2015年冬天，Steven推开门，发现一只兔子在看着他。 晨光熹微，一人一兔四目相对，吴淞江的水滔滔流去。当时31岁的Steven没有想到，这一幕将会改变自己此后十年的人生。 为了救助这只流落到家门口的宠物兔，Steven花了上万元钱求医问药，也在手忙脚乱中慢慢学习兔子的食谱。但在给兔子选购口粮的过程中，Steven却犯 了难：当时中国小宠市场极不成熟，市场上很难找到可靠的干草和兔粮。 和许多创业者那样，他决定亲身入局，做一个养宠人信得过的小宠品牌。Steven辞去了新浪微博的工作，创立了"童话世界牧场"品牌，并在抖音等内容平 台开设账号，解答一些新手的养兔问题：兔子到底吃鲜草还是吃干草？能不能吃胡萝卜？软便怎么办？…… 为了找一根草，走遍全世界 "兔子爱吃胡萝卜"，其实是一个流传已久的错误认知。 但在2015年，很少有人关注兔子的饮食习性。Steven购买兔粮时，时常遇到各种千奇百怪的配料：玉米干、胡萝卜干，"打开就是一股怪味"。还有人推荐 他买"磨牙石"，买回去发现毫无用处，兔子根本不碰。 踩过的坑多了，Steven终于掌握了基础的养宠知识：兔子的主食是提摩西草，辅食是兔粮。这是因为兔子的牙齿终生生长， ...

猫狗的世仇其实 早就开始？从 《猫狗大战》解 析背后的温暖_ 南方+_南方plus 当戴着墨镜的波 斯猫丁哥在暗室 里部署"统治人 类"的阴谋，当 笨手笨脚的小猎 犬卢在精英特工 布奇的带领下坚 守使命，2001年 的《猫狗大战》 用一场荒诞又萌 趣的物种对决， 为我们揭开了宠 物世界的"隐秘 角落" 。 影片中，人类始 终是被蒙在鼓里 的"幸福旁观 者"，抱怨着猫 抓坏的沙发、狗 拆毁的窗帘，却 对背后跨越千年 的恩怨与守护一 无所知。这场充 满反差感的"谍 战大戏"，看似 是孩童眼中的欢 乐闹剧，实则藏 着对宠物与人类 关系的深刻叩问 ——我们究竟为 何需要宠物？又 该如何与它们共 处？而首届大湾 区宠物行业年度 盛典的举办，正 是这场叩问在现 实中的温暖回 响。 《猫狗大战》剧照 图片来源：腾讯网 "反差"背 后的爱与 守护 《猫狗大战》的 剧情核心，是一 场围绕"爱与守 护"的逆袭之 旅。猫族因不满 人类对狗的偏 爱，企图用"超 级狗过敏病 毒"颠覆现有秩 柴"，经过一次 次闯祸与成长 中，最终联合猫 狗阵营的正义力 量，挫败了丁哥 的阴谋。 影片最精妙的设 计，在于用拟人 化的视角打破了 宠物的"萌 ...

