农林牧渔行业专题研究：今年双11宠物消费数据有哪些新趋势？

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Insights - The pet economy shows strong growth momentum, with consumption upgrades expected and domestic brands replacing imports [12][68] - The pet food and healthcare sectors have significant development potential in China, fostering excellent domestic brands [12][68] Summary by Sections 1. Double 11 Pet Consumption Growth - Pet consumption data for Double 11 shows impressive growth, with total transaction value and buyer numbers increasing by over 50% year-on-year, and new customers contributing nearly 50% [11][20] - Nine brands achieved over 100 million in sales, with eight brands entering the billion club for the first time [11][20] - High-end pet food brand Fregate saw sales growth exceeding 280%, while domestic brands like Xianlang and Toptrees also reported significant increases [20][22] 2. Performance of Listed Pet Food Companies - Guobao Pet Group's brands, including Maifudi and Fregate, achieved a total GMV of 670 million, a 65% increase year-on-year, with Fregate's sales surpassing 200 million, growing by 190% [13][56] - Zhongchong Co.'s leading brands saw sales growth of over 100% during Double 11, with a 150% increase in sales on JD [60] - Petty Co.'s brand Jueyan achieved sales of over 42.5 million, a 70% increase compared to last year [62] 3. Investment Recommendations - The pet economy continues to exhibit strong growth, with a focus on domestic companies with significant development potential [68]