3 September 2025 | 9:07PM HKT China Pet Foods: Asia Leaders Conference 2025 — Key Takeaways: LT ambition for domestic, global supply chain, overseas expansion; Buy We hosted China Pet Foods offline group meeting at our Asia Leader Conference 2025 on Sep 3rd. Bottom line: 1) domestic sales to double on a 3-year rolling basis, mainly on Wanpy; and plan for 1-2ppt yoy margin expansion in 2H with steadily dropping selling cost ratio on leverage benefits, and ongoing GPM improvement. 2) overseas-based factories ...