从它博会看宠物行业发展趋势 20250511 摘要 • 宠物主粮市场消费升级，膨化粮仍占主导，高端产品如冻干主食、烘焙主 食和主食罐增长迅速。细分需求增加，分品种、分年龄、分功能型宠物粮 市场潜力巨大，科学养宠和精细化喂养成为趋势。 • 宠物零食及用品市场强调互动性和拟人化，情绪付费现象明显。麦富迪等 品牌推出冰淇淋、宠物零食蛋糕等产品，满足宠物主的情感需求。抖音直 播等新渠道对国产品牌崛起有重要推动作用。 • 国产品牌在新渠道表现优于外资品牌，通过抖音直播等迅速提升市场份额。 外资品牌因决策流程较长，对新渠道适应较慢，仍依赖传统线下零售渠道。 年轻消费者对国产品牌偏好度提高。 • 宠物行业竞争格局集中度提升，头部品牌增速更快。供应链完善、资金实 力雄厚的品牌持续提升市场占有率。2024 年烘焙粮增速最快，鲜朗、弗 列加特、中宠等品牌表现突出。 • 国内自主品牌预计未来几年将保持 30%以上的增速，且利润增长可能优于 增速。乖宝等品牌净利润水平逐渐提升，规模扩大带来量利齐增。2025 年乖宝、永同、佩蒂等品牌业绩或超预期。 Q&A 从 2025 年它博会来看，宠物行业的发展趋势是什么？ 2025 年它博会展示 ...

内容概要：宠物智能用品是指使用自动化技术，具有计算处理能力，可以与智能终端进行数据互动的智 能化宠物用设备。近年来伴随着养宠观念的变化，"科学养宠""精细化养宠"成为潮流，我国宠物用品市 场迎来迭代发展，智能养宠、科技养宠更是促使宠物智能用品行业展现出显著的增长势头，全国宠物智 能用品市场规模呈现不断扩大态势。数据显示，2024年我国宠物智能用品市场规模已从2018年的29亿元 增长至53亿元。预计未来，我国宠物智能用品仍具有巨大的发展潜力和广阔的市场前景，市场规模将持 续上涨。根据市场预测，到2026年国内宠物智能用品市场规模有望达到65亿元左右。 一、行业概况 宠物智能用品是指使用自动化技术，具有计算处理能力，可以与智能终端进行数据互动的智能化宠物用 设备。根据产品功能性，宠物智能用品可分为智能喂食设备、智能居住设备、智能逗宠设备等几大类， 代表产品包含有智能猫砂盆、智能喂食器、智能饮水机、智能摄像头、智能牵引绳、智能烘干机、智能 猫窝、伴宠机器人、智能逗宠棒、智能定位器等。 宠物智能用品行业产业链上游为零部件及原材料供应环节，主要包括芯片、橡胶、不锈钢、PP材料、 过滤网、轮组、ABS材料等。产业链中游 ...

美容护理 2025 年 05 月 11 日 聚美丽大会指引美业发展，国际集团在华触底反弹 行 业 及 产 业 看好 ——化妆品医美行业周报 20250511 本期投资提示： 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 证 相关研究 - ⚫ 本周化妆品医美板块表现弱于市场，涨后回调。2025 年 4 月 30 日至 2025 年 5 月 9 日期间，申万美容护理指数上涨 1.7%，弱于申万 A 指数 0.6pct。其中，申万化妆品指 数上涨 2.8%，强于申万 A 指 0.5pct；申万个护用品指数上涨 2.3%，与申万 A 指基本 持平。 ⚫ 周观点： ...

Core Viewpoint - The article highlights the innovative "Eight Treasure Bag" initiative launched by the Jinan Huaiyin District Urban Management Bureau, aimed at enhancing urban cleanliness and management through specialized cleaning tools and a focus on worker welfare [1]. Group 1: Initiative Overview - The "Eight Treasure Bag" is a combination of eight specialized cleaning tools designed to address common cleaning challenges in urban areas [1]. - The tools include a small shovel, soft brush, hard brush, steel wire brush, adhesive remover, gloves, cloth, and spray bottle [1]. Group 2: Implementation and Efficiency - The portable design of the "Eight Treasure Bag" allows sanitation workers to efficiently clean various urban furniture, significantly improving work efficiency [9]. - The initiative has led to a doubling of work efficiency for cleaning tasks, such as removing stubborn stains and advertisements [9]. Group 3: Worker Welfare and Community Impact - The "Eight Treasure Bag" also includes emergency medical supplies, ensuring the safety of sanitation workers and assisting citizens in case of sudden discomfort [9]. - The initiative reflects the "Warm Urban Management" philosophy, aiming to create a better working environment for sanitation workers and enhance the living space for citizens [9].

