Core Insights - The fifth TOPS Dealer Empowerment Summit was held in Shanghai, gathering over 200 frontline pet dealers to explore ways to enhance operational efficiency [3] - A presentation titled "Annual Research and Analysis of the Current Situation of Pet Dealers in China" was delivered by the founder of Pet Industry Home and the Expo [5] Financial Performance - The average annual revenue for pet dealers in 2024 is projected to be 17 million, with a median revenue of 14 million [6] - The average revenue per employee for dealers is 1.54 million [8] - Dealers can be categorized into three profit margin tiers: - Tier 1 (over 25% margin): 8.5% of dealers - Tier 2 (15%-24% margin): 83% of dealers - Tier 3 (below 15% margin): 8.5% of dealers [8] - Tier 2 dealers contribute 82% of total revenue, while Tier 3 contributes 16.6%, and Tier 1 contributes only 3% [8] Business Strategies - High-margin dealers focus on premium products and exceptional service but are smaller in scale and need to expand their product categories and channels [10] - Mid-margin dealers aim to expand their scale and product categories based on user profiles [10] - Low-margin dealers face challenges from declining old brands and rising cost pressures [10] Market Trends - The profitability of pet dealers has shifted from relying on information asymmetry to efficiency-based models [11] - The fastest-growing dealers now depend on operational efficiency and quick turnover, with warehouse turnover times reduced from 60 days to 30 days [11] - Future competition among dealers will center on operational efficiency rather than brand relationships or customer maintenance [13] - The industry is moving towards extreme efficiency competition, similar to fast-moving consumer goods (FMCG) sectors, necessitating early optimization of operations [13]

业 及 产 业 农林牧渔 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 盛瀚 (8621)23297818× shenghan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 03 日 关注宠物食品"618"销售表现，重视猪价预 期重估下的板块投资机会 看好 ——农林牧渔周观点（2025.5.26-2025.6.1） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 证 券 研 究 报 告 ⚫ 本周申万农林牧渔指数上涨 1.8%，沪深 300 下跌 1.1%。个股涨幅前五名：ST 天山（13.6%）、巨星农 牧（13.2%）、西王食品（12.4%）、宏辉果蔬（10.1%）、神农集团（7.8%），跌幅前五名：湘佳股份（- 20.1%）、回盛生物（-6.9%）、华绿生物（-3.6% ...

6 月 3 日 A 股市场低开高走，宽基指数普涨，6月录得开门红。市场运行逻辑方面，"避险+消费"双轮驱 动的主线依然清晰，银行、新消费、创新药等板块持续获得资金青睐。 银行股的强势不仅源于其低估值和高股息属性对中长期资金的吸引力，部分个股入选重要指数样本也带 来增量资金预期。 消息面上，近期美国关税问题再生波澜，市场避险情绪升温，6月2日黄金大涨，港股全线收跌。就3日 表现看，港股收复昨日失地，A股也是低开高走，表明市场对关税不确定性已对贸易摩擦的边际影响逐 步脱敏 。 逻辑上，证监会此前明确表示，A 股上市公司近九成收入来自国内，且对美出口占比不足 10% 的企业 达 91%，叠加 "东升西落" 叙事下全球资本再平衡，美国金融市场波动反而凸显中国资产的稳定性。 题材热点方面呈现快速轮动态势。稳定币概念持续发酵，特别是数字货币与跨境支付方向表现强势，主 要受市场对相关领域潜在政策进展预期的推动。军工板块中无人机方向异军突起，多股涨停，行业前景 向好及潜在需求复苏预期成为重要驱动因素。受地方性足球赛事带动文旅消费等消息刺激，足球概念股 也出现明显拉升。此外，黄金概念股表现也较为抢眼。 这种分化折射出市场在不确 ...

