宠物行业周观点：天元宠物拟控股淘通科技，加码渠道端布局

Investment Rating - The industry investment rating is "Increase" [7] Core Viewpoints - Tianyuan Pet plans to acquire a controlling stake in Taotong Technology to enhance its online channel layout, aiming to hold 99.71% of Taotong after the transaction [1][3] - Taotong Technology is a well-known e-commerce service provider in the food sector, operating over 30 flagship stores on platforms like Tmall and JD, with a total asset of 1.157 billion and revenue of 2.004 billion in 2024, reflecting a 25.10% year-on-year growth [2] - The acquisition is expected to create synergies in supply chain and channel operations, enhancing Tianyuan Pet's online sales capabilities and profitability, while supporting its transition to a dual circulation model [3] Summary by Sections Company Overview - Taotong Technology specializes in online retail, leveraging major e-commerce platforms and new media channels, serving over 10 million consumers with a diverse product range [2] Financial Performance - In 2024, Taotong Technology achieved total assets of 1.157 billion, net assets of 585 million, and revenue of 2.004 billion, marking a 25.10% increase year-on-year [2] Strategic Implications - The merger is anticipated to significantly boost Tianyuan Pet's performance, with potential for enhanced brand promotion and operational efficiency through resource integration [3] - The collaboration with Chewy opens up cross-border sales opportunities for Chinese pet brands, enhancing product offerings on the North American market [4] Investment Suggestions - Focus on companies with strong channel layouts and innovative pet products, including Tianyuan Pet, Yiyi Co., and others involved in smart pet care and cross-industry expansions [5]