证 券 研 究 报 告 新消费需求多点迸发，竞争格局重构进行时 轻工消费2025年夏季策略 证券分析师：屠亦婷 A0230512080003 黄莎 A0230522010002 庞盈盈 A0230522060003 研究支持：张海涛 A0230524080003 张文静 A0230524120005 魏雨辰 A0230525010001 2025.07.11 新消费需求多点迸发，竞争格局重构进行时 新消费 国内人口代际变化 Z世代消费主力军 技术驱动 产品从0到1验证 海外需求变化 供应链 全球化 机遇 国际客户供应链全 球化趋势确认 高股息 行业格局成熟 资本开支放缓 国货品牌崛起 情感、悦己需求 AI硬件 AI软件 电子烟（监管政策） 品类渗透率提升 保温杯、家居等 消费电子包装 包装 家居 国补以旧换新 国货个护：百亚股份、豪悦护理、登康口腔 IP潮玩：布鲁可、晨光股份、 广博股份、创源股份 黄金珠宝： 潮宏基 宠物用品：天元宠物、 朝云集团、依依股份、 源飞宠物 两轮车：雅迪控股、爱玛科 技、九号公司 AI床垫：慕 思股份、喜 临门 家居：顾家家居、公 牛集团 AI眼镜：康耐特光学、明月 镜片、英派斯 ...

Core Insights - The pet automatic feeder market in China is experiencing significant growth, with the market size increasing from 2.197 billion yuan in 2021 to 2.643 billion yuan in 2024, representing a global market share increase from 12.67% to 13.47% during the same period [1][12][10] - The rise in pet ownership and the increasing affection pet owners have for their pets are driving the demand for smart pet products, particularly automatic feeders, which are becoming essential for modern pet care [1][12] Industry Overview - Pet automatic feeders are categorized into mechanical, electronic, and smart feeders, with smart feeders gaining popularity due to their automation and added features such as remote monitoring and health analysis [1][6] - The market for pet products in China has expanded significantly, with the pet economy reaching a scale of 300.2 billion yuan by 2024, driven by the increasing number of urban pet owners [6][10] Market Status - The automatic pet feeder market is projected to grow to 3.858 billion yuan by 2028, with the market share expected to rise to 14.61% globally [12][10] - Smart feeders currently account for approximately 15% of the pet automatic feeder market, indicating a trend towards more advanced feeding solutions [14][12] Competitive Landscape - Major players in the smart feeder market include international brands like PetSafe and Petmate, which dominate the high-end segment, while domestic brands like Xiaopei focus on cost-effective solutions [16][12] - Companies such as Donis and Tianyuan Pet are actively expanding their product lines to include smart feeding solutions, reflecting the competitive nature of the market [18][20] Development Trends - Technological advancements in AI, IoT, and big data are expected to enhance the functionality of smart feeders, allowing for personalized feeding plans and remote monitoring capabilities [22][24] - The demand for smart feeders is anticipated to grow as pet owners increasingly prioritize their pets' health and quality of life, particularly in urban areas [23][24]

证券代码：301335 证券简称：天元宠物 公告编号：2025-084 杭州天元宠物用品股份有限公司 关于发行股份购买资产并募集配套资金申请文件 获得深圳证券交易所受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 杭州天元宠物用品股份有限公司（以下简称"公司"）拟通过发行股份及支 付现金的方式购买广州淘通科技股份有限公司 89.7145%股权并募集配套资金 （以下简称"本次交易"）。 公司近日收到深圳证券交易所（以下简称"深交所"）出具的《关于受理杭 州天元宠物用品股份有限公司发行股份购买资产并募集配套资金申请文件的通 知》（深证上审〔2025〕114 号）。深交所根据相关规定对公司报送的发行股份 及支付现金购买资产并募集配套资金申请文件进行了核对，认为申请文件齐备， 决定予以受理。 本次交易尚需通过深交所审核并取得中国证券监督管理委员会同意注册的 批复，最终能否通过审核、取得注册，以及最终通过审核、取得注册的时间仍存 在不确定性。公司将根据该事项的进展情况，按照有关法律法规的规定和要求及 时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 ...

