Core Viewpoint - The article discusses the significant business adjustments of the pet fresh food retail project "Paiteshengsheng," founded by Hou Yi, highlighting the closure of all physical stores while retaining online operations due to market challenges and consumer behavior [2][4][12]. Business Adjustments - Paiteshengsheng plans to close all physical stores by mid-December 2023, focusing on online sales instead [2][4]. - The project, which initially aimed to open 100 stores in Shanghai, is now undergoing a major restructuring after less than a year of operation [3][12]. Market Challenges - Hou Yi stated that the pet fresh food market is not currently favorable, with a small market size and limited consumer interest in switching from traditional pet food [4][20]. - The fresh food products require thawing, making them less convenient for consumers, which has impacted the competitiveness of physical stores [4][20]. Consumer Behavior - The article notes that while the concept of fresh pet food is appealing, actual consumer adoption is slow, requiring time for market education [20][22]. - There are concerns among pet owners regarding the safety and quality of the fresh food products, with some reports of adverse reactions from pets consuming these products [24][25]. Financial Aspects - Paiteshengsheng raised $25 million in angel funding earlier in the year, which is the highest amount for a front-end brand in the domestic pet industry this year [11][28]. - The business model faces challenges in balancing costs and profitability, particularly with the commitment to low pricing leading to low profit margins [25][26]. Future Outlook - Despite the current setbacks, the article suggests that the adjustments made by Paiteshengsheng do not signify the end of the pet fresh food market, but rather a necessary evolution [29][30]. - Hou Yi remains optimistic about future ventures in the retail sector, emphasizing the importance of product quality over sales channels [5][30].

Group 1: JD's New Initiatives - JD has launched a new ready-to-drink beverage brand called "Qixian Coffee," which uses fresh milk and aims to expand rapidly in Beijing, opening 3 to 5 new stores weekly, with plans to cover major urban areas by the end of the year [1] - JD's independent delivery app will enhance its market share in the instant delivery sector, while the introduction of JD Review and JD True List aims to increase user engagement and platform transparency, reflecting JD's long-term strategy in the local lifestyle market [2] Group 2: Pet Food Market Adjustments - The founder of Hema, Hou Yi, announced the closure of several physical stores for the pet food brand "Paitexiansheng," citing a significant gap between operational results and initial entrepreneurial goals, with plans to focus on online business instead [3] - The competitive landscape in the pet food market poses challenges for physical store operations, and this strategic shift will allow for resource optimization and improved operational efficiency [3]

5月7日，派特鲜生宣布完成2500万美元天使轮融资，创下近年来宠物行业天使轮融资新高。 而据媒体报道，从派特鲜生客服人员处获悉，派特鲜生确有多家门店关闭，首店也将在11月25日关闭， 这是总部的决定，其他门店后续都会关，门店关后无法取货，线上渠道也将同步关停，至于会员卡退费 具体可咨询门店。 公开资料显示，派特鲜生是侯毅去年3月卸任盒马CEO后的首个创业项目。从盒马退休仅半年，侯毅开 启了派特鲜生项目，切入宠物食品。 今年年初，侯毅曾表示，派特鲜生在2025年将深耕上海市场，计划开出100家门店，完成上海主要城区 的覆盖。通过不断优化产品和服务，派特鲜生希望能够推动宠物食品行业向更高品质、更健康的方向发 展，让宠物真正过上幸福生活。 瑞财经 吴文婷近日，盒马创始人侯毅创立的宠物鲜食品牌"派特鲜生"多家门店关闭引发关注。 据大众点评App显示，派特鲜生开设的18家门店中，有7家显示"暂停营业"或"歇业关闭"。 根据规划，该笔融资将用于大数据定制产品创新、建设高效供应链体系和门店精细化运营及拓展，精准 满足宠主多样化要求，推动行业向更高品质、更符合宠物消费特性的方向发展。 ...

Core Viewpoint - The company Pat Fresh is facing significant challenges, with multiple store closures occurring just months after opening, indicating potential operational and market difficulties [1][3][4]. Store Closures - Pat Fresh has reported that out of 18 stores in Shanghai, 6 are marked as "temporarily closed" and 1 as "permanently closed," with some stores having been open for only over 3 months [1]. - The flagship store in Shanghai, which opened on February 22, will close on November 25, just 9 months after its launch, as confirmed by customer service [3]. - Following the closures, the company will also shut down online channels, and there are uncertainties regarding the refund process for membership cards [3][4]. Business Model and Strategy - Pat Fresh positions itself as a new retail chain focusing on fresh food, with a business model that includes on-site preparation and sales [8]. - The company aims to expand its presence in Shanghai, planning to open 100 stores by 2025, despite current challenges [8]. - The brand's offerings include a variety of pet food products, emphasizing fresh and innovative items, but the operational complexities of fresh food production pose significant challenges [6][11]. Market Context - The global pet fresh food market is projected to exceed $4.5 billion by 2025, with a compound annual growth rate of 21.3%, significantly outpacing traditional dry food growth [11]. - However, the penetration rate of fresh food feeding in China is below 5%, indicating a substantial growth opportunity but also highlighting the challenges of establishing strong brands in this segment [11]. Financial Aspects - In May, Pat Fresh completed a $25 million (approximately 177 million RMB) angel round of financing, marking a record high for pet industry angel financing in recent years [9].

