimization [3] Profitability Challenges - Despite revenue growth, many companies are facing pressure on profit margins, with Guibao Pet's net profit down 16.6% and Zhongchong Co.'s net profit decreasing by 6.64% in Q3 [5] - Petty Co. experienced a nearly 40% drop in net profit, highlighting the broader trend of increasing costs outpacing revenue growth [5][6] Strategic Focus on Domestic Market - Companies are prioritizing the domestic market as a core strategic focus, increasing marketing investments, expanding brand portfolios, and enhancing channel development to capture consumer attention [7] - Yiyi Co. plans to acquire the "Gao Ye Jia" cat food and litter brand to quickly gain mature domestic brand operation capabilities and market share [7] Growth of Private Brands - The rapid growth of private brands is driving performance increases for pet companies, with Guibao Pet's high-end sub-brand "Fuleijiate" achieving over 100% year-on-year growth in online sales [9] - Zhongchong Co.'s domestic private brand growth is around 35%-40%, with its staple food business growing by 85.79% [9][10] Global Capacity Layout - Leading pet companies are accelerating their global capacity layout, particularly in Southeast Asia, to create a more resilient and efficient global supply chain [11] - Yuanfei Pet has established a dual-core capacity structure in "domestic + Southeast Asia," with its Cambodian factory nearing full production [11] - Petty Co. plans to expand its Southeast Asia factory capacity by approximately 5,000 tons over the next two years [11]

Core Viewpoint - Zhongchong Co., Ltd. achieved a net profit attributable to shareholders of 330 million in the first three quarters of 2025, representing an 18.2% year-on-year increase, while the third quarter net profit was 130 million, showing a 6.6% decline year-on-year [1] Financial Performance - In Q3, the company experienced steady revenue growth, with the domestic market expected to maintain rapid growth through various marketing activities, new product launches, and enhanced channel coverage [1] - The overseas market is also anticipated to grow steadily, with strong orders from overseas factories and reduced impact from tariffs on export business [1] - The gross profit margin in Q3 increased by 2.2 percentage points to 29.1%, benefiting from a higher proportion of revenue from domestic self-owned brands and optimized product structure overseas [1] Market Outlook - The company is entering the e-commerce sales peak season, with preparations for the Double 11 shopping festival already underway, maintaining a positive outlook on the development of its self-owned brands both domestically and internationally [1] - The company has a leading position in overseas capacity layout, having completed the scarce North American capacity layout, which helps mitigate tariff risks arising from geopolitical issues [1] Valuation - The current stock price corresponds to price-to-earnings ratios of 34x, 27x, and 22x for the respective years, with the annual profit forecast remaining unchanged and a "Buy" investment recommendation maintained [1]

Core Viewpoint - The report from Xinda Securities indicates that Zhongchong Co., Ltd. achieved a net profit attributable to shareholders of 333 million yuan in Q1-Q3 2025, representing a year-on-year increase of 18.2% [1] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 130 million yuan, which is a year-on-year decrease of 6.6%. This decline is primarily due to a one-time investment income of over 30 million yuan in Q3 2024, which is unrelated to the core business [1] - The company's net profit excluding non-recurring items for Q3 2025 was 124 million yuan, reflecting a year-on-year increase of 18.9% [1] Business Outlook - The company is expected to see strong performance from its proprietary brands in Q3 2025, with notable contributions from the brands "Leading" and "Playful" [1] - The overseas business is anticipated to maintain steady performance, with significant progress in the international expansion of proprietary brands. The North American market remains the largest sales market for the company [1] - The company has established a collaborative operational framework among its factories in the United States, Canada, and Mexico, which enhances its local production capabilities. The second factory in the U.S. is expected to be completed by 2026, which will further solidify the company's overseas production advantages [1] - The company's profitability is improving, and its operational efficiency is continuously optimizing [1]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth expectations. Core Insights - The company reported a revenue of 3.86 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 21.1%, with a net profit attributable to shareholders of 333 million yuan, up 18.2% year-on-year [1] - The third quarter of 2025 saw a revenue of 1.43 billion yuan, a 15.9% increase year-on-year, while the net profit attributable to shareholders decreased by 6.6% due to a one-time investment income from the previous year [1][2] - The company is experiencing strong growth in its self-owned brands, particularly in the domestic market, with notable performance from the "Guanpi" and "Leading" brands [2] - The overseas business is also performing well, with significant growth in the North American market, supported by the establishment of production facilities in the U.S., Canada, and Mexico [2] Financial Performance Summary - For the first three quarters of 2025, the gross profit margin was 29.1%, an increase of 2.2 percentage points year-on-year, indicating improved profitability [3] - The company expects net profits for 2025, 2026, and 2027 to be 469 million yuan, 597 million yuan, and 749 million yuan respectively, with corresponding P/E ratios of 34.6X, 27.2X, and 21.7X [3][5] - The projected total revenue for 2025 is 5.49 billion yuan, with a year-on-year growth rate of 22.9% [5] Operational Efficiency - The company has optimized its operational capabilities, with inventory turnover days reduced to approximately 65 days, a decrease of about 1 day year-on-year [3] - Cash flow from operating activities for the first three quarters of 2025 was 234 million yuan [3]