Core Viewpoint - The Chinese sauce liquor industry is undergoing a deep adjustment, with leading brands like Moutai, Wuliangye, and Luzhou Laojiao accelerating expansion due to their brand and channel advantages, leading to a concentration of market resources among companies with core competitiveness [1] Group 1: Company Strategy - Nanjian Liquor Industry stands out through three definitive advantages, providing valuable cooperation opportunities for liquor merchants [3] - The company prioritizes quality as the core driving force for brand development, implementing full industry chain quality control from raw material selection to traditional brewing processes [3] - Nanjian Liquor Industry emphasizes long-term value in brand building, enhancing brand awareness and reputation through a comprehensive communication matrix [5] Group 2: Market Positioning - A complete channel system is key to Nanjian Liquor Industry's market growth, ensuring stable supply from production to consumption with guarantees of "no stockouts, no overstocking, and no price chaos" [7] - The development practices of Nanjian Liquor Industry reflect three major trends in the sauce liquor industry: competition has evolved into a contest of full industry chain control capabilities, brand building requires a blend of cultural depth and modern communication, and channel development is shifting from extensive expansion to refined operations [9] Group 3: Industry Trends - Nanjian Liquor Industry not only offers opportunities for short-term performance breakthroughs for liquor merchants but also represents a strategic choice to participate in industry value reconstruction and share in brand growth dividends [9] - Choosing Nanjian means aligning with high-quality industry development and embarking on a new journey of long-term win-win cooperation [9]

证券代码：603810 证券简称：丰山集团 公告编号：2025-032 转债代码：113649 转债简称：丰山转债 江苏丰山集团股份有限公司 关于2024年度暨2025年第一季度业绩说明会召开情况 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏丰山集团股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日（星 期五）上午 10:00-11:00 通过"价值在线"（www.ir-online.cn）以网络互动的方 式召开了 2024 年度暨 2025 年第一季度业绩说明会。现将有关事项公告如下： 一、说明会召开情况 公司已于 2025 年 4 月 29 日在上海证券交易所网站(www.sse.com.cn)及指定 媒体披露了《关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告》（公告 编号：2025-030），并设置征集提问环节。 （www.ir-online.cn）以网络互动的方式召开了 2024 年度暨 2025 年第一季度业绩 说明会。公司董事长殷凤山、总裁殷平、独立董事王玉春、财务总 ...

证券代码：300900 证券简称：广联航空 债券代码：123182 债券简称：广联转债 广联航空工业股份有限公司 投资者关系活动记录表 编号：2025-002 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会  路演活动 | | | 现场参观 其他（电话会议） | | | 1、富国基金：徐鸿博、曾新杰、杨栋、李元博 | | 参与单位名称及 | 2、国海证券：杜先康 | | 人员姓名 | 3、银河基金：金寿鹏 | | | 4、浦银安盛：胡舜杰 | | 时间 | 年 月 日 2025 5 9 | | 地点 | 上海 | | 上市公司接待 | 董事会秘书：毕恒恬先生 | | 人员姓名 | 证券事务专员：刘金昊女士 一、介绍会议基本情况 | | | 刘金昊女士对公司基本情况进行介绍。 | | | 二、交流互动环节 | | | 交流的主要问题如下： | | 投资者关系活动 | 1、针对 2024 年利润亏损的情况，公司有什么应对方案吗？ | | 主要内容介绍 | 答：2024 年受科研投入增加、报告期产品结构变化 ...

