Bow Meow

What exactly does this do? Does it just add stats to your character?

Yes, exactly that. If you feed it regularly with the right food, it will generate specific stats (int, agi, cha, str), which you will then have, if you have it equipped as follower.

+1 Strength

• Tiwabbit Ears
• Gwandpa Wabbit Ear

+1 Vitality

• Vampyre Blood
• Dragon Pig Blood

+1 Agility

• Tofu Egg
• Tofu Feather
• Evil Tofu Wing

+1 Intelligence

• Grawn
• Gudgeon
• Gutted Grawn
• Gutted Gudgeon
• Fire Kwak Feather
• Earth Kwak Feather
• Wind Kwak Feather
• Ice Kwak Feather

+1 Chance

• Green Mouse
• Trout
• Gutted Trout

+1% Neutral Resistance

• Bluish Jelly
• Mint Jelly
• Strawberry Jell

Feed it once eery 5-18 hours  after 3rd feeding pet will give +1 stat max 80 (resistance max 20%)
but focus only on 1 stat