文 | 创业最前线 一年半以前，林小雨与男朋友见完爸妈从家里出来，就被趴在男朋友车上的一只很瘦、浑身雪白、一双蓝棕色异瞳的大咪吸引了，"它很亲人，见到我们 的到来主动爬过来，玩着玩着还睡着了。于是我决定收养了它。" 几个月前，琳琳抱着12岁的泰迪犬进入宠物医院的眼科诊室，它浑浊的双眼已看不清主人的脸——糖尿病引发的双侧白内障，让它在熟悉的家中频频撞 墙、踟蹰不前。 为了它之后的生活能够更舒心，琳琳没有犹豫，蹲在检查床边，一边轻抚它颤抖的脊背，一边签下花费数万元的手术同意书。对于琳琳来说，这不仅是医 疗决策，更是对十二年陪伴的郑重回应。 毫无疑问，在这个人与宠物关系被重新定义的时代，宠物主们越来越愿意用真金白银守护"毛孩子"的生命。这份由情感驱动的消费升级，正有望托举 起"中国宠物医疗第一股"。 当这一代"铲屎官"对宠物健康日益重视，中国宠物医疗行业已然从街角简陋的"兽医铺子"，蜕变为配备DR影像、ICU监护、微创内窥镜甚至肿瘤放化疗体 系的专业医疗场景。 近期，中国第二大宠物医疗服务提供商瑞派宠物正式向港交所递交招股书，计划冲刺资本市场。 然而，翻看其招股书，尽管瑞派借势情感消费浪潮快速扩张至548家医院，却 ...

宠物的角色从"动物"转变为"家庭成员"，使得宠主们对自己宠物的健康情况关注度显著增长，直接拉动了宠物医药、保健品、功能性处方食品等高附加值品 类的爆发。近日，"猪咪"减肥药迎来新进展。农业农村部已受理华东医药子公司申报的猫用减肥新兽药——普瑞泊肽注射液上市注册申请，适用于成年肥胖 猫体重管理。试验显示，用药6周后试验猫体重平均下降9.26%，超七成减重超过5%。 此外，京东数据指出，宠物健康已成为无可争议的消费增长第一动力。全国宠物消费大盘中，2025年，宠物处方食品同比增幅高达290%，宠物治疗药增长 80%，情绪舒缓类产品增长超90%，这些数字远高于传统品类增长。 企查查数据显示，截至1月5日，国内现存宠物医疗相关企业1.74万家。从经营时间来看，宠物医疗相关现存企业主要成立在5-10年，占比达40.29%。其次， 成立年限在1-3年、3-5年的相关企业分别占比19.15%、18.51%。注册量方面，2025年全年注册宠物医疗相关企业1909家，同比增长8.59%。 2.相关企业主要集中分布在华东地区 企查查数据显示，截至1月5日，国内现存宠物医疗相关企业1.74万家，2025年全年注册宠物医疗相关企业1 ...

www.leadleo.com 2025年中国宠物医疗行业系列洞察报告（一）： 新瑞鹏"千店计划"启幕，宠物医疗连锁化浪潮下，行业将走向何方？ 2025 China Pet Healthcare Industry Insights Series Report (1):New Ruipeng Launches "Thousand-Store Initiative" – Where is the Industry Heading Amidst the Wave of Pet Healthcare Chain Expansion? 2025年中国ペットヘルスケア産業インサイトシリーズレポート（1）：新瑞朋が「千店舗計画」を発表―― ペットヘルスケアチェーン拡大の波の中で業界はどこへ向かうのか？ 概览标签：单体医院、全国连锁、宠物诊疗 作者：何婉怡 1 ©2025 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。 ，任何人不得以任何方式擅自复制 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生， ...

