“宠物经济”发展驶入快车道

Industry Overview - The "pet economy" in China has entered a rapid growth phase, with various policies and activities being launched to support this sector, leading to a surge in related stocks. The Wind Pet Economy Index has increased by over 37% year-to-date as of September 24 [1] - The pet market size in China has grown from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, with a compound annual growth rate (CAGR) of 25.4%. It is expected to reach 811.4 billion yuan by 2025, and potentially 1.15 trillion yuan by 2028 [2][3] Market Demand and Growth Potential - The current pet penetration rate in Chinese households is still lower compared to developed markets, indicating strong future growth potential for the pet economy. Key segments such as pet food, medical care, and cleaning products are currently the largest and fastest-growing areas [3] - There is significant room for growth in the pet industry, with reports suggesting that the market size could double in the coming years [2] Policy Support and Local Government Initiatives - Local governments are increasingly providing policy support for the pet economy. For instance, Wuxi, Jiangsu, aims to exceed 3 billion yuan in pet-related industry scale by 2027, while Suzhou, Anhui, is focusing on technological innovation and e-commerce development in the pet sector [3] - Zhejiang province has proposed to develop smart pet products and encourage the use of advanced technologies in product innovation [3] Corporate Activities and Investments - Several listed companies are actively investing in the pet economy. For example, Huangshanghuang announced a 494.7 million yuan acquisition of a 51% stake in a freeze-dried food manufacturer, which will supply products for pet food brands [4] - Three squirrels have established two wholly-owned subsidiaries focused on pet food, with a registered capital of 5 million yuan for one of them [4] - Jinhai Biological has launched a pet care app utilizing a self-developed emotional multimodal model, indicating a trend towards technology integration in pet care [4] - Delisi has signed a strategic cooperation agreement with food companies to collaborate on product supply, market expansion, and freeze-dried pet food development [5]