（文章来源：每日经济新闻） 每经AI快讯，11月17日，华泰证券研报表示，2025年宠物食品市场双十一呈现交易火热、头部品牌格 局趋于稳定两大特征。伴随行业进入高质量发展期，产业及资本加大投入势必带来短期行业竞争边际加 剧，而伴随宠主消费趋于理性，未来宠物品牌的竞争将更加侧重于优质产品而非"营销噱头"，中长期来 看，具备较强研发及供应链优势的头部宠企有望拔得头筹。 ...

Summary of the Conference Call on the Pet Food Industry Industry Overview - The pet economy in China has reached a scale of 155.7 billion yuan, with pet food occupying a core position, accounting for approximately 50% of the overall market. Pet staple food accounts for about 36%, indicating significant potential in the pet food market [1][2]. Key Insights and Arguments - Pet food is primarily divided into staple food, snacks, and health products, with staple food further segmented into dry and wet food. The future trend indicates that puffed food will remain mainstream, but baked food, prescription food, functional feed, and age-specific products will see rapid growth, suggesting a more diversified product structure [1][4]. - Online channels are the main battleground for the pet food market, with 57.7% of consumers choosing to purchase pet staple food online. Platforms like Taobao and Tmall account for over 50% of the market share, while Douyin and Xiaohongshu are suitable for new product promotion, highlighting the importance of online marketing [1][5]. Competitive Landscape - The market competition is stratified, with foreign brands dominating the high-end market, while domestic brands perform well in the mid-to-low-end market. Domestic brands are gradually replacing foreign brands by launching mid-to-high-end products to meet the demand for consumption upgrades [1][6]. - According to the Tmall 618 sales list, the market share of foreign brands has declined, while domestic brands have risen. Consumer preference for domestic brands has increased, with 35% and 33% of consumers preferring Chinese brands for cat and dog staple foods, respectively, reflecting a year-on-year increase of 6-7 percentage points [1][6]. Future Outlook - The overall scale of the pet economy is projected to reach 300 billion yuan in 2024, with a year-on-year growth of 7%. The cat and dog markets are expected to be 144.5 billion yuan and 155.7 billion yuan, respectively, with the cat market growing faster than the dog market [2]. - The trend of smaller family sizes and the desire for companionship are driving an increase in pet ownership and consumption upgrades. The average spending per pet is also showing a marginal upgrade trend, indicating that the pet economy, particularly the staple food segment, is likely to maintain high single-digit to double-digit growth [7]. Additional Important Points - The demand for mid-to-high-end pet food is expected to increase under the trend of refined feeding, providing ample development space for domestic brands. Companies should seize opportunities to enhance product quality and brand influence to meet market demands [3][7].

Q&A 大消费 宠业论道，聚力前行——宠物经济 20251114 摘要 猫砂市场竞争激烈，利润空间受限，整体净利润率约 5%。原料成本占 比最高（40%-50%），其次是物流和营销费用（各占 20%以上）。 木薯猫砂因徐翠花品牌率先推广而快速崛起，但技术壁垒不高，易被模 仿。选址建厂需考虑运输成本，华东地区更具优势。 猫砂属于高复购品类，品牌粘性取决于性价比和品质。行业技术变革可 能影响消费者选择，捆绑销售是增加客户粘性的策略之一。 猫砂市场集中度低，未来发展趋势包括提升除臭、降尘、结团、抗菌性 能及环保性，加强品牌建设以规范市场。 电商平台费用稳定，但营销投入增加导致流量成本上升，需更注重精准 投放和优化营销预算。新征税政策利好头部品牌，促进行业规范化。 宠物智能用品毛利率较高（约 45%），但推广费用和售后服务成本较高， 净利润约 15%。B 端代工业务毛利率高于 C 端销售。 国内宠物用品市场仍处于初级阶段，渗透率较低（约 10%），但增速较 快。智能用品因迎合年轻消费群体而销量较高。 请介绍一下猫砂行业的整体情况，包括原材料的品类、竞争格局和主要玩家。 猫砂行业近年来竞争激烈，内卷程度甚至超过食品行业 ...

Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]

随着养宠人群在公共空间的消费意愿增强，宠物友好服务成为新增长点。济高·世茂芯环中心这家宠物 友好型商场在引入宠物相关服务后，不仅提升了养宠客群的到访频率和停留时间，也带动了家庭型消费 的整体增长。 宠物友好不仅体现在商场，也正向更多业态延伸。位于济南闹市区的禾序居酒屋，是当地较早允许宠物 进入的餐饮门店之一。店家在特定区域设置了宠物休息垫和专属餐具，让主人享受美食的同时，无需与 爱宠分离。 从提供免费推车、宠物饮水点的商场，到欢迎宠物入内的餐厅，再到高铁提供的宠物托运服务……"宠 物友好"不再是一句口号，而是化作了可触可感的设施与服务。这类新型消费空间的出现，不仅提升了 养宠家庭的出行幸福感，更通过"宠物+商业"的模式创新，为实体商业注入了新的流量与活力。 从满足"舌尖盛宴"到打造"同行地标"，宠物经济正持续深化，成为驱动新消费、构建更温情城市公共空 间的重要力量。 近年来，与宠物相关的消费场景正从家庭走向公共空间。一批对宠物敞开大门的宠物友好型商业地标在 各大城市涌现，为带宠出行提供了新可能，也开辟了宠物经济线下融合的新赛道。 策划：马宝军 王璐 制片人：孙晓辉 丁冬霞 记者：冯媛媛 朱晓光 报道员：曲磊 ...

Core Insights - The pet economy is a significant highlight in the current consumer market, but it also has its pitfalls, as evidenced by the impending closure of Pet&Fresh, founded by Hou Yi, who previously innovated in retail [1][2] - Despite the challenges faced by Pet&Fresh, the pet economy continues to thrive, with a notable increase in consumer spending on premium pet products, as highlighted in the Tmall Double 11 report [1][2] Industry Trends - There is a clear trend of consumption upgrading in the pet industry, particularly in pet food, with a growing preference for high-end products such as wet food and freeze-dried options [2][4] - Over 80% of pet owners have adopted a scientific feeding habit, indicating a shift from merely filling pets' stomachs to providing quality nutrition [2][4] Business Viability - The distinction between good, bad, and pseudo-businesses in the pet industry is crucial, with essential products like pet food and healthcare being the most viable [3][4] - Many businesses attempting to enter the pet market without a deep understanding of pet ownership and consumer behavior may struggle, as seen with Pet&Fresh [3][4] Consumer Behavior - The pet industry is characterized by a shift in consumer behavior, where pet owners are willing to spend more for emotional value, leading to a decrease in the Engel coefficient for pet spending [6][8] - The online shopping channel remains dominant in the pet market, with 68.1% of pet owners preferring to purchase products online [5][6] Retail Dynamics - The physical retail space for pet products faces challenges, particularly in terms of location and foot traffic, which are critical for success [9][11] - The lack of interactive and social elements in physical pet stores can hinder customer engagement and repeat business [12][15] Conclusion - The failure of Pet&Fresh can be attributed to its inability to adapt to the competitive landscape of the pet industry, where understanding consumer needs and preferences is essential for success [16]

格隆汇11月15日｜据证券日报，近日，天猫平台发布的《2025天猫双11宠物消费观察报告》显示，养宠 人群正从"基础喂养"迈入"精致养宠"的新阶段，宠物消费不断升级。过去三年，天猫宠物行业规模与宠 物食品成交额持续攀升。受访专家认为，近年来，伴随着消费观念的转变升级，科学化、精细化喂养成 为主流，从宠物日常餐食到各种生活用品，行业赛道日益细分，推动宠物经济全链条不断升温。 ...

