Group 1 - The event "Opportunities in Business" and Pet Industry Supply-Demand Matching Conference was held in Longgang District, focusing on policy interpretation, cross-border resource promotion, product roadshows, supply-demand matching, and scenario promotion, attracting over 30 pet product-related companies [1] - Longgang District has gathered a number of excellent enterprises in the pet industry chain, including feeding, equipment, supplies, and medical services, and plans to develop new pet business formats and IPs by 2025 [1] - The pet consumption market in urban China is projected to reach 300.2 billion yuan by 2024, with Shenzhen's pet industry output value expected to be around 10 billion yuan, primarily in pet medical and smart products [3] Group 2 - The Longgang District is implementing supportive policies for the pet industry, including talent cultivation, financial services, and R&D investment, to enhance the development of pet product enterprises [3] - The pet industry accounts for 10% of the total foreign trade import and export volume in Longgang District, with initiatives like the establishment of a 1.68 million square meter overseas warehouse and the launch of a China-Europe freight train e-commerce express line to support international market expansion [3] - The event featured quality pet industry enterprises, including Shenzhen Xingri Industrial Co., Ltd., which specializes in a range of pet products, and Shenzhen Yanyuan Biotechnology Co., Ltd., focusing on AI inspection and molecular diagnostics in pet healthcare [5] Group 3 - The event introduced various pet-friendly scenarios, such as Datianshiju and Baolong Sports and Cultural Center, which provide new opportunities for pet product implementation and community engagement [5] - A dedicated pet enterprise contact group has been established in Baolong Street to facilitate ongoing connections and promote products through local platforms [6] - The event included direct interactions with procurement leaders from Walmart and Pupu Company, offering insights into procurement standards and supply chain management to help enterprises expand their market reach [5]

Market Overview - The Shanghai Composite Index closed at 3286.65 points, down 0.05%, with a trading volume of 430.88 billion yuan [1] - The Shenzhen Component Index closed at 9849.80 points, down 0.05%, with a trading volume of 591.24 billion yuan [1] - The ChiNext Index closed at 1931.94 points, down 0.13%, with a trading volume of 270.74 billion yuan [1] - The STAR 50 Index closed at 1003.87 points, up 0.1%, with a trading volume of 18.71 billion yuan [1] - Total trading volume for both markets was 1022.12 billion yuan, a decrease of 34.29 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included beauty care, media, machinery, light industry manufacturing, chemicals, home appliances, jewelry, and computers [3] - Active concepts included PEEK materials, humanoid robots, hub motors, noise reduction, integrated die-casting for automobiles, pet economy, AI, fluorine chemicals, and antibacterial fabrics [3] - Weak sectors included electric power, insurance, oil and petrochemicals, coal, and banking [3] Stock Performance - A total of 3381 stocks rose, while 1588 stocks fell, with 129 stocks remaining flat and 52 stocks suspended [3] - 76 stocks hit the daily limit up, while 62 stocks hit the daily limit down [3] - Liou Co. had the highest limit-up order volume with 118 million shares, followed by other notable stocks [3][4] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 2.352 billion yuan [5] - The machinery equipment sector saw the highest net inflow of main funds, amounting to 2.317 billion yuan [6] - A total of 10 sectors experienced net inflows, while 21 sectors saw net outflows [6] Individual Stock Highlights - Liou Co. had the highest net inflow of main funds at 884 million yuan [8] - Other stocks with significant net inflows included Miao Yi Innovation and Sichuan Changhong [8] - 38 stocks experienced net outflows exceeding 1 billion yuan, with Shenghong Technology leading at 390 million yuan [10] Institutional Activity - Institutions had a net selling of approximately 42.47 million yuan, with 13 stocks seeing net purchases [11] - The top net purchase was for Da Ye Co. at approximately 44.54 million yuan [11]

