国海证券：维持宠物食品行业“推荐”评级 品牌精细化运营进入新阶段

Core Viewpoint - The pet industry is experiencing intensified competition, and long-term growth driven by marketing expenses is unsustainable. The current market demands enhanced operational capabilities in supply chain control, new product development, and refined marketing strategies. Leading brands have established significant advantages over smaller and mid-tier brands, leading to a clearer competitive landscape in the pet industry. The recommendation for the pet food industry remains "recommended" [1]. Group 1: Market Evolution - The domestic pet market has undergone significant channel transformations over the past two decades, shifting from offline to online and from distribution to direct sales, with domestic brands rapidly developing during the e-commerce boom [2]. - From 2003 to 2012, the Chinese pet industry was dominated by offline sales and distribution, with foreign brands holding market power while domestic brands began to emerge. The period from 2012 to 2018 saw e-commerce, exemplified by "Taobao" and "Double Eleven," reshape the industry landscape [2]. - Since 2019, platforms like Douyin have driven brand development through content-driven strategies and refined channel upgrades [2]. Group 2: Online and Offline Channels - Online channels have become the primary sales avenue for pet food, leveraging e-commerce platforms for rapid growth and serving as the main route for domestic brands to reach mainstream consumers [3]. - Offline channels are essential for building trust and providing service-oriented consumption experiences, primarily through specialized stores and veterinary clinics, which offer product trials and professional consultations [4]. Group 3: Channel Strategy and Key Factors - Efficiency improvement and brand building are critical in channel competition, focusing on enhancing brand recognition. As the industry faces slowing growth and high customer acquisition costs, brands must shift from broad expansion to deep engagement with users throughout their lifecycle [5]. - The core direction for traditional channels will be the online transformation, emphasizing precise targeting and refined operations [5].