近日，宠物经济上市公司交出的2025年半年报，成为观察这一热潮的最佳窗口。开源证券最新研报显 示，2025 年上半年宠物板块实现营收63.81亿元，同比增长22.03%；归母净利润6.60亿元，同比增长 20.28%，行业景气度持续攀升。 第27届亚洲宠物展于近日收官。据统计，本次展览吸引行业内外超51万观众参观。31万平方米的展馆 内，宠物智能手机、智能投喂器等最新产品和技术集中亮相。这一热闹场景正是我国宠物经济蓬勃发展 的生动缩影。 随着"毛孩子"成为城市消费图景的新主力，宠物经济展现出强劲的发展势头。据毕马威中国发布的报 告，中国宠物相关业务市场规模以25.4%的年复合增长率，从2015年的978亿元跃升至2023年的5928亿 元，预计在2025年达到8114亿元。 半年报业绩亮眼，头部企业高增长 A股宠物食品领域上市公司2025年中报均已发布。数据显示，多家企业业绩实现增长。 头部企业乖宝宠物以32.21亿元营收和3.78亿元归母净利润领跑行业，其营收、归母净利润增速分别为 32.72%、22.55%。中宠股份紧随其后，营收、归母净利润分别为24.32亿元、2.03亿元，并以42.56%的 归母净利 ...

证券研究报告 | 北交所专题报告 | | --- | hyzqdatemark 2025 年 09 月 05 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 中国宠物市场方兴未艾，多维度梳理优质宠物食品公司 证券分析师 ——北交所新消费产业研究系列（一） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 行业需求持续释放，国产化趋势渐显。从市场规模来看，参考历年《宠物行业白皮书》，中国城镇犬猫 消费市场规模已从 2018 年的 1708 亿元增长至 2024 年的 3002 亿元，期间年复合增长率达 9.86%；从消 费结构看，2024 年宠物食品仍是宠物消费的主要市场，市场份额为 52.8%；从竞争格局来看，参考欧睿 数据，中国宠物食品品牌集中度相比美国较低，中国 2024 年前十品牌销售额合计占比仅 26%，而美国前 十品牌销售额合计占比 42%。参考久谦中台数据，2024 年宠物食品电商平台（天猫、京东、抖音）销售 额排名前十的品牌中，仅有 ...

格隆汇9月4日｜A股市场宠物经济概念股拉升，其中，洁雅股份涨超10%，依依股份10CM涨停，天元 宠物涨超9%，路斯股份涨超8%，佩蒂股份涨超7%，创源股份涨超6%，乖宝宠物、索宝蛋白涨超5%， 中宠股份、源飞宠物涨超4%。 ...

中国商报（记者 于佳鑫）近期，国内宠物行业上市公司半年报相继出炉，乖宝宠物、中宠股份、天元宠物等多家企业交出亮眼成绩单，但也有佩蒂股份、 路斯股份等企业业绩出现下滑。 目前，我国宠物行业正处在从规模扩张向质量竞争转型的关键期。通过梳理各家财报可以看到，宠物主粮板块仍是头部企业营收增长的核心。与此同时，品 牌建设和多元化的市场布局也在不断成为企业盈利的重要驱动力。 《2025中国宠物行业白皮书（消费报告）》显示，宠物食品是宠物消费的最大细分市场，2024年，其市场份额达到52.8%。其中，宠物主粮的市场份额占比 最高，为35.7%。 对应到财报上，记者注意到，今年上半年，多家企业宠物主粮板块增速亮眼。以乖宝宠物为例，报告期内，公司主粮板块收入达到18.83亿元，同比增长 57.09%；中宠股份的主粮收入为7.83亿元，同比大增85.79%；源飞宠物上半年总营收达7.91亿元，同比增长45.52%，其中宠物主粮业务营收为7749.52万元， 同比增长55.39%；路斯股份虽然净利润有所下降，但主粮产品营收达5946.37万元，同比增长40.02%。 强化品牌建设 优化市场布局 经营管理层面，今年上半年，多家企业在 ...

提到公募基金重仓行业大家能想到什么？是医药、白酒、科技还是新能源？其实还有一个小众赛道近期也成为 了公募重仓对象，那就是我们今天要讲的宠物赛道。 今年，消费赛道的分化开始加剧，但宠物经济正以惊人的韧性突破经济周期束缚，成为资本市场上为数不多 的"长坡厚雪"赛道。公募基金虽普遍认可这一领域的长期价值，但其成为重点布局策略还是近两年的事。 基金持股方面，截至6月末，公募基金对几只宠物经济龙头股持仓均有增加，其中公募对乖宝宠物持股比例高 达18.25%，公募对中宠股份持股比例从去年末的8.06%提升至今年年中的15.74%，此外，源飞宠物的公募持股 比例从去年末的1.69%猛增至今年年中的15.27%。 2025年基金对中宠股份的持有量明显增加 数据来源：Wind 截至：2025.06.30 不仅仅是内地机构，连一向以"聪明钱"著称的外资机构同样对这一小众赛道青睐有加。Wind数据显示，中宠 股份的2025年中报中，前十大重仓股中就赫然出现了知名投资机构—摩根士丹利的名字。 | 롭을 | | 股东名称 | 持股数量(股) | | --- | --- | --- | --- | | 1 | | 烟台中幸生物科技有限公 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