Core Viewpoint - The company, Chenghua Co., Ltd., is actively engaged in the surfactant industry, focusing on high-performance new materials and expanding its product offerings in response to market demands and technological advancements [2][9]. Industry Overview - The surfactant industry in China has developed into a large-scale sector with a wide variety of products. The industry is moving towards functionalization and greening, with significant advancements in key technologies and production processes [2]. - There are few listed companies in China that primarily produce alkyl glycosides and polyether amines, indicating a niche market with high technical requirements [2]. Company Structure and Subsidiaries - The company has established a subsidiary, Jiangsu Dajiang New Materials Chemical Co., Ltd., in partnership with Dajiang Chemical, focusing on polyurethane catalysts and epoxy resin curing agents. The registered capital is 150 million RMB, with the company holding a 50.1% stake [3]. Trade Impact - The company has been enhancing its export efforts, with a diversified customer base primarily in Southeast Asia and the EU. The impact of the US-China trade war on the company is minimal, as exports to the US represent a small portion of total sales [4]. Production Capacity and Utilization - The current production capacity for polyether amines is 31,000 tons per year, with a utilization rate of 28,500 tons per year. The specific capacity utilization for the wind power product D230 has increased from 2,500 tons per year in January to 5,000 tons per year since mid-April [5][6]. Research and Development - The company is focusing on several key R&D projects, including the development of efficient clean fire extinguishing agents, new decolorization processes for alkyl glycosides, and methods for continuous preparation of silicone oil [7][8]. Profit Growth Expectations - For 2025, the company anticipates profit growth through innovation in polyether amine applications, expansion of alkyl glycoside production capacity, and potential recovery in the chemical industry [9]. Financial Performance - In the first quarter of 2025, the company reported a main revenue of 216 million RMB, a year-on-year decrease of 4.32%. However, the net profit attributable to shareholders increased by 23.05% to 27.02 million RMB [10].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to weakened downstream demand and price reductions for its core product, MLCC [2][6]. Financial Performance - In Q1 2025, the company achieved revenue of 466 million yuan, an increase of 8.67%, while net profit was 60 million yuan, down 16.89% [1][2]. - For the year 2024, the company reported revenue of 1.492 billion yuan, a decrease of 10.98%, and net profit of 154 million yuan, down 43.55% [1][2]. - The gross margin for Q1 2025 was 41.86%, up 0.30 percentage points, while the net margin was 12.91%, down 3.97 percentage points [1][2]. Business Segments - The company operates in two main segments: primary production and agency business, focusing on high-reliability electronic components such as MLCCs, filters, microcontrollers, and integrated circuits [1][2]. - The agency business primarily represents well-known international and domestic electronic component manufacturers, targeting markets like renewable energy and automotive electronics [1]. Market Dynamics - The demand for MLCCs is expected to grow due to their extensive applications in military equipment, with the market for MLCCs accounting for over 90% of the ceramic capacitor market [5]. - The company is positioned to benefit from the "compensatory" deployment of military equipment, which is anticipated to lead to a recovery in demand [6]. Cost and Expense Management - The company's operating expenses increased, with the three expense ratios rising to 14.38%, driven by new business expansion and adjustments in performance bonuses for sales personnel [3]. - The gross margin declined in 2024 to 34.29%, down 6.23 percentage points, influenced by price reductions in MLCCs and a higher proportion of lower-margin products [2][3]. Inventory and Cash Flow - The company's inventory decreased to 797 million yuan, a reduction of 1.91% from 2023, with a significant drop in agency business inventory by 28.79% [4]. - Cash flow from investment activities showed a net outflow of 485 million yuan, a decline of 147.95%, primarily due to increased bank deposits [4]. Future Outlook - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 2.012 billion yuan, 2.519 billion yuan, and 3.090 billion yuan, respectively [6]. - Net profit forecasts for the same period are 281 million yuan, 407 million yuan, and 533 million yuan, with corresponding EPS estimates of 1.22 yuan, 1.76 yuan, and 2.31 yuan [6].

在房地产行业深度调整的当下，当多数房企收缩战线、以去库存为主时，一家民营企业却以"黑马"之姿 逆势突围。在中指研究院近日发布的《2025年1—4月全国房地产企业拿地TOP100排行榜》中，邦泰集 团以124万平方米的拿地面积位列全国第二，成为前10名中仅有的两家民营房企之一。从四川出发到布 局全国11省39城，从区域深耕到全国化扩张，四川邦泰用18年时间走出了一条"稳健与进取并存"的独特 发展路径。 | | | | 2025年1-4月中国房地产企业 | | | | --- | --- | --- | --- | --- | --- | | | | | 权益拿地金额与面积TOP100 | | | | 排名 | राह नार | 拿地金额 (亿元) | 排名 | राह नार | 拿地面积 (万m4) | | 1 | 绿城中国 | 313 | 1 | 绿城中国 | 139 | | 2 | 中海地产 | 273 | 2 | 邦泰集团 | 124 | | 3 | 滨江集团 | 270 | 3 | 衡南县发展集团 | 122 | | 4 | 建发房产 | 256 | 4 | 保利发展 | 120 | | 5 | 保 ...