线上渠道是宠物食品第一大销售渠道。依托电商平台实现快速起量，当前已成为国产宠物品牌触达主流 客群、承接日常消费的核心通路，近年内容电商的兴起进一步强化了其引流与转化能力。 线下渠道 是宠物品牌构建信任与承接服务型消费的核心场景。以专业门店、宠物医院为主，提供产品实物体验与 专业咨询，承接医疗、洗护等线上难替代的服务，同时是下沉市场渗透的重要通路，与线上形成互补。 渠道决策策略和关键 智通财经APP获悉，国海证券发布研报称，宠物行业竞争加剧，从长期看，营销费用驱动的增长难以持 续，当前宠物市场对于供应链可控+新品研发+精细化营销的综合运营能力要求进一步提升，该行判断 头部品牌对腰尾部中、小品牌已经形成了较大的优势，宠物行业竞争格局趋清晰，维持宠物食品行 业"推荐"评级。 国海证券主要观点如下： 复盘二十年国内宠物市场渠道变迁，经历了由线下到线上、由经销到直销的转变，借助电商渠道红利 期，国产宠物品牌发展迅速 2003-2012年，中国宠物行业处于线下为王、经销主导的初步发展期，市场格局由外资品牌掌控，国产 宠物品牌起步;2012-2018年，以"淘天系"及"双十一"为代表的电商红利，成为重塑宠物行业格局的核心 ...

Core Insights - The Hongqi brand showcased its upgraded product lineup at the Guangzhou International Auto Show, featuring three sub-brands: Hongqi, Hongqi Tiangong, and Hongqi Jinkuihua, highlighting the brand's innovative development achievements [1][2][3] Group 1: Brand Strategy - Hongqi has undergone a comprehensive upgrade to meet diverse consumer needs, establishing a three-sub-brand structure: Hongqi for mainstream luxury, Hongqi Tiangong for youthful and trendy users, and Hongqi Jinkuihua for the ultra-luxury market [2][16] - Each sub-brand has a clear positioning and division of labor, reflecting Hongqi's deep understanding of market segmentation and differentiated consumer demands [2][16] Group 2: Product Launch and Features - The Hongqi HS6 PHEV was launched with a pre-sale starting on November 15, featuring six key value propositions that redefine the concept of a "better five-seater" [4] - The HS6 PHEV has set a Guinness World Record for the longest distance driven by a plug-in hybrid SUV on a full tank and battery, covering 2327.343 kilometers [4] - The vehicle is designed to cater to users' needs for both work and family, excelling in comfort and intelligent technology, with positive media reviews highlighting its superior performance [4] Group 3: Marketing and Consumer Engagement - Hongqi is actively engaging consumers through nationwide experience events in 45 cities, allowing potential customers to experience the HS6 PHEV firsthand [7] - The pre-sale price range for the HS6 PHEV is set between 178,800 to 228,800 yuan, with various promotional offers to encourage purchases [7][10] Group 4: Youth Engagement and Innovation - The Hongqi Tiangong sub-brand focuses on young consumers, launching the "潮改计划" (Trend Modification Plan) to encourage creative customization of vehicles, attracting significant participation from young users [11][14] - The brand has introduced a new logo and aims to enhance its product lineup with advanced technologies, including L3-level driving assistance [14] Group 5: Ultra-Luxury Market Positioning - Hongqi Jinkuihua has unveiled two custom models at the auto show, emphasizing its commitment to ultra-luxury and cultural heritage through the "国宾之道" (State Guest Path) concept [15][16] - The brand aims to provide a unique experience that reflects Chinese values and identity, appealing to high-status individuals [15][16]