Core Insights - The 27th Asia Pet Expo was held in Shanghai, showcasing over 2,600 exhibitors and more than 20,000 brands, highlighting the growth and importance of the pet industry in Asia [1] - JD Health is enhancing its pet health management solutions by integrating quality resources and collaborating with brands and professional institutions [1] - The launch of the oral dewormer FRONTPRO® by Boehringer Ingelheim at the expo signifies a shift towards more convenient and efficient pet care solutions [2] Group 1: Industry Trends - The online consumption of pet deworming products is experiencing rapid growth, with a projected search volume increase of over 50% for oral deworming products by 2025 [3] - The aging pet population in China is driving a significant rise in health demands for middle-aged and senior pets [4] Group 2: Company Collaborations - JD Health and Hanwei Pet Health have deepened their collaboration to develop health products and services specifically for middle-aged pets, leveraging Hanwei's 17 years of experience in pet medicine [4] - The partnership aims to enhance public awareness of the special health needs of older pets and promote standardization and digitalization in the industry [4] Group 3: Service Integration - JD Health is committed to providing a comprehensive service model that includes pet medicine, diagnostics, and treatment, serving over one million pet families annually [4] - The integration of product offerings with professional consultation services through JD Health's online platform aims to create a seamless experience for pet owners [2]

行 业 报 告 食品饮料 2025年08月25日 行业点评 亚宠展：产品工艺持续迭代，精细化喂养大势所趋 强于大市( 维持) 相关研究报告 【平安证券】行业周报*大消费*7月社零同比3.7%， 消费子行业间分化明显*强于大市20250817 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 BVG933 wangxingyun937@pingan.com.cn 事项： 2025年8月20日，第27届亚洲宠物展在上海开幕，本届展览面积达31万平，再 创规模新高，全产业2600+展商与2万余品牌参与。 行情走势图 平安观点： 喂养拟人化，添加中式成分契合国内消费者诉求。本届亚宠展上，我们 看到伴随越来越多的消费者将宠物视为家庭成员，宠物食品成分添加也 越来越拟人化。如朗诺在亚宠展上展出的五珍主食罐添加了灵芝、当 归、牡蛎、酸枣核、雨生红球藻等五大具备中式特色的原料，在满足宠 物营养需求的同时，也满足了消费者的情绪诉求。 投资观点：我们认为从亚宠展的反馈来看，宠物行业依然维持在较高景 证 ...

2025.08. 21 本文字数：2877，阅读时长大约4分钟 作者 | 第一财经 缪琦 面对全球经济的下行周期，宠物经济却逆势增长，展现出"新刚需"的强劲势头。 随着都市生活空间受限和安全养宠需求的提升，小型宠物凭借其空间适应性高、饲养成本低、互动安全 性好等优势，正成为新一代养宠人群的热门选择。数据显示，2020年就有超过1700万人饲养异宠，占 国内整体宠物饲养规模的25%，其中爬宠、鸟类、啮齿类异宠深受年轻人喜爱。 有意思的是，新进入宠物赛道的创业者，绝大部分都是资深养宠者，这也让产品的开发更多从客户的需 求出发。 作为全球宠物行业的旗舰展会，今年的亚洲宠物展（下称"亚宠展"）规模再创新高，汇聚2600多个海内 外展商，预计展期内的到场人次超过51万；同期的论坛议程也较往年更为密集，还新增了小宠异宠及更 多跨界元素，进一步拓展了行业边界。 不乏热度的市场和蓬勃向上的生态，吸引了大量的新入局者，也留下了坚守多年的传统制造商。面对机 遇和挑战，供应商们心态各异。 图为亚宠展现场 吴军/摄（下同） 新入局者瞄准需求分化 8月20日，一位专门从内蒙古赤峰赶到上海的宠物店店主拖着行李箱来到亚宠展现场，直奔宠物智 ...