2025年12月，深圳。在第九届亚宠华南展这片汇聚全球产业焦点的舞台上，国产宠物品牌凯锐思的展 位，成为一个独特的"引力场"。这里不仅展示产品，更在构建一个完整的"科学养宠"生态。在宠物行业 迈向3000亿规模、竞争从渠道转向价值链效率的深度博弈期，凯锐思以其八年磨一剑的"科学养宠.专宠 专用"体系，向行业演示了如何穿越同质化红海，实现从规模增长到价值引领的质变。 一、深度互动：将"专业"转化为可感知的用户体验 "陪伴时光"艺术工坊：萌宠绘画墙前排起长队，宠主们用画笔记录爱宠的最萌瞬间。凯锐思将用户对宠 物的真挚情感，与品牌"帮助陪伴更长久"的使命深度绑定，完成了品牌价值的最高阶传递——情感锚 定。 三、体系致胜："专宠专用"背后的金字塔支撑 凯锐思此次参展的核心策略，是让抽象的"科学养宠"理念变得可视、可触、可互动。 个性化营养咨询台：不再是单向的产品陈列，而是由营养顾问团队坐镇，针对宠主带来的具体品种、年 龄、健康状况，提供一对一的"营养诊断"和喂养方案。一位拥有三只布偶猫的宠主反馈："他们能清晰 解释配方中每种成分对布偶猫关节、毛发的具体作用，这种专业度让我非常信服。" "透明溯源"互动屏：用户轻点屏幕 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 12 月 29 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 宠物市场规模持续扩张，关注北交所路斯股份自主品牌发展和出口情况 ——北交所消费服务产业跟踪第四十五期（20251228） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 宠物市场规模持续扩张，消费者从"精致养宠"迈向更高阶的"科学养宠"。2025 年 12 月 25 日，在由宠业家和山东省宠物行业协会联合主办，朗诺冠名的第六届宠 物渠道创新峰会上，《2025 淘宝天猫宠物数据解读：如何在最大生意阵地建立确定 性》主题分享中提出，淘宝天猫依然是宠物消费的首选平台和最大生意阵地，2025 年双 11 期间第一阶段其宠物成交额在主流电商中占比高达 64%。《持续超高增长的 抖音宠物市场，企业增长提效的奥秘》主题分享中提出，2025 年前 11 个月，抖音 宠物 GMV 同比增长近 9 ...

Investment Rating - The report rates the pet nutrition industry as a high-growth sector with a compound annual growth rate (CAGR) of 28.3% from 2020 to 2024, expected to continue growing at a CAGR of 14.21% from 2025 to 2029 [5][41]. Core Insights - The pet nutrition industry is experiencing rapid growth driven by increasing pet ownership, changing consumer attitudes towards pet care, and a shift towards premium, functional products. The market size is projected to grow from 31 billion RMB in 2020 to 84 billion RMB in 2024, and further to 164.7 billion RMB by 2029 [5][41]. - The industry is characterized by product functionalization and segmentation, the rise of domestic brands, and diversified sales channels, particularly online [5][10][13]. Summary by Sections Industry Definition - The pet nutrition industry focuses on developing and selling nutritional supplements tailored to pets' various life stages and physiological needs, including products like pastes, fish oil, probiotics, and vitamins [6]. Industry Characteristics - The industry is moving from basic nutrition to functional and segmented products, with a strong preference for gastrointestinal and immune-boosting products [11]. - Domestic brands have gained significant market share, accounting for 61% of the market by 2024, surpassing foreign brands [12]. - Sales channels have diversified, with e-commerce platforms dominating, accounting for 50% of sales [13]. Development History - The industry has evolved through three stages: initial awareness (2001-2010), rapid growth (2011-2020), and maturity with diversification (2021-present) [14][16]. Industry Chain Analysis - The industry chain consists of upstream raw material suppliers, midstream brand manufacturers, and downstream sales channels [17]. - Upstream suppliers are increasingly focusing on quality and innovation in response to consumer demands for safety and transparency [23][24]. Market Dynamics - The pet nutrition market reached 84 billion RMB in 2024, with a CAGR of 28.3% from 2020 to 2024, indicating strong demand [19][37]. - The leading brand, RedDog, dominates the market with significant sales in key segments, reflecting a concentrated competitive landscape [21][40][56]. Future Growth Trends - The market is expected to grow to 185.9 billion RMB by 2030, with a CAGR of 13.9% from 2025 to 2030, driven by consumer demand for high-quality, functional products [47][49]. - The pet paste market is projected to reach 50.7 billion RMB by 2030, with significant growth in specific categories like hairball pastes and fish oil [45][49].