Core Viewpoint - The article discusses the rise of the pet economy in China, highlighting the challenges in pet healthcare, including a shortage of veterinarians and high drug prices, while also showcasing the initiatives by Zhongkai University to address these issues through education and innovation in veterinary medicine [3][4][5]. Group 1: Pet Economy and Challenges - The pet economy in China has become a trillion-dollar market, with the total number of dogs and cats exceeding 120 million [3]. - The veterinary industry faces a significant gap with only 300,000 practicing veterinarians available, leading to difficulties in pet healthcare [4]. - The high prices of imported pet medications contribute to the challenges faced by pet owners, exacerbating the supply-demand imbalance in the industry [5]. Group 2: Educational Initiatives - Zhongkai University is positioning itself as a talent hub and innovation engine for the pet industry, with plans to train around 100 undergraduate and graduate students annually [18]. - The university's teaching animal hospital will provide students with hands-on clinical experience, moving away from traditional case-based learning [10][12]. - The curriculum includes a focus on practical skills, with students participating in diagnosis, treatment, and case analysis, ensuring they are job-ready upon graduation [20][21]. Group 3: Transparency and Innovation in Veterinary Services - The upcoming Zhongkai teaching animal hospital will implement transparent pricing for all medical services and medications, addressing common pain points for pet owners [33]. - The hospital will offer various treatment packages and free online consultations for minor issues, enhancing accessibility for pet owners [35]. - The establishment of a specialized animal disease diagnostic center will cater to the needs of pet owners with specific animals like ornamental fish and birds, leveraging the university's research strengths [39][40]. Group 4: Research and Development in Pet Pharmaceuticals - Zhongkai University is actively involved in the research and development of pet medications, aiming to reduce reliance on imported drugs and enhance innovation in the field [43][44]. - The university is working on a new vaccine for feline infectious peritonitis, which is currently in clinical trials [45]. - The demand for pet medications is expected to grow, particularly for health management and nutritional support, as pet ownership trends evolve [46]. Group 5: Future Trends and Recommendations - Experts emphasize the importance of establishing standardized pricing in the pet healthcare industry to ensure sustainability and avoid unhealthy competition [52]. - The trend towards specialization in veterinary services is expected to grow, with universities like China Agricultural University leading the way in developing specialized programs [56]. - Young professionals are encouraged to explore diverse career paths within the pet industry, including pharmaceutical development and elderly pet care services [59].

Core Viewpoint - The article discusses the growth and development of Ruipai Pet, a national chain of pet medical institutions in China, founded by Li Shoujun, who transitioned from a state-owned enterprise to entrepreneurship. The company is preparing for a potential listing on the Hong Kong stock market, which could enhance its presence in the international capital market [2][3]. Group 1: Company Overview - Ruipai Pet was established in December 2012 with a registered capital of 100 million yuan, primarily owned by Zhongrui Huapu and individual shareholders [3]. - The company has undergone multiple financing rounds, raising a total of 2.147 billion yuan from investors including Mars China and Goldman Sachs [3][4]. - As of the first half of 2025, Ruipai Pet operates 548 pet hospitals, making it the second-largest pet medical service provider in China [19]. Group 2: Financial Performance - Ruipai Pet's revenue has shown consistent growth, with figures of 1.455 billion yuan in 2022, 1.585 billion yuan in 2023, and projected 1.758 billion yuan in 2024, alongside a revenue of 943.13 million yuan in the first half of 2025, reflecting an 8.52% year-on-year increase [19][20]. - The core business of diagnostic services has also seen growth, with revenues of 1.296 billion yuan in 2022 and projected 1.593 billion yuan in 2024 [19]. - The gross profit margin for Ruipai Pet has fluctuated, with a margin of 22.4% in 2022, 21.0% in 2023, and increasing to 24.8% in the first half of 2025 [27][28]. Group 3: Ownership and Control - Li Shoujun, the actual controller of Ruipai Pet, holds a 26.91% stake in the company through Zhongrui Huapu and Ruipu Biology [8]. - The company has seen various shareholders transfer their stakes, with significant transactions occurring in 2020 and 2022, indicating active management of equity [5][6]. Group 4: Operational Insights - Ruipai Pet's hospitals are primarily acquired, with 428 out of 548 hospitals being obtained through acquisitions [21]. - The company has a diverse range of services, including pet product sales and grooming services, although these contribute a smaller portion of total revenue compared to diagnostic services [19][23]. - The average revenue contribution per city center hospital is significantly higher than that of community hospitals, indicating a strategic focus on higher-margin facilities [21]. Group 5: Future Prospects - Ruipai Pet is preparing for a potential IPO, which could provide additional capital for expansion and enhance its market position [2][3]. - The company has maintained positive operating cash flow, with net inflows of 2.92 billion yuan in 2022 and 2.63 billion yuan in the first half of 2025 [29].

