风险提示：市场竞争日益激烈。汇率波动及海外经营不确定性可能影响业绩稳定性。贸易政策变化亦是 变数。 事件：2025 年8 月26 日，乖宝宠物食品集团股份有限公司（简称"公司"）发布2025 年半年度报告。 1H25 乖宝收入符合市场预期，归母净利润符合市场预期。1H25 公司实现总营业收入32.2 亿，同比 +37.7%；实现归母净利润3.8 亿，同比+22.5%；扣非归母净利润为3.7 亿元，同比+26.5%。对应2Q25 营 收收入17.4 亿，同比+31.0%；实现归母净利润1.7 亿，同比+8.5%；扣非归母净利润1.7 亿，同比 +10.4%。1H25 公司毛利率为42.8%，同比扩张0.7 个点，对应2Q25 毛利率为43.8%，同比扩张1 个点， 较1Q25 毛利率同比扩张2.2 个点。1H25 公司销售/管理费用率分别为21.2%和5.4%，分别增加2.1 个点和 减少0.4 个点，对应2Q25 销售/管理费用率分别为23.9%和5.7%，同比增加3.5 个点和减少0.4 个点，主要 因为加大市场费用投入以及股权激励费用的落地。1H25 汇兑损失为792.6 万，较去年同期的1169.4 万 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7]. Core Views - The company has launched a second phase of its restricted stock incentive plan, aiming for significant revenue growth, targeting 10 billion in revenue by 2027 [1][2]. - The incentive plan is designed to lock in the core team and anchor high growth targets over the next three years, with projected revenue growth rates of no less than 25%, 53%, and 84% for 2025 to 2027 [2]. - The company is focusing on enhancing its domestic brand presence and expanding its high-end product offerings, with notable achievements in brand rankings on e-commerce platforms [3]. - The company is also expanding its production capacity in Thailand to mitigate the impact of U.S. tariffs and accelerate its global supply chain [4]. Summary by Sections Incentive Plan - The second phase of the stock incentive plan involves granting up to 556,000 shares at a price of 47.55 yuan per share, representing 0.14% of the total share capital [1][2]. - The plan aims for revenue targets of 6.56 billion, 8.03 billion, and 9.65 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 728 million, 828 million, and 910 million yuan [2]. Domestic Market Performance - The company's main brand, Maifudi, has maintained its top position on Tmall for five consecutive years through product upgrades and comprehensive marketing strategies [3]. - The high-end brand, Friega, has achieved significant recognition in the industry and is launching innovative products aimed at premium segments [3]. International Expansion - The new factory in Thailand is expected to double production capacity and will serve as a key point to bypass tariff barriers, with an investment of approximately 200 million yuan [4]. - The company is also planning to establish a research and development center in Thailand to enhance global collaboration [4]. Financial Projections - Revenue projections for 2025 to 2027 are estimated at 6.59 billion, 8.20 billion, and 9.94 billion yuan, with net profits expected to reach 754.94 million, 1.02 billion, and 1.29 billion yuan respectively [5]. - The company anticipates maintaining high growth rates, with revenue growth rates of 26%, 24%, and 21% for the respective years [5].