Group 1 - The core issue of cat allergies is becoming more prevalent in China, with approximately 36 million households affected by cat allergies or interested in owning cats despite allergies [1][3] - Kantar's research indicates that there are about 22 million households that own cats but are allergic, and around 14 million households that wish to own cats despite allergy concerns [1] - The increasing number of cat owners is leading to greater exposure to cat allergens, making the issue of cat allergies more common [1] Group 2 - JD Health and Nestlé Purina are collaborating to promote education on cat allergies, launching a new anti-allergy cat food product called "Crown Comfort" during the 2025 TOPS Pet Expo [3][4] - The new cat food is designed to significantly reduce allergic reactions in humans when fed to cats for 21 days, with effects stabilizing after 100 days [3][4] - Traditional methods for managing cat allergies, such as medication or environmental cleaning, have limitations, highlighting the need for innovative solutions like the new cat food [3][4] Group 3 - The new cat food utilizes IgY antibody technology to neutralize the Fel d1 protein found in cat saliva, which is the primary allergen causing reactions in humans [4] - There is a growing trend in pet ownership and an increase in awareness of allergens, leading to a rising number of inquiries about cat allergies, reflecting a heightened health consciousness among consumers [4] - The collaboration between JD Health and Nestlé Purina aims to create a more professional and efficient pet ownership experience through a combination of scientific and professional services [4]

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 兰杰 头图 | IC photo Busy Money 宠物食品新零售品牌"派特鲜生"宣布完成2500万美元天使轮融资 36氪获悉，"派特鲜生"宣布完成天使轮融资。据了解，资金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，以满足宠主多样化要求。 官方小程序显示，截至目前派特鲜生已开出12家门店，均位于上海，2月22日，派特鲜生在上海长宁 海粟文化广场开出首店。另值得注意的是，其创始人侯毅曾是盒马鲜生创始人和CEO，加入阿里巴巴 前，他曾长期在京东任职，在京东到家、亚洲一号仓和京东物流中担任重要职位。 AI智能机器人咖啡品牌WinnCafe稳因咖啡获数千万元融资 据IT桔子消息，Appverse应用宇宙旗下的WinnCafe稳因咖啡成功获得数千万元天使轮融资，由业内 某知名风险投资人独家投资。WinnCafe稳因咖啡依托Appverse应用宇宙的互联网基因和技术背景， 致力于将AI智能机器人技术与传统咖啡制作工艺融合，以保证咖啡出品的品质和稳定性。 目前，WinnCafe稳因咖啡智能AI咖啡机已斩获 ...

新华财经上海5月9日电（记者杨溢仁）"第五届TOPS上海它博会"日前在上海开展，萌宠、美食、音乐、直播、交易、洽谈……展会现场人潮涌动，在全景 展示宠物"衣食住行康"的同时，诸多宠物品牌齐聚一堂，吸引了众多专业观众和采购商。分析人士指出，随着多元消费场景和业态的逐步建立，"宠物经 济"成为新的风口，行业前景持续向好。 "创新引领"已逢其时 得益于国内良好的"消费基底"与持续完善的营商环境，"宠物消费"规模正不断壮大。 《2025年中国宠物行业白皮书（消费报告）》显示，2024年国内城镇（犬猫）消费市场达到3002亿元。在主要消费人群中，年轻宠主占比持续攀升，"90 后"宠主占比为41.2%，"00后"宠主占比为25.6%，年轻人已经成为养宠主力军。 从高端宠物食品到智能化宠物用品，从专业宠物医疗到多样化宠物服务，年轻人的"宠物消费"呈现出多元化、个性化、高品质的特点，为"它经济"注入了新 的活力。 为培育服务消费新业态、释放服务消费新动能，日前，第五届TOPS上海它博会在上海国家会展中心启幕。 记者在展会上看到，本届展会汇聚了全国乃至全球极具影响力、创新力、时尚潮流的宠物品牌，展出面积突破10万平方米，囊括了 ...

