自正式踏入中国市场，CHARM 野性魅力，便以势如破竹之姿，实现连续三年翻倍增长。在竞争激烈的宠物食品赛道中，这份成绩的取得并非偶然，而是 品牌战略与市场实践深度融合的成果。 对于常流连于宠物 KOL 直播间的消费者而言，野性魅力已成为熟悉的伙伴。短短两年时间，野性魅力凭借差异化的销售策略与运营重心，与 60 余位业 内知名宠物 KOL 达成深度直播合作。在 2024 年 618 大促这场电商盛宴中，野性魅力成功跻身天猫国际宠物品牌成交榜 TOP5，这一成绩不仅是市场对野 性魅力的认可，更是野性魅力深耕中国市场的阶段性成果展现。 亮眼成绩的背后是品牌硬实力的体现，野性魅力产品以"高蛋白、低升糖"为核心卖点，精准切中当下国内宠物肥胖率攀升的痛点。这一差异化定位不仅迎 合了现代宠物主对健康喂养的追求，更在竞争激烈的宠物食品市场中开辟了独特的增长赛道。 野性魅力是来自北美地区进口(加拿大进口)宠物食品品牌，以"满足犬猫原始狩猎天性，打造符合犬猫饮食需求的宠物食品"作为品牌理念，严苛产品选材 标准，采用低温慢煮的工艺、以多种鲜肉入料，最终打造一口粮七种肉的优质宠粮，在保障宠物饮食健康的基础上满足了宠物的肉食天性。目前 ...

Group 1: Reputation Issues - The perception of Hebei products has deteriorated, with local businesses feeling the impact of being labeled as low-quality [1][2][11] - Social media platforms like Xiaohongshu have contributed to the negative reputation, associating Hebei grain with toxicity and Hebei cashmere with counterfeit products [2][11] - Local businesses in Hebei are cautious about outsiders due to past negative media coverage, which has led to a general distrust of Hebei products [11][12] Group 2: E-commerce Development - Hebei's e-commerce presence has grown significantly, with many consumers receiving products from local villages quickly, often at prices lower than competitors [20][45] - The e-commerce model in Hebei allows for low operational costs, as many businesses operate from home and employ local labor, leading to competitive pricing [23][45] - The region has over 300 industrial clusters with annual revenues exceeding 5 billion yuan, and projections indicate significant growth in online retail and cross-border e-commerce by 2025 [45][46] Group 3: Market Dynamics - Price competition is fierce in Hebei, with businesses willing to undercut each other to secure orders, often at the expense of product quality [25][26] - Some businesses have resorted to "washing their identity" by changing their registered locations to avoid the negative stigma associated with Hebei products [39] - The market is characterized by a high turnover of businesses, with many failing due to poor financial management and overexpansion [29][57] Group 4: Business Strategies - Local entrepreneurs often prioritize cost-cutting measures, leading to a focus on lower-quality products to maintain profitability [26][34] - Some businesses have adopted a conservative approach, avoiding aggressive expansion and focusing on maintaining quality to build long-term customer trust [30][56] - The reliance on traditional sales methods and a reluctance to adopt new technologies may hinder growth for some Hebei e-commerce businesses [50][51]

Market Overview - The global and Chinese market for dehydrated salmon dog food is projected to grow significantly from 2025 to 2031, driven by increasing pet ownership and demand for high-quality pet food products [1][3]. - The market is segmented into different product types, including pure salmon and mixed varieties, with sales expected to rise across all categories [4][5]. Sales Trends - Sales revenue for dehydrated salmon dog food is forecasted to increase, with a notable compound annual growth rate (CAGR) from 2020 to 2031 [8][12]. - The sales growth trend is expected to vary by application, including household use, pet stores, and veterinary clinics, indicating diverse market opportunities [6][7]. Regional Analysis - North America, Europe, and China are identified as key regions for market growth, with specific sales and revenue growth rates projected for each region from 2020 to 2031 [4][12]. - The Chinese market is anticipated to show significant growth in both production capacity and market demand for dehydrated salmon dog food [4][5]. Competitive Landscape - Major manufacturers in the dehydrated salmon dog food market include companies like Zhongchong Co., ITI Pet, and Open Fram, with detailed analysis of their production capacities, sales volumes, and market positions [5][6]. - The market is characterized by varying degrees of concentration, with a competitive landscape that includes first, second, and third-tier manufacturers [5][9]. Product and Application Analysis - Different product types and applications are analyzed, with projections for sales volumes and revenue across various segments from 2020 to 2031 [6][11]. - The pricing trends for dehydrated salmon dog food are also examined, indicating potential shifts in consumer preferences and market dynamics [10][12]. Industry Opportunities - The dehydrated salmon dog food industry is poised for growth, driven by factors such as increasing health awareness among pet owners and the premiumization of pet food products [9][10]. - The report highlights potential investment opportunities and market consolidation activities within the industry [5][9].