Core Viewpoint - Zhongchong Co., Ltd. reported a net profit attributable to shareholders of 333 million yuan for the first nine months, representing a year-on-year increase of 18.2% [1] - The company maintains a "buy" rating due to strong growth in domestic and overseas operations [1] Financial Performance - The net profit attributable to shareholders for Q3 showed a year-on-year decline primarily due to an investment net income of 45 million yuan in Q3 2024 [1] - The adjusted net profit attributable to shareholders (excluding non-recurring items) reached 323 million yuan, reflecting a year-on-year growth of 33.5% [1] Business Operations - Domestic self-owned brands, Wanpi and Leading, continue to experience high growth in revenue [1] - The overseas business is steadily advancing, with factories established in the United States, Canada, and Mexico [1] Market Position - The scarcity of production capacity in North America is highlighted in the current geopolitical context [1] - As North American production capacity gradually releases, overseas revenue growth and profit margins are expected to improve [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company reported a Q3 revenue growth of 15.9% and a non-net profit growth of 18.9%, although the net profit decreased year-on-year due to investment income impacts [7]. - Domestic brand growth continues to be strong, while overseas factory growth is slightly hindered by capacity issues, though demand remains robust [7]. - The company expects to enhance its global supply chain and profitability with new capacities coming online in the U.S. in 2026 [7]. - Projected net profits for 2025-2027 are estimated at 450 million, 601 million, and 786 million respectively, with corresponding EPS of 1.48, 1.97, and 2.58 [7]. Financial Performance - Total revenue for 2023 is projected at 3,747 million, with a year-on-year growth of 15% [2]. - Operating profit is expected to reach 372 million in 2023, reflecting a significant growth of 141% [2]. - The net profit attributable to the parent company is forecasted to be 233 million in 2023, with a remarkable growth of 120% [2]. - The company’s gross margin improved to 29.1% in Q3, driven by an increase in the share of self-owned brands [7]. - The report anticipates a steady increase in revenue and profit margins over the next few years, with a focus on enhancing brand presence and operational efficiency [7][15].

Group 1 - The core viewpoint of the report is that Huazhong Securities has given a "Buy" rating to Zhongchong Co., Ltd. (002891.SZ) based on strong financial performance and growth prospects [1] - For the period from January to September 2025, the company's net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be 323 million yuan, representing a year-on-year increase of 33.5% [1] - The company's domestic brand "Wanpi" continues to show high revenue growth, while its overseas business is steadily advancing [1] Group 2 - The company is increasing its sales expenses, which includes higher employee compensation and stock incentives, leading to an increase in management costs [1] - Risks mentioned include fluctuations in exchange rates, raw material price volatility, and potential challenges in domestic and international market expansion [1]