According to the Qunyi Securities Research Report, according to Star Map data, during the 618 promotion period, Fregat, a subsidiary of Gaibao Pet, ranked in the TOP3 of Tmall Pet Foods and TOP4 in the Douyin category; McFudi ranked first in the Douyin and Kuaishou categories, Tmall TOP5 and Jingdong's TOP2. The company's original factory in Thailand is at full capacity, and the new plant is about to be put into operation. At that time, Thailand's production capacity will double, and the range of products produced will also be expanded. At present, the overseas OEM business has gradually moved to the Thai factory, which helps the company avoid the impact of tariffs. Furthermore, Thailand is preparing to build an R&D center, and the company's overseas competitiveness is expected to be further strengthened in the future. There has been a recent correction in stock prices. We are still optimistic about the localization and replacement of pet food and the improvement of the company's overall competitiveness. We suggest a depreciation layout and maintain the “buy in” investment proposal.

According to the Qunyi Securities Research Report, according to Star Map data, during the 618 promotion period, Fregat, a subsidiary of Gaibao Pet, ranked in the TOP3 of Tmall Pet Foods and the TOP4 of the Douyin sub-categories; McFudi ranked at the top of the Douyin and Kuaishou categories, Tmall TOP5 and Jingdong TOP2. The company's original factory in Thailand is at full capacity, and the new plant is about to be put into operation. At that time, Thailand's production capacity will double, and the range of products produced will also be expanded. At present, the overseas OEM business has gradually moved to the Thai factory, which helps the company avoid the impact of tariffs. Furthermore, Thailand is preparing to build an R&D center, and the company's overseas competitiveness is expected to be further strengthened in the future. There has been a recent correction in stock prices. We are still optimistic about the localization and replacement of pet food and the improvement of the company's overall competitiveness. We suggest a depreciation layout and maintain the “buy in” investment proposal.