中信证券股份有限公司、中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 中信证券股份有限公司（以下简称"中信证券"）、中泰证券股份有限公司 （以下简称"中泰证券"）受乖宝宠物食品集团股份有限公司（以下简称"乖宝 宠物"）股东 Golden Prosperity Investment S.A.R.L.（以下简称"出让方"）委托， 组织实施本次乖宝宠物首发前股东向特定机构投资者询价转让（以下简称"本次 询价转让"）。 根据《上市公司股东减持股份管理暂行办法》《深圳证券交易所创业板股票 上市规则（2025 年修订）》《深圳证券交易所上市公司自律监管指引第 18 号— —股东及董事、高级管理人员减持股份（2025 年修订）》《深圳证券交易所上市 公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让股份 （2025 年修订）》（以下简称"《询价转让和配售指引》"）等相关规定，中信 证券、中泰证券对参与本次询价转让股东的相关资格进行核查，并出具本核查意 见。 一、本次询价转让的委托 中信证券、中泰证券收到出让方关于本次询价转让的委托，委托中信证券 ...

Core Viewpoint - The article discusses the launch and rapid expansion of "Paiteshengsheng," a new pet fresh food brand founded by Hou Yi, the creator of Hema, highlighting its innovative approach and potential challenges in the pet food market [2][4][30]. Company Overview - "Paiteshengsheng" opened its first store in Shanghai in February 2024, attracting significant attention and foot traffic due to its fresh food offerings and instant delivery service [2][4]. - The brand completed a record-breaking $25 million (approximately 181 million RMB) angel round financing within six months of its establishment, showcasing its strong fundraising capability [4]. Market Strategy - The store features a 200-square-meter layout divided into three main areas: fresh food preparation, pet supplies, and a social interaction space for pet owners, enhancing customer experience [5][7]. - The brand offers a wide range of products, with over 50% being its own brand, and employs a low-price strategy, with fresh pet food priced at 24.9 RMB for 500 grams, significantly lower than competitors [7][16]. Expansion Plans - Hou Yi aims to open 100 stores in Shanghai by 2025, with rapid expansion already underway, having opened 12 stores by mid-May 2024 [12][14]. - The brand's growth is supported by a highly efficient supply chain, leveraging Hema's logistics to reduce costs and maintain high profit margins [14][20]. Consumer Engagement - The service model focuses on "human-pet synergy, in-store experience, and instant satisfaction," catering to the emotional needs of young pet owners [12][24]. - The brand has achieved a 45% repurchase rate and an average transaction value exceeding 200 RMB, indicating strong customer loyalty [12]. Industry Context - The pet food market is experiencing growth, with a projected market size of 300 billion RMB and a 7.5% annual growth rate in 2024, although fresh pet food currently represents only 5% of the market [26][30]. - The traditional pet food market is dominated by dry food brands, presenting a challenge for new entrants like "Paiteshengsheng" to shift consumer preferences towards fresh food [27][29]. Competitive Landscape - The brand faces competition from established dry food brands and must overcome consumer inertia towards existing products [27]. - The unique selling proposition of fresh food may be difficult to sustain as competitors may replicate the supply chain advantages and pricing strategies [29].

