（文章来源：人民网） 当宠物从"喂养对象"升级为无可替代的家人，"如何给它们更好的生活"便成了铲屎官们的核心课题—— 有人把养宠当成一场温柔的"自我养育"，用对待孩子的用心呵护每一个毛孩子的日常。 如今，养宠早已不是简单的陪伴，而是渗透生活的全新方式：看配料表选低温烘焙粮、为适配小户型囤 猫砂次卡、用智能设备解锁科学喂养，从定制服饰到宠物旅行，从处方粮到医疗保障，宠物消费链正朝 着精细化、情感化全面升级。这场由爱驱动的消费浪潮，正在书写人与宠物的双向奔赴新篇章。 ...

Core Insights - The pet economy, with a market size of 300 billion and gross margins reaching 50%, appears to be a lucrative business, but the reality is more complex and challenging for large companies [1][4]. Group 1: Market Dynamics - Major players like Hema have entered the pet market with high expectations, but have faced significant losses, exemplified by Pet Fresh's closure of 18 stores after just 9 months, with an average monthly loss exceeding 200,000 RMB per store [2][6]. - Despite the high gross margins in pet food, with domestic brands achieving 40%-50% margins, the actual profitability for many companies is low, with some reporting negative net margins [5][6]. Group 2: Cost Structure - The high gross margins in the pet industry are offset by substantial marketing and operational costs, particularly in advertising through KOLs (Key Opinion Leaders), which can consume a significant portion of revenue [8][10]. - Companies like Zhongchong and Peidi have shown that even leading firms struggle with profitability, with Zhongchong's gross margin at 28.16% and net margin at only 9.33% [6][9]. Group 3: Business Model Challenges - The pet economy is characterized by a reliance on personal relationships and trust between pet owners and service providers, making it difficult for large companies to replicate the success of smaller, independent operators [22][23]. - The expansion of large pet service providers often leads to operational inefficiencies and customer dissatisfaction, as seen with companies like Jichongjia, which faced closures after rapid expansion [22][24]. Group 4: Comparison with Other Industries - The challenges faced in the pet economy mirror those in other high-margin industries like beauty and medical services, where the core value often lies in individual expertise rather than scalable business models [14][20]. - The pet industry, much like the beauty and medical sectors, is fundamentally a "people-driven" business, where success is tied to individual skills and customer relationships rather than just operational efficiency [20][23].

2025年12月，深圳。在第九届亚宠华南展这片汇聚全球产业焦点的舞台上，国产宠物品牌凯锐思的展 位，成为一个独特的"引力场"。这里不仅展示产品，更在构建一个完整的"科学养宠"生态。在宠物行业 迈向3000亿规模、竞争从渠道转向价值链效率的深度博弈期，凯锐思以其八年磨一剑的"科学养宠.专宠 专用"体系，向行业演示了如何穿越同质化红海，实现从规模增长到价值引领的质变。 一、深度互动：将"专业"转化为可感知的用户体验 "陪伴时光"艺术工坊：萌宠绘画墙前排起长队，宠主们用画笔记录爱宠的最萌瞬间。凯锐思将用户对宠 物的真挚情感，与品牌"帮助陪伴更长久"的使命深度绑定，完成了品牌价值的最高阶传递——情感锚 定。 三、体系致胜："专宠专用"背后的金字塔支撑 凯锐思此次参展的核心策略，是让抽象的"科学养宠"理念变得可视、可触、可互动。 个性化营养咨询台：不再是单向的产品陈列，而是由营养顾问团队坐镇，针对宠主带来的具体品种、年 龄、健康状况，提供一对一的"营养诊断"和喂养方案。一位拥有三只布偶猫的宠主反馈："他们能清晰 解释配方中每种成分对布偶猫关节、毛发的具体作用，这种专业度让我非常信服。" "透明溯源"互动屏：用户轻点屏幕 ...

