China International Capital Corporation's research reports pointed out that Pet Bo (301498.SZ), as the leading brand of domestic pet food, has already gained momentum and is expected to continue leading the rise of domestic brands in the golden age. Singles' day sales boost the growth of the pet economy, and the rise of domestic brands is timely. The main brand MFD tops the list: the company's Singles' day sales exceeded 0.67 billion yuan, a year-on-year increase of 65%. MFD has ranked first for four consecutive years in the overall rankings of pet food and supplies on Tmall, Douyin, and PDD platforms, ranking first in dog dry food/dog wet food & snacks/cat dry food/cat wet food & snacks on JD.com. On the one hand, the company's core MFD brand of domestic pet food has already gained momentum, with a significant lead over most competitors; on the other hand, relying on high-quality meat, BARF natural feeding philosophy, and other product innovations, the sub-series have successfully split and the incubation capability continues to be validated. The company is expected to continuously improve its brand matrix and optimize its product structure. It is expected to follow the trends of premiumization, cat economy, and DTC channel marketing in the future to achieve high-quality excess growth. Maintaining an outperform rating in the industry and an unchanged target price of 77 yuan.