In the first half of the year, Gaibao Pet's revenue increased by 10.01% to 3,543 million yuan, but net profit declined for the first time, by 49.57% to 191 million yuan; sales expenses increased by about 180 million yuan during the same period, which is about 96% of the net profit reduction of 188 million yuan. The company plans to issue no more than 1.1 billion yuan of convertible bonds, of which 450 million yuan will be invested in high-end pet food projects, accounting for 40.9% of the fund-raising limit. According to Tianyan Research, the implementing entity of the project, Gaibao Pet Food Co., Ltd. was established in October 2025. The listed company holds 100% of the shares and has a paid-in capital of 76 million yuan; the project amount is 5.92 times the actual paid capital.

In the first half of the year, Gaibao Pet's revenue increased by 10.01% to 3,543 million yuan, but net profit declined for the first time, by 49.57% to 191 million yuan; sales expenses increased by about 180 million yuan during the same period, which is about 96% of the net profit reduction of 188 million yuan. The company plans to issue no more than 1.1 billion yuan of convertible bonds, of which 450 million yuan will be invested in high-end pet food projects, accounting for 40.9% of the fund-raising limit. According to Tianyan Research, the implementing entity of the project, Gaibao Pet Food Co., Ltd. was established in October 2025. The listed company holds 100% of the shares and has a paid-in capital of 76 million yuan; the project amount is 5.92 times the actual paid capital.