Currently, GAMBOL PET, which holds the top market value in the A-share pet industry, has doubled its stock price over the past year.
In the first half of 2025, GAMBOL PET continued to maintain strong growth after achieving a 21% growth rate the previous year, with revenue reaching 3.22 billion yuan, a year-on-year increase of 32.72%; net profit attributable to the parent company was 378 million yuan, a year-on-year increase of 22.55%.
Among them, the sales of staple food increased by 57% year-on-year to 1.89 billion yuan, and snack sales increased by 11.4% year-on-year to 1.3 billion yuan.
The strong performance of high-end self-owned brands is the main reason for GAMBOL PET's market recognition.
Most traditional domestic pet companies started with export OEM businesses, while GAMBOL PET launched its first self-owned brand &#34;Mafudi&#34; in 2013.
In recent years, the penetration rate of pets in China has been continuously increasing, and the pet food industry has witnessed a significant trend of domestic substitution.
Against this backdrop, GAMBOL PET actively expanded into the mid-to-high-end market, launching the mid-to-high-end cat food brand &#34;Fuleijiate&#34; in 2018 and the high-end dog food brand &#34;Wangzhenchun&#34; in 2024.
The development of e-commerce channels has provided a key opportunity for &#34;curve overtaking.&#34; GAMBOL PET has focused its marketing and channel resources on content platforms such as Douyin and Xiaohongshu, quickly establishing brand recognition.
&#34;Mafudi&#34; has topped the sales list in the cat and dog food category on Tmall's Double Eleven for four consecutive years.
In the first half of the year, GAMBOL PET's online channel growth rate reached 50%, with &#34;Mafudi&#34; increasing by 26% and &#34;Fuleijiate&#34; experiencing a significant year-on-year growth of 146%.
The online direct sales channel achieved revenue of 1.21 billion yuan, a year-on-year increase of 40%, slightly increasing its share of total revenue to 37.7%.
The dual push of high growth in self-owned brands and an increased proportion of high-profit direct sales channels has continuously enhanced the company's profitability.
In the first half of the year, GAMBOL PET's gross profit margin reached 42.83%, an increase of 0.74 percentage points year-on-year, nearly 10 percentage points higher than that of Zhongchong Co., Ltd. and Petty Holdings during the same period.
To cultivate high-end self-owned brands, the company has continuously made significant marketing investments.
From 2018 to 2024, GAMBOL PET's sales expenses grew from 167 million yuan to 1.055 billion yuan, with a compound annual growth rate of about 35%, exceeding the compound annual growth rate of total revenue of 27.5% during the same period.
In the first half of the year, the company's sales expense ratio reached 21.1%, setting a historical high.
In the second quarter, which included major e-commerce promotional events, GAMBOL PET achieved operating revenue of 1.741 billion yuan, a year-on-year increase of 30.9%, setting a new quarterly revenue record, but net profit attributable to the parent company only grew by 8.5%.
In the next three years, GAMBOL PET's revenue scale target remains more important than profit.
According to the company's second phase of the restricted stock incentive plan disclosed in August, GAMBOL PET's revenue and net profit targets for 2027 are 9.7 billion yuan and 910 million yuan, corresponding to a compound growth rate of 22.83% and 13.36% over the next three years

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The profit growth rate in a single quarter has dropped to single digits. What is the boundary of GAMBOL PET's "burning money to exchange for market share"?