本报讯 （记者矫月）近日，随着年度总决赛最后一项荣誉在安吉国际会展中心正式揭晓，2025梦想秀场"天元杯"宠物产业 新创投大赛全年赛程圆满收官。 紧跟天元杯梦想秀总决赛之后，"万物生·态不同"2025宠业新增长大会暨郝波宠业年度演讲同在浙江安吉国际会展中心圆满 举办。此次大会由天元宠物总冠名，浙江宠它至尚科技有限公司主办，中国礼仪休闲用品工业协会联合主办。大会以"万物生· 态不同"为主题，聚焦宠物行业2026年发展趋势，核心内容包括解码行业从"规模扩张"向"价值深化"转型的关键机遇，包括新场 景爆发、产业链价值重构和生态协同效应等。 天元宠物董事长薛元潮在大会上参与行业对话、分享破局策略，诠释人宠友好的"天元探索"，呈现出行业头部企业在全产 业链发展中的关键角色。薛元潮表示，天元宠物正在规划的全国首个宠物产业综合体将定位人宠友好主题，以产业为本、以新 消费为特征，"我们想做的不只是一个园区，更是一个人宠共生的生活样本"。此次大会同时也汇聚了政、产、学、研、媒等多 方力量，提供趋势洞察、思维升级和资源对接平台，助力中国宠物行业从业者应对存量竞争、着眼未来发展。 （编辑 李波） 2025梦想秀场"天元杯"宠物产业 ...

随着宠物成为不可或缺的"家庭成员"，携宠出行、人宠共游已成为城市生活的新风尚与新消费热点。 然而，"带毛孩子去哪儿？"却成了众多宠主面临的现实难题。信息不对称、政策不明晰、体验不确定， 常让一次计划中的欢乐出行变成尴尬与无奈的遭遇。 而另一位边牧犬主人的心声，则代表了更深层次的诉求："我们希望能有更多超市、公园等公共空间向 狗狗开放，让它们也能享受城市生活。同时，也特别希望所有宠物主人都能自觉牵好绳、做好清理，这 是友好共存的基础。" 正是洞察到这些痛点与需求，"粤宠同行"项目应运而生。 启动仪式上，广东省宠物行业协会荣誉会长麦春华指出，中国宠物消费市场规模预计2025年将突破5000 亿，专业人才缺口高达百万，行业正站在黄金时代的起点。 为系统化推动宠物友好生态建设，助力万亿"它经济"规范化、高质量发展，12月28日，由南方都市报联 合广东省景区行业协会、广东省宠物行业协会发起，勃林格殷格翰特别支持的 "粤宠同行"宠物友好空 间测评项目，在广州汉溪K11购物艺术中心正式启动，并同期举办了"粤宠同行嘉年华"沉浸式的人宠互 动盛会。 宠物出行之困 从"被拒之门外"到"期待友好公约" 活动现场，南都N视频记者随机 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 12 月 29 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 宠物市场规模持续扩张，关注北交所路斯股份自主品牌发展和出口情况 ——北交所消费服务产业跟踪第四十五期（20251228） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 宠物市场规模持续扩张，消费者从"精致养宠"迈向更高阶的"科学养宠"。2025 年 12 月 25 日，在由宠业家和山东省宠物行业协会联合主办，朗诺冠名的第六届宠 物渠道创新峰会上，《2025 淘宝天猫宠物数据解读：如何在最大生意阵地建立确定 性》主题分享中提出，淘宝天猫依然是宠物消费的首选平台和最大生意阵地，2025 年双 11 期间第一阶段其宠物成交额在主流电商中占比高达 64%。《持续超高增长的 抖音宠物市场，企业增长提效的奥秘》主题分享中提出，2025 年前 11 个月，抖音 宠物 GMV 同比增长近 9 ...