Financial Data and Key Metrics Changes - The company achieved its first-ever positive adjusted EBITDA for the fiscal year, with Q4 delivering $5.2 million and a full-year total of $5.4 million, marking a significant turnaround from a loss of $58 million three years ago [6][22][23] - Revenue for Q4 was $115.4 million, bringing full-year revenue to $484.2 million, a decrease of 1.2% year-over-year [18][22] - Gross margins improved to 63.6% in Q4 and 62.4% for the full year, reflecting a 73 basis point improvement over the previous fiscal year [10][21] Business Line Data and Key Metrics Changes - The commerce segment grew by 27% year-over-year, achieving $68.3 million for the full year, representing 14% of total revenue [8][19] - Bark Air generated $1.8 million in revenue for Q4 and nearly $6 million for the full year, indicating strong early demand [20] - Direct-to-consumer (DTC) business faced challenges due to a deliberate pullback in marketing spend, impacting subscriber growth [18][48] Market Data and Key Metrics Changes - The company noted a slowdown in consumer sentiment, which affected order placements, particularly in Q4 and Q1 [46][53] - Retail partners adopted a cautious approach due to tariff uncertainties, leading to a temporary slowdown in order placements [70] Company Strategy and Development Direction - The company plans to accelerate diversification of revenue streams away from Bark Box subscriptions, which accounted for approximately 85% of revenue last year [13][14] - Investments will shift towards new product lines, distribution channels, and services, including consumables and AI-driven applications for pets [12][14] - The company is reassessing its supply chain in response to tariff increases, with plans to diversify manufacturing outside of China [24][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty created by tariffs and economic conditions but expressed confidence in maintaining positive adjusted EBITDA [10][28] - The company is unable to provide full-year guidance due to macroeconomic volatility but remains focused on driving efficiency and agility [27][30] - Management expects Q1 total revenue to be between $99 million and $101 million, reflecting a 14% decline at the midpoint compared to the previous year [29] Other Important Information - The company ended the fiscal year with $94 million in cash, down $21 million in the quarter due to share repurchases and working capital timing [23] - Total marketing expenses in Q4 were $17.3 million, down from the prior year, reflecting a cautious approach in response to macroeconomic conditions [21] Q&A Session Summary Question: Can you provide more details on diversifying your supplier base outside of China? - Management is exploring alternative geographies for manufacturing and has the flexibility to shift production outside of China by the end of the fiscal year [36] Question: Update on progress migrating to the Shopify platform? - The migration to Shopify is mostly complete, with active subscribers now being directed to the new platform, which allows for more nimble operations and experimentation [40] Question: What dynamics are affecting the direct-to-consumer business? - The company experienced strong customer acquisition during the holiday quarter but faced challenges in Q1 due to consumer sentiment and tariff impacts, leading to a strategic shift in marketing focus [46][48] Question: How has demand in the commerce segment changed? - Demand in the commerce segment remains strong, with a 27% growth in fiscal 2025, although there was a temporary slowdown in order placements due to tariff concerns [52][54] Question: Should the company consider more aggressive share buybacks? - Management is cautious about share buybacks given the current environment but remains open to opportunities if the stock is undervalued [62][64]

Core Insights - The beauty industry is increasingly leveraging technology, with significant investment activity observed in May, indicating a recovery in the financing market after a brief lull [2][3]. Investment Overview - In May, there were at least 63 disclosed financing events globally, with a total financing amount of approximately 21.9 billion RMB [2]. - The beauty sector accounted for 12 financing events, totaling 9 billion RMB, while the AI sector had 35 events totaling 9.9 billion RMB [3]. Financing Characteristics - Among the 12 beauty financing events, 2 were in skincare (17%), 3 in color cosmetics/fragrance/personal care (25%), and 7 in raw materials/manufacturers/R&D (58%) [4]. - Notably, seed and angel rounds comprised 38% of the total financing events, indicating a strong interest in innovative investment opportunities [3]. Major Acquisitions - A significant acquisition in May was the purchase of the skincare brand Rhode, founded by Hailey Bieber, by Elf Beauty for 1 billion USD (approximately 72 billion RMB) [7][9]. - Another notable transaction involved Shinsegae Group and Ascent Equity Partners acquiring a controlling stake in C&C International for 285 billion KRW (approximately 14.9 billion RMB) [9][10]. Emerging Trends - The beauty financing landscape shows a trend where leading companies are actively pursuing large-scale financing, with multiple 1 billion USD deals emerging [6]. - Companies with strong founder backgrounds are more likely to attract investment, as seen with PMD and its founder's extensive experience in the skincare industry [11][12]. Focus on Synthetic Biology - Synthetic biology companies are leading the beauty sector's financing in May, with several firms receiving significant investments, including a strategic partnership between L'Oréal and the company Weiming Shiguang [14]. - The trend indicates a sustained interest in innovative materials and technologies within the beauty industry [14]. New Consumption and E-commerce - In the new consumption and e-commerce sectors, 16 brands received financing, with a notable focus on short video and cross-border e-commerce services [21][22]. - The pet industry also saw significant investment, with companies like Paitexian Sheng and Guochong Blood receiving angel round financing [24][25].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来在贸易摩擦背景下，提振内需、刺激消费成为市场中长期主线，不过形成鲜明对比的是，随着消费者结构和消费观念的改变， 美妆、 IP 潮玩、宠物经济等为代表的"新消费"逐渐成为消费新趋势，而白酒、餐饮、消费电子等传统消费依然承压。 2024年以来"新消费"行情已走出多只翻倍股、十倍股，如港股的老铺黄金(2782.21%)、泡泡玛特(1126.12%)、蜜雪冰城(124.81%)、毛戈平 (144.91%)、古茗(175.65%)等；A股的万辰集团(405%)、中宠宠物(160.10%)、会稽山(130.77%)、东鹏饮料(139.08%)等。 目前我国居民消费占GDP比重为38-40%，对比美国、日本的68-70%、55-60%，中长期仍有巨大提升空间。 在后发展阶段， "新消费"赛道有望 成为促消费的重要抓手，当前市场关注度较高的"新消费"赛道包括： 潮玩、茶饮、宠物、新型烟草、黄金珠宝等 ， 其中哪些 "新消费"领域有 望穿越经济周期？（ 点此查看名单 ） 01 从"生存型"向"悦己型"消费！"新消费"或仍处于中早期阶段！ 2024年有关部门主 ...

