单季度利润增速降至个位数，乖宝宠物“烧钱换市场”的边界在哪

华尔街见闻08-27

如今市值稳居A股宠物行业首位的乖宝宠物，过去一年实现了股价翻倍。2025年上半年，乖宝宠物继上年实现21%增速后继续保持强劲增长，实现营收32.2亿元，同比增长32.72%；归母净利润3.78亿元，同比增长22.55%。其中主粮销售同比增长57%至18.9亿元，零食销售同比增长11.4%至13亿元。高端自主品牌的强劲表现是乖宝宠物获得市场认可的主要原因。国内传统宠物企业大多由出口代工业务起家，...

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