Investment Rating - The report maintains a positive outlook on the agricultural, forestry, animal husbandry, and fishery industry, highlighting significant profit recovery in 2024 and continued growth in 2025 [2][3]. Core Insights - The agricultural, forestry, animal husbandry, and fishery industry saw a substantial turnaround in 2024, with a total net profit of 39.648 billion yuan, a year-on-year increase of 694% [16][17]. - Key sub-sectors such as pig farming, poultry farming, and seed industry reported impressive profit growth rates of 321%, 261%, and 130% respectively in 2024 [2][16]. - The first quarter of 2025 continued to show strong performance, with a total net profit of 9.932 billion yuan, reflecting a year-on-year increase of 764% [20][21]. Summary by Sections 1. Overview of 2024 and Q1 2025 Performance - The agricultural, forestry, animal husbandry, and fishery sector achieved a net profit of 39.648 billion yuan in 2024, marking a significant recovery from losses in 2023 [16][17]. - In Q1 2025, the sector's net profit reached 9.932 billion yuan, continuing the positive trend from 2024 [20][21]. 2. Key Sub-Sector Performance 2.1 Pig Farming - The pig farming sector reported a total revenue of 387.9 billion yuan in 2024, with a net profit of 30.7 billion yuan, driven by rising pig prices and reduced costs [23][28]. - In Q1 2025, the sector maintained profitability with a net profit of 7.62 billion yuan, despite a slight decline in pig prices [40][45]. 2.2 Poultry Farming - The white-feathered chicken sector faced challenges with low demand and oversupply, resulting in a revenue of 31.69 billion yuan in 2024, while the yellow-feathered chicken sector saw a recovery in profitability [2][23]. - In Q1 2025, the poultry sector's net profit was 1.2 billion yuan, a significant increase compared to the previous year [2][20]. 2.3 Pet Food - The pet food industry experienced robust growth, with total revenue of 12.15 billion yuan in 2024, reflecting a year-on-year increase of 19.3% [2][3]. - In Q1 2025, the sector's revenue reached 3.09 billion yuan, continuing the upward trend [2][20]. 2.4 Feed Industry - The feed sector faced sales pressure but saw a recovery in gross margins, with total revenue of 156.62 billion yuan in 2024 [2][3]. - In Q1 2025, the feed industry reported a revenue of 35.63 billion yuan, indicating a positive growth trajectory [2][20]. 2.5 Animal Health - The animal health sector faced increased competition in 2024, leading to a decline in profitability, but showed signs of recovery in Q1 2025 with improved sales [2][4]. - The sector's revenue in 2024 was 16.472 billion yuan, with a net profit of 1.162 billion yuan [2][4]. 2.6 Seed Industry - The seed industry reported a revenue of 14.86 billion yuan in 2024, with a net profit of 370 million yuan, affected by declining grain prices [2][4]. - In Q1 2025, the sector continued to face challenges, with a revenue of 2.43 billion yuan and a significant drop in net profit [2][4]. 3. Investment Analysis - The report suggests focusing on leading pig farming companies for long-term value, as the sector is currently at a historical low valuation [3][5]. - The pet food sector is highlighted as a long-term growth opportunity, driven by increasing pet ownership and spending [3][6]. - The feed industry is expected to see demand recovery, supported by improved livestock numbers and stable raw material prices [3][4].

NO.1淘宝天猫与小红书签订战略合作，打造"红猫计划" 5月7日，淘宝天猫与小红书签订战略合作，打造"红猫计划"，宣布双方进一步开放融合，打通从"种 草"到购买的全链路，共同助推商家生意增长。同时，双方首次打开效果广告链路，共同新增笔记下 方"广告挂链"功能，对于前期加入试点的品牌来说，在小红书的投放内容可直接跳转至淘宝天猫。 ｜ 2025年5月8日星期四｜ 5月7日消息，叮咚买菜与香港DFI零售集团近日宣布达成战略合作。双方将整合供应链与零售终端的核 心优势，共同构建数字化跨境供应链体系，通过DFI旗下惠康超市，为香港消费者提供多元化、有品价 比的优质商品，双方设定合作首年目标销售额达1亿港元。首批6款叮咚买菜精选蔬菜已于近期上架香港 全线近280家惠康超市门店，并同步登陆惠康网店及foodpanda外卖平台。 点评：此次合作是叮咚买菜拓展香港市场的重要一步。通过与DFI的合作，叮咚买菜能够利用其在香港 的零售网络和品牌优势，快速进入香港市场，提升市场份额。未来，叮咚买菜需继续优化供应链和产品 创新，以满足香港消费者的需求。 NO.42025年京东"618"将于5月31日正式开启 5月7日，京东官宣，202 ...