Core Insights - Tianyuan Pet (301335.SZ) is making a significant move to reverse a two-year decline in net profit exceeding 40% by acquiring 89.7145% of Taotong Technology for 688 million yuan, which is its second-largest customer contributing 7.46% of sales [3][4] - The acquisition reflects Tianyuan Pet's urgent desire to enhance its domestic e-commerce channels after facing challenges in the overseas OEM model [3] - The company has seen a drastic drop in net profit by 40.33% in 2023 and a further decline of 40.13% in 2024, with a net profit margin of only 1.66% [3] Company Performance - Tianyuan Pet's reliance on pet food distribution has resulted in a low gross margin of 8.79%, significantly below competitors like Guibao Pet, which has a gross margin of 36.83% [3] - The company previously had over 90% of its revenue from overseas markets before facing inventory reduction and rising costs [3] Acquisition Details - Taotong Technology, controlled by Fosun's Guo Guangchang, holds agency rights for over 40 international brands and has a projected net profit of 69.09 million yuan in 2024 [4] - The acquisition aims to close the online sales loop and address the traffic shortfall of Tianyuan Pet's own brands, "Chongfafa" and "Xiaoshouxing" [4] Market Dynamics - The acquisition comes with challenges, including a high acquisition premium of 32.78% and a performance guarantee of 225 million yuan over three years, indicating potential risks [5] - The situation highlights a broader trend in the Chinese pet industry, where OEM companies are seeing diminishing profits while brand and channel holders continue to reap benefits [5] - The success of this acquisition will be crucial for Tianyuan Pet's transformation from an "OEM leader" to a "brand operator" [5]

Summary of Yuanfei Pet's Conference Call Company Overview - **Company**: Yuanfei Pet - **Industry**: Pet Food and Supplies - **Market Focus**: Primarily targeting the United States, Europe, Japan, and gradually entering the domestic market Key Points and Arguments Business Performance - **GMV Trend**: Yuanfei Pet's GMV shows a consistent month-on-month increase, with strong performance in both pet food and supplies [2][3] - **Sales Growth**: The company achieved several million yuan in sales in Q1 2025, with a focus on international brands and a successful launch of its own brand, Pikapoo dog snacks [2][10] Product Lines and Market Strategy - **Product Development**: The company operates in two main product lines: pet food and supplies, expanding from chew toys to meat snacks and various pet supplies [4][10] - **Market Entry Strategy**: The domestic market strategy involves three steps: starting with agency operations, launching its own brands, and improving the supply chain [11][12] Production Capacity - **Overseas Production**: Since 2018, Yuanfei Pet has shifted production overseas, with completed capacity in Cambodia. By 2026, food production capacity is expected to reach 1 billion yuan, and supplies capacity around 400 to 500 million yuan [6][8] Order Stability and Trade Impact - **Order Stability**: Despite tariff impacts, overseas orders remain stable, with U.S. orders accounting for approximately 60% to 70% of total orders [7][8] - **Tariff Impact**: The 10% tariff in Southeast Asia is borne by customers, minimizing direct impact on the company [7] Future Growth and Brand Development - **Self-Brand Goals**: Yuanfei aims to achieve a scale of approximately 100 million yuan for its own brands in 2025, with a long-term goal of reaching 300 to 500 million yuan within three years [14][40] - **Profitability Timeline**: The company anticipates reaching breakeven for its self-brands within three years, depending on market conditions and growth rates [15][41] Marketing and Customer Engagement - **Target Demographics**: The Pikapoo brand targets younger consumers, with plans to expand product offerings to drive growth [19][23] - **Online Sales Strategy**: The primary sales channel for self-brands is Douyin (TikTok), with plans to expand to other platforms in the future [16] Financial Metrics - **Gross Margin**: The gross margin for self-brands is stable at 40% to 50%, with a tolerance for short-term losses around 1 million yuan [25][34] - **Profitability of Agency Business**: The agency business maintains a gross margin of 4% to 5%, with a focus on profitable partnerships [29][30] Competitive Landscape - **Market Positioning**: Yuanfei Pet leverages over 20 years of industry experience, combining sales, production, and R&D capabilities to differentiate itself from smaller competitors [13][31] Future Outlook - **Growth Projections**: The company expects stable growth in the global pet industry, driven by customer expansion and product diversification [9][36] - **Investment Plans**: Future capital expenditures are projected to be around 100 million yuan for the Cambodian facility and product line expansion [38] Strategic Focus - **Short-term Strategy**: In the next three years, the company will prioritize agency operations while gradually shifting focus to self-brand development [39] This summary encapsulates the key insights from Yuanfei Pet's conference call, highlighting the company's strategic direction, market positioning, and financial outlook in the pet food and supplies industry.