Core Viewpoint - The article discusses the recent share transfer plan by Guai Bao Pet, highlighting the ongoing trend of shareholder reductions and the company's strong stock performance despite these actions [1][2][3][4]. Share Transfer Plan - Guai Bao Pet announced a share transfer plan on June 5, 2025, where the shareholder Golden Prosperity Investment S.A.R.L. intends to transfer 12,001,335 shares, representing 3.00% of the total share capital, due to personal funding needs [1]. - The shares will not be transferred through centralized bidding or block trading, and the transferee must be an institutional investor with appropriate pricing and risk-bearing capabilities [1]. Shareholder Reduction Activity - In recent months, Guai Bao Pet's shareholders have frequently reduced their holdings, with KKR planning to reduce up to 800,089 shares (2% of total share capital) from November 4, 2024, to February 1, 2025 [2]. - By December 19, 2024, Beijing Junlian and Zhuhai Junlian completed their reduction of 2.00% of shares through various trading methods, while KKR also executed its reduction plan during the same period [2]. Stock Performance - Despite the shareholder reductions, Guai Bao Pet's stock price has significantly increased since the second half of 2024, reaching historical highs in 2025, supported by strong revenue and profit growth [3]. - The pet industry is experiencing an upward trend, with the market for pet consumption in urban China expanding, driven by emotional spending and improved industry R&D capabilities [3]. Market Sentiment - The frequent shareholder reductions have raised market concerns, although the company asserts that these actions are due to personal funding needs and will not affect control or governance [4]. - Investors are advised to closely monitor Guai Bao Pet's performance and strategies in maintaining growth amidst shareholder reductions and potential market changes [4].

行 业 及 产 业 农林牧渔 朱珺逸 (8621)23297818× zhujy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 5 月能繁母猪存栏小幅增长，重视优质猪企中 长期价值 看好 ——农林牧渔周观点（2025.6.2-2025.6.8） 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 朱珺逸 A0230521080004 zhujy@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 本周申万农林牧渔指数上涨 0.9%，沪深 300 上涨 0.9%。个股涨幅前五名：万辰集团（14.6%）、邦基科 技（14.1%）、永顺泰（10.5%）、罗牛山（7.8%）、ST 佳沃（7.6%），跌幅前五名：瑞普生物（- 1 ...

Group 1 - The initial transfer price for the shares is set at 90.00 CNY per share based on the inquiry conducted on June 6, 2025 [1] - A total of 38 institutional investors participated in the inquiry transfer, with a total effective subscription of 46,085,000 shares, resulting in a subscription multiple of 3.84 times [2] - The total number of shares to be transferred is 12,001,335, with 19 institutional investors identified as the preliminary transferees [2] Group 2 - The transfer will not be conducted through centralized bidding or block trading, and the shares acquired cannot be transferred within six months [1] - The inquiry transfer does not involve a change in company control and will not affect the company's governance structure or ongoing operations [2]

Core Viewpoint - The pet economy is experiencing rapid growth, with a market size exceeding one trillion yuan and an annual growth rate of over 20% [1] Company Overview - Petty Co., founded in 1992, initially focused on dog chew toys and has since expanded into various pet food categories, becoming a leader in the pet food industry [2][3] - The company went public in 2017, becoming the first pet food company listed on the A-share market [6] Financial Performance - In 2024, Petty Co. achieved a revenue of 1.659 billion yuan, a year-on-year increase of 17.56%, and a net profit of 182 million yuan, recovering from a loss in 2023 [8][10] - The company faced a decline in Q1 2025, with revenue dropping by 14.40% to 329 million yuan and net profit decreasing by 46.71% to 22 million yuan [2] Market Position - Petty Co. primarily relies on overseas markets, with over 80% of its revenue coming from exports, while domestic sales remain relatively small [10] - The company is competing in a crowded pet food market, where it has seen stock price fluctuations compared to peers like Guai Bao Pet and Zhong Chong Pet, which have experienced significant stock price increases [13][14] Strategic Direction - Petty Co. is at a strategic crossroads, deciding whether to continue focusing on overseas OEM advantages or to invest more heavily in domestic brand development [11][14] - The company has begun to emphasize its own brands, with a 33% increase in revenue from its proprietary brands in 2024, indicating a shift towards domestic market engagement [10][12]