Investment Rating - The report recommends a "left-side investment opportunity" in the pig farming sector, indicating a positive outlook despite current challenges [5][6]. Core Insights - The agricultural sector index increased by 0.3%, while the Shanghai and Shenzhen 300 index rose by 1.9%. Notable stock performances included Shen Nong Technology (up 35.7%) and Guotou Zhonglu (up 20.8%) [5][6]. - The pig price rebounded significantly due to the re-entry of the second batch of fattening pigs and increased retail demand as the year-end approaches. However, the report suggests that this price increase may not be sustainable in the coming quarters [5][6]. - The pet sector is experiencing a valuation shift as the year-end approaches, with a focus on companies like Muyuan Foods, Wens Foodstuff, and others [5][6]. Summary by Sections Pig Farming - The average selling price of the national external three yuan pigs was 12.21 yuan/kg, with a week-on-week increase of 7.0%. The price surge is attributed to the re-entry of fattening pigs and a decrease in supply [5][6]. - The report indicates that the industry remains below the breakeven line, with losses reported for small-scale and medium-scale operations. The outlook for the next 1-2 quarters suggests a bottoming out of prices, with ongoing capacity reduction [5][6]. Pet Industry - The seventh Pet New National Goods Conference was held, revealing that the Chinese pet market is expected to reach a size of 154.5 to 160 billion yuan in 2025. The market is characterized by channel differentiation and a focus on specific product categories [5][6]. - Ruipai Pet Hospital submitted an application for an IPO, aiming to become the first publicly listed pet hospital in China [5][6]. Meat Chicken Farming - The average selling price of white feather broiler chicks was 3.37 yuan/chick, with a slight decrease of 0.6% week-on-week. The price of white feather broiler meat reached a new high of 3.80 yuan/kg, reflecting a week-on-week increase of 4.7% [5][6]. Beef Industry - The prices of beef and cattle have slightly decreased, with the average price of fattened bulls at 25.47 yuan/kg, down 0.24% week-on-week [5][6].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [5][6]. Core Insights - The report highlights a significant rebound in pig prices due to the re-entry of the second batch of fattening pigs and a rise in consumer sentiment as the year-end approaches. However, it notes that this price increase may not be sustainable in the coming quarters due to an oversupply situation [5][6]. - The report emphasizes the need to focus on the ongoing capacity reduction in the pig farming sector and suggests left-side investment opportunities in this area. It also mentions a potential valuation shift in the pet sector as it undergoes adjustments [5][6]. - The report provides specific recommendations for companies to watch, including Muyuan Foods, Wens Foodstuff, Dekang Agriculture, Tiankang Biological, Noposion, Guai Bao Pet, Zhongchong Pet, and Petty [5][6]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.3%, while the CSI 300 Index increased by 1.9%. The top five gainers included Shennong Technology (35.7%), Guotou Zhonglu (20.8%), and Jinliang Holdings (19.9%) [5][6]. Pig Farming - The average selling price of external three yuan pigs was 12.21 yuan/kg, with a week-on-week increase of 7.0%. The report indicates that the current price increase is driven by several factors, including the re-entry of fattening pigs and a decrease in available pig sources [5][6]. - The report forecasts that pig prices will continue to fluctuate at the bottom level, with a focus on the progress of capacity reduction in the industry [5][6]. Pet Sector - The report mentions the seventh Pet New National Goods Conference held in Wuhan, projecting the annual market size of China's pet industry to be between 154.5 billion and 160 billion yuan. It highlights the rapid growth in the pet market and the emergence of new customer segments [5][6]. - Ruipai Pet Hospital has submitted an application for listing on the Hong Kong Stock Exchange, indicating a positive outlook for the pet medical service sector [5][6]. Poultry Farming - The average selling price of white feather broiler chicks was 3.37 yuan/chick, with a week-on-week decrease of 0.6%. The report notes that the supply of white feather broilers remains abundant, which is expected to be a theme for 2025-2026 [5][6].

作者：子超@宠业家 融资将重点投向四个领域：贝思倍健自有品牌新品研发、自有产能建设、海内外市场推广，以及深化兽医辅助治疗联合研究中心建设，加速前沿技术的产 业化转化。 【关于瀚星科技】 瀚星科技成立于2017年11月，将核心业务锁定在宠物门店供应链与兽医服务领域，把自己定位成宠物B端机构的综合服务伙伴。借助数字化技术，公司搭 建起涵盖产品供应、技术支撑、运营赋能的全链条服务体系，能为全球宠物门店及兽医群体提供定制化的解决方案。 公司推出的"贝思倍健"系列，定位为临床导向的宠物专科医护产品，包含兽医辅助、门店创收两大产品线。该系列产品采用仅供给实体门店的渠道策略， 合作范围覆盖国内以及东南亚地区的宠物医院。2025年，公司进一步丰富品牌体系，重点打造"贝思倍健·虎跃"子品牌，将业务拓展至宠物食品领域。 【写在前面】 宠业家「融资栏目」，为关注宠物投融资动态的朋友，带来行业内最新宠物公司投融资事件跟踪报道。 【融资事件】 宠业家消息，近期，南京瀚星信息科技有限公司（以下简称"瀚星科技"）宣布完成B+轮融资。融资由浙商资本与易瑞生物联合战略投资，多维资本全程 担任独家融资顾问。双方在南京举办了战略合作签约仪式，明确 ...

Core Viewpoint - The pet economy is not an isolated sector but intersects with new consumption trends, the silver economy, and emotional companionship, highlighting its growth potential and the increasing interest from cross-industry enterprises and supportive policies [2] Industry Trends - The pet industry is experiencing significant growth, driven by the potential for new consumption and multi-industry collaboration [2] - Key terms in the pet industry are evolving from "involution" and "consumption downgrade" in 2023 to "going global," "innovation," and "AI" in 2024, with a notable reduction in "involution" references by 2025 [2] Future Projections - By 2025, key terms will include "Pet Fresh Life," "emotional needs," "AI," "reconstruction," "increased pet population," and "pet aging," based on surveys from hundreds of industry participants [2]