Core Viewpoint - The event "2025 Mountain and Sea Spirit: Yuyuan Lantern Festival and China-Thailand Cultural Month" showcases the integration of traditional Chinese culture with modern technology through the Petstar brand, highlighting the growing trend of cultural and pet product fusion in the new consumption wave [2][7]. Group 1: Event Overview - The Yuyuan Lantern Festival features the theme "Mountain and Sea Spirit," inspired by the ancient Chinese text "Shan Hai Jing," creating an immersive artistic experience that combines traditional aesthetics with modern technology [2]. - The festival includes various activities such as light art exhibitions, themed markets, and culinary experiences, attracting numerous visitors [2]. Group 2: Petstar Brand Initiatives - Petstar integrates Eastern cultural elements into pet product design, emphasizing "Eastern Aesthetics" and offering interactive experiences for pet owners during the festival [4]. - The brand has previously showcased its commitment to cultural integration by featuring Hanfu styles at the Shanghai Pet Fashion Week and launching culturally themed pet products [7]. Group 3: Company Strategy and Financial Performance - Tianyuan Pet is transitioning from a traditional pet product manufacturer to an industry ecosystem builder, focusing on user engagement, data, and brand development [8]. - The company reported significant revenue growth, with 2024 revenue reaching 2.764 billion yuan, a 35.69% increase year-on-year, and a 13.07% increase in Q1 2025 compared to the previous year [9].

Core Viewpoint - Tianyuan Pet (301335.SZ), known as the "first stock in pet supplies," is facing a public relations crisis due to its chairman, Xue Yuanchao, being penalized for his spouse's short-term trading activities, raising concerns about the company's internal management and compliance [1][2]. Company Overview - Tianyuan Pet has been in the pet market since 2003 and successfully went public on the ChiNext in 2022. However, the company's performance has not met expectations, with revenue growth not translating into profit [5]. - The company reported revenues of 20.37 billion yuan in 2023 and 27.64 billion yuan in 2024, showing year-on-year growth of 7.96% and 35.69%, respectively. However, net profits fell to 76.77 million yuan in 2023 and 45.96 million yuan in 2024, representing declines of 40.33% and 40.13% [5][6]. Recent Events - On May 28, 2025, Tianyuan Pet announced a significant asset restructuring plan to acquire 89.7145% of Taotong Technology for 688 million yuan, with an overall valuation of 777 million yuan [1][6]. - The acquisition is seen as a potential growth driver, especially as Taotong Technology operates across major e-commerce platforms like Tmall, JD.com, and Douyin, which could enhance Tianyuan Pet's online market presence [6]. Regulatory Issues - The Zhejiang Securities Regulatory Bureau issued a warning to Xue Yuanchao due to his spouse's short-term trading, which coincided with significant stock price fluctuations, raising suspicions of insider trading [2][3]. - The chairman's spouse made a profit of 12,692.4 yuan from the trades, which were executed during a period when the company's stock price surged by 15.3% and hit a 20% limit up [2]. Market Reactions - Following the incident, investor confidence in Tianyuan Pet's internal controls has been shaken, with many questioning the effectiveness of the company's governance [2][7]. - Comparisons have been drawn to other companies facing similar issues, highlighting the potential for more severe regulatory repercussions for Tianyuan Pet if internal controls are not strengthened [2][7]. Future Outlook - The company is under pressure to find new growth avenues amid declining profits and increased scrutiny from regulators. The success of the acquisition and the ability to meet performance commitments will be critical for Tianyuan Pet's future [6][7].

Group 1 - The core viewpoint of the article highlights the collaboration between Shandong and Zhejiang pet industry associations, focusing on the full industry chain innovation and brand strategy upgrade in the pet industry [2] - The Zhejiang exchange delegation visited leading companies such as Petstar and Tianyuan Pet Products, emphasizing the importance of product display and corporate culture [2] - Tianyuan Pet Products is a comprehensive enterprise specializing in the design, development, production, and sales of pet products, covering a wide range of categories including pet beds, toys, clothing, and food [2] Group 2 - Tianyuan Pet Products is actively expanding its business by investing in R&D, with a professional team that has developed nine product categories and holds over 200 domestic and international patents [3] - The company focuses on the lifestyle habits of pets and the interaction needs between pets and owners, continuously developing innovative products that meet various usage scenarios [3] - Tianyuan Pet has established four production bases globally, utilizing intelligent production lines and a strict quality control system to enhance its core competitiveness [3] Group 3 - The company is expanding its international market presence by leveraging platforms like the Canton Fair, establishing long-term partnerships with well-known international retailers and e-commerce platforms [3] - Tianyuan Pet has a presence in over 100 countries and regions, enhancing its brand influence through local market integration [3] - The company has developed multiple well-known brands such as Petstar and Xiaoshouxing, offering over 30,000 different SKUs to provide competitive pricing and quality products [4] Group 4 - The rapid development of Tianyuan Pet reflects the strategic transformation of China's pet industry from traditional manufacturing to comprehensive services [4] - The company is poised to benefit from new consumption trends and the growing pet economy, indicating a promising opportunity for accelerated growth in the pet industry [4]