Core Insights - The 27th Asia Pet Expo opened in Shanghai, showcasing products and services covering the entire pet lifecycle, highlighting the explosive growth of the "pet economy" and its appeal to younger consumers [1] Industry Trends - Over 30% of pet consumers are from the "post-95" generation, with "post-05" users increasing by 92% year-on-year, indicating a shift in consumer demographics [1] - The demand for diverse, intelligent, and one-stop pet services is rising, becoming a significant growth driver in retail services, with over 30,000 businesses offering pet services on a specific online platform [1] Consumer Behavior - Young pet owners are increasingly engaging in social activities with their pets, such as visiting pet-friendly parks and cafes, with searches for "pet-friendly" services increasing by 80% year-on-year [1] - Online consultations for pet medical needs are becoming a trend, with over 60% of pet owners having experience with online consultations, and a 116% increase in searches for "pet online consultation" since August [2] Medical Sector Growth - The pet medical sector is experiencing rapid growth, with an increasing emphasis on online services as young pet owners demand higher standards of care and information [3] - The integration of pet insurance and comprehensive service offerings is being pursued to enhance user experience and safeguard consumer rights [2]

Group 1 - The global pet industry achieved a total sales of $66 billion in 2025, with a year-on-year growth of 2.1% [1] - North America accounts for over half of the market share, but more than half of the growth is driven by the European market, which saw a 52% increase, while North America grew by 33% [1] - The total number of pets globally reached 1 billion, with pet-owning households and cat-owning households at their highest proportions in a decade, where one in four pet households owns a cat [1] Group 2 - Pet product shoppers globally purchase items every 2-3 weeks, spending an average of $17 per transaction, buying 3-4 items each time [1] - In Europe, 36% of pet food is sold online, with significant growth in certain categories, and Generation Z shows a strong preference for online shopping [1] - In China, comprehensive e-commerce is the mainstream, with Douyin rapidly rising, and live streaming and short videos driving the pet food market [1] Group 3 - The trend of humanization in pet food is evident, with a focus on scientific formulas, craftsmanship, and specific needs, while snacks emphasize fur care and interaction [1] - Concepts like "airy" and "flowing heart" are gaining popularity, driving iterations in pet food and increasing consumer demand [1]

Core Insights - The 27th Asia Pet Expo commenced on August 20, 2025, in Shanghai, showcasing over 2,600 exhibitors from around the world, with an expected attendance exceeding 510,000 visitors during the event [2][3] Industry Trends - The expo reflects the booming pet economy, introducing innovative formats and growth models that blend industry insights with immersive experiences, aiming to provide diverse value platforms for industry professionals and pet enthusiasts [3] - Young consumers dominate the audience, accounting for over 70% of attendees, highlighting the event's vibrancy and its role as a core engine for annual procurement and consumer engagement in the pet industry [5] Product Innovations - The expo features over 2,000 new and popular pet products launched within the last three months, catering to both detail-oriented pet owners and those focused on enhancing the quality of life for pets [7] - Technological advancements are evident with the introduction of the world's first fully visual autonomous pet tracking device, showcasing the intersection of technology and pet care [11] Fashion and Lifestyle - The first-ever High Fashion Pet Week debuted at the expo, featuring 17 shows across all pet fashion categories, merging fun, creativity, and digital technology to create a trendsetting hub for pet fashion [12][14]

