Investment Rating - The industry investment rating is optimistic [1] Core Insights - The current state of pet hospitals shows a fragmented supply that is awaiting consolidation, while demand is rapidly growing, revealing new opportunities [3][21] - The trend in pet hospitals is moving towards chain development, with a focus on classification integration and specialization [4][50] Summary by Sections 1. Current Development of Pet Hospitals - The supply side of pet hospitals in China is still in the early stages of scale and specialization, with a competitive landscape that is fragmented; the CR3 is only 13% in 2024, and the chain rate is about 25% [3][14] - The pet diagnosis market is expanding quickly, with pet hospitals accounting for nearly 60% of the market; structural opportunities exist, particularly with the increasing number of cats and higher single-consumption rates for dogs [22][31] 2. Development Trends of Pet Hospitals - The chain rate of pet hospitals has steadily increased from 5% in 2017 to 25% in 2024, indicating a fivefold growth [50] - The industry is moving towards a classification and integration model, with 70% of hospitals already offering specialized services, particularly in feline care [55][60]

今年三月，新瑞鹏集团正式推出全球首个宠物医疗AI大模型Vet1，标志着人工智能技术深度赋能宠物医疗行业的 里程碑式突破。这款融合百万级临床数据与顶尖兽医专家思维的智能系统，不仅具备模拟人类医生的深度推理能 力，更通过多层次诊断机制实现复杂病例的精准分析。 变革背后是行业需求端的质变。随着居民收入增加、家庭小型化和都市人群对情感陪伴需求上升，宠物正从功能 性伙伴转变为家庭核心成员，与此同时，基础免疫已无法满足健康管理需求。中金公司最新研报指出，专科体系 建设与智慧医疗布局正成为头部企业的技术护城河。 "以前带狗狗看病，感觉就是打针吃药这些基础操作。但当我家泰迪被怀疑有肿瘤时，那种焦虑感完全不一样 了。"上海宠物主李女士坦言，"我跑了好几家医院，就想找到能做更精确检查、有经验专科医生、能提供明确治 疗方案的地方。钱不是首要考虑，更在意的是诊断准不准、治疗有没有把握。" 这种对更高层次医疗服务的渴 求，正日益成为宠物主群体的共同心声。 "宠物主对疾病预防、科学诊疗的认知在显著提升，但整体水平仍参差不齐，这本身也强力驱动行业必须提供更专 业、更透明的服务。" 新瑞鹏指出。这种需求的升级恰逢行业竞争加剧的节点。大量宠物 ...