9月25日，天猫发布《2025天猫宠物经济跨界观察》。该报告统计了目前在淘宝天猫平台公开售卖宠物 商品的72个典型跨界品牌，横跨服饰、家电、日化等11个行业，印证了宠物经济对各领域品牌的强大吸 引力。 从细分赛道选择来看，近40%的跨界品牌选择聚焦猫狗清洁及其他用品这一刚需市场，超过30%的品牌 则进入了满足个性化需求的猫狗服饰领域。 从品牌所在地域来看，中国品牌在宠物赛道跨界潮中占据绝对主导地位，占比达到48%。广东、浙江、 上海成为跨界品牌最密集的三个省份。这不仅佐证了中国作为全球宠物经济最活跃市场的地位，也凸显 了本土品牌对市场新趋势的敏锐嗅觉和快速反应能力。 《2025天猫宠物经济跨界观察》显示，在跨界宠物赛道的72个品牌中，国内品牌成立的中位数时间是 2003年，国际品牌成立的中位数时间则为1949年，但双方跨界宠物赛道的中位数时间点均为2022年。更 值得关注的是，从2025年上半年天猫成交数据来看，更年轻的国内品牌整体表现显著优于历史悠久的国 际品牌。这一反差表明，在宠物这样的新兴消费赛道上，天猫在很大程度上抹平了品牌历史积累的差 距，构建了相对公平的起跑线。品牌把竞争的焦点，转向了对新赛道规律 ...

Market Overview - The "pet economy" in China is experiencing rapid growth, driven by policy incentives, capital investments, and market demand, with a potential market size exceeding 1 trillion yuan [1] - The Wind Pet Economy Index has risen over 37% year-to-date, highlighting strong capital performance in the sector [1] - The pet market size in China has surged from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, with a compound annual growth rate (CAGR) of 25.4%, and is expected to reach 811.4 billion yuan by 2025 [1] Growth Potential - There remains a significant gap in pet ownership penetration in China compared to developed markets, indicating strong future growth potential [2] - The founder of the pet food brand "Rodin" reported a projected sales figure exceeding 100 million yuan for 2024, maintaining a 30% CAGR [2] - Key segments currently driving growth include pet food, healthcare, and hygiene products, while pet insurance and elder pet care are identified as emerging opportunities [2] Policy Support - Local governments are actively supporting the pet economy through targeted policies aimed at industry upgrades [4] - Recent policies from regions like Wuxi, Suzhou, and Zhejiang are designed to enhance the pet economy, with Wuxi aiming for a 3 billion yuan industry scale by 2027 [5] - Zhejiang is promoting the development of smart pet products using AI and IoT technologies, contributing to the "Zhejiang Intelligent Manufacturing" brand [5] Corporate Strategies - Numerous listed companies are entering the pet economy through acquisitions, subsidiary formations, and strategic partnerships [5] - Food industry leaders are making significant investments, such as Huang Shang Huang's nearly 500 million yuan acquisition of a freeze-dried food company for pet food applications [5] - Biotech firms are also exploring new models, with Jinhe Biological launching a smart pet care app utilizing self-developed emotional AI models [5] Future Outlook - Analysts suggest that the convergence of policy, capital, and market dynamics is propelling the pet economy into a "golden decade" of high-quality development [6] - A more mature and diverse pet industry ecosystem is emerging, contributing new vitality to economic growth [6]

