Group 1 - The stock price of Guibao Pet is reported at 94.97 yuan as of August 22, 2025, with a decline of 1.58% from the previous trading day and a trading volume of 347 million yuan [1] - Guibao Pet operates in sectors including agriculture, animal husbandry, and the pet economy, focusing on the research and sales of pet food, with its brand Maifudi holding a significant market share in China [1] - The company participated in the 27th Asia Pet Expo, showcasing high-end staple foods and functional snacks, with its smart pet care devices attracting industry attention [1] Group 2 - The Asia Pet Expo this year set a record with over 2,600 exhibitors participating, highlighting the growing interest in the pet industry [1] - Guibao Pet is expanding its international market presence through overseas factory establishment and brand acquisitions, with its Thailand production base and integration of U.S. channels being key business highlights [1] - On August 22, the net outflow of main funds was 12.43 million yuan, with a cumulative net outflow of 23.64 million yuan over the past five days [2]

T台上，身着精致服饰的狗狗从容走秀；全自动猫厕所无声运转，宛如科幻片中的"星际驿站"；小狗以 高频习惯动作触发项圈上的智能设备，便可与主人开启远程"对话"；在养护用品区，造型师正为一只贵 宾犬精心修剪毛发，每一缕毛发的卷曲弧度都精准对称……8月20日至8月24日，第二十七届亚洲宠物展 览会（以下简称"亚宠展"）在上海新国际博览中心盛大举行。31万平方米的展区内，有2600多家展商携 超2万个品牌亮相，融合科技、医疗与教育等多领域资源，为宠物及宠物主人打造沉浸式互动体验。 "核心驱动因素在于需求端与供给端的双重变革。需求层面，年轻一代成为养宠主力，他们将宠物视为 情感伴侣而非功能动物，推动消费动机从基础喂养转向情感寄托和家庭成员关怀。"苏商银行特约研究 员武泽伟在接受《证券日报》记者采访时表示，"供给层面，产业链各环节持续创新，食品、医疗等领 域不断涌现高端化、个性化的产品与服务，显著拓宽了消费场景和客单价空间。" 《证券日报》记者在本届亚宠展现场看到，在食品展区，主打"富硒有机""无谷物""高蛋白""鲜冻锁 鲜"的宠物食品备受关注，展位前咨询的消费者络绎不绝。 兰州庄园牧场股份有限公司旗下宠物品牌"萨费"相关 ...

8月21日，李佳琦直播间现身第27届亚洲宠物展(以下简称"亚宠展")，通过镜头带领广大宠物爱好者"云逛展"，为消费者打造了一场兼具趣味与知识的养宠 指南。 直播中，李佳琦和旺旺穿梭于多个热门展位，深入蓝氏、领先、弗列加特、爵宴、爱肯拿等品牌，通过互动游戏、产品体验和福利发放，让探展体验更多 元。李佳琦与品牌方不仅细致讲解宠粮配方与工艺，还通过"鲜蒸实验""原料溯源问答""猫咪行为解读"等互动环节，将专业养宠知识融入轻松的内容场 景，引导消费者理性决策。 互动过程中，李佳琦与品牌代表就产品的配方和工艺展开多轮趣味对话，比如，"烘焙猫粮在真空烘焙时，食材在低温环境下完成加工，能够减少营养成 分的流失"，"鲜蒸粮经过闪蒸烘后，口感更像薯片，模仿了面包的多孔结构，让猫猫更好消化"，让专业内容更易理解。 值得一提的是，此次亚宠展上，奈娃家族也设置专属摊位，紫色主题的奈娃家族咖啡车吸引众多观众前来前来打卡拍照，咖啡饮品和周边产品也备受青 睐。 据悉，今年亚宠规模再创新高，汇聚超2600家海内外展商及全球产业资源。亚宠展以行业大展的强引力覆盖了全年龄段的养宠人群，其中年轻消费者占比 跃居首位，超过7成，形成带动产业年度采购 ...

