Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company's high-end strategy has shown significant results, with continuous improvement in profitability [1] - The company reported a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 624.72 million yuan, up 45.68% year-on-year [6] - The first quarter of 2025 saw a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 2.04 million yuan, up 37.68% year-on-year [6] Revenue and Profit Forecast - The forecast for main revenue (in million yuan) is as follows: - 2024: 5,244.96 - 2025: 6,377.13 - 2026: 7,781.69 - 2027: 9,414.97 - Year-on-year growth rates are projected at 21.22% for 2024, 21.59% for 2025, 22.03% for 2026, and 20.99% for 2027 [3][7] - The forecast for net profit (in million yuan) is: - 2024: 624.72 - 2025: 806.48 - 2026: 1,013.32 - 2027: 1,232.31 - Year-on-year growth rates for net profit are expected to be 45.68% for 2024, 29.09% for 2025, 25.65% for 2026, and 21.61% for 2027 [3][7] Product and Channel Performance - The company has seen a continuous increase in the proportion of its main products, with self-owned brand revenue reaching 3.545 billion yuan in 2024, a year-on-year increase of 29.1% [6] - The direct sales revenue grew by 59.3% year-on-year, accounting for 37.5% of total revenue [6] - The company is focusing on high-end product development, with significant sales growth during major shopping events [6] Profitability and Financial Metrics - The company's gross margin improved to 42.27% in 2024, up 5.43 percentage points year-on-year [6] - The projected earnings per share (EPS) are: - 2024: 1.56 - 2025: 2.02 - 2026: 2.53 - 2027: 3.08 - The price-to-earnings (P/E) ratios are projected to be 72.80 for 2024, 56.39 for 2025, 44.88 for 2026, and 36.91 for 2027 [3][7]

Core Viewpoint - The company has demonstrated impressive growth in its financial performance, with a strong focus on high-end brand development and a positive outlook for the pet food industry in China [1][2][7]. Financial Performance - In 2024, the company achieved revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to shareholders of 625 million yuan, up 45.68% [2]. - For Q1 2025, the company reported revenue of 1.48 billion yuan, a growth of 34.82%, and a net profit of 204 million yuan, increasing by 37.68% [2]. - The direct sales revenue in 2024 showed significant growth, with pet food and supplies generating 5.220 billion yuan, a 21.11% increase [3]. Product and Sales Breakdown - In 2024, the revenue from snacks, staple food, health products, and other businesses was 2.484 billion yuan, 2.690 billion yuan, 46 million yuan, and 25 million yuan, respectively, with year-on-year growth rates of 14.66%, 28.88%, -18.90%, and 49.41% [3]. - Domestic and international revenues were 3.551 billion yuan and 1.693 billion yuan, respectively, with year-on-year growth of 24.03% and 15.70% [3]. - The company’s self-owned brand revenue increased by 29.14% to 3.545 billion yuan, while OEM and ODM revenue grew by 19.07% [3]. Profitability Metrics - The gross margin for 2024 was 42.27%, an increase of 5.43 percentage points year-on-year, while the net profit margin improved to 11.96% [4]. - The sales expense ratio increased to 20.11% in 2024, attributed to the growth in self-owned brand and direct sales revenue [4]. Brand Development - The company has successfully advanced its high-end brand strategy, with its main brand, Mai Fu Di, leading the industry and achieving a 150% increase in sales during the 2024 Double 11 shopping festival [5]. - The introduction of new high-end products, such as the "0 Pressure Fresh Meat Cat Food" series, has also contributed to its market leadership [5]. Industry Outlook - The pet food industry in China is still in its early stages, with pet food penetration rates for dogs and cats at 25% and 43%, respectively, indicating significant growth potential [6]. - The high-end pet food market share in China is currently low, with only 29.4% for cat food and 33.4% for dog food, compared to much higher rates in the US and Japan [6]. Investment Forecast - The company is expected to achieve revenues of 6.405 billion yuan, 7.929 billion yuan, and 9.957 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 800 million yuan, 1.009 billion yuan, and 1.272 billion yuan [7]. - The company has been given an "Accumulate" rating based on its strong brand development and the growth potential in the pet food industry [7].