Company Overview - Dongfulong Technology Group Co., Ltd. is located in Minhang District, Shanghai, established on December 25, 1993, and listed on February 1, 2011. The company specializes in the research, design, production, sales, and service of medical freeze-dryers and freeze-drying systems [1]. Financial Performance - As of June 30, 2025, Dongfulong achieved operating revenue of 2.429 billion yuan, representing a year-on-year growth of 6.01%. However, the net profit attributable to shareholders decreased by 59.71% to 45.9195 million yuan [2]. - The company has cumulatively distributed dividends of 1.782 billion yuan since its A-share listing, with 512 million yuan distributed over the past three years [3]. Stock Performance - On September 25, Dongfulong's stock price increased by 2.19%, reaching 14.46 yuan per share, with a total market capitalization of 11.074 billion yuan. The stock has seen a year-to-date increase of 9.75% [1]. - The stock's trading volume on September 25 was 70.291 million yuan, with a turnover rate of 0.88%. The net outflow of main funds was 1.516 million yuan, while large orders saw a buy of 9.4811 million yuan and a sell of 12.2223 million yuan [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 32,100, with an average of 17,526 circulating shares per person, a decrease of 2.30% from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 7.3336 million shares, a decrease of 2.1354 million shares from the previous period, while Southern CSI 1000 ETF entered as a new shareholder with 3.5502 million shares [3]. Business Segments - Dongfulong's main business revenue composition includes: 44.92% from the formulation division, 29.83% from the bioprocess division, 9.19% from the engineering division, 9.16% from the food division, 6.81% from after-sales service and parts, and 0.09% from other sources [1].

Group 1: Capital Market Developments - The capital market is expected to improve the "long money, long investment" institutional environment, with mid- to long-term funds holding approximately 21.4 trillion yuan in A-shares, a 32% increase since the end of the 13th Five-Year Plan [1] - The China Securities Regulatory Commission aims to enhance the role of mid- to long-term funds as stabilizers and will focus on improving market accessibility and attracting global capital during the 14th Five-Year Plan [1] Group 2: Pet Economy Growth - The "pet economy" in China is experiencing rapid growth, with various policies and activities being launched to support this sector, leading to a 37% increase in the Wind Pet Economy Index year-to-date as of September 24 [2] Group 3: Technology Sector Trends - Some private equity firms are shifting their focus from technology stocks to cyclical, consumer, and high-end manufacturing sectors due to concerns over short-term risks in tech stocks amid high market volatility [3] - The A-share market has seen significant financing activity, with a concentration of leveraged funds in technology stocks, raising concerns about potential risks [3] Group 4: Semiconductor Industry Performance - The semiconductor industry continues to show strength, with the ChiNext Index and the STAR 50 Index reaching new highs, reflecting a robust market environment [4] - A total market capitalization of A-share companies has reached 119 trillion yuan, with a notable increase of over 37 trillion yuan compared to the previous year [4] Group 5: AI and Cloud Computing Developments - Alibaba Cloud has announced a significant upgrade to its full-stack AI system, positioning itself as a leading AI service provider in anticipation of the next generation of computing [5] - The stock price of Alibaba rose by 9.16% to 174.0 HKD per share, with a total market capitalization exceeding 3.3 trillion HKD [5] Group 6: Hong Kong Market Dynamics - The Hong Kong market is seeing a wave of delistings, with 42 companies having exited the market as of September 23, compared to 33 in the same period last year, indicating a trend towards improved market ecology [6][7] - Foreign institutions are increasingly optimistic about the Hong Kong stock market, with significant capital inflows expected as global investors seek high-growth opportunities in Asia [11] Group 7: IPO Activity - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising 9.14 billion HKD, marking the largest IPO for a car company in Hong Kong this year [12] - The IPO was met with strong demand, achieving a subscription rate of 238 times, setting a new record for Hong Kong's new stock offerings this year [12] Group 8: A-Share Financing Trends - The A-share market has seen a surge in private placements, with 115 companies completing fundraising projects totaling approximately 959.5 billion yuan, a 711% increase from the previous year [13][14] - The market is witnessing a shift towards high-end manufacturing and AI-related projects, with an increase in the number of large-scale fundraising initiatives [14]

今年以来，我国"宠物经济"发展进入快速增长通道，多地围绕"宠物经济"推出政策、组织活动，上市公 司也在加速布局相关赛道。资本市场中，相关概念股受到追捧。Wind数据显示，截至9月24日收盘， Wind宠物经济指数年内累计上涨逾37%。业内人士普遍认为，宠物行业正处于高质量发展的黄金十 年，市场规模持续增长，需求仍未被充分挖掘。和君咨询报告显示，中国宠物产业市场规模仍有翻倍增 长空间。（中证报） ...