Core Viewpoint - The "free adoption" model in the pet industry has gained popularity but is often exploited by unscrupulous businesses, leading to consumer deception and financial burdens [1][2][3] Group 1: Business Model and Consumer Impact - The "free adoption" model requires consumers to sign agreements that obligate them to monthly purchases of pet supplies, effectively creating a financial product rather than a charitable act [1][2] - Businesses benefit from high profit margins, with a gross margin of up to 70% on designated pet food, and can retain 51% of profits from each pet "adopted" [2] - Consumers face significant emotional and financial consequences, including the potential loss of pets and the exploitation of their goodwill [2][3] Group 2: Regulatory Concerns - The "free adoption" model operates in a regulatory gray area, combining elements of finance, consumer rights, and animal protection, necessitating increased oversight from relevant authorities [2][3] - The involvement of payment platforms complicates the situation, as consumers may face credit implications if they default on monthly payments, leading to a form of "credit bondage" [3] Group 3: Market Context - As of 2024, the number of pets in urban China has reached 120 million, indicating that pet ownership has become a necessity and lifestyle choice [3] - The pet economy is fundamentally driven by consumer goodwill, highlighting the need to eliminate deceptive practices that undermine both consumer trust and animal welfare [3]

Financial Performance - In 2024, the company achieved a revenue of 1.798 billion yuan, a year-on-year increase of 34.41% [5] - The net profit attributable to shareholders reached 215 million yuan, up 108.34% year-on-year; the net profit after deducting non-recurring gains and losses was 191 million yuan, an increase of 75.09% [5] - Cumulative cash dividends and share repurchases will total 517 million yuan, accounting for 88.61% of the cumulative net profit attributable to shareholders [8] Market Strategy - The company plans to enhance its domestic market presence by increasing investment in brand promotion and optimizing sales teams [2][10] - The company aims to expand into emerging markets, particularly in Southeast Asia and South America, while maintaining a focus on the European market [10] Industry Outlook - The pet hygiene care products market is expected to grow significantly, driven by increasing consumer demand and the industry's overall expansion [3][4] - The U.S. pet industry is projected to reach $151.9 billion in 2024, with a year-on-year growth of 3.33% [3] - The Japanese pet market is expected to reach 1.9026 trillion yen in 2024, growing by 2.13% from the previous year [3] Financial Structure and Risk Management - The company maintains a low debt leverage and sufficient cash flow, providing a strong financial foundation for market expansion and risk management [2] - The company employs foreign exchange hedging to mitigate currency fluctuation risks [2] Sales and Marketing Expenses - In 2024, sales expenses amounted to 31.6028 million yuan, reflecting a year-on-year increase of 16.72% [2] - The increase in sales expenses is attributed to participation in major pet exhibitions and enhanced domestic brand promotion efforts [2] Production and Export Strategy - The company has established its first overseas production base in Cambodia, expected to produce nearly 300 million pet pads annually, enhancing global operational efficiency [6] - The company exports primarily under the FOB model, with recent tariff changes impacting costs [6][7] Shareholder Engagement - The company emphasizes long-term value creation and has a three-year shareholder return plan to ensure consistent profit distribution [8]

Core Viewpoint - The pet transportation market in China is rapidly evolving, with airlines introducing services to accommodate pet owners, reflecting the growing importance of pets in households and the increasing demand for pet-friendly travel options [3][4][5]. Group 1: Airline Services - China Eastern Airlines has launched a "pet in cabin" service on its Shanghai-Qingdao route, allowing pets to travel in designated areas of the economy class, with a maximum of two pets per flight [3]. - Other airlines, including Air China, China Southern Airlines, and Hainan Airlines, have also introduced pet transportation services, with Hainan Airlines being the first to offer a "pet in cabin" service in 2018 [4]. - The fees for transporting pets vary among airlines, with China Eastern charging 1288 yuan per pet per segment, China Southern 1299 yuan, and Hainan Airlines 1399 yuan [5]. Group 2: Market Trends - The pet economy in China is growing, with nearly 100 million households owning cats or dogs, leading to increased demand for pet travel services [4]. - The pet consumption market is projected to grow by 7.5% year-on-year in 2024, reaching 300.2 billion yuan, with the number of pet dogs and cats exceeding 120 million [5]. - There is a notable shift towards specialized and customized pet services, as the market for pet transportation becomes more refined and professionalized [5].

2025.04. 29 具体来看，PEEK材料概念持续爆发，聚赛龙、新瀚新材、中欣氟材涨停，中研股份、同益股份、会 通股份等跟涨。 电力股全线调整，韶能股份、乐山电力、西昌电力等多股跌停。 【资金流向】 作者 | 一财资讯 4月29日，A股三大指数窄幅震荡，截至收盘，上证指数跌0.05%，深证成指跌0.05%，创业板指跌 0.13%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Vinglar | 3286.65 | -1.76 | -0.05% | | 399001 | 深证成指 | mpm | 9849.80 | -5.39 | -0.05% | | 399006 | 创业板指 | my | 1931.94 | -2.52 | -0.13% | 盘面上，电力股大幅调整；大消费走弱，零售、白酒、旅游跌幅靠前，统一大市场、离境退税题材下 跌。PEEK材料、宠物经济、化学环保、算力、人形机器人概念股活跃。全市场超3500只个股上涨。 主力资金全天净流入机械设备、计算机、基础化工 ...

以下文章来源于凤凰生活报告 ，作者凤凰WEEKLY 凤凰生活报告 . 是衣食住行，也是时尚与商业。 最近的打工生活里，有一条新闻让我破防了： 上海一家宠物生鲜店开了宠物麻辣烫，自选肉菜，上海人买爆了。 放眼望去，取餐柜花花绿绿，食材码放得齐齐整整，俨然长得和张X、杨国X一模一样； 来源丨凤凰生活报告（PhoenixLifestyleRpt） 作者 | yumi 编辑 | 杜都督 图源丨Midjourney 仔细一看，没有人造肉、和成丸子、科技狠活……甚至旁边的甜点还是动物奶油做的。 再看价格：一斤24.9元……和我吃的麻辣烫一个价。 据说，这麻辣烫其实是一家宠物生鲜店，人送外号"狗界盒马"。 虽然给猫猫狗狗花钱的大军里，上海人总是走在前列。 但这是我第一次挠头沉吟： "大城市的狗，和大城市的牛马，到底谁的待遇更好？" 中产养宠，到底有多离谱？ 这里，是两亿人一亿狗的徐汇西岸。 有人给柯基配备高级滑板玩路冲，有人给灵缇量体裁衣remake世上只有一套的时尚look。 图源：小红书博主 王馍馍 光怪陆离的魔都，每天为宠物花钱的人，可以贡献无数让人惊呼"世界真奇妙"的细节。 对于养狗派来说，氪金的重点领域在于"出门 ...

