天眼查App显示，近日，深圳市暖心屋宠物用品有限公司成立，法定代表人为石明旺，注册资本95万人 民币，经营范围为一般经营项目是：宠物食品及用品批发；宠物服务（不含动物诊疗）；日用杂品销 售；日用杂品制造；玩具销售；木制玩具销售；二手日用百货销售；日用木制品制造；竹制品销售；消 毒剂销售（不含危险化学品）；家具销售；宠物销售；灯具销售；照明器具销售；技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广；信息技术咨询服务；信息咨询服务（不含许可类信息 咨询服务）；销售代理；业务培训（不含教育培训、职业技能培训等需取得许可的培训）。（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项目是：无。 ...

Core Insights - Jiangsu's foreign trade demonstrates resilience despite uncertainties, with a total import and export value of 4.88 trillion yuan from January to October, accounting for 13.1% of the national total and contributing over 20% to the national export growth [1] Group 1: Market Expansion - Jiangsu is focusing on opening new markets and expanding new business formats to enhance foreign trade [1] - Yangjie Electronics has seen a 30% growth in foreign sales, with plans for factory expansions in Vietnam, Malaysia, and Thailand [2] Group 2: Innovation in Trade - The "Shicaitong" platform in Changshu has facilitated a significant increase in exports for small and micro foreign trade businesses, growing from 1 billion USD to over 15 billion USD since 2020 [3] - Jiangsu's imports and exports with Belt and Road countries reached 2.44 trillion yuan, an 11.7% increase year-on-year, while trade with ASEAN countries grew by 22.1% [3] Group 3: Digital Transformation - The cross-border e-commerce sector in Suzhou's Shengze Town has seen a 225.4% increase in import and export value, reaching 3.635 billion yuan from January to September [4] - Jiangsu's cross-border e-commerce platforms experienced over 60% growth in imports and exports from January to October, with traditional industries leveraging digital channels for international market expansion [5] Group 4: Brand Development - Companies like Borui Electric and Yadea are enhancing their competitive edge through quality control and innovation, with Borui's products entering over 70 countries and Yadea adapting products for Southeast Asian markets [6] - Jiangsu's effective invention patent numbers remain among the highest in the country, with advanced manufacturing clusters contributing over 60% of these patents [7]

Core Viewpoint - Jiangsu's foreign trade demonstrates strong resilience despite uncertainties in the external trade environment, with a total import and export value of 4.88 trillion yuan from January to October, accounting for 13.1% of the national total and contributing over 20% to the national export growth [2] Group 1: Market Expansion - Jiangsu is focusing on opening new markets and promoting industries and enterprises to go global, with companies like Yangjie Electronics producing around 30 million power semiconductor chips daily for overseas markets, achieving a 30% growth in export [3] - The "Shicaitong" platform in Changshu has facilitated small and micro foreign trade businesses, increasing its export value from 1 billion USD in 2020 to over 15 billion USD, streamlining the export process for local merchants [4] - Jiangsu's imports and exports to countries involved in the Belt and Road Initiative reached 2.44 trillion yuan, a year-on-year increase of 11.7%, while trade with ASEAN countries grew by 22.1% [4] Group 2: New Business Models - The cross-border e-commerce sector in Suzhou's Shengze Town has seen a significant increase, with a 225.4% year-on-year growth in import and export value, reaching 3.635 billion yuan from January to September [5] - Companies are leveraging digital channels and innovative business models, such as overseas warehouