Core Insights - The pet shampoo market in China is experiencing significant growth, with the market size projected to increase from 2.4 billion yuan in 2020 to 11 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 46.32% [1][16] - The industry is evolving from basic cleaning products to those that emphasize health care and emotional experience, with consumers increasingly prioritizing natural ingredients and functionally suitable products [1][16] - By 2025, the market size for pet shampoo in China is expected to reach 12 billion yuan, driven by rising pet ownership and enhanced consumer awareness regarding pet care [1][16] Industry Overview - Pet shampoo refers to cleaning products such as soaps and shower gels designed for pets, primarily used for deodorizing and preventing mites and fleas [4][16] - The market is segmented into general-purpose, functional, and medicinal types, catering to various pet needs [4] Industry Development History - The pet shampoo industry originated in the early 20th century, initially focusing on basic cleaning functions [6] - The 21st century has seen rapid development, with technological advancements leading to improved product formulations and increased brand competition [6] Industry Chain - The upstream of the pet shampoo industry includes raw materials like surfactants and various functional additives [8] - The midstream involves the manufacturing of pet shampoos, while the downstream encompasses sales through various channels including e-commerce and pet stores [8] Market Trends - The demand for customized products is rising, with brands likely to offer tailored solutions based on pet type and specific needs [24] - Functional products are becoming more specialized, with increasing demand for medicated shampoos and products catering to specific life stages of pets [25][26] - There is a growing preference for natural and organic ingredients, with consumers favoring products that are safe and environmentally friendly [27] Competitive Landscape - The global pet shampoo market features a mix of international and local brands, with competition intensifying as the pet economy grows [18] - Notable brands include ISB from Italy, Earthbath from the USA, and local brands like Xue Diao Liu Xiang and Yi Nuo, which are rapidly gaining market share in China [18][19] Key Companies - Chaoyun Group is a leading player in the pet care market, with a projected revenue of 127 million yuan from pet products in 2024, marking a 64.94% year-on-year increase [20] - Guangzhou Huiyou Biotechnology Co., Ltd. is a prominent company in the pet shampoo sector, known for its well-established brands and significant market presence [22]

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 18 日 浙商早知道 2025 年 07 月 18 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要推荐 重要观点 重要点评 ❑ 【浙商教育与人力资源 段联/马莉/刘梓晔/冯翠婷】粉笔（02469）公司更新：AI 刷题系统班助力夺回市占、增厚 利润的奇点时刻？——20250716 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数上涨 0.4%，沪深 300 上涨 0.7%，科创 50 上涨 0.8%，中证 1000 上涨 1.1%，创业板指上涨 1.8%，恒生指数下跌 0.1%。 ❑ 行业：周四表现最好的行业分别是国防军工（+2.7%)、通信（+2.4%)、电子（+2.2%)、医药生物（+1.8%)、钢铁 （+1.4%)，表现最差的行业分别是银行（-0.4%)、交通运输（-0.4%)、环保（-0.3%)、公用事业（-0.2%)、建筑装 饰（-0.2%)。 ❑ 资金：周四 ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请用以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为上网红言研究保留追究泄露转发者法律责任的权利 所以其实后续呢好通啊也是会去拼搏啊现在包括啊从市面上各种用品的一个品牌的一个相当的一个秘密啊而且提引自己过去的那一个啊是开辟了这样的一个秘密去帮助现在去制定这样一个新品牌的成熟和价格的一个客源啊提升这样一个市场的反应能力啊所以我觉得后续呢 各位网友大家好,我是新浪青年网络设计师陈铭豪。我们的重庆快乐月更新合作伙伴纪念日庆典会,怀疑最近年度重庆聚展快乐的情绪性还是蛮高的,所以要不要更新?希望通过重庆的一个正式的企划,能够提出一些人口的状况,并快速更新更新聚会,以迎合明显的提升。所以我们也希望大家再更新一下,继续加关注一下。 从英国电影院的角度来看,他们的家族性首先呢,就是基本主义就是对共争竞争在当地的考虑的标准,他觉得是国内的战争战士,从英国的共产党来看,这些人是非常极权的包括马克思主义,从南京,从新西兴主义,从中英主义 它就有一个重用仪式存在但是呢它的这个重用仪式 ...

Group 1 - The core point of the news is that Wuhu Youpai Nursing Products Technology Co., Ltd. (Youpai Technology) is set to relist its shares on the National Equities Exchange and Quotations system starting July 10, marking its return to the capital market after a voluntary delisting in 2020 [1][3]. - Youpai Technology was founded in 2006 and specializes in adult incontinence care products, pet cleaning products, personal care products, and medical hygiene products, integrating R&D, manufacturing, and sales [3][5]. - The company has developed its own pet brands, including Honeycare and Cocoyo, which have achieved over 100 million in revenue, with Honeycare recently ranking first in market share on JD.com [3][5]. Group 2 - Revenue data from 2022 to 2024 (January-August) shows Youpai Technology's revenue at 929 million, 963 million, and 681 million respectively, with net profits of -24 million, 66 million, and 41 million [5][6]. - The pet business has become increasingly significant, with revenues of 506 million, 657 million, and 503 million from 2022 to 2024 (January-August), accounting for 54.42% to 73.91% of total revenue [5][6]. - The company relies heavily on overseas markets, with foreign revenue accounting for 46.69%, 60.09%, and 62.51% of total revenue from 2022 to 2024 (January-August) [6][7]. Group 3 - For 2024, Youpai Technology projects revenue of 1.02 billion, a 5.85% increase year-on-year, but anticipates a net profit decline of 3.04% to 59.13 million, with a significant drop in net profit after excluding non-recurring gains [8][9]. - The decline in net profit is attributed to increased marketing expenses for brand development and diminishing returns from advertising on platforms like Amazon and Douyin [8][9]. - The competitive landscape is intensifying, with companies like Yiyi Co., which reported a 34.41% revenue increase in 2024, posing a significant challenge to Youpai Technology [9][10]. Group 4 - The importance of developing proprietary brands is growing among domestic pet companies, as many are heavily reliant on overseas markets, which can be affected by external factors [10]. - Youpai Technology's strategy of balancing OEM and proprietary brands has allowed it to capture a leading market share domestically, but its future growth amidst increasing competition remains uncertain [10].

Group 1 - The report highlights the emergence of new consumer demands driven by generational changes, with the Z generation becoming the main consumer force, leading to a restructuring of the competitive landscape in the consumer goods sector [3][5][11] - The growth of domestic brands is emphasized, particularly in categories such as personal care, pet products, and home goods, where companies like Baiya Co., Ltd. and Dengkang Oral Care are gaining market share through innovative products and effective marketing strategies [5][19][24] - The report identifies significant opportunities in the AI-driven product categories, such as AI mattresses and AI glasses, which are expected to see high growth in the medium to long term [5][19][29] Group 2 - The housing market is projected to stabilize, with policies encouraging home upgrades and replacements, which will drive demand for home goods, particularly in the AI mattress segment [6][9] - The packaging industry is undergoing a global supply chain restructuring, leading to accelerated consolidation and improved profitability for leading companies [7][10] - The report notes that the export sector is expected to see a reduction in the impact of tariff policies, allowing for better growth prospects in overseas markets [10][19] Group 3 - The report discusses the rise of IP-derived products, particularly in the emotional consumption space, where younger consumers are increasingly drawn to products that fulfill social and emotional needs [34][37][43] - Companies like Bluku and Chengyuan Co., Ltd. are highlighted for their innovative approaches in the IP toy market, leveraging strong brand partnerships and diverse product offerings to capture market share [44][49][56] - The report emphasizes the importance of digital marketing and e-commerce strategies in driving sales for companies in the consumer goods sector, particularly in the context of changing consumer behaviors [50][52][61]

