中国宠物食品-2025 年第二季度初步分析：国内及北美工厂销售强劲增长；因管理费用增加，营业利润降低-China Pet Foods (.SZ)_ 2Q25 First Take_ Strong sales growth for domestic and North America factories; OP lower on higher admin and

5 August 2025 | 8:01PM HKT China Pet Foods (002891.SZ): 2Q25 First Take: Strong sales growth for domestic and North America factories; OP lower on higher admin and China Pet Foods reported 2Q25 results, with revenue up 23% yoy and net profit up 30% yoy. While export orders have been impacted by fluid backdrop to moderate at LSD% yoy in 2Q25, We are expecting domestic/North-America factories to remain strong at 35%+/c.40% yoy to keep Company's growth momentum at 23% yoy in 2Q25 vs 21% yoy in 1Q25. GPM came 1 ...