Investment Rating - The report suggests a positive outlook for the agricultural sector, indicating an "Overweight" rating for the industry, as it is expected to outperform the overall market [46]. Core Insights - The agricultural sector index rose by 2.7% while the Shanghai and Shenzhen 300 index fell by 1.1%, highlighting a divergence in performance [2][3]. - The report emphasizes the ongoing decline in pig prices, leading to increased losses and a potential acceleration in capacity reduction within the industry [2][3]. - The "Double Eleven" sales event showed strong performance for pet food brands, indicating growth potential for leading companies in this segment [2][3]. Summary by Sections Pig Farming - Pig prices have continued to decline, with the average selling price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year [2]. - Losses for self-breeding sows are significant, with a reported loss of 71.95 yuan per head, a week-on-week increase of 30.89 yuan [2]. - The report anticipates that the fourth quarter will see a lackluster peak season for pig prices, with proactive capacity reduction expected to accelerate [2][3]. Pet Food - Major e-commerce platforms reported strong sales during the "Double Eleven" event, with leading brands achieving high rankings in sales [2]. - The report highlights that domestic pet food brands are experiencing a growth trajectory, despite short-term export challenges due to trade tensions [2]. - Companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. are recommended for their strong market positions and growth potential [2][3]. Poultry Farming - The price of white feather broiler chicks has slightly decreased to an average of 3.35 yuan per chick, while chicken prices remain stable at 3.45 yuan/kg [2]. - The report notes that the supply of white chickens is expected to remain abundant, which may impact pricing dynamics in 2025 [2]. - Recommendations include focusing on leading companies like Sheng Nong Development for long-term value [2]. Beef Cattle - Prices for beef cattle and calves have seen a slight decline, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2]. - The wholesale price of beef has increased slightly to 66.73 yuan/kg, reflecting a potential upward trend in beef pricing [2].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook compared to the overall market performance [2][46]. Core Insights - The Swine price continues to decline, leading to an increase in losses, while the capacity reduction is expected to accelerate. The pressure on fat pig supply remains significant, and the seasonal demand for pigs may not boost prices, potentially undermining industry confidence [2][3]. - The pet food sector showed strong sales performance during the "Double Eleven" shopping festival, with leading companies achieving significant market share growth. The report suggests focusing on the growth potential of top-tier companies in this sector [2][3]. - The report highlights the stable performance of the white feather broiler chicken market, with slight declines in chick prices but stable chicken meat prices. The overall supply remains abundant, indicating a focus on leading companies for long-term value [2][3]. Summary by Sections Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index rose by 2.7%, while the CSI 300 Index fell by 1.1%. The top five gainers included Green Kang Bio (27.6%), ST Jiawo (23.2%), and Pingtan Development (22.2%) [2][3][9]. Swine Farming - The report notes a continued decline in swine prices, with the average price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year. Losses for self-breeding sows are reported at -71.95 yuan per head, a week-on-week increase in losses [2][3][41]. Pet Food - The report emphasizes the strong sales of domestic pet food brands during the "Double Eleven" event, with major brands like Guobao Pet and Zhongchong leading in sales rankings across various platforms [2][3]. Poultry Farming - The average selling price for white feather broiler chicks is reported at 3.35 yuan per chick, a week-on-week decrease of 2.9%. The average price for white feather broiler meat is stable at 3.45 yuan/kg [2][3]. Beef Cattle - The report indicates a slight decrease in the prices of beef cattle and calves, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2][3].

Core Insights - The new venture of Hou Yi, the founder of Hema, named "Paiteshengsheng," is facing significant setbacks, with multiple store closures reported just nine months after its launch [1][2][5] Company Summary - Paiteshengsheng has closed several of its 18 stores in Shanghai, with 6 marked as "temporarily closed" and 1 as "permanently closed," including a store that opened only 3 months ago [1] - The flagship store in Shanghai's Haicu Cultural Plaza is set to close on November 25, just nine months after its opening on February 22 [1] - As of now, Paiteshengsheng has 12 operational stores, with some offering promotions such as "50% off" on various products [1][5] Industry Context - The pet fresh food market is projected to exceed $4.5 billion globally by 2025, with a compound annual growth rate (CAGR) of 21.3%, significantly outpacing the traditional dry food market's growth of 5.2% [7] - Despite the growth potential, the penetration rate of fresh food feeding in China is below 5%, compared to 36% in the United States, indicating a substantial opportunity yet to be tapped [7] - The fresh food business for pets is complex, requiring high standards in supply chain management, nutritional science, and production control, which poses significant challenges for new entrants [7]