（原标题："宠物经济"发展驶入快车道） 今年以来，我国"宠物经济"发展进入快速增长通道，多地围绕"宠物经济"推出政策、组织活动，上市公 司也在加速布局相关赛道。资本市场中，相关概念股受到追捧。Wind数据显示，截至9月24日收盘， Wind宠物经济指数年内累计上涨逾37%。 增长动能强劲 毕马威中国发布的报告显示，中国宠物市场规模从2015年的978亿元快速增长至2023年的5928亿元，年 复合增长率达25.4%，预计2025年将达8114亿元。艾媒咨询发布的《2024-2025年中国宠物行业运行状况 及消费市场监测报告》显示，到2028年，中国宠物经济产业市场规模有望达到1.15万亿元。 多地释放政策红利 9月以来，各地聚焦宠物经济赛道，政策支持力度不断加大。 例如，江苏无锡发文提出，引导传统行业企业参与宠物服饰、宠物干湿粮、宠物玩具、宠物佩戴设备等 产品研发生产，支持生物医药企业研发生产宠物用生物制剂、药品及医疗设备；力争到2027年，全市宠 物相关产业规模突破30亿元。安徽宿州发文提出，要推进重大项目"双招双引"，做优宠物经济服务产 业，推动宠物产业科技创新，促进宠物电商发展，强化宠物行业监管。 浙江 ...

今年以来，我国"宠物经济"发展进入快速增长通道，多地围绕"宠物经济"推出政策、组织活动，上 市公司也在加速布局相关赛道。资本市场中，相关概念股受到追捧。Wind数据显示，截至9月24日收 盘，Wind宠物经济指数年内累计上涨逾37%。 增长动能强劲 毕马威中国发布的报告显示，中国宠物市场规模从2015年的978亿元快速增长至2023年的5928亿 元，年复合增长率达25.4%，预计2025年将达8114亿元。艾媒咨询发布的《2024-2025年中国宠物行业运 行状况及消费市场监测报告》显示，到2028年，中国宠物经济产业市场规模有望达到1.15万亿元。 在市场需求的强劲驱动下，一批聚焦宠物衣食住行、健康养护的相关企业应运而生。宠物食品品牌 肉垫Rodin就是其中之一。 "2024年我们品牌全渠道销售额过亿元，且保持每年30%的复合增长率，净利率水平处于行业上层 水平。"肉垫Rodin品牌创始人白天明在接受中国证券报记者采访时表示，"毫无疑问，公司业绩向好离 不开宠物行业大盘的增长。同时，公司还根据宏观微观形势变化，正确认识各个渠道特征并利用各个渠 道。抓住快消行业'快'的特点，不断进行产品创新，快速出品、快速 ...

今年以来，我国"宠物经济"发展进入快速增长通道，多地围绕"宠物经济"推出政策、组织活动，上市公 司也在加速布局相关赛道。资本市场中，相关概念股受到追捧。数据显示，截至9月24日收盘，宠物经 济指数年内累计上涨逾37%。 ● 本报记者 王舒嫄 增长动能强劲 毕马威中国发布的报告显示，中国宠物市场规模从2015年的978亿元快速增长至2023年的5928亿元，年 复合增长率达25.4%，预计2025年将达8114亿元。艾媒咨询发布的《2024-2025年中国宠物行业运行状况 及消费市场监测报告》显示，到2028年，中国宠物经济产业市场规模有望达到1.15万亿元。 在市场需求的强劲驱动下，一批聚焦宠物衣食住行、健康养护的相关企业应运而生。宠物食品品牌肉垫 Rodin就是其中之一。 "2024年我们品牌全渠道销售额过亿元，且保持每年30%的复合增长率，净利率水平处于行业上层水 平。"肉垫Rodin品牌创始人白天明在接受中国证券报记者采访时表示，"毫无疑问，公司业绩向好离不 开宠物行业大盘的增长。同时，公司还根据宏观微观形势变化，正确认识各个渠道特征并利用各个渠 道。抓住快消行业'快'的特点，不断进行产品创新，快速出品 ...