Core Insights - The pet consumption market in China continues to thrive, with significant sales growth reported during the 2025 "Double 11" shopping festival, particularly for domestic brands like Guibao Pet and its brands Maifudi and Fleagart [1][2] - The overall pet market in China is projected to exceed 811.4 billion yuan by 2025, with pet food being the largest segment, indicating strong demand and growth potential in the pet economy [3] Company Performance - Guibao Pet's self-owned brand sales reached nearly 1.1 billion yuan during the 2025 "Double 11," with Maifudi and Fleagart achieving sales of 688 million yuan and 335 million yuan, respectively, marking year-on-year growth of 35% and 51% [1] - Other leading companies like Zhongchong Co. and Petty Co. also reported strong sales growth during the same period, confirming the robust demand in the pet food market [1][2] - Guibao Pet maintained its leading position in the domestic pet food market, with a strong brand presence and high user recognition [2] Market Trends - The consumer base for pet products is increasingly favoring online purchasing, particularly through short videos and social media, reflecting a shift towards more informed and quality-focused buying decisions [3] - The pet industry is transitioning from basic feeding to a more refined approach, with consumers seeking higher quality and brand reputation in their purchases [3] Global and Local Strategies - Zhongchong Co. has established over 22 modern production bases globally and is actively promoting its brands internationally, achieving significant market recognition [4] - Petty Co. is focusing on the pet baking food segment and is investing in product innovation and supply chain collaboration to ensure quality and stability in new product offerings [4] - The industry is witnessing a shift from price competitiveness to technological advantages, with companies leveraging digitalization across their operations to enhance user insights and product iterations [4]

Core Insights - The pet economy has evolved from a niche hobby to a significant market force, with a projected scale exceeding 300 billion yuan in urban dog and cat markets by 2024, and expected to surpass 400 billion yuan by 2027 [10][12] Industry Trends - The pet industry is experiencing a shift towards younger and more educated pet owners, with individuals born in the 1990s and 2000s accounting for over 60% of pet owners, driving a transition from quantity to quality in consumption [10][12] - The rise of emotional consumption and the companionship economy is transforming pets from functional companions to family members, increasing the demand for pet-related travel and services [7][10] Market Dynamics - The 2025 China Pet Industry Market Report indicates that the pet food sector remains the largest market share, driven by essential needs, while segments like pet healthcare and services are also growing rapidly [12] - The competitive landscape is intensifying, with a continuous rise in new registrations of pet-related businesses, and local pet food companies are increasing R&D investments to develop competitive brands [12] Consumer Behavior - Consumers, particularly those from the post-80s and post-90s generations, prefer online channels for purchasing pet products, with a notable trend towards using short videos and social media for information and purchases [10][11] - The ongoing "Double Eleven" shopping festival has seen a surge in pet product sales, indicating a growing trend towards high-end pet consumption [11][12] Event Highlights - The inaugural "Pet Theme Exhibition Area" at the Import Expo showcased numerous global pet brands, including innovative products like automatic pet toilets and specialized pet strollers, reflecting the industry's focus on smart and health-oriented solutions [4][6][9] - The event also facilitated one-on-one matching services for brands, enhancing the connection between international products and Chinese consumers, while providing local brands with opportunities for global trade [9][10]

Core Insights - The pet economy in China is becoming a representative field of "emotional consumption" due to changes in family structure and consumption concepts [1] - The pet market is expected to exceed 300 billion yuan in 2024 and 400 billion yuan by 2027, driven by the transformation of pets from "functional companions" to "family members" [1][2] - The pet market is projected to surpass 811.4 billion yuan by 2025, with pet food being the largest segment and a core driver of the industry [2] Market Trends - The pet economy is experiencing robust growth, with a significant increase in the number of new registered enterprises and local pet food companies enhancing R&D to develop competitive brands [2] - Consumers, particularly those born in the 80s and 90s, prefer online channels for purchasing pet products, with a notable rise in live e-commerce [2] - The report identifies eight core trends driving the industry, including supply chain restructuring, consumption upgrades, and the integration of the "silver economy" with the pet economy [2]