Core Insights - The pet cooling products market is experiencing a surge in demand due to the high temperatures of summer, with various products like pet cooling mats and collars gaining popularity among pet owners [2][10] - There is a growing debate regarding the practicality and effectiveness of these cooling products, with mixed reviews from consumers about their actual utility [6][10] Market Performance - Online sales data indicates a significant increase in the sales of pet cooling products, with a 38% rise in product heat and a 42% increase in sales for cooling mats and beds on platforms like JD.com [2] - A specific pet cooling mat priced at 7.99 yuan has sold over 10,000 units in just seven days, indicating strong consumer interest [2] - Offline retail locations, including major chains like Muji and Sam's Club, are also reporting good sales of pet cooling products [3] Consumer Feedback - Many pet owners have left positive reviews for products like cooling mats, noting that their pets enjoy using them [6] - However, some consumers have expressed disappointment, stating that their pets do not use the products as expected, highlighting individual differences in pet preferences [6][7] Industry Trends - The pet industry is evolving, with pets increasingly viewed as family members rather than just functional companions, leading to a focus on emotional value in pet products [10] - There is a noted shift in product design, with some items being criticized for prioritizing human emotional needs over the actual physiological needs of pets [10] Expert Opinions - Veterinary professionals emphasize the importance of pet cooling measures, advising pet owners to avoid walking pets during peak heat and to ensure proper hydration [11] - Experts recommend that pet owners consult with professionals before purchasing cooling products to ensure suitability for their specific pets [11]

Core Insights - The domestic pet economy has seen significant growth, with 4.474 million related enterprises existing as of April this year, a threefold increase from 2021, and over 77% of these companies established within the last three years [1] - The overseas market is becoming increasingly competitive, particularly in high-value markets like Europe and the US, leading to a downward trend in product prices [1] - Companies are focusing on building brand awareness and user reputation as a long-term strategy to remain competitive in the market [1] Industry Trends - The pet products sector includes various categories such as leashes, cleaning supplies, bedding, feeding utensils, clothing, and toys [2] - Companies are categorized into two main types for overseas expansion: supply chain enterprises that manufacture products for major retailers and new consumer brands that focus on brand building [2][3] - Supply chain companies like Tianyuan Pet have adopted a strategy of participating in international exhibitions and acquiring foreign brands to enhance their market presence [2] Market Dynamics - New consumer brands are targeting Southeast Asia for initial expansion due to its rapid growth and lack of dominant players, allowing them to gain a first-mover advantage [3] - Intense competition has led to price compression in the pet products market, prompting companies to innovate with "AI+" smart pet products to differentiate themselves [3][4] - The global smart pet products market reached $4.2 billion in sales by 2023, with significant price competition emerging as many similar products enter the market [4] Consumer Behavior - The acceptance of smart pet products in overseas markets is currently limited due to product maturity, necessitating ongoing investment and product iteration [5] - Establishing brand awareness in the pet products sector is challenging, as consumer purchasing decisions are often influenced by product effectiveness and perceived value [6] - Companies are encouraged to create standout products to build a positive reputation and gradually establish brand identity, similar to strategies used in the baby products sector [7]

Group 1: Company Performance and Market Adaptation - The company's order situation is stable, with production proceeding normally after recovering from previous tariff impacts on U.S. business [2] - The company is actively expanding into non-U.S. markets such as Europe and Southeast Asia to mitigate market risks [2] - The Cambodian factory has an annual production capacity of approximately 300 million pet pads, with plans to flexibly expand capacity based on specific circumstances [3] Group 2: Market Potential for Pet Hygiene Products - The domestic market for disposable pet hygiene products has significant development potential, driven by increasing pet ownership and changing consumer attitudes [3][4] - The percentage of pet owners born in the 1990s is 41.2%, while those born in the 2000s account for 25.6%, indicating a shift towards younger pet owners [4] - The aging pet population in China is creating a stable demand for incontinence care products, such as pet diapers and pads [4] Group 3: Brand Development and Strategic Planning - The company is increasing investment in promoting its own brands, "HUSHPET" and "Yiping Huafang," through a combination of online and offline channels [4] - Future strategies include a dual-circulation model focusing on both domestic and international markets, as well as a dual-driven approach combining ODM/OEM and proprietary brands [5] - The company is strategically investing in the pet industry through an industrial fund, targeting areas such as cat litter, pet food, and smart pet products [5]

Core Insights - H&H International Holdings reported a mid-single-digit revenue growth for the six months ending June 30, 2025, driven by growth across all business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products [1] Group 1: Adult Nutrition and Care Products - The adult nutrition and care products segment experienced a mid-single-digit revenue increase, primarily due to double-digit growth in mainland China and strong performance in other expanding markets [1] - The growth in this segment is attributed to rising consumer demand for beauty, anti-aging, and detox products, as well as the success of innovative product lines such as Swisse Plus+, Little Swisse, Smart Melts, and Swisse Magnesium Glycinate [1] - Swisse maintains a leading position in the overall vitamin, herbal, and mineral supplement market in mainland China, benefiting from its strong e-commerce presence [1] Group 2: Infant Nutrition and Care Products - The infant nutrition and care products segment saw a return to growth with a low single-digit year-on-year increase, driven by high single-digit growth in infant formula sales [2] - The strategy to attract new consumers, particularly through e-commerce and specialty infant stores, has helped expand market share, with Biostime's ultra-premium infant formula market share increasing from 13.0% to 15.8% [2] - During the 618 online shopping festival, the sales volume of the first and second stages of infant formula recorded a 103% increase [2] - However, the infant probiotics and nutritional supplements segment experienced a double-digit year-on-year decline due to reduced foot traffic in pharmacy channels and industry-wide challenges, although online sales in mainland China still showed low single-digit growth [2] Group 3: Pet Nutrition and Care Products - The pet nutrition and care products segment recorded a high single-digit revenue growth compared to the same period last year, benefiting from the increasing trend of premiumization in pet nutrition, pet humanization, and a rising number of pets [3] - The high-margin pet supplements segment continues to achieve steady revenue growth in the low to mid-double digits [3]

Core Insights - The pet automatic feeder market in China is experiencing significant growth, with the market size increasing from 2.197 billion yuan in 2021 to 2.643 billion yuan in 2024, representing a global market share increase from 12.67% to 13.47% during the same period [1][12][10] - The rise in pet ownership and the increasing affection pet owners have for their pets are driving the demand for smart pet products, particularly automatic feeders, which are becoming essential for modern pet care [1][12] Industry Overview - Pet automatic feeders are categorized into mechanical, electronic, and smart feeders, with smart feeders gaining popularity due to their automation and added features such as remote monitoring and health analysis [1][6] - The market for pet products in China has expanded significantly, with the pet economy reaching a scale of 300.2 billion yuan by 2024, driven by the increasing number of urban pet owners [6][10] Market Status - The automatic pet feeder market is projected to grow to 3.858 billion yuan by 2028, with the market share expected to rise to 14.61% globally [12][10] - Smart feeders currently account for approximately 15% of the pet automatic feeder market, indicating a trend towards more advanced feeding solutions [14][12] Competitive Landscape - Major players in the smart feeder market include international brands like PetSafe and Petmate, which dominate the high-end segment, while domestic brands like Xiaopei focus on cost-effective solutions [16][12] - Companies such as Donis and Tianyuan Pet are actively expanding their product lines to include smart feeding solutions, reflecting the competitive nature of the market [18][20] Development Trends - Technological advancements in AI, IoT, and big data are expected to enhance the functionality of smart feeders, allowing for personalized feeding plans and remote monitoring capabilities [22][24] - The demand for smart feeders is anticipated to grow as pet owners increasingly prioritize their pets' health and quality of life, particularly in urban areas [23][24]