新消费与传统成长选择 20250602 摘要 新消费领域通过内容营销进行品类创新，在日化、个护、保健品等领域 表现突出，当前估值处于一倍到 1.3 倍 PEG 之间，与 2019 年股市爬坡 期类似，风险偏好中等偏高，或将进入阶段性盘整。 传统成长股如东鹏饮料、燕京啤酒估值偏低，PEG 低于 1，利润增长预 计超 30%，二季度旺季动销加速概率大，或有绝对和相对收益，传统消 费估值不高时或是配置重点。 2025 年新消费仍是首选，美妆（若羽臣、景峰医药、增康润本等）和 零食（盐津铺子、卫龙、百龙创源等）是重点；传统成长方面，关注无 糖茶增长的东鹏饮料和改善周期的燕京啤酒。 新消费增长点集中在情绪消费、新技术（AI）和新渠道，上半年表现理 想，业绩兑现度高，估值合理。6 月催化剂包括小米智能眼镜新品发布、 孩子王 AI 玩具推出、小商品城六区市场招商。 家电行业关注旧换新政策落地和 618 促销影响，截至 5 月 31 日，12 个 品类销量同比增长 39%，国补政策效果显著，但部分地区调整补贴进度。 立减促销对格力、小天鹅等龙头有利，关注美的集团、海尔等稳健龙头。 Q&A 当前新消费领域的创新周期与上一轮相比 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply of pigs is expected to increase due to the normalization of breeding practices, which may exert downward pressure on prices in the short term. However, as supply stabilizes, prices are anticipated to stabilize or slightly rebound [4][14] - The pet food sector is experiencing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with significant growth expected in the pet food market [6][26][28] Summary by Sections Weekly Observation - The average national pig selling price on May 30 was 14.44 yuan/kg, up by 0.17 yuan/kg from the previous week, with a daily average slaughter volume of 156,400 pigs, an increase of 13,200 pigs [4][14] - The demand side shows slight recovery, and the focus remains on policies affecting the pig industry [4][14] Weekly Market Performance (May 26-30) - The agricultural index outperformed the market by 1.82 percentage points, with the agricultural index rising by 1.79% while the Shanghai Composite Index fell by 0.03% [29][30] - The livestock breeding sector led the gains, with notable increases in stocks such as Juxing Agriculture (+13.15%) and Xiwang Food (+12.42%) [29][32] Price Tracking (May 26-30) - The national average price for pigs was 14.47 yuan/kg, up by 1.12% from the previous week. The average price for piglets was 35.24 yuan/kg, down by 0.90% [36] - The average price for corn was 2,339.00 yuan/ton, up by 0.52%, while soybean meal was priced at 2,966.00 yuan/ton, up by 0.54% [51] Key News (May 26-30) - An announcement was made to prevent the entry of highly pathogenic avian influenza from Brazil, highlighting the importance of biosecurity in the livestock sector [33] Weekly Insights - The pig sector shows low valuation and potential for recovery, with recommendations for companies like Muyuan Foods and Wens Foodstuffs [26] - The feed sector benefits from the recovery of livestock and strong overseas demand, with recommendations for companies like Haida Group and New Hope Liuhe [26]

Group 1: Economic Trends - The article discusses how certain industries can thrive during economic downturns, indicating that market demand persists but may shift in form [2] - High-cost consumption is transitioning to a focus on cost-effectiveness, with consumers becoming more rational in their purchasing decisions [3][4] Group 2: High Cost-Performance Consumption - Brands like Pinduoduo, Miniso, and Mixue Ice City exemplify the rise of high cost-performance consumption, which meets consumer expectations for value without compromising quality [3][5] - The growth of live-streaming e-commerce reflects a strong consumer demand for low-cost products, with top influencers achieving sales exceeding 100 million in a single session [6][7] Group 3: Emotional Consumption - Emotional consumption is emerging as a response to increased psychological stress, with products and experiences designed to provide emotional relief gaining popularity [8][9] - The pet industry is highlighted as a significant area of emotional consumption, with the market expected to exceed 300 billion yuan in 2024, driven by the growing trend of pet ownership as a source of emotional support [9] Group 4: Self-Improvement Investment - There is a surge in demand for self-improvement, as individuals seek to acquire hard skills to combat job insecurity and economic uncertainty [10][12] - Online education and skill training are becoming attractive options for many, as they offer quick entry into new fields and enhance job competitiveness [11][13] - The development of a self-improvement ecosystem is underway, encompassing online platforms, personal courses, and knowledge-sharing communities [14]

Core Insights - The pet economy in China is rapidly growing, with the industry scale reaching 592.8 billion yuan in 2023 and expected to reach 1.15 trillion yuan by 2028 [2] - The concept of "free adoption" is being exploited by some businesses, leading to financial traps for consumers, such as signing loan contracts under the guise of pet adoption [1][2] - Regulatory bodies need to enhance oversight and establish clear guidelines to protect consumer rights and differentiate between commercial sales and public welfare adoption [2][3] Group 1: Industry Challenges - The phenomenon of "cat loans" highlights the lag in industry regulation and the ambiguity in legal definitions regarding pets as special goods [1] - Some businesses are taking advantage of regulatory gaps by providing substandard pets and misleading health reports, complicating enforcement actions [1] - Consumers face significant challenges in asserting their rights due to the complexity of legal terms and the difficulty in providing evidence in disputes [1] Group 2: Regulatory Recommendations - Regulatory agencies in various regions, such as Shanghai and Jiangsu, have begun issuing consumer advisories and recommendations for pet adoption [2] - It is suggested that businesses should not impose unreasonable loan terms and should be prohibited from false advertising and consumer inducement [2] - The establishment of a clear boundary between commercial sales and public welfare adoption is essential for consumer protection [2] Group 3: Industry Self-Regulation - The pet industry association should lead the development of standard adoption contracts that clarify health responsibilities and product quality standards [3] - Platforms should enhance merchant qualification reviews and establish a credit evaluation system to blacklist violators [3] - A healthy development of the pet economy requires legal backing, industry standards, and rational public engagement to ensure that "free adoption" remains a compassionate act [3]

