日前，宠物食品行业龙头企业中宠股份（002891.SZ）发布的2025年第三季度报告，"增收不增利"的反差尤为显眼。 报告显示，中宠股份第三季度营收同比增长15.86%，达到14.28亿元，创下单季新高但增速较前两个季度有所回落；同期归母净利润却同比下滑6.64%，至 1.30亿元。 这种营收与利润背道而驰的现象，引发市场对宠物食品行业当前发展模式的关注。10月15日，即财报发布次日，中宠股份股价跌近6%。 值得注意的是，快速扩张也带来了一些隐忧。除了高企的费用，中宠股份前三季度的资产减值损失同比增加77.02%，主要系存货跌价计提增加。同时，有 息负债增至14.88亿元，有息资产负债率达到27.73%。 有分析师指出，中宠股份当前正处在从代工向品牌转型的关键阶段。这种转型必然伴随着短期阵痛，但长期看，建立强大的自主品牌才能形成持续竞争力。 随着国内养宠渗透率提升和宠物食品国产替代趋势加速，中宠股份若能成功度过这段投入期，未来有望在广阔的宠物食品市场中占据更有利位置。 对于投资者而言，更需要关注的是中宠股份当前的高投入能否在未来转化为稳定的盈利能力，以及自主品牌能否真正成为驱动公司长期增长的引擎。随着宠 物经 ...

Core Viewpoint - The company has been deeply engaged in the pet food industry for nearly 30 years, utilizing both OEM and self-owned brands to drive growth, with significant international and domestic sales achievements [1] Group 1: Export Business - The company has established a global supply chain with production capacities in six countries, achieving an export revenue of 1.57 billion yuan, accounting for 65% of total revenue as of H1 2025 [1] - North America is the largest sales market, and the company has proactively built overseas production capacities to mitigate trade risks, with net profit margins for various overseas factories ranging from 13% to 21% [2] - The company’s export performance has significantly outperformed the industry during trade tensions and tariff increases [2] Group 2: Domestic Sales - The company has developed three core self-owned brands, "WANPY," "TOPTREES," and "ZEAL," capturing the mid-to-high-end domestic market, with domestic sales revenue reaching 860 million yuan, accounting for 35% of total revenue as of H1 2025 [1] - The pet food industry still has considerable growth potential, with a fragmented competitive landscape allowing leading domestic brands to increase market share [3] - The company’s product matrix is improving under its explosive product strategy, with significant online ranking improvements during promotional periods [3] Group 3: Profitability - The company has benefited from favorable raw material costs and exchange rates, leading to continuous improvement in gross margins, with expectations for further increases in gross and net profit margins due to a higher proportion of self-owned products [4] - Revenue projections for 2025-2027 are 5.42 billion, 6.54 billion, and 7.87 billion yuan, with year-on-year growth rates of 21.3%, 20.8%, and 20.3% respectively, and net profits of 470 million, 580 million, and 740 million yuan, with growth rates of 18.3%, 24.8%, and 27.2% respectively [4]

根据中宠股份三季报，报告期内公司销售费用同比增加38.62%，主要系公司本期境内境外自主品牌宣 传投入增加。同时，该公司研发投入也有所增加，当期研发费用达7363.37万元，同比增加44.5%。 科技部国家科技专家库专家周迪对《证券日报》记者表示，当前宠物食品行业竞争激烈，行业内企业应 注重技术研发与品牌营销的协同，为品牌营销提供有力支撑。 根据中宠股份公告信息，第三季度该公司稳步推进美国二期项目、加拿大二期项目、墨西哥生产基地、 柬埔寨二期项目等新建与扩建项目。 中宠股份有关负责人表示，全球化的工厂布局，提升了公司对抗突发事件及局部风险的能力，保证公司 产品对全球各个国家和地区的稳定供应。而北美地区作为公司全球化战略的重要布局点，中宠股份正在 该地区构建并推动"全球研发+北美制造+全球销售"的协同运营模式。 10月13日晚间，烟台中宠食品股份有限公司（以下简称"中宠股份"）披露2025年三季度报告。报告显 示，该公司在第三季度延续了上半年的良好增长态势，今年前三季度实现营业收入38.6亿元，同比增长 21.05%，实现归属于上市公司股东的净利润3.33亿元，同比增长18.21%。公司业绩稳健增长，进一步验 ...