Core Viewpoint - The pet medical industry in China is facing significant challenges despite high demand, with costs rising and profitability remaining elusive for major players like Ruipai Pet Hospital Management Co., Ltd. [1][4][12] Industry Overview - The pet medical sector is characterized by a large and fragmented market, with over 30,000 pet hospitals in China, yet the top five chains only account for 6.5% of the total number of hospitals [8] - The market for pet dogs and cats in urban China is projected to exceed 300 billion yuan by 2024, with the number of pets surpassing 120 million [3][10] Financial Performance - Ruipai's financial data indicates net losses of 62 million yuan in 2022, 251 million yuan in 2023, and an expected loss of 59 million yuan in 2024, with a modest profit of approximately 15.54 million yuan anticipated in the first half of 2025 [4][8] - The average cost of a single veterinary visit in mainland China exceeds 2,000 yuan, with treatment for common conditions often costing several thousand yuan [4][10] Market Dynamics - The aging pet population is a critical factor, with over 30 million pets entering middle age by 2024, leading to increased reliance on vaccines, health products, and chronic disease management [3][12] - The lack of pet insurance penetration in China, at only 22%, compared to over 50% in developed markets, exacerbates the financial burden on pet owners [10][18] Challenges in Profitability - The industry faces structural challenges, including high fixed costs, weak payment leverage, and difficulties in standardizing services, which hinder profitability despite high service prices [9][12][21] - The reliance on single business lines for revenue, coupled with high labor costs and low equipment utilization, contributes to the financial struggles of pet hospitals [12][20] Recommendations for Improvement - To promote healthy development in the pet medical industry, efforts should focus on enhancing payment systems, improving supply chains, increasing talent availability, and establishing regulatory frameworks [21][22] - Implementing insurance leverage, community-based services, and standardized treatment protocols could help reduce costs and improve access to pet healthcare [21][22]

Core Viewpoint - Ruipai Pet Hospital Management Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its capitalization process and reflecting the growing Chinese pet medical market's shift towards specialization, chain operations, and capitalization [1] Industry Evolution - The Chinese pet medical industry has been highly fragmented with insufficient standardization; Ruipai, as the second-largest player, holds only 4.8% market share in 2024, indicating substantial room for increased industry concentration [2] - Ruipai's rise represents an exploration of integrating the "standardized chain" model of mature pet medical markets with local characteristics, showcasing a profitable single-store model and a replicable expansion system [2] - As of mid-2025, Ruipai is the only profitable national pet hospital chain with over 500 locations, achieving a gross margin of 24.8%, breaking the stereotype of "increasing revenue without increasing profit" [2] Unique Positioning for IPO - Ruipai's financial performance is robust, achieving adjusted net profit growth, reaching 72 million yuan in the first half of 2025, indicating it has crossed the critical point between scale and profitability [3] - The company has developed a rational diagnostic system with a three-tier structure (city center hospitals, regional center hospitals, community hospitals), enhancing high-value specialty business revenue from 25.9% in 2022 to 31.5% in mid-2025 [3] - Ruipai has established a solid talent barrier with 2,137 licensed veterinarians and 22 hospitals certified as "five-star" by the Chinese Veterinary Association, representing 25% of all such hospitals nationwide [3] Strategic Upgrade - The IPO provides Ruipai with a higher-level development platform, focusing on transitioning from "scale leadership" to "ecosystem leadership" [4] - Key strategies include consolidating offline network advantages while enhancing medical technology and digital ecosystem integration, developing online hospital services, and creating a seamless health management ecosystem [4] - This evolution aims to redefine pet medical services from mere "diagnostic locations" to comprehensive health partners centered on pet health data and lifecycle [4] Industry Impact - Ruipai's IPO sets a benchmark for valuation in the pet medical sector, potentially leading to a re-evaluation of pet medical projects in the primary market and attracting long-term capital [5] - It demonstrates the feasibility of achieving chain profitability through standardized and digital management, providing a pathway for the industry to transition from extensive to refined and branded operations [5] - The public company status enhances Ruipai's ability to attract and retain top veterinary talent, thereby elevating industry professional standards [5] Future Outlook - The Chinese pet medical market is entering a rapid growth phase driven by rising living standards and changing pet ownership perceptions [6] - Ruipai's entry into the Hong Kong market not only opens new financing channels but also positions it as a benchmark for high-quality development in the pet medical service sector, likely attracting more resources into this lucrative field [7]