《方案》明确总体目标，2025年成都市社会消费品零售总额计划增长5%，服务消费零售额占比超 50%；将打造100个以上特色消费场景，举办大型音乐节、演唱会等文体活动120场以上；通过消费品以 旧换新政策，力争拉动消费400亿元。 记者从成都市发展改革委获悉，近日，成都市发展改革委联合多部门印发《2025年成都市提振消费专项 行动实施方案》(以下简称《方案》)，围绕升级大宗消费、扩大服务消费、培育新型消费、创新消费场 景、促进增收减负、优化消费环境六方面提出26条重点任务，加快打造国际消费中心城市。 同时，培育首发经济、低空消费、平台经济等新型消费，将成为成都增强消费动能的抓手之一。《方 案》提出出台成都市推动首发经济发展三年行动计划，2025年落地800家首店、100场高能级首发活动， 打造50个首发地标，培育110个新消费品牌。低空消费领域，将丰富低空旅游、无人机表演等场景，支 持建设航空运动基地和起降设施，开辟高成长性消费新赛道。平台经济方面，发展即时零售、无人车配 送等模式，2025年网络零售额目标增长5%以上。另外，成都还将创新消费场景、载体，提质场景载 体、举办高品质活动、促进入境消费升级、推进便民 ...

Core Viewpoint - The pet food market in China is experiencing significant growth, particularly with the introduction of specialized pet food products like festive rice dumplings, reflecting the increasing humanization of pet care and the demand for unique pet experiences [1][5][7]. Group 1: Market Trends - The pet fresh food market in China is growing at an annual rate of 61.7%, with an expected market size exceeding 427 billion yuan by 2025 [5]. - The overall pet market in China has surpassed 300 billion yuan, with a projected growth rate of 7.5% in 2024 [7]. - The pet food segment remains the largest consumer market, accounting for 52.8% of total pet spending [7]. Group 2: Product Offerings - New pet food products include festive rice dumplings specifically designed for pets, featuring ingredients like salmon, pumpkin, and duck breast [2][3]. - The pet fresh food store "法思纳" has reported daily pre-orders exceeding 1,000 units for their pet rice dumplings, indicating strong consumer interest [3][5]. - Other themed pet food products, such as hamburgers and pizzas, are also being introduced to enhance the festive experience for pet owners [3][4]. Group 3: Consumer Behavior - A survey indicates that 76% of pet owners consider their pets as family members and are willing to pay for products that enhance their pets' festive experiences [4]. - Pet owners are increasingly interested in the health and safety of pet food, with many opting to make homemade versions to ensure quality and cost-effectiveness [6]. - The demand for visually appealing pet food products is rising, with consumers more likely to purchase items that are creatively shaped, even if the ingredients are similar to standard offerings [6]. Group 4: Industry Dynamics - Major companies from various sectors, including food and beverage, healthcare, and retail, are entering the pet market, indicating a trend towards diversification and competition [8]. - Despite the rapid growth, the domestic pet industry is still in its early stages compared to international markets, presenting both opportunities and challenges for new entrants [8]. - The industry is undergoing a transformation with a focus on building independent brands and restructuring global supply chains to adapt to domestic market demands [8].

Core Insights - The launch of Vet1 by New Ruipeng Group marks a significant breakthrough in the integration of AI technology within the pet medical industry, utilizing millions of clinical data and expert veterinary insights for advanced diagnostic capabilities [1] - The pet medical industry is experiencing a transformation driven by changing consumer demands, with pet owners seeking more specialized and precise medical services for their pets [3][4] Industry Demand Transformation - Increased household income and urbanization have led to pets being viewed as core family members, resulting in a shift from basic healthcare needs to a demand for specialized medical services [3][4] - The demand for precise diagnostics and treatment for complex diseases is surging, with a reported shortage of 300,000 veterinary professionals and inconsistent treatment standards posing challenges to the industry [3][4] Shift from Basic to Precision Medical Care - The pet economy in China is projected to exceed 300 billion yuan in 2024, with medical services being a core growth area driven by pet owners' evolving expectations for comprehensive care [4] - Pet owners are increasingly dissatisfied with basic services and are seeking advanced diagnostic and treatment options for serious health issues, reflecting a significant change in consumer expectations [5] Specialization as a Competitive Advantage - The competitive landscape is intensifying, with specialization in veterinary services becoming crucial for differentiation and establishing technical barriers [5][6] - New Ruipeng is developing a specialized system with 15 departments and investing in advanced equipment to enhance service quality and efficiency in pet healthcare [3][5] Addressing Diverse Needs - The traditional "generalist" approach in veterinary care is inadequate for addressing the unique physiological and behavioral needs of different pet species, leading to the establishment of specialized services [6][8] - Facilities designed specifically for cats and exotic pets are emerging, providing tailored environments and care that alleviate stress and improve the overall treatment experience [6][8] Conclusion - The pet medical industry in China is undergoing a profound transformation driven by upgraded consumer demands and competitive pressures, pushing towards a more specialized and efficient healthcare model for pets [8]