“宠物纸尿裤第一股”拟收购宠物食品公司 “它经济”资本狂欢延续

Core Viewpoint - Yiyi Co., known as the "first stock of pet diapers," has announced a sudden suspension of trading, planning to acquire a pet food company specializing in cat food and cat litter [1][2]. Company Summary - Yiyi Co. is primarily engaged in pet hygiene products, including pet pads, pet diapers, cleaning bags, and pet wipes. The company was listed in 2021 and reported a revenue of 888 million yuan in the first half of this year, a year-on-year increase of 9.34%, with a net profit of 102 million yuan, up 7.37% year-on-year [2]. - The target company for acquisition, Hangzhou Gaoye Family, was established in 2020 and focuses on pet product retail and development. Its cat litter brand, Xucuihua, is well-known on e-commerce platforms [2][3]. Industry Trends - The pet economy in China is expanding significantly, attracting various capital investments for integration and layout, which is expected to promote healthy development towards branding, capitalization, and standardization [1][5]. - The pet market size in China has grown from 97.8 billion yuan in 2015 to over 592.8 billion yuan in 2023, with a compound annual growth rate of 25.4%. It is projected to reach 811.4 billion yuan by 2025, with pet food accounting for over 50% of the market share [5]. - There is a trend of horizontal mergers and acquisitions among pet-related listed companies, with traditional food companies also entering the pet sector [1][8]. Investment Activities - Yiyi Co. has previously held indirect stakes in Hangzhou Gaoye Family through a private equity fund, indicating existing connections between the two companies [3][4]. - The establishment of industry funds by leading pet companies has become a standard practice, facilitating resource integration and innovation while reducing acquisition risks [6][7]. - Traditional food companies are increasingly investing in the pet economy, leveraging their supply chain and brand management experience to create competitive advantages [8][9]. Capital Market Dynamics - The pet industry has seen 634 private equity and venture capital financing events in the first quarter of this year, with online platforms and pet medical services being the most active sectors [10]. - Despite a decrease in the number of financing events since 2022, the focus on head and healthy enterprises remains strong, with significant financing events still occurring [11].