每经编辑｜陈柯名 潘海福 盒马创始人侯毅的新创业项目遭遇挫折。 据红星资本局，距离首店开业仅9个月，派特鲜生传出闭店的消息。大众点评App显示，派特鲜生在上海开设的18家门店中，有6家显示"暂停营业"、1家 显示"歇业关闭"，其中有门店开业仅3个多月。 另有消息称，派特鲜生首店上海海粟文化广场店也将于11月25日关闭，这距离其2月22日开业仅9个月。 对此，11月16日，红星资本局从派特鲜生客服人员处获悉，派特鲜生确有多家门店关闭，首店也将在11月25日关闭，这是总部的决定，其他门店后续都会 关，门店关后无法取货，线上渠道也将同步关停，至于会员卡退费具体可咨询门店。 红星资本局随后咨询派特鲜生多家营业门店，其中，派特鲜生BFC店相关人员表示，目前尚在营业，对于后续是否关停、会员卡退费问题，该人员 称，"不清楚，没有接到通知。"派特鲜生月亮湾店相关人员表示，"暂未接到总部关店通知，会员卡退费问题可去线下门店咨询。" 另据派特鲜生官方小程序，派特鲜生目前有12家营业门店，其中上海闵行区欢乐颂店支持配送到家，其余门店可到店自提，在所售商品中，不少商品标 注"五折促销"。 据了解，派特鲜生是侯毅去年3月卸任盒马CEO ...

Group 1 - The market experienced fluctuations last Friday, with the Shanghai Composite Index down nearly 1% and the ChiNext Index down nearly 3% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.96 trillion, a decrease of 83.9 billion compared to the previous trading day [1] - Sectors such as Hainan, gas, pharmaceuticals, and Fujian saw gains, while storage chips and CPO sectors faced declines [1] Group 2 - CITIC Securities believes that the demand for computing power driven by AI remains very strong, viewing the current adjustment as an opportunity [2] - The AI industry revolution is compared to the industrial revolution, suggesting a need for a long-term perspective on AI-related investments [2] - Quantum technology is highlighted as a key future industry, with recent advancements in quantum computing, including collaborations between China Telecom Quantum Group and GuoDun Quantum [2] Group 3 - Huatai Securities reports that the pet food market during Double Eleven in 2025 shows two main characteristics: a hot trading environment and a stable landscape among leading brands [3] - The industry is entering a phase of high-quality development, leading to increased competition, with a shift towards quality products over marketing gimmicks [3] - Companies with strong R&D and supply chain advantages are expected to lead in the long term [3] Group 4 - Galaxy Securities anticipates that the year-end market will continue to exhibit a volatile structure, with rapid rotation among sectors [4] - Funds are shifting towards themes like lithium batteries and electrolyte solutions, benefiting from policy support, although the sustainability of these themes remains uncertain [4] - As the year-end approaches, institutional allocations may become more balanced, preparing for next year's economic outlook [4]

Group 1: Market Overview - The market experienced fluctuations last Friday, with the Shanghai Composite Index dropping nearly 1% and the ChiNext Index falling close to 3% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.96 trillion, a decrease of 83.9 billion compared to the previous trading day [1] - By the end of last Friday, the Shanghai Composite Index fell by 0.97%, the Shenzhen Component Index decreased by 1.93%, and the ChiNext Index declined by 2.82% [1] Group 2: AI and Computing Power Demand - CITIC Securities believes that the demand for computing power driven by AI remains very strong, viewing the current market adjustment as an opportunity [1] - The firm emphasizes that the world is undergoing an AI industrial revolution, which should be observed from a long-term perspective, distinguishing it from recent trends in cloud computing and renewable energy [1] - CITIC Securities is optimistic about the demand and applications related to AI-driven computing power, highlighting the importance of quantum technology as a future economic growth point [1] Group 3: Pet Food Market Insights - Huatai Securities reports that the pet food market during the Double Eleven shopping festival in 2025 exhibited two main characteristics: a hot trading environment and a stabilizing landscape among leading brands [2] - As the industry enters a phase of high-quality development, increased investment from both industry and capital is expected to intensify short-term competition [2] - The competition among pet brands is anticipated to focus more on high-quality products rather than marketing gimmicks, with leading companies possessing strong R&D and supply chain advantages likely to emerge as winners in the long term [2] Group 4: Year-End Market Expectations - Galaxy Securities forecasts that the A-share market will continue to exhibit a consolidation pattern, with rapid rotation among sectors [3] - The technology sector, which previously saw significant gains, is currently in a consolidation phase, while funds are beginning to rotate towards themes like lithium batteries and electrolyte solutions [3] - As the year-end approaches, institutional allocations may become more balanced, preparing for next year's economic outlook, with a focus on themes such as "anti-involution" and dividends [3]