2025年中国宠物食品出海分析报告 亿欧智库 https:/www.iyiou.com,research Copyrigh reserved Lo E0 InLelligence, Mareh 2025 亿欧智库 CONTENTS 01 中国宠物食品出海与全球进口全景 1.1中外进出口宠物食品品.牌图谱 1.2行业发展溯源与背景闸释 1.3市场规模与贸易格局 02 中企表现评估：贸易数据与竞争短板 目录 2.1资易！顺逆差的纪构性分析与或因探究 2.2中国宠-物食品行业国内外品牌市场集中度 2.3宠物食品品类诊断分析与经验萃取 03 进出口品牌：标杆案例分析 3.1海外进口宠物贯品品牌标杆案列分析 3.2中国出海宠物食品品牌标杆案列分析 04 破局策略建设及超势预测 4.1战略层面 4.2产品层面 4.3本地化部署 亿欧智库 CONTENTS 11 中国宠物食品出海与全球进口全景 1.1中外进出口宠物食品品牌图谱 1.2行业发展潮源与背景阐释 1.3市场规模与贸易格局 02 中企表现评估：贸易数据与竞争短板 目录 2.1资易顺逆差的纪构性分析与或因探究 2.2中国宠-物食品行业国内外品牌市场集中度 2.3宠物 ...

为交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为深外红人研究保留追究泄露转发者法律责任的权利 各位投资者大家晚上好我是深外农业组的分析师胡静航现在我来汇报一下我们刚发的宠物食品行业系列深度以怪宝为鉴看中国宠物食品高端化之路那我们这篇报告主要是从总量视角复盘日本市场的情况去探寻中国宠物食品行业的论价空间同时以怪宝为例去分析中国宠物食品高端化升级的趋势那也回答了 市场目前比较关注的几个问题一个是行业的发展空间未来的景气度如何另一个是最近几年的行业的变化就是宠物饰品行业是否有在消费升级最后也是复盘了花宝成功的原因第一部分从行业的景气度来讲我们认为目前行业仍然是处于相对快速的发展阶段宠物数量和单宠消费金额还要提升空间并且行业的集中度也在逐步的提升竞争格局持续优化 那首先先介绍一下行业基本情况那24年根据欧美的数据中国宠物饰品行业的市场规模是532亿那白皮书的数据是零售量中国宠物饰品行业市场规模是1585亿同比增长8.52到24年复合增速是7.5%那从犬猫的数量来看猫的增速是明显快于犬的 ...

价格打下去，鲜度做上来。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，原盒马创始人侯毅日前携全新宠物食品新零售品牌"派特鲜生"正式亮相，开启千 亿宠物赛道新征程。 侯毅在派特鲜生品牌启动暨战略合作伙伴大会上表示，"宠物不仅仅是我们忠诚伙伴，更是我们的家 人。"随着社会的发展，越来越多的人将宠物视为家庭的一部分，对宠物的关爱和投入也日益增加。 据 侯毅 透露， 派特鲜生在2025年将深耕上海市场，计划开出100家门店，完成上海主要城区的覆 盖。 通过不断优化产品和服务，派特鲜生希望能够推动宠物食品行业向更高品质、更健康的方向发 展，让宠物真正过上幸福生活。 具体来讲：在产品层面，针对"吃不好、不好吃、被迫吃"的痛点，派特鲜生的产品理念强调"回归本 源，恢复宠性"，主张以新鲜食材、鲜骨肉为主的膳食结构，摒弃传统的单一干粮和工业化营养添加 剂，倡导新鲜食材的多样性，来满足宠物营养丰富性的需求。 譬如，派特鲜生的冷冻新鲜食品采用先进的食品加工技术，如HPP高压低温杀菌技术、巴氏低温杀 菌技术和高压萃取技术，确保食品在加工过程中最大限度地保留营养成分和美味 ...

乖宝宠物食品集团股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，乖宝宠物食品集团股份有限公司（以下简称 "本公司"、"公司"或"发行人"）发行的人民币普通股股票将于 2023 年 8 月 16 日在深圳证券交易所创业板上市，上市公告书全文和首次公开发行股票并在创 业板上市招股说明书全文披露于中国证券监督管理委员会（以下简称"中国证 监会"）指定信息披露网站：巨潮资讯网，网址 www.cninfo.com.cn；中证网， 网址 www.cs.com.cn；中国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日报网，网址 www.zqrb.cn；中国金融新闻网，网址 www.financialnews.com.cn；供投资者查阅。 点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险以 及本公司所披露的风险因素，审慎做出投资决定。 所属网页二维码：巨潮资讯网 一、上市概况 （一）股票简称：乖宝宠物 （二）股票代 ...