Group 1 - The pet industry is currently in an upward cycle, with a total sales figure of $66 billion for the year, reflecting a 2.1% increase compared to the previous year [5] - There are over 1 billion pets globally, and the number of households owning pets is increasing, with nearly one-fourth of households owning cats [5] - The Chinese pet market is driven by emotional needs, leading to an increase in pet ownership despite declining birth rates [5] Group 2 - The Chinese pet market has entered a surplus era, with supply growth maintaining around 5.8% while demand growth has slowed from 11% to 3.2% [6] - The fast-moving consumer goods (FMCG) market shows similar trends, with 6.3% growth in the number of FMCG stores since 2019, indicating intense competition [6] - The pet industry is experiencing a shift towards smaller, more convenient retail formats, mirroring trends in the FMCG sector [6] Group 3 - Global inflation is influencing consumer preferences, with a growing inclination towards cost-effective products in international markets [7] - The domestic market is developing faster than international markets, with an increasing focus on online channels for consumption [7] - The growth of smart pet products aligns with technological advancements, while health and wellness products will emphasize freshness and functionality in the future [7]