中金 | 宠物经济专题#3：宠物医疗，踏浪前行

Industry Overview - The pet medical and service industry in China reached a market size of 1,062 billion yuan in 2022, with a CAGR of 17.7% from 2015 to 2022 [1] - The US pet medical and service market was 473 billion USD in 2022, approximately 3 times the size of China's market [2] - The pet medical industry in China has entered a rapid growth phase after over 30 years of development [3] Market Potential - China's pet medical resources are not saturated, with significant room for increasing the number of pet hospitals [12] - In 2023, each pet hospital in China covered an average of 6,862 pets, compared to 5,485 in the US and 1,252 in Japan [1][12] - The per-pet medical expenditure in China was 442 yuan in 2023, significantly lower than Japan's 1,260 yuan and the US's 1,513 yuan [1][13] Profitability - In 2023, over 80% of pet hospitals in China had revenues below 2.4 million yuan, with 75% achieving profitability [1] - The average EBIT margin for pet medical services in the US was 17-23% in 2018, higher than pet food (8-18%) and pet supplies (5-15%) [5] - China's pet medical industry has lower profitability compared to the US and Japan, with significant room for improvement [11] Competitive Landscape - In 2022, only 21% of pet hospitals in China were large chain operations with more than 5 locations [1] - The CR10 of China's pet industry was 17.6% in 2022, significantly lower than the US's 33.1% [1][17] - Leading players like New Ruipeng and Ruipai are driving industry consolidation through expansion and integration [23] Key Success Factors - Supply chain efficiency is crucial for chain pet hospitals to reduce procurement costs and support network expansion [17] - There is a significant talent gap in China's pet medical industry, with each veterinarian serving an average of 3,577 pets [21] - Advanced medical equipment, comprehensive specialty systems, and smart medical solutions are key technological barriers [22] Industry Trends - Pet aging is driving increased demand for medical services, with older pets requiring 2.6 times more medical expenditure than younger ones [14] - Scientific pet care concepts are expanding optional medical consumption, moving from basic services to full life-cycle care [14] - Pet hospitals are evolving into one-stop pet service platforms, leveraging their position as a professional channel [16]