公司报告 | 半年报点评 中宠股份（002891） 证券研究报告 品牌建设与全球化产能双擎共振，业绩高增验证成长韧性 事件：公司发布 25 半年报，25H1 公司实现营业收入为 24.32 亿元，yoy+24.32%；归母 净利润 2.03 亿元，yoy+42.56%。其中，25Q2 公司实现营业收入为 13.31 亿元，yoy+23%； 归母净利润 1.12 亿元，yoy+30%。公司拟向全体股东每 10 股派发现金红利 2.00 元（含 税）。 1、境内：自主品牌收入激增，品牌建设成效显著 公司 2025 年上半年国内收入达 8.57 亿，同增 38.89%，毛利率 37.68%，同比提升 0.89pct。 国内业务规模实现快速发展，尤其是以自主品牌业务为代表的自主可控的生意规模大幅提升。 公司通过多维战略布局持续夯实宠物食品行业龙头地位，旗下主粮品牌"TOPTREES 领先"深 化 IP 营销策略，继《甄嬛传》联名破圈后，8 月再度嫁接国民级 IP《武林外传》抢占 Z 世代 心智。产品端加速技术迭代，7 月领先推出海陆双拼猫粮 2.0 版本，添加 84%动物性原料满 足猫咪食肉天性。产品研发上，WANP ...

Core Viewpoint - The company, Zhongchong Co., Ltd., has shown significant growth in its financial performance and is expanding its global production capacity to strengthen its position in the pet food industry. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.432 billion yuan, representing a year-on-year growth of 24.32%, with a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [2][3] - Revenue from domestic operations was 857 million yuan, growing by 38.89%, while overseas revenue reached 1.575 billion yuan, increasing by 17.61% [2] Product Performance - Revenue from pet staple food reached 783 million yuan, marking an impressive growth of 85.79%, while pet snacks generated 1.529 billion yuan, with a growth of 6.37% [3] Global Production Capacity - The company has established over 22 modern production bases globally, with more than 10 new projects underway [4] - North America is the largest sales market, with a collaborative operational structure among factories in the USA, Canada, and Mexico [4] - The new factory in Mexico, with an investment of nearly 100 million yuan and covering an area of 10,000 square meters, is a strategic addition to the company's global supply chain [5] Impact of Tariffs - The company's products comply with the US-Mexico-Canada Agreement and are not affected by recent tariff adjustments, ensuring stable operations in Canada and Mexico [7] Brand Development and Marketing - The company aims to become a leader in the global pet food industry, with significant progress in its overseas brand development, including brands like "WANPY" and "TOPTREES" [8] - The WANPY brand has implemented various marketing strategies, including partnerships with celebrities and innovative product launches, enhancing brand recognition and market presence [10][11] Market Competition - The domestic pet food market is experiencing growth due to rising living standards and changing consumer preferences towards quality and personalized products [9] - The market concentration is still low compared to developed countries, but leading brands with strong R&D and supply chain capabilities are gaining market share [9] Future Outlook - The company plans to focus on building its own brands, expanding into overseas markets, and enhancing its global supply chain while maintaining its traditional OEM business [13]