在线下，各式各样的宠物友好型商业和公共空间涌现，多城市建设了专门的宠物公园，为宠物提供活动空间，促 进宠物间的互动和社交，"狗聚""猫聚"已成为很多养宠家庭周末休闲方式。"宠物友好"型服务也受到爱宠人士关注， 消费需求增长明显。在美团和大众点评App上，"宠物友好"相关搜索量同比增长80%，笔记数同比增长224%，宠物友 好咖啡店、商场、酒店搜索增长明显。 随着不断精细化、科学化的养宠趋势发展，宠物保险需求激增。相关数据显示，90后、95后为宠物投保主力，占 比超60%。美团数据显示，今年以来，"宠物保险"相关搜索同比增长超270%，与宠物保险相关的评论讨论量同比增长 超120%，对于保险攻略、理赔细则、靠谱交易的讨论热度居高不下。 8月20日至24日，2025年第27届亚洲宠物展览会（下称"亚宠展"）在上海新国际博览中心举办，覆盖宠物全生命周 期的商品和服务纷纷亮相。当下，"它经济"爆发，吸引年轻人的广泛关注。美团数据显示，95后消费者占比超30%， 成宠物消费占比最高用户；05后交易用户数同比增长92%，成为宠物消费新势力。 随着年轻消费者加入养宠大军，多样化、智能化、一站式的养宠服务需求旺盛，成为服务零 ...

源飞宠物的主营业务包括宠物用品和宠物零食的研发、生产和销售。其核心产品主要分为宠物零食和宠物牵引用具等，从产品收入结构来看，宠物零食占比 最高，达到46.31%，其次是宠物牵引用具，占比34.81%。 源飞宠物 自2022年8月18日上市至今，已迎来3周年。从上市首日收盘价为19.74元、市值26.92亿元，到如今市值达到39.76亿元。 2022年8月31日，源飞宠物的市值巅峰达到63.47亿元，股价也顺应升至46.55元。而至8月15日收盘，源飞宠物的股价为20.83元，市值为39.76亿元，相比峰值 时期市值减少23.71亿元，市值蒸发了37.35%。 本文源自：金融界 作者：智研 举报/反馈 源飞宠物上市的2022年，当年实现归母净利润1.59亿元。截至最新完整财年的2024年，公司实现1.64亿元的归母净利润，近年累计增长了3.62%。这3年间， 源飞宠物无一年份出现亏损。 营收角度分析，源飞宠物2022年实现营收9.54亿元，2024年达到13.10亿元。公司营收呈现波动上升态势，2024年营收增速达到32.16%。 利润角度分析，2022年源飞宠物实现归母净利润1.59亿元，2024年1.64亿 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that a new round of price increases for pigs may gradually begin, with the African swine fever vaccine opening growth opportunities for the animal health sector [4][5] - The report emphasizes that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with recommendations for specific companies [5][31] Summary by Sections Weekly Observation - As of August 15, 2025, the national average price of live pigs is 13.73 CNY/kg, with a week-on-week increase of 0.06 CNY/kg but a year-on-year decrease of 7.44% [4][13] - The price premium for 150kg fat pigs over 120kg standard pigs is 0.28 CNY/kg, indicating a tightening supply [4][13] Weekly Market Performance (August 11-15) - The agricultural sector underperformed the market by 1.84 percentage points, with the agricultural index down 0.14% while the Shanghai Composite Index rose by 1.70% [6][35] - Key stocks that led the gains include COFCO Sugar (+41.04%), Shunli Biological (+13.97%), and Xiaoming Co. (+8.86%) [6][35] Price Tracking (August 11-15) - The average price of live pigs on August 15 is 13.76 CNY/kg, a slight increase from the previous week [6][46] - The average price of piglets is 28.87 CNY/kg, showing a decrease of 5.03% from the previous week [6][46] - The average price of white feathered chickens is 7.20 CNY/kg, with a week-on-week increase of 0.84% [6][51] Key News (August 11-15) - The central government allocated 1.146 billion CNY for agricultural disaster relief, supporting major grain-producing provinces [6][41]

Group 1 - The core viewpoint of the report is that Tianfeng Securities has given a "buy" rating for Guibao Pet (301498.SZ) with a latest price of 94.25 yuan [1] - The reasons for the rating include: 1) Stock incentive plans lock in the core team, anchoring high growth in performance over three years [1] 2) Domestic growth of self-owned brands continues, with high-end products showing results [1] 3) The expansion of the Thailand base mitigates U.S. tariffs and accelerates global supply chain [1]