谁说内卷只能卷价格？宠物主粮的内卷卷出了国产贵替。 近日，北京大学国家发展研究院、北京大学数字金融研究中心、中山大学商学院基于淘宝天猫平台的消费者实际购买行为，合作发布了"全球品牌中国线上 500强榜单"（CBI500）。12个宠物品牌上榜，其中有10个为国产品牌。其中，麦富迪以全榜单第80位、宠物行业第二的成绩领跑国货阵营；弗列加特、鲜 朗等新锐品牌集体崛起，标志着中国宠粮完成了从"代工工厂"到"品牌主场"的质变。 值得关注的是，500强品牌榜上的这12个宠物品牌，与淘宝88VIP会员画像高度重合。公开信息显示，66.9%的宠物主属于中高消费群体，这也为国货高端化 提供了核心客群支撑。多份研报曾特别强调，乖宝宠物（301498）、中宠股份（002891）等在国内市场的品牌化建设与天猫等线上渠道的深度运营，构成了 核心增长极。 国产品牌跃升的关键，或许还在于这些品牌在"新锐度"指标上的突破。榜单特别考察了品牌的销售增速、年轻用户增长及产品创新力。而国产品牌在这三方 面表现突出。麦富迪和弗列加特所属的母公司乖宝宠物研发费用率持续领跑行业；鲜朗则深耕低温烘焙技术，使烘焙粮蛋白质含量突破45%大关。 | | | | ...

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1][7]. Core Views - The company has shown significant revenue and net profit growth in Q1 2025, with revenue increasing by 25.4% and net profit by 62.1% year-on-year. The domestic brand momentum is on the rise, particularly with the "Wang Pi Xiao Jin Dun" high-fresh meat cat food, which is expected to gain market share in the mid-to-high-end cat food segment [1][6][7]. - The overseas factories have sufficient orders, and the second phase of production in Canada and the United States is expected to support North American demand, further enhancing the global supply chain layout [1][7]. - The company is expected to maintain good profitability due to low-cost structures and high capacity utilization in overseas factories, despite a slight increase in expenses due to higher marketing investments [1][6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 4.465 billion, a year-on-year increase of 19.1%, and a net profit of 394 million, up 68.9% year-on-year. The fourth quarter of 2024 saw a revenue of 1.276 billion, a 23.3% increase year-on-year, and a net profit of 112 million, up 98.2% year-on-year [6][9]. - The company's gross margin improved by 1.9 percentage points year-on-year in 2024, driven by a higher proportion of high-margin staple food products and structural optimization [6][9]. - For Q1 2025, the company reported a gross margin of 31.9%, an increase of 4.0 percentage points year-on-year, with a net profit margin of 8.3%, up 1.9 percentage points year-on-year [6][9]. Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been raised to 1.59 and 1.88 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 34x for 2025 [1][7][8]. - The company is expected to maintain a high single-digit profit margin throughout the year, benefiting from the acceleration of domestic brand market share [1][7]. Market Position and Shareholder Information - The company has a total market capitalization of 15.8 billion yuan, with a return on equity (ROE) of 16.8% and a debt-to-asset ratio of 40% [2][6]. - The major shareholder is Yantai Zhongxing Biotechnology Co., Ltd., holding a 24.8% stake in the company [2].