研报掘金丨开源证券：维持乖宝宠物“买入”评级，产能逐步释放，股票激励落地持续成长

中金财经2025-10-24

开源证券研报指出，乖宝宠物2025Q1-Q3归母净利润5.13亿元(同比+9.05%)；单Q3归母净利润1.35亿元(同比-16.65%)。公司营收延续高增长，高推广投入致净利率短期承压。公司产能逐步释放，可进一步支撑海外订单与国内高端产品线的供给需求。另外，公司于10月完成第一期限制性股票激励计划的首批归属，总裁杜士芳等9名核心高管合计获得42.83万股，核心团队激励落地有助于提升公司经营活力。...

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