智通财经网·2025-11-20 06:15Group 1 - The pet food industry continues to show strong growth, with online sales increasing by 28% to 4.7 billion yuan in the first ten months of 2025 [1] - Domestic brands are experiencing a clear differentiation in rankings, with brands like Guobao, Xianlang, and Jingu leading, while brands like Blue and Honest One are declining [1] - The market share of top brands is accelerating, with the online CR3 and CR5 for pet food at 12.1% and 16.2% respectively, up by 2.2 and 2.8 percentage points year-on-year [3] Group 2 - Guobao is rapidly growing despite a high base, with its own brand sales reaching nearly 1.1 billion yuan, up 44%, and high-end product series accounting for 47% of total sales during Double Eleven [2] - Zhongchong's mid-to-high-end brand series is successfully incubating, with sales exceeding 100 million yuan during Double Eleven, a year-on-year increase of over 100% [2] Group 3 - The focus of leading domestic brands is on increasing market share, with a potential rise in marketing expenses in the short term, but long-term profit margins are expected to recover as competition stabilizes [3] - The industry is currently in a mid-stage of competition, with brands prioritizing revenue and market share growth, which may lead to an increase in overall marketing expense ratios [3]