Core Viewpoint - The company reported strong financial performance in 2024, with significant revenue and profit growth, but faced profit pressure in Q1 2025 due to rising costs and changes in product structure [1][5]. Financial Performance - In 2024, the company achieved revenue of 1.31 billion yuan, a year-on-year increase of 32.2%, and a net profit attributable to shareholders of 160 million yuan, up 30.2% [1]. - The basic EPS for 2024 was 0.87 yuan, with a proposed cash dividend of 0.15 yuan per share (tax included) [1]. - For Q1 2025, the company reported revenue of 330 million yuan, a year-on-year increase of 36.3%, but a net profit of 25.37 million yuan, down 30.6% [1]. Product Segmentation - In 2024, revenue from pet snacks, pet leashes, and other pet products accounted for 46.3%, 34.8%, and 15.0% of total revenue, respectively, with year-on-year growth rates of 28.2%, 23.2%, and 60.2% [2]. - The company’s revenue from overseas markets grew by 27.2%, while domestic revenue surged by 73.4% [3]. Regional and Channel Analysis - In 2024, overseas revenue accounted for 85.8% of total revenue, with a year-on-year increase of 27.2%, while domestic revenue made up 14.2% with a growth of 73.4% [3]. - The company’s revenue from overseas OEM, domestic online, and domestic offline sales accounted for 85.8%, 10.8%, and 3.4% of total revenue, respectively [3]. Cost and Margin Analysis - The gross margin for 2024 increased by 0.7 percentage points to 22.9%, with pet snacks, pet leashes, and other pet products having gross margins of 16.4%, 35.6%, and 11.7%, respectively [3]. - The company’s expense ratio increased by 1.4 percentage points to 6.1% in 2024, with sales, management, R&D, and financial expense ratios showing varied changes [4]. Cash Flow and Inventory Management - By the end of 2024, inventory increased by 62.4% to 290 million yuan, and accounts receivable rose by 56.0% to 270 million yuan [4]. - The operating net cash flow for 2024 was -1.44 million yuan, indicating a net outflow, primarily due to increased cash payments for goods and services [4]. Future Outlook - Despite strong performance in 2024, the company anticipates challenges in 2025 due to rising costs and external trade environment impacts, leading to a downward revision of profit forecasts for 2025-2026 [5]. - The company’s projected net profits for 2025, 2026, and 2027 are 168 million, 195 million, and 225 million yuan, respectively, with corresponding EPS of 0.88, 1.02, and 1.18 yuan [5].

Core Viewpoint - The rise of the "pet economy" has led to increased investor interest in pet-related stocks, with significant price increases observed in leading companies like Zhongchong Co. and Guobao Pet [1][8]. Group 1: Company Performance - Zhongchong Co. reported a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [2]. - Guobao Pet achieved total revenue of 5.245 billion yuan in 2024, reflecting a 21.22% year-on-year growth, and a net profit of 625 million yuan, which is a 45.68% increase [4]. - Yiyi Co., specializing in pet hygiene products, reported a revenue of 1.798 billion yuan, a 34.41% increase, and a net profit of 215 million yuan, up 108.34% [4]. Group 2: Market Trends - The average spending on a single dog is approaching 3,000 yuan, with overall pet consumption on platforms like Taobao and Tmall exceeding 50 billion yuan [4]. - The Chinese pet food market reached approximately 14 billion USD in 2023, with expectations to surpass 20 billion USD by 2025, indicating a compound annual growth rate (CAGR) of 12.5% [9]. - The market for pet food in China is still in its early stages, with significant growth potential as the market concentration remains low [11]. Group 3: Investor Interest - There has been a surge in institutional interest in pet stocks, with over 200 institutions attending Zhongchong Co.'s earnings briefing [5]. - Guobao Pet has also attracted attention from major investment firms, indicating a shift in focus towards the pet sector [6][7]. - The increasing attention from capital markets, combined with strong performance metrics, has led to soaring stock prices for both Zhongchong Co. and Guobao Pet [8].

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 04 月 28 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com ——北交所消费服务产业跟踪第十二期（20250427） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 城镇宠物消费规模稳步增长，路斯股份是北交所宠物食品产业核心标的。中国宠物 行业构建了一条完整的产业链，涵盖多个环节与领域。从消费结构视角审视 2024 年 的宠物市场，宠物食品市场依旧占据主导地位，以 52.8%的市场份额稳居榜首。在 这一板块中，主粮和营养品的市场占比实现了小幅上扬，而零食的份额则稍有下降。 紧随其后的是宠物医疗市场，占据 28.0%的市场份额。其中，疫苗和体检业务表现 稳定，而药品和诊疗服务的市场份额则出现了小幅下滑。宠物用品市场和宠物服务 市场虽然目前的市场份额相对较低，分别为 12.4%和 6. ...