Core Insights - The pet food companies listed on A-shares, including Guobao Pet (301498.SZ), Zhongchong Co., Ltd. (002891.SZ), and Lusi Co., Ltd. (832419.BJ), all based in Shandong, reported revenue growth in their 2025 interim reports [1][2][3] - The total number of pet dogs and cats in China is projected to exceed 120 million by 2024, contributing to a pet consumption market size of 300.2 billion yuan, a 7.5% increase from 2023 [1] Guobao Pet - Guobao Pet leads in revenue and net profit among the listed companies, with a revenue of 3.221 billion yuan and a net profit of 378 million yuan in the first half of 2025, reflecting year-on-year growth of 32.72% and 22.55% respectively [1][2] - The company's proprietary brand products generated 3.544 billion yuan in revenue, a 29.14% increase, accounting for 67.59% of total revenue [2][3] - The main product categories include staple food, which saw a revenue increase of 57.09% to 1.883 billion yuan, and snacks, which grew by 8.34% to 1.294 billion yuan [3] Zhongchong Co., Ltd. - Zhongchong Co., Ltd. reported a net profit increase of over 40% in the first half of 2025, with total revenue reaching 2.432 billion yuan [1][4] - The company’s pet snacks business generated 1.529 billion yuan, accounting for 62.89% of total revenue, while staple food revenue was 783 million yuan, showing an 85.79% year-on-year growth [4] - The overseas business segment achieved 1.575 billion yuan in revenue, representing 64.75% of total revenue, with a year-on-year growth of 17.61% [4][5] Lusi Co., Ltd. - Lusi Co., Ltd. reported total revenue of 391 million yuan in the first half of 2025, with a significant portion coming from meat products, which generated 220 million yuan [1][6] - The company’s export revenue accounted for 63.92% of total revenue, reflecting a year-on-year increase of 19.25% [6] - Lusi has launched a new brand "Miaoguan" aimed at high cost-performance products, while continuing to innovate under its existing brand to enhance product value [6]

证券之星消息，9月2日饲料板块较上一交易日下跌0.09%，路德环境领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。饲料板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 832419 | 路斯股份 | 20.70 | 1.02% | 2.50万 | 5131.56万 | | 002311 | 海大集团 | 61.27 | 0.82% | 5.59万 | - 3.43 Z | | 001366 | 播恩集团 | 12.69 | 0.55% | 3.49万 | 4367.54万 | | 002100 | 天康生物 | 6.73 | 0.45% | 44.17万 | 2.95 Z | | 603609 | 禾丰股份 | 8.62 | 0.23% | 5.69万 | 4883.88万 | | 002548 ...

受益于整体行情以及基本面提振，Choice分类下"宠物经济指数"在9月1日盘中创下了历史新高，年初至今，这一指数涨幅已经超过了44%，在一众热门板块中也 毫不逊色，且从近期披露的二季报来看，多只个股在二季度内获得公募基金的踊跃加仓。 作为新兴赛道，宠物经济的发展在近年来已然步入快车道，包括金河生物、得利斯和永利股份等多家上市公司也寻求在该领域分一杯羹。展望后市，有公募基金人 士认为，宠物经济是稀缺赛道，需求韧性强，在细分领域中，宠物食品与宠物医疗更为值得关注。 "宠物指数"创新高 年初至今，"宠物经济指数"指数涨幅已经超过了44%，在一众热门板块中也毫不逊色，板块内个股悉数上涨，其中浙江正特涨幅超过了九成，源飞宠物、中宠股份、 狮头股份、天元宠物等涨超60%。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 8月20日，金河生物对外宣布投资设立全资子公司——金河艾宠易（上海）生物技术有限公司，注册资本1000万元。9月1日，该公司在微信公众号披露消息，搭载自 研宠物情感多模态大模型（Frank）的智能养宠APP——艾宠易已于8月29日正式上架安卓应 ...

Core Insights - The "Pet Economy Index" reached a historical high on September 1, with a year-to-date increase of over 44%, indicating strong performance among popular sectors [1][3] - Several companies, including Jinhe Biological, Delisi, and Yongli Co., are actively seeking to enter the pet economy sector, which is viewed as a high-potential market [1][5] Market Performance - The "Pet Economy Index" has shown significant growth, with stocks like Zhejiang Zhengte rising over 90%, and others like Yuanfei Pet, Zhongchong Co., and Shitou Co. increasing by over 60% [3] - Financial reports from pet food companies indicate solid fundamentals, with revenues for Guibao Pet, Zhongchong Co., and Lusi Co. reaching 3.221 billion, 2.432 billion, and 391 million respectively, showing year-on-year growth rates of 32.72%, 24.32%, and 11.32% [3] Fund Holdings - As of the end of June, public funds held 18.25% of Guibao Pet, making it a top holding for several funds, while Zhongchong Co.'s public fund ownership increased from 8.06% to 15.74% [4] - Yuanfei Pet's public fund ownership surged from 1.69% to 15.27% during the same period, indicating growing interest from institutional investors [4] Industry Trends - The domestic pet market is characterized by growth potential and low industry concentration, with leading brands increasing their market share [6] - Companies are focusing on product innovation and quality supply chains to meet the evolving demands of pet owners [6] Company Initiatives - Jinhe Biological announced the establishment of a wholly-owned subsidiary for pet technology, launching an intelligent pet care app that utilizes a multimodal emotional analysis model [7] - Delisi has entered into strategic partnerships for product development and market expansion in the pet food sector [7] - Yongli Co. is actively developing smart pet appliances, while Hasi Lian has expanded its business scope to include pet food sales [8]