Summary of Zhongchong Co., Ltd. Conference Call Company Overview - Zhongchong Co., Ltd. is focusing on building its own brands, targeting the domestic market while accelerating overseas expansion and consolidating its OEM business. The goal is to achieve 5 billion CNY in domestic revenue, 5 billion CNY in overseas revenue, and a total group revenue of 10 billion CNY by 2028 [2][3]. Core Points and Arguments Domestic Market Strategy - The company plans to continue promoting its three main brands: Wanpi, ZL, and Leading, aiming for a domestic growth rate of at least 30% in 2026 [2][3]. - In 2025, the main grain products are expected to see nearly a 100% year-on-year growth, supported by a significant increase in sales expenses [3][4]. - The sales expense ratio is projected to increase by 1-2 percentage points due to additional investments in marketing [3][7]. Overseas Market Expansion - The overseas market is expected to generate 450 million CNY in revenue by 2025, with continued high growth in 2026, particularly for the Wanpi brand, which is expected to grow by at least 50% [2][4]. - The second phase of the U.S. factory is expected to be operational by the end of Q1 2026, contributing significantly to revenue growth [4][11]. Brand Performance and Product Development - The Wanpi, ZL, and Leading brands are projected to grow over 40% in 2025, with Leading expected to have the fastest growth [4][5]. - The Xiaojindun series under the Wanpi brand is anticipated to generate an additional 200 million CNY in revenue, while the Precision Nutrition series will also contribute to growth [4][5]. - The ZIL brand, positioned as high-end, faced challenges due to supply chain issues but is expected to recover significantly in 2026 [6][8]. Financial Performance and Profitability - The gross margin for the Wanpi brand exceeded 40% in Q3 2025, while Leading and ZOO brands approached 60% [8]. - The overall profitability of the self-owned brands is expected to continue growing, with domestic market gross margins stabilizing and increasing in the second half of 2025 [8][9]. Export and OEM Business - The export OEM business is expected to remain flat in 2026, with slight growth in orders from Europe and Japan, but significant uncertainty regarding U.S. orders [9][10]. - The Cambodian factory is set to take on Southeast Asian orders, although tariffs may impact profitability [9][10]. Competitive Landscape and M&A Strategy - The domestic pet industry is becoming increasingly competitive, shifting from formula and marketing competition to R&D and brand culture competition. Zhongchong Co., Ltd. is considering acquiring prominent brands to strengthen its market position [13]. Future Goals and Confidence - The company is committed to achieving its 10 billion CNY revenue target by 2028, with all teams aligned on their 2026 performance goals to support this objective [15][16]. Additional Important Points - The company aims for its Free brand's overseas business to reach 200 million USD by 2028, with a growth target of over 50% in 2026 [12]. - The global sales of Fengganliang products exceeded 50 million CNY in 2025, with a target to double this figure in the following year [14].

Core Insights - Zilliqa (ZIL) is undergoing a significant network upgrade with the Mainnet 0.19.0 hard fork, which aims to enhance its performance and user experience [1][2] - The upgrade introduces faster unstaking of tokens, reducing the time to just seven days, and implements stricter rules for validators to ensure network reliability [1][2] - Despite a market cap of $133 million, ZIL has underperformed compared to the broader crypto market, but the recent upgrade may provide a fresh opportunity for growth [3] Performance Metrics - Currently, ZIL is trading down by 2% over the last 24 hours and 13% over the past week, indicating mixed to bearish market sentiment [4] - The price is testing the 20-day exponential moving average (EMA) at $0.006999, with a need to break above the 50-day EMA at $0.007258 for a potential upward trend [4] Long-term Outlook - Long-term projections for ZIL are optimistic, with some bullish predictions suggesting a potential 200x increase to $1 based on technological improvements and its undervalued status [5] - ZIL may attract long-term investors interested in enterprise applications such as DeFi and NFTs, rather than those seeking quick profits [5]