煌上煌、三只松鼠、伊利等，集体涌入宠物赛道

Core Viewpoint - The acquisition of a 51% stake in Lixing Food by Huangshanghuang for 494.7 million yuan highlights the growing interest of food companies in the pet food market, particularly in freeze-dried products, which are gaining popularity due to their nutritional value and convenience [2][5][6]. Group 1: Acquisition Details - Huangshanghuang announced the acquisition of 51% of Lixing Food for 494.7 million yuan, with the transaction still in progress [2][4]. - Lixing Food, established in 2006, specializes in freeze-dried food production, boasting 37 production lines and an annual output capacity of nearly 6,000 tons of freeze-dried products and 10,000 tons of plant extracts and concentrates [4][5]. - The projected revenues for Lixing Food are 229 million yuan in 2023, 415 million yuan in 2024, and 251 million yuan in the first half of 2025, with net profits expected to turn positive in 2024 [4][6]. Group 2: Market Trends - The pet food market is seeing an influx of companies, including well-known brands like Three Squirrels, Laifen, and Yili, entering the sector through subsidiaries and investments [2][9]. - Three Squirrels has established two subsidiaries focused on pet food, with one brand, "Gold Medal Dad," already gaining traction on e-commerce platforms [9][10]. - Other companies, such as Babbi Foods and Beiyinmei, are also exploring the pet food market, with Babbi forming a subsidiary for pet food and Beiyinmei focusing on pet dairy products [10][11]. Group 3: Strategic Implications - Huangshanghuang views the acquisition as a strategic move to diversify its product offerings and tap into new consumer segments, particularly in the pet food market [5][6]. - The freeze-dried food segment is particularly appealing due to its high nutritional value and convenience, making it a popular choice among pet food brands [6][12]. - The collaboration between various companies in the pet food sector indicates a trend towards innovation and addressing market needs, such as improving the quality and stability of freeze-dried pet food products [12].