新消费三季报专场：医美行业迎新品迭代，国产宠物品牌初露锋芒！

Investment Rating - The report indicates a positive outlook for the medical beauty industry, particularly highlighting the emergence of new products and brands in the pet industry, suggesting potential investment opportunities in these sectors [1][44]. Core Insights - The medical beauty industry is experiencing a shift, with established leaders like Ai Meike showing signs of growth slowdown, while new entrants like Jinbo Biotechnology are demonstrating significant growth potential [42][40]. - The pet food market is witnessing robust growth, with domestic brands gaining market share and achieving impressive revenue increases, indicating a high-growth potential in this emerging consumer sector [44][50]. Summary by Sections Medical Beauty Industry - Ai Meike reported total revenue of 2.376 billion yuan, a year-on-year increase of 9.5%, and a net profit of 1.586 billion yuan, up 11.8% [2][3]. - The growth rate of Ai Meike has significantly slowed compared to previous years, with a notable drop in net profit growth to just 2.1% in Q3 2023 [4][5]. - Jinbo Biotechnology, a newcomer in the medical beauty sector, achieved total revenue of 988 million yuan and a net profit of 520 million yuan, with year-on-year growth rates of 91.2% and 170.4%, respectively [40][42]. Pet Industry - Major pet food companies such as Zhongchong Co., Petty Co., and Guai Bao Pet achieved substantial revenue growth in Q3 2023, with Zhongchong Co. reporting a 117.6% increase in revenue and a 159.5% increase in net profit [44][48]. - The domestic pet market is projected to grow from approximately 280 billion yuan in 2023 to over 400 billion yuan by 2028, indicating a strong growth trajectory [46][47]. - Domestic brands like "Mai Fudi" and "Wan Pi" are gaining market share, with respective shares of 5.5% and 2.3%, positioning them as the second and third largest brands in the pet food market [50][51].