Core Insights - The current trend in the pet food industry is focused on baked grain products, but there is a significant shift towards more refined product offerings that cater to evolving consumer demands [1][2][3] - The fifth Pet Expo held in Shanghai showcased an increase in exhibition space and participating brands, indicating sustained high demand in the pet sector [1][2] Industry Trends - The pet food market is experiencing a concentration trend, with fewer new brands emerging, primarily from overseas, as leading companies leverage their advantages in product development, funding, and brand strength [1][2] - Baked grain products remain a key focus, with sales on platforms like Tmall showing a significant increase, reaching 1.258 billion in Q1 2025, a 94% year-on-year growth [2] Product Innovation - Leading companies are intensifying their innovation efforts in baked grain products to differentiate themselves in a competitive market, with new product launches emphasizing unique nutritional benefits [3][4] - Beyond baked grains, companies are introducing a variety of functional and concept products, such as fresh meal boxes and specialized cat food targeting longevity and health [4] Marketing Strategies - The industry is witnessing a shift towards online marketing, with major brands using offline exhibitions as key marketing and sales opportunities, while smaller brands still rely on distributors for brand visibility [5] - The trend towards online sales channels is expected to continue, with companies that excel in online operations likely to capture a larger market share [5]

证券研究报告 | 行业点评 | 食品加工 食品加工 报告日期：2025 年 05 月 12 日 宠物食品系列（4）：25 年它博会中的产业趋势 ——宠物食品行业点评报告 投资要点 ❑ 5 月 7 日-11 日第五届它博会在上海举办，本届它博会展览面积 10 万平，相比 24 年增加超过 3 万平，参展品牌数量超 8000，较 24 年翻倍，预估专业观众参 展人数 8 万，较 24 年提升 2 万人，宠物赛道高景气延续。 ❑ 本届它博会展现出如下趋势： 1）格局延续集中趋势：在展区面积扩容下，我们依然感受到相比 24 年亚宠展， 它博会参展品牌相似，新品牌出现频率大幅降低，主要新增品牌更多集中在海外 品牌在国内市场的布局如蓝挚、星益生趣等。我们认为这背后是是行业增速放缓 下，龙头企业在产品、研发、资金储备、品牌势能等方面优势持续显现。 4）在烘焙粮之外进一步强化产品创新和功能细分：本届它博会烘焙粮之外，产 业内企业较为敏锐，在产品侧已经显现精细化的趋势，不同功能与概念产品快速 推出，包括鲜能说推出"早 C 晚 A"餐盒，卫仕推出主打"长寿"概念的关键营养鲜 肉猫粮，高爷家推出 GLAB 系列，产品功能包括清齿、 ...