Yuanwang Valley: The company's pet economy business is currently in its early stages.

In the institutional research, Yuanwang Valley stated that the company's pet economy business is currently in the early stages, focusing on solidifying the track layout and validating the business model. The long-term plan is to build it into the company's second growth curve. The growth of the company's pet business mainly comes from two aspects. One is the natural growth dividend of the pet economy industry. As the demand for pet companionship continues to increase among the social population, the overall pet economy market is steadily expanding. The second is the increasing penetration rate and market share of pet smart devices in the pet economy field, indicating a positive industry development trend. The company's product line layout is gradually being enriched, leading to rapid growth.