Trupanion (TRUP) FY Conference June 03, 2025 04:20 PM ET Speaker0 Okay. Good afternoon, everyone. Thanks thanks for joining us here. My name is Brandon Vasquez. For those of you who haven't met, I'm the research analyst at William Blair that covers Trupanion. And I'm required to inform you that you can go to our website at williamblair.com for a complete list of disclosures and potential conflicts of interest. With that, I'm happy to have Margie Tooth with us from Trupanion, the CEO. She's going to run us t ...

Core Viewpoint - The A-share market experienced a rebound on June 3, with broad-based gains across indices, indicating a positive market response to domestic demand and policy support despite external trade tensions [2][7]. Market Dynamics - The market is characterized by "domestic demand-driven and policy-supported" dynamics, with financials, pharmaceuticals, and new consumption sectors attracting significant capital [2][10]. - Recent developments in U.S. tariff issues have heightened market risk aversion, leading to a surge in gold prices and declines in Hong Kong stocks, but the A-share market showed resilience by recovering losses [2][3]. Sector Performance - The consumer sector, particularly in beauty care, maternal and infant care, and pet products, has become a safe haven for funds due to policy support and consumption recovery [3][9]. - The banking sector is favored for its "high dividend and low volatility" characteristics, with several banks reaching historical highs amid increased institutional investment [7][10]. - The precious metals sector is gaining traction as a hedge against geopolitical conflicts and U.S. debt risks, becoming a core tool for mitigating uncertainty [3][9]. Structural Trends - The innovation drug sector is witnessing a fundamental reversal, driven by significant advancements showcased at international conferences, boosting industry confidence [4][9]. - Conversely, sectors like home appliances and steel are experiencing declines due to tariff impacts and reduced earnings certainty, reflecting a market strategy of "avoiding external demand and protecting internal demand" [5][10]. Outlook - Looking ahead to June, the marginal impact of tariff issues is expected to weaken, with domestic policies and industry fundamentals remaining focal points [6]. - In the absence of major catalysts, broad indices are likely to maintain a sideways trend, with structural opportunities emerging in new consumption, defensive sectors, and performance reversals in pharmaceuticals and beauty care [6][9].

证券研究报告 晨会 hyzqdatemark 2025 年 06 月 03 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月03日 华源晨会精粹 20250603 北交所 宠物经济持续升温，关注路斯股份等北交所宠物产业链标的——北交所消费 服务产业跟踪第十六期：我国宠物经济近年来持续增长，国产品牌发展势头正盛。 整体市场规模上，中国城镇宠物（犬猫）消费已从 2018 年的 1708 亿元人民币增长 至 2024 年的 3002 亿元，期间年复合增长率达 9.86%。其中"猫经济"的增长尤为 突出。消费结构层面，宠物食品仍是主要消费市场。宠物食品行业竞争格局方面， 2024 年我国宠物食品线上市场 CR10 仅为 33.7%，较为分散，并且国产品牌不断崛 起，海外品牌地位有所下滑。宠物食品出口来看，2025 年 1-4 月宠物出口金额累计 达到 32.6 亿元，同比增长 7.2%。单 4 月同比下滑主要是美国贸易政策影响，后续 应持续关注关税情况。北交所宠物产业链相关公司有路斯股份和海能技术。本周北 交所消费服务股股价涨跌幅中值+2.03%。 风险提示：宏观经济环境变动风险、市场竞争风险、资 ...