StoneX Group Inc 2025年度报告

Key takeaways on pet food expert meetingFood & BeverageWe hosted an expert meeting in a post-GCC consumer tour with the founder of aleading domestic pet food brand. The main takeaways are as follows:1)DominanceofOnlineChannelsChina's pet food industry continues to evolve along a distinctly online-led structure, withover 85% of sales occurring on digital platforms. The channel landscape has stabilized,Key takeaways on pet food expert meetingFood & BeverageWe hosted an expert meeting in a post-GCC consumer tour with the founder of aleading domestic pet food brand. The main takeaways are as follows:1)DominanceofOnlineChannelsChina's pet food industry continues to evolve along a distinctly online-led structure, withover 85% of sales occurring on digital platforms. The channel landscape has stabilized, FX losses if the renminbi appreciates further, as FX changes could have a significant effect onearnings due to substantial overseas business exposure.profit erosion due to aggressive marketing expenditures; 3) wider FX losses if the renminbiappreciates further, given the company still has considerable exposure overseas; and 4) tariffsrisk for overseas business. Potential upside risks include: 1) better-than-expected GPMexpansion due to the more favorable product mix; 2) wider FX gain if the renminbidepreciates further; 3) faster-than-expected sales growth driven by improved customerrecognition on proprietary brands; 4) better competitive landscape to help lower theFX losses if the renminbi appreciates further, as FX changes could have a significant effect onearnings due to substantial overseas business exposure.profit erosion due to aggressive marketing expenditures; 3) wider FX losses if the renminbiappreciates further, given the company still has considerable exposure overseas; and 4) tariffsrisk for overseas business. Potential upside risks include: 1) better-than-expected GPMexpansion due to the more favorable product mix; 2) wider FX gain if the renminbidepreciates further; 3) faster-than-expected sales growth driven by improved customerrecognition on proprietary brands; 4) better competitive landscape to help lower the historical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms andconditions for certain third party data used in research report, please visit https:/www.ubs.com/disclosures. Unless otherwiseindicated, information and data in this report are based on company disclosures including but not limited to annual, interim, quarterlyreports and other company announcements. The figures contained in performance charts refer to the past; past performance is not ahistorical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms andconditions for certain third party data used in research report, please visit https:/www.ubs.com/disclosures. Unless otherwiseindicated, information and data in this report are based on company disclosures including but not limited to annual, interim, quarterlyreports and other company announcements. The figures contained in performance charts refer to the past; past performance is not a conduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS acts or may act as principalin the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 18 Januaryconduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS acts or may act as principalin the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 18 January those department members publish research principally on the analysis of the price or market for a derivative, and provide informationreasonably sufficient upon which to base a decision to enter into a derivatives transaction. Where Derivatives Research Analysts co-author research reports with Equity Research Analysts or Economists, the Derivatives Research Analyst is responsible for the derivativesquantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short termfactors in a product known as the'Quantitative Research Review'.Views contained in this assessment on a particular stock reflect onlythe views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set outthose department members publish research principally on the analysis of the price or market for a derivative, and provide informationreasonably sufficient upon which to base a decision to enter into a derivatives transaction. Where Derivatives Research Analysts co-author research reports with Equity Research Analysts or Economists, the Derivatives Research Analyst is responsible for the derivativesquantitative assessment of its analysts' responses to