Core Viewpoint - Ruipai Veterinary Hospital Management Holdings Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing pet healthcare market in China, where it is the second-largest provider of pet medical services [1][11]. Group 1: Company Overview - Ruipai was established in 2012 and focuses on pet medical services, which are divided into basic and specialized medical care [2]. - The company operates 548 pet hospitals, including 120 self-built and 428 acquired hospitals, covering 70 cities across 28 provinces in China [4]. - Ruipai's market share in the Chinese pet medical industry is 4.8%, with a higher share of 6.3% in high-tier cities [1]. Group 2: Financial Performance - Ruipai's total revenue has shown consistent growth, with figures of 1.455 billion RMB, 1.585 billion RMB, 1.758 billion RMB, 869 million RMB, and 943 million RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively [3]. - The company transitioned from a loss to a profit in the first half of 2025, reporting a net profit of 15.28 million RMB, after previous losses in 2022, 2023, and 2024 [3]. - The overall gross margin improved from 21.0% in 2023 to 24.8% in the first half of 2025, with significant growth in the gross margin of grooming services [3]. Group 3: Business Model and Expansion - Ruipai employs a Veterinary Development Partners (VDP) model for hospital acquisitions, typically acquiring 60% ownership while allowing original teams to retain 40% to ensure service quality [4]. - The company has a high goodwill of 1.792 billion RMB, which constitutes 68.4% of its non-current assets, primarily due to extensive acquisitions [4]. - The revenue distribution in the first half of 2025 shows that regional center hospitals contributed 43.9%, city center hospitals 31.5%, and community hospitals 24.4% [5]. Group 4: Market Position and Competitive Landscape - Ruipai is the only profitable chain pet hospital in China, contrasting with its main competitor, New Ruipeng, which has reported significant losses in recent years [5][11]. - The IPO proceeds will be used to expand the hospital network, enhance pet health management services, develop IT infrastructure, and strengthen brand recognition [11]. - The competitive landscape is characterized by a "dual dominance" with New Ruipeng leading the market with over 1,900 stores, while Ruipai follows closely with 548 stores [11].