Group 1 - The stock market reached a new high on August 22, with the Shanghai Composite Index breaking 3800 points during the afternoon session [1] - Key sectors leading the market include GPU, servers, stock trading software, and optical communication, while sectors such as pet economy and air transportation experienced significant declines [1] - Despite the index reaching a new high, individual stock performance showed significant divergence, with a general trend of "more declines than gains" across the market [1] Group 2 - The "hard technology" sector saw a comprehensive surge, with the Sci-Tech Innovation 50 Index rising over 5% [1] - Notably, Cambrian's stock surged over 16% during the session, pushing its total market capitalization above 500 billion yuan [1]

2025.08.21 本文字数：2877，阅读时长大约4分钟 作者 |第一财经 缪琦 面对全球经济的下行周期，宠物经济却逆势增长，展现出"新刚需"的强劲势头。 图为亚宠展现场 吴军/摄（下同） 新入局者瞄准需求分化 不乏热度的市场和蓬勃向上的生态，吸引了大量的新入局者，也留下了坚守多年的传统制造商。面对机 遇和挑战，供应商们心态各异。 8月20日，一位专门从内蒙古赤峰赶到上海的宠物店店主拖着行李箱来到亚宠展现场，直奔宠物智能舱 PILTON的展位。他告诉第一财经，双方此前就已在线上联系过，此次来线下看看实物，计划给新的宠 物店展示区采购数十台智能舱。 对宠物智能舱PILTON合伙人杨少熊而言，这只是"奔现"的客户之一，忙碌的他在亚宠展开幕当天接待 不断。"宠物行业居住赛道处于快速上升期。"他对第一财经表示，不管是商用还是家用，这一品类的中 国市场占比都在持续提升。于2023年将智能舱推向市场的他们，今年的销量较去年同期增长35%。 在本届亚宠展上，他们展出了新的家用产品智能鸟舱。"今年鸟类宠物很火，有近2000万养鸟家庭。"杨 少熊说，基于这样的观察，他们开发了兼具鸟笼和保育箱功能的鸟舱。"新刚需"之火热显而 ...

2025.08. 21 本文字数：2877，阅读时长大约4分钟 作者 | 第一财经 缪琦 面对全球经济的下行周期，宠物经济却逆势增长，展现出"新刚需"的强劲势头。 随着都市生活空间受限和安全养宠需求的提升，小型宠物凭借其空间适应性高、饲养成本低、互动安全 性好等优势，正成为新一代养宠人群的热门选择。数据显示，2020年就有超过1700万人饲养异宠，占 国内整体宠物饲养规模的25%，其中爬宠、鸟类、啮齿类异宠深受年轻人喜爱。 有意思的是，新进入宠物赛道的创业者，绝大部分都是资深养宠者，这也让产品的开发更多从客户的需 求出发。 作为全球宠物行业的旗舰展会，今年的亚洲宠物展（下称"亚宠展"）规模再创新高，汇聚2600多个海内 外展商，预计展期内的到场人次超过51万；同期的论坛议程也较往年更为密集，还新增了小宠异宠及更 多跨界元素，进一步拓展了行业边界。 不乏热度的市场和蓬勃向上的生态，吸引了大量的新入局者，也留下了坚守多年的传统制造商。面对机 遇和挑战，供应商们心态各异。 图为亚宠展现场 吴军/摄（下同） 新入局者瞄准需求分化 8月20日，一位专门从内蒙古赤峰赶到上海的宠物店店主拖着行李箱来到亚宠展现场，直奔宠物智 ...

从"喂饱"到"宠好"，智慧养宠时代加速来临。 面对全球经济的下行周期，宠物经济却逆势增长，展现出"新刚需"的强劲势头。 作为全球宠物行业的旗舰展会，今年的亚洲宠物展（下称"亚宠展"）规模再创新高，汇聚2600多个海内外展商，预计展期内的到场人次超过51万；同期的论 坛议程也较往年更为密集，还新增了小宠异宠及更多跨界元素，进一步拓展了行业边界。 不乏热度的市场和蓬勃向上的生态，吸引了大量的新入局者，也留下了坚守多年的传统制造商。面对机遇和挑战，供应商们心态各异。 新入局者瞄准需求分化 8月20日，专门从内蒙古赤峰赶到上海的宠物店主冯林拖着行李箱来到亚宠展现场，直奔宠物智能舱PILTON的展位。他告诉第一财经，双方此前就已在线上 联系过，此次来线下看看实物，计划给新的宠物店展示区采购数十台智能舱。 对宠物智能舱PILTON合伙人杨少熊而言，这只是"奔现"的客户之一，忙碌的他在亚宠展开幕当天接待不断。"宠物行业居住赛道处于快速上升期。"他对第 一财经表示，不管是商用还是家用，这一品类的中国市场占比都在持续提升。于2023年将智能舱推向市场的他们，今年的销量较去年同期增长35%。 "我们把宠物店的服务集合在车上，消费 ...

