According to the Wanlian Securities Research Report, the Gaibao pet brand is genetically driven by growth, and its leading position continues to be consolidated. In 2025, the company achieved net profit of 6.77 billion yuan/670 million yuan. The CAGR in 2020-2025 reached 27.4%/43.3% respectively, and gross margin growth was steady, net margin remained high in the industry, and it had strong profitability. Gaibao is leading the way through the multi-brand matrix. In 2025, the company's own brand revenue reached 4.97 billion yuan, McFuddy/Frégat/ +60% year-on-year, and the gross margin of staple foods reached 45.5%; in 2026, it plans to transfer K9Natura mainland brand assets to further fill the ultra-high-end puzzle and verify the ability of “internal incubation+outsourcing” to continuously expand the brand matrix. Currently, the market still uses the “OEM transformation” framework to understand the company, believing that it underestimates the essence of the company as a leader in multi-brand groupings. The company is a leader in the pet food industry in China. Its own brand business accounts for a relatively high share. The brand gene establishes competitive barriers. It should enjoy a certain valuation premium. It will be given 30 times PE in 2026, corresponding to a target price of 55.8 yuan. For the first time, it is covered and given a “buy” rating.

According to the Wanlian Securities Research Report, the Gaibao pet brand is genetically driven by growth, and its leading position continues to be consolidated. In 2025, the company achieved net profit of 6.77 billion yuan/670 million yuan. The CAGR in 2020-2025 reached 27.4%/43.3% respectively, and gross margin growth was steady, net margin remained high in the industry, and it had strong profitability. Gaibao is leading the way through the multi-brand matrix. In 2025, the company's own brand revenue reached 4.97 billion yuan, McFuddy/Frégat/ +60% year-on-year, and the gross margin of staple foods reached 45.5%; in 2026, it plans to transfer K9Natura mainland brand assets to further fill the ultra-high-end puzzle and verify the ability of “internal incubation+outsourcing” to continuously expand the brand matrix. Currently, the market still uses the “OEM transformation” framework to understand the company, believing that it underestimates the essence of the company as a leader in multi-brand groupings. The company is a leader in the pet food industry in China. Its own brand business accounts for a relatively high share. The brand gene establishes competitive barriers. It should enjoy a certain valuation premium. It will be given 30 times PE in 2026, corresponding to a target price of 55.8 yuan. For the first time, it is covered and given a “buy” rating.