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Sector Outlook for 2026**: The consumer sector is expected to recover significantly, driven by a focus on domestic demand and policy support, particularly in service consumption and new product categories. The real estate sector's negative impact is diminishing, with core CPI showing six months of recovery [2][5][8]. Core Insights and Arguments - **Long Bull Market Prediction**: A long bull market similar to 2016-2019 is anticipated to begin in the second half of 2026, led by AI-driven new products, service consumption, overseas opportunities, and durable goods. The first half of 2026 will see strong performance in overseas markets, while domestic demand will gain attention in the latter half [1][5][6]. - **Policy Support for Consumer Spending**: The introduction of a resident income increase plan by the central economic work conference, along with the appreciation of the RMB and favorable trade policies, will provide a solid foundation for consumer spending in the coming years [1][9][10]. - **AI and 3D Printing Opportunities**: The AI and 3D printing sectors are poised for significant growth, with opportunities across the entire supply chain, including leading companies and innovative hardware products like AI glasses and smart mattresses [1][12]. Key Sectors and Companies to Watch - **Service Consumption**: Focus on service consumption growth in 2026, particularly in travel and tourism, as well as the elderly care sector, which is expected to see increased demand [3][15]. - **Alcohol and Snack Industries**: The liquor sector, particularly major brands like Moutai, is expected to maintain strong performance due to price stability measures. The snack sector is also showing promise, with companies like Wanchen and Yanjin expected to perform well during the pre-Spring Festival period [16][20][24]. - **Elderly Economy**: The silver economy is anticipated to grow, with companies like Sanxia Tourism and Aima Technology showing potential in the elderly travel and mobility sectors [15][11]. Investment Logic and Recommendations - **Consumer Sector Investment**: The consumer sector is seen as undervalued, with significant room for valuation recovery. The focus should be on companies benefiting from policy support and improving domestic demand [2][30]. - **Emerging Technologies**: Investment opportunities in AI and new technologies, particularly in 3D printing and AI-enhanced products, are highlighted as key growth areas [12][35]. - **Overseas Expansion**: Companies with strong overseas branding and supply chain capabilities are recommended for investment, especially in light of the RMB appreciation [13][31]. Additional Insights - **Real Estate Market Impact**: The negative impact of the real estate market on consumer spending is expected to be limited, as government measures to boost public spending and social security are likely to stabilize purchasing power [7][8]. - **Consumer Market Drivers**: Key drivers for the consumer market include urbanization, rising GDP per capita, and demographic shifts, particularly the aging population, which will influence consumption patterns [10][11]. - **Food and Beverage Sector**: The snack and beverage sectors are expected to benefit from new retail models and consumer trends, with specific companies recommended for their growth potential [20][24][27]. This summary encapsulates the essential insights and recommendations from the conference call records, providing a comprehensive overview of the anticipated trends and investment opportunities in the consumer sector for 2026.

Core Viewpoint - Ruipai Pet has submitted its IPO application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, indicating its intention to expand its business and capitalize on the growing pet healthcare market in China [1]. Financial Performance - Ruipai Pet's revenue has shown steady growth, increasing from 1.45 billion RMB in 2022 to 1.76 billion RMB in 2024, despite experiencing net losses during the same period [4][5]. - In the first half of 2025, the company reported a revenue of 943.13 million RMB, reflecting an 8.5% year-on-year growth, with a net profit of 15.54 million RMB [4][5]. - The company's gross profit margin improved from 21.0% in 2023 to 24.8% in the first half of 2025, with the gross margin for beauty services significantly increasing from 12.1% in 2022 to 39.0% in the first half of 2025 [5][6]. Business Structure - Ruipai Pet operates as a national chain of pet medical institutions, focusing on integrated services that include medical treatment, product sales, and grooming services [2]. - The core business is divided into basic and specialized medical services, with specialized services covering 16 fields. As of June 30, 2025, medical services accounted for 91.3% of total revenue [2][4]. - The company has established a three-tier medical collaboration system consisting of city center hospitals, regional center hospitals, and community hospitals, with regional center hospitals contributing 43.9% to revenue in the first half of 2025 [2]. Shareholding Structure - The largest shareholder of Ruipai Pet is Li Shoujun, who controls 26.91% of the shares, while other significant investors include Mars China with 23.33% and Broad Street with 6.79% [7][10]. Use of IPO Proceeds - The funds raised from the IPO will be primarily used for strategic acquisitions and new hospital constructions, enhancing pet health management services, developing IT infrastructure, brand building, and general operational purposes [8].