Industry Overview - The pet industry in China is experiencing a golden development period driven by the continuous release of emotional consumption demand and industrial upgrades, with overall annual transaction scale exceeding 50 billion yuan on platforms like Taobao and Tmall, indicating strong growth momentum [1] - The pet economy has become a highly dynamic segment in China's consumer market, with the urban pet consumption market projected to reach 300 billion yuan in 2024, reflecting a year-on-year growth of 7.5% [1] Market Segmentation - Pet food remains the core category, with the market expected to surpass 150 billion yuan by 2025, maintaining a compound annual growth rate (CAGR) of over 18% for the next five years [1] - There is a noticeable trend of consumption upgrading across various segments of the pet industry, particularly in food, health products, and smart pet supplies, with significant growth in specialized pet food and health products [1] Consumer Trends - The demand for pet health products, such as deworming medications, is robust, and the rise of smart pet products and fashionable consumption is enriching the industry ecosystem [1] - Notable increases in specific product categories include a tenfold increase in pet stroller transactions, a 58% growth in pet accessories, and a 202% surge in searches for pet air purifiers [1] Emotional Value Shift - Brands like Nike, Adidas, and Jordan are launching trendy pet products, intensifying competition while shifting consumer focus from "practical value" to "emotional value" [2] - As pets become important emotional carriers, the industry is evolving beyond mere commercial value, contributing significantly to economic growth in what is termed the "it economy," a trillion-level consumption market [2]

Core Insights - The pet health consumption market is entering a phase of rapid growth characterized by "quality upgrades and functionalization," presenting significant market opportunities [1] - The company is actively positioning itself in the pet health sector, targeting a market size of 100 billion [1] Industry Trends - The pet consumption scale has been expanding, with increasing entrants in the pet industry and a focus on building a complete pet industry chain at the local economic development level [2] - There is a notable shift in consumer demand from basic safety and nutrition to the natural quality of ingredients and scientific nutrition [4] - The demand for personalized nutrition is rising, with pet owners seeking tailored formulas based on their pets' breed, age, and health status [5] Company Strategy - The company aims to leverage its expertise in human nutrition to develop differentiated pet products, focusing on three main R&D directions: species-specific nutrition systems, application of formulation enhancement technologies, and intelligent palatability solutions [6] - A recent product, "NUTRIFUSE super-soluble krill fish oil," demonstrates the company's ability to innovate by improving absorption efficiency and flavor, achieving a 91% preference rate among cats [6] Competitive Advantage - The company's core competencies include precise solution capabilities driven by deep market insights, strong R&D barriers supported by technological accumulation, and collaborative synergies from its customer network [8] - The company has established a specialized research system covering eight functional areas, enabling it to quickly address unmet needs in pet health [8] Market Potential - The domestic pet consumption reached 77.375 billion in the first half of 2025, with a year-on-year growth of 8.84%, indicating substantial growth potential in the pet health market [9] - The pet ownership rate in China is approximately 20%, significantly lower than the nearly 70% in the U.S., suggesting considerable room for growth [9] - The company plans to leverage its Shantou pet factory to quickly launch a differentiated product matrix and aims to create long-term competitive advantages in the pet health sector [9]

Core Viewpoint - The company, Shantou Ultrasonic Instrument Research Institute Co., Ltd., is engaged in the research, development, production, and sales of medical imaging equipment and industrial non-destructive testing equipment, benefiting from the pet economy and the depreciation of the RMB [2][3]. Company Overview - Shantou Ultrasonic Instrument Research Institute Co., Ltd. was established on November 15, 1982, and was listed on January 22, 2025. It is a national key high-tech enterprise focusing on medical imaging and industrial non-destructive testing equipment [7]. - The company's main business revenue composition includes: medical ultrasound 50.32%, industrial ultrasound 19.04%, X-ray 16.30%, accessories 12.52%, and others 1.82% [7]. Financial Performance - For the period from January to March 2025, the company achieved operating revenue of 98.43 million yuan, representing a year-on-year growth of 28.69%, and a net profit attributable to the parent company of 39.32 million yuan, with a year-on-year increase of 47.70% [8]. - As of March 31, 2025, the company had 26,800 shareholders, a decrease of 46.67% from the previous period, with an average of 2,047 circulating shares per person, an increase of 87.50% [8]. Market Activity - On August 20, the company's stock price increased by 0.11%, with a trading volume of 212 million yuan and a turnover rate of 12.93%, resulting in a total market capitalization of 12.087 billion yuan [1]. - The main net inflow of funds today was 8.9166 million yuan, accounting for 0.04%, with the industry ranking at 9 out of 131 [4]. Product and Technology Development - The company showcased its innovative veterinary medical imaging achievements at the 97th WVC annual meeting, focusing on pet, equine, and livestock health care [2]. - The company has developed a "Hongyun" system for portable ultrasound and DR equipment, enabling remote transmission of images and reports through 5G networks, and offers online diagnostic guidance through the "Mali Doctor" platform [2][3].