Core Viewpoint - The company, Hangzhou Tianyuan Pet Products Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 1.00 per 10 shares for shareholders registered on the equity registration date [2][6][9]. Summary by Sections Equity Distribution Plan - The company will distribute a cash dividend of RMB 1.00 per 10 shares (including tax) to all shareholders registered on the equity registration date, based on a total share capital of 122,514,014 shares after excluding 4,388,786 shares held in the repurchase account [2][3][9]. - The total cash dividend amount is expected to be RMB 12,251,401.40 (including tax) [3][9]. Shareholder Meeting Approval - The profit distribution plan was approved at the 2024 annual shareholder meeting held on May 15, 2025 [2][4]. Key Dates - The equity registration date is set for July 3, 2025, and the ex-dividend date is July 4, 2025 [6][8]. Dividend Payment Method - Cash dividends will be directly credited to the accounts of A-share shareholders through their securities companies on the ex-dividend date [8]. Adjustments and Considerations - Shares held in the repurchase account will not participate in the profit distribution, and the cash dividend will be adjusted if there are changes in total share capital due to various corporate actions [9][10]. - The reference price for the ex-dividend will be calculated based on the total share capital, including repurchased shares [10].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、杭州天元宠物用品股份有限公司（以下简称"公司"）回购专用证券账 户中的股份4,388,786股不参与本次权益分派。公司2024年年度权益分派方案为： 以实施 2024 年度利润分配方案时股权登记日的总股本（扣除回购专用账户中已 回购股份）为基数，向股权登记日登记在册的全体股东每 10 股派发现金红利人 民币 1.00 元（含税）。以公司现有总股本 126,902,800 股剔除已回购股份 4,388,786 股后的 122,514,014 股为基数测算，预计派发现金分红总额 12,251,401.40 元（含 税）。 2、本次权益分派实施后计算除权除息价格时，按总股本（含回购股份）折 算的每 10 股现金红利（含税）=现金分红总额÷总股本×10=12,251,401.40 元÷ 126,902,800×10=0.965416 元。本次权益分派实施后除权除息参考价=股权登记 日收盘价-按总股本折算每股现金红利=股权登记日收盘价-0.0965416 元/股。 公司 2024 年年度权益分派方案已获 2 ...

证券代码：301335 证券简称：天元宠物 公告编号：2025-082 杭州天元宠物用品股份有限公司 首次授予部分第一个归属期归属结果暨股份上市公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 杭州天元宠物用品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第四届董事会第四次会议，审议通过了《关于公司 2024 年限制性股票激励 计划首次授予部分第一个归属期归属条件成就的议案》。近日，公司已在中国证 券登记结算有限责任公司深圳分公司办理完成 2024 年限制性股票激励计划（以 下简称"激励计划"）首次授予部分第一个归属期归属股份的登记工作。现将相 关事项公告如下： 一、股权激励计划简述及已履行的相关审批程序 （一）本次股权激励计划简述 公司《2024 年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》"） 及其摘要已经公司 2024 年第一次临时股东大会审议通过，主要内容如下： 定向发行的公司 A 股普通股股票； 本次股权激励计划时在本公司（含分、子公司，下同）任职的董事、高级管理人 员及董事会认为需要 ...

证券代码：301335 证券简称：天元宠物 公告编号：2025-082 杭州天元宠物用品股份有限公司 2024 年限制性股票激励计划 首次授予部分第一个归属期归属结果暨股份上市公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 杭州天元宠物用品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第四届董事会第四次会议，审议通过了《关于公司 2024 年限制性股票激励 计划首次授予部分第一个归属期归属条件成就的议案》。近日，公司已在中国证 券登记结算有限责任公司深圳分公司办理完成 2024 年限制性股票激励计划（以 下简称"激励计划"）首次授予部分第一个归属期归属股份的登记工作。现将相 关事项公告如下： 一、股权激励计划简述及已履行的相关审批程序 （一）本次股权激励计划简述 公司《2024 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 及其摘要已经公司 2024 年第一次临时股东大会审议通过，主要内容如下： 1、股权激励方式：本激励计划采取的激励工具为第二类限制性股票； 1 本次归属的第二类限制性股票上 ...