Core Viewpoint - Yiyi Co., Ltd. (依依股份) plans to enter the pet food market by acquiring 100% equity of Hangzhou Gaoye Family Pet Food Co., Ltd. (高爷家) through a combination of share issuance and cash payment [2][3] Acquisition of Gaoye Family - The acquisition targets Gaoye Family, which specializes in pet food and supplies, with notable brands including "Xucuihua" for cat litter and "Gaoye Family" for cat food [3][10] - Gaoye Family's "Xucuihua" cat litter, made from cassava, has gained significant market traction, achieving top sales on platforms like Tmall during major shopping events [3][5] - The final transaction price for Gaoye Family's 100% equity is yet to be determined due to ongoing auditing and evaluation processes [7] Financial Performance of Gaoye Family - Gaoye Family reported revenues of 302 million yuan in 2023 and 460 million yuan in 2024, with net profits increasing from 3.08 million yuan to 18.30 million yuan over the same period [4] - The company's net profit margins were approximately 4% in 2023 and 1% in 2024, indicating potential challenges with high pricing and low margins [4] Market Reaction - Following the announcement of the acquisition, Yiyi's stock experienced volatility, with a near limit-down of 9.30% on the first trading day after resuming trading, followed by further declines before a significant rebound [2] Strategic Value of the Acquisition - The acquisition is seen as strategically valuable, allowing Yiyi to enhance its product offerings in the pet hygiene sector and expand into the pet food market, thereby covering both dog and cat consumer segments [10][18] - Yiyi has previously held an 8.125% stake in Gaoye Family since 2021, which supports the current acquisition efforts [10] Investment in Veterinary Services - In addition to the acquisition, Yiyi plans to invest in Ruipai Pet Hospital Management Co., Ltd. (瑞派宠物医院), which operates around 600 stores across China [16][17] - This investment aligns with Yiyi's strategy to diversify into the pet "supplies + food + medical" sectors [18] Revenue Structure and Market Position - Yiyi's revenue heavily relies on overseas markets, with international sales accounting for over 90% of total revenue from 2022 to 2024 [15] - The company has been shifting towards a dual strategy of export OEM and developing its own brands to mitigate the limitations of overseas OEM business [16]

Core Insights - The pet consumption market is transitioning from basic feeding to a more refined and sophisticated approach, indicating an upgrade in pet spending habits [1][2] - The emotional role of pets in families is increasingly recognized, leading to a broader market expansion for pet-related products and services [2][3] Industry Trends - The pet industry in China is experiencing robust growth, with projections indicating the market size will exceed 811.4 billion yuan by 2025 [3][4] - There is a notable shift in consumer attitudes towards high-quality and personalized pet products, reflecting a move from functional to emotional consumption [3][5] Company Developments - Companies in the pet industry are diversifying their product offerings and increasing R&D investments to capture growth opportunities [4][5] - Petty Animal Nutrition Technology Co., Ltd. is focusing on innovative pet food products, including air-dried and baked food, to meet market demands [4] - Yantai Zhongchong Food Co., Ltd. has established over 22 modern production bases globally and is expanding its brand presence internationally [4] Market Segmentation - The market is becoming increasingly segmented, with recommendations for companies to tailor products and services based on pet types, life stages, and consumption scenarios [5][6] - The pet medical testing sector is emerging as a rapidly growing niche, with companies developing comprehensive diagnostic platforms for various pet health needs [5][6]

Core Insights - The pet consumption market is transitioning from basic feeding to a more refined and sophisticated approach, indicating an upgrade in pet spending habits [1][2] - The emotional role of pets in families is increasingly recognized, leading to a shift in consumer attitudes towards high-quality and personalized pet products [2][3] Industry Trends - The pet industry in China is experiencing robust growth, with projections indicating that the market size will exceed 811.4 billion yuan by 2025 [3][4] - There is a notable increase in the consumption share of high-priced essential pet products, while the variety of non-essential items continues to expand [2][3] Company Strategies - Companies in the pet industry are diversifying their product offerings and enhancing R&D investments to capitalize on market opportunities [3][4] - Petty Animal Nutrition Technology Co., Ltd. is focusing on launching new products such as air-dried food and baked food to align with promotional events like "Double 11" [4] - Yantai Zhongchong Food Co., Ltd. has established over 22 modern production bases globally and is actively promoting its brands internationally [4] Market Segmentation - Experts suggest that companies should further segment the market based on pet types, life cycles, and consumption scenarios to drive product and service innovation [5] - The pet medical testing sector is emerging as a rapidly growing niche, with companies developing various diagnostic platforms to meet increasing health monitoring needs [5][6]