派特鲜生于2024年底正式创立，其股权结构清晰，侯毅作为创始人持股51%，而宠物用品制造商耐威克的创始人兼董事长黄华隆则持有剩余的 49%股份。这并非两者的首次合作。早在2021年，耐威克与盒马就曾携手开设全球首家宠物餐厅，共同探索"宠物+新零售"的新模式。此次投资， 可以说是双方合作的进一步深化。 宠物鲜食新零售领域近日迎来了一则重磅消息，由盒马鲜生创始人侯毅创立的派特鲜生品牌，成功完成了高达2500万美元的天使轮融资，这一数 字刷新了近年来宠物行业的融资纪录。 今年2月22日，派特鲜生的全国首家门店在上海长宁区海粟文化广场试营业，凭借其独特的宠物鲜食理念，迅速吸引了众多宠物主人的关注。仅仅 一个多月后，派特鲜生便开始了规模化复制，连续开设了9家门店。为了满足不同区域、不同消费群体的需求，派特鲜生还推出了三大差异化店 型：宠物友好店、商场MALL店和社区店。 这笔资金将主要用于推动派特鲜生的三大核心战略：通过大数据定制产品创新，满足宠物主人的多样化需求；构建高效的供应链体系，确保产品 的新鲜与质量；以及门店的精细化运营与拓展，进一步巩固市场地位。 侯毅在接受媒体采访时曾表示，派特鲜生专注于新零售实体店，同时 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [2] Core Insights - The agricultural industry achieved a revenue of CNY 11,498.20 billion in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to CNY 466.39 billion, an increase of 806.55% [6][17] - In Q1 2025, the industry reported a revenue of CNY 2,706.77 billion, a year-on-year growth of 6.79%, with a net profit of CNY 133.13 billion, up 795.07% [6][17] - The overall profitability of the industry improved significantly in Q1 2025, with gross profit margin at 12.91%, net profit margin at 5.16%, and return on equity (ROE) at 2.57%, all showing year-on-year increases [21][30] Summary by Sections Overall Industry Performance - In 2024, the agricultural industry saw a slight decline in revenue but a substantial increase in net profit, indicating improved profitability despite lower sales [17] - The profitability metrics for Q1 2025 showed significant improvements compared to the previous year, with a notable decrease in the expense ratio [21] Sub-industry Analysis - The livestock sector experienced a remarkable increase in net profit, with pig farming turning profitable in 2024 and continuing strong performance into 2025 [6][29] - The poultry farming sector also showed strong growth, with net profit increasing significantly due to reduced feed costs and improved efficiency [43][44] - The pet food sector maintained high growth rates, with revenues and profits continuing to rise [6][25] Livestock Farming - In 2024, pig farming companies generated CNY 4,370.03 billion in revenue, a slight decline, but net profit surged to CNY 320.13 billion, reflecting a recovery in profitability [29] - In Q1 2025, revenues for pig farming increased by 18.69% year-on-year, with net profit rising by 236.12% [29][30] Poultry Farming - Poultry farming companies achieved a revenue of CNY 520.71 billion in 2024, with a net profit of CNY 28.49 billion, marking a significant increase [43] - In Q1 2025, revenue continued to grow, reaching CNY 118.71 billion, with net profit increasing to CNY 4.51 billion [43][44] Feed Industry - The feed industry reported a revenue of CNY 1,863.30 billion in 2024, with a net profit of CNY 52.48 billion, showing a significant recovery in profitability [58] - In Q1 2025, revenues rose to CNY 428.66 billion, with net profit increasing to CNY 15.26 billion [58][61] Animal Health - The animal health sector saw a revenue of CNY 129.02 billion in 2024, with a net profit of CNY 10.82 billion, despite a decline in profitability [66] - In Q1 2025, revenues increased to CNY 30.96 billion, with net profit rising to CNY 4.26 billion [66]

消费·掘金 年报一季报总结电话会议 20250504 传统内需市场在当前宏观环境下存在底部反转机会。通过比较 2025 年的贸易 战与 2018 年的贸易战，可以看到两者在市场选择上的相似性。在 2018 年贸 易战后，市场于 2019 和 2020 年全面布局消费，包括传统消费与新能源车技 术路线落地。如果映射到当前环境，本次宏观政策取向对消费的正面影响远好 于 2018 年，同时路径也较为相似。因此，我们看好创新消费在后续复苏叠加 良好政策取向下实现成长。从今年三月社零数据超预期以及四月地产数据回稳 来看，如果五六月份能够持续证实一季度相关宏观数据企稳，那么下半年市场 可能会更为重视传统消费及白马公司的布局。特别是具备结构性提价能力的板 块和公司值得重点关注。此外，从去年（2024 年）第四季度到今年（2025 年）第一季度，新消费报表端逐渐超预期，估值空间已经打开，而很多新消费 公司的估值已达到较高水平，因此只要传统消费公司的报表端稍微改善，其上 涨逻辑将更加通畅。 食品饮料板块的表现如何？有哪些子赛道值得关注？ 食品饮料板块整体分化明显，其中许多子赛道相对传统，如白酒、啤酒、乳制 品和调味品等。偏传统 ...

农林牧渔 2025 年 05 月 05 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 2024-05 2024-09 2025-01 农林牧渔 沪深300 相关研究报告 《2025Q1 农业板块公募重仓持股占 比下降，中宠股份获逆势增持—行业 周报》-2025.4.27 《2025Q1 农业板块公募基金重仓持 股占比下降，中宠股份获逆势增持— 行业点评报告》-2025.4.24 《3 月肉鸡价格小幅回暖，关注五一 和端午需求回暖支撑价格—行业点评 报告》-2025.4.22 2024 年养殖板块利润同比高增，宠物板块高景气延 续 ——行业周报 | 陈雪丽（分析师） | 王高展（联系人） | 朱本伦（联系人） | | --- | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | zhubenlun@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790123060055 | 证书编号：S0790124060020 | wanggaozhan@kyse ...