| 买/卖 | | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | --- | | 买一 | 深股通专用 | | 9465.61 | 11456.02 | | 买二 | 机构专用 | | 2636.98 | 2058.90 | | 买三 | 机构专用 | | 1921.01 | 3116.86 | | 买四 | 机构专用 | | 1875.51 | 0.00 | | 买五 | 机构专用 | | 1851.44 | 2216.81 | | 卖一 | 深股通专用 | | 9465.61 | 11456.02 | | 卖二 | 机构专用 | | 1921.01 | 3116.86 | | 卖三 | 机构专用 | | 1851.44 | 2216.81 | | 卖四 | 机构专用 | | 2636.98 | 2058.90 | 卖五 中国国际金融股份有限公司上海分公司 967.90 1560.01 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买二、买三、买四、买五、卖二、卖 三、卖四，合计买入金额8284.94万元，卖出金额7392.5 ...

Group 1 - Leisai Intelligent adjusted the share repurchase price limit from 25.00 yuan/share to 52.00 yuan/share [1] - Fulin Precision's subsidiary Jiangxi Shenghua signed a supplementary agreement with CATL, involving a 500 million yuan advance payment for production capacity [1] - Shenzhou Cell plans to issue up to 25 million A-shares to its controlling shareholder to raise no more than 900 million yuan for working capital [2] Group 2 - BOE Technology received a commitment for an 1.8 billion yuan stock repurchase loan from China Construction Bank [2] - Chengjian Development plans to publicly transfer 9.24% equity in Beijing Science and Technology Park Construction Group at a minimum price of 282 million yuan [2][3] - *ST Lingda's chairman and president Wang Mingsheng resigned, with Jin Yongfeng elected as the new chairman [4] Group 3 - Jiangsu Boyun's shareholder plans to reduce holdings by up to 3% of the company's shares [6] - Yuhua Tian's shareholders plan to reduce holdings by up to 6% of the company's shares [8] - Anpei Long's shareholder plans to reduce holdings by up to 3% of the company's shares [10] Group 4 - Dayu Water-saving plans to participate in the auction for 70% equity of Huai'an Design Institute [15] - InSai Group intends to purchase 80% equity of Zhizhe Brand for 642 million yuan [16] - Jinj Chicken's shareholder plans to reduce holdings by up to 2.99% of the company's shares [18] Group 5 - Chao Hongji's shareholder plans to reduce holdings by up to 3% of the company's shares [19] - Chuangye Huikang's shareholder intends to transfer 40 million shares to repay stock pledge financing [20] - Zhuangzi Island's shareholder plans to reduce holdings by up to 1% of the company's shares [21] Group 6 - *ST Renle received a decision from the Shenzhen Stock Exchange to terminate its stock listing [22] - SMIC's wholly-owned subsidiary plans to sell 14.832% equity of a subsidiary to Hunan Guoke Microelectronics [24]

对话商社：新消费的黄金纪元：新场景+新客群+新产品+ 新渠道 20250605 摘要 新消费区别于传统消费，后者依赖经济增长和收入提升，前者基于"幸 福等于效用和欲望"理论，强调情绪价值、性价比出海及极致成本优势。 2025 年国投证券新消费 50 组合表现良好，验证了新消费投资潜力。 国投证券看好 2025 年新消费板块的持续增长，尽管存在波动，但税收 政策和内需增长驱动新兴企业发展，如老铺黄金、泡泡玛特等。基本面 良好，未来一到两年行情仍具持续性，但需警惕资金在新科技与新消费 间的切换。 新消费定价抓手在于场景、客群、产品和渠道的创新。2018-2020 年 一级市场资本注入宠物经济、美容护理和餐饮等领域，催生一批国产品 牌，商业模式逐渐成熟，竞争格局改善，为新消费公司提供了发展机遇。 当前新消费行情并非全新产品周期，而是渠道、场景或客群变化驱动， 呈现百花齐放态势。前期资本注入的种子经过培育，推动行业发展，行 情由实际业绩支撑，如泡泡玛特和老铺黄金，估值具备支撑。 Q&A 新消费的黄金纪元是什么意思？国投证券策略团队对新消费的认知是什么？ 新消费的黄金纪元指的是在当前经济环境下，新的消费模式和趋势正在迅 ...