Industry Overview - The "pet economy" in China has entered a rapid growth phase, with various policies and activities being launched to support this sector, leading to a surge in related stocks. The Wind Pet Economy Index has increased by over 37% year-to-date as of September 24 [1] - The pet market size in China has grown from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, with a compound annual growth rate (CAGR) of 25.4%. It is expected to reach 811.4 billion yuan by 2025, and potentially 1.15 trillion yuan by 2028 [2][3] Market Demand and Growth Potential - The current pet penetration rate in Chinese households is still lower compared to developed markets, indicating strong future growth potential for the pet economy. Key segments such as pet food, medical care, and cleaning products are currently the largest and fastest-growing areas [3] - There is significant room for growth in the pet industry, with reports suggesting that the market size could double in the coming years [2] Policy Support and Local Government Initiatives - Local governments are increasingly providing policy support for the pet economy. For instance, Wuxi, Jiangsu, aims to exceed 3 billion yuan in pet-related industry scale by 2027, while Suzhou, Anhui, is focusing on technological innovation and e-commerce development in the pet sector [3] - Zhejiang province has proposed to develop smart pet products and encourage the use of advanced technologies in product innovation [3] Corporate Activities and Investments - Several listed companies are actively investing in the pet economy. For example, Huangshanghuang announced a 494.7 million yuan acquisition of a 51% stake in a freeze-dried food manufacturer, which will supply products for pet food brands [4] - Three squirrels have established two wholly-owned subsidiaries focused on pet food, with a registered capital of 5 million yuan for one of them [4] - Jinhai Biological has launched a pet care app utilizing a self-developed emotional multimodal model, indicating a trend towards technology integration in pet care [4] - Delisi has signed a strategic cooperation agreement with food companies to collaborate on product supply, market expansion, and freeze-dried pet food development [5]

Core Viewpoint - The company, Zhonghong Medical, is experiencing growth in its overseas revenue, benefiting from the depreciation of the RMB and focusing on innovative medical products for diverse market needs [4][3]. Group 1: Company Overview - Zhonghong Medical specializes in the research, production, and sales of high-quality medical and industrial disposable protective gloves, with a revenue composition of 89.48% from health protection products, 6.22% from safety infusion products, and 4.30% from innovative incubation products [9]. - The company was established on December 22, 2010, and went public on April 27, 2021, with its headquarters located in Tangshan, Hebei Province [9]. Group 2: Financial Performance - For the first half of 2025, Zhonghong Medical achieved a revenue of 1.238 billion yuan, representing a year-on-year growth of 7.76%, while the net profit attributable to shareholders decreased by 82.35% to 5.7429 million yuan [10]. - The company has distributed a total of 1.251 billion yuan in dividends since its A-share listing, with 501 million yuan distributed over the past three years [11]. Group 3: Market Position and Trends - The company operates primarily through ODM direct sales, producing medical devices and consumables for overseas brand owners, which allows it to maintain a strong export focus [2]. - As of June 30, 2025, the company had a total market capitalization of 5.785 billion yuan, with a trading volume of 36.8624 million yuan on September 24, 2025 [1]. Group 4: Product Innovation and Development - Zhonghong Medical is committed to innovation, continuously launching high-performance medical products to meet diverse market demands, and integrating digital technology into product development for smart upgrades [3]. - The company showcased its veterinary infusion pumps at the 12th Beijing Pet Expo, highlighting their safety and multifunctionality, which received positive feedback from veterinary professionals [2].