Financing Event - Rowen's parent company, 主公及祥宠物用品(上海)有限公司, has completed a 15 million yuan angel round financing, with investor details undisclosed [2] - The funds will primarily be used for product development and market expansion [4] Product Development Strategy - Rowen plans to deepen the development of cat-specific products, expanding from cat clothing to include cat litter, cat food, and cat houses, aiming to create a comprehensive product matrix for cats [4] - The brand emphasizes practicality and safety in its products, integrating animal behavior science into product design [4] Market Strategy - Rowen will adopt a dual-channel strategy, focusing on both online and offline sales to enhance customer conversion and brand value [4] - The company aims to differentiate itself by learning from successful overseas brands, avoiding direct competition with industry giants, and focusing on unique brand characteristics [4] Brand Overview - Rowen is an emerging brand in the Chinese pet supplies industry, initially focusing on cat clothing and gradually expanding its product range [4] - The brand is driven by innovation and aims to provide safe and practical solutions for cat care, promoting healthy industry development [4]

Market Overview - The pet consumption market in China is projected to exceed 300 billion yuan by 2024, reaching 300.2 billion yuan with a year-on-year growth of 7.5% [1][14] - The dog consumption market is expected to reach 155.7 billion yuan, growing by 4.6%, while the cat consumption market is anticipated to reach 144.5 billion yuan, with a significant growth rate of 10.7% [1][15] Pet Population - The total number of pet dogs and cats in urban areas is expected to rise to 124.11 million by 2024, marking a 2.1% increase from 2023 [2][17] - The number of pet dogs is projected to be 52.58 million, growing by 1.6%, while pet cats will reach 71.53 million, increasing by 2.5% [2][17] - Pet cats now account for 57.63% of the total pet population, indicating a growing preference for cats among households [2][19] Market Penetration - The penetration rate of pet ownership in China is still low compared to developed countries, with an estimated dog ownership rate of 17.8% in 2023, expected to rise to 19.4% by 2026 [2][18] - This suggests significant potential for growth in the Chinese pet market as pet ownership becomes more widespread [2][18] Consumption Structure - The overall consumption structure in the pet market remains stable, with slight fluctuations in specific segments. Categories such as pet staple food, nutritional products, pet boarding, and pet insurance are seeing a small increase, while pet snacks, supplies, medical services, vaccines, and grooming are experiencing slight declines [2][23] - Pet staple food continues to dominate the market, reflecting the importance of core consumption categories [2][23] Consumer Demographics - Female pet owners constitute 60.5% of the pet-owning population, while males account for 39.5% [3] - The primary pet-owning demographic is the post-90s generation, making up over 60%, indicating a higher emotional investment in pets among younger consumers [3] - Pet owners generally have higher education levels, with 67.8% holding a bachelor's degree or higher, and they tend to have strong purchasing power [3] Regional Distribution - Pet ownership is most prevalent in third-tier cities, which account for over 30% of pet owners, while first and second-tier cities have similar ownership rates [4] - Major cities like Beijing, Hebei, and Shanghai are the top regions for pet ownership, driven by economic development and widespread pet care services [4] Consumer Preferences - The average monthly expenditure per pet has shifted towards more rational spending, with a decrease in high spenders (over 500 yuan) and an increase in mid-range spenders (100-500 yuan) [5] - Pet food remains the most significant expense, accounting for 44.7% of total spending, followed by pet medical care at 20.7% [5] Online and Offline Channels - Online shopping is preferred for pet food, snacks, and deworming products, with 83.9%, 73.6%, and 53.7% of pet owners purchasing these items online, respectively [5] - Conversely, offline channels dominate for services requiring personal interaction, such as pet medical care and grooming, where over 40% of purchases occur in physical stores [5] Trends in Pet Products - The preference for domestic pet food has surged, with 57.7% of pet owners choosing local brands in 2024, a significant increase from previous years [6] - Functional pet food and health products are gaining traction, with probiotics, vitamins, and calcium supplements being the most popular categories [6] Future Outlook - The pet consumption market is expected to evolve with a focus on functional, intelligent, and personalized products, driven by the increasing awareness of pet health and well-being [8] - The market for pet services is also anticipated to grow, with online consultations and niche services like pet photography gaining popularity [9]