[GF Agriculture] Pet Sector Update: Recent Sector Rebound, YoY Earnings Inflection Approaching Quarter by Quarter

English summary

#Domestic sales maintain high growth. According to Qianzhan data, in 2026H1, the combined growth rate of Tmall + JD.com + Douyin platforms was 6%, with Douyin growth reaching 10%. According to Synced data during the 618 period, pet food grew 12%, leading the market by 8pct. #Export prosperity has significantly recovered. According to China Customs, in 2026H1, total pet food exports grew 15% YoY in USD terms, 11% YoY in RMB terms, and export volume grew 32% YoY. By company: #Zhongchong: Strong growth in own brands & potential positives in export sales gradually releasing. ① Qianzhan data shows 26Q2 company brands' total GMV +45% YoY, with Wanpy / Leading / Zeal brand GMV +56% / +54% / -3% YoY respectively. ② On the export side, the company's second US plant commissioning and export price increase negotiations are both expected to land in 26H2. ③ Brand going overseas continues to advance, with an expected revenue of 700 million yuan this year (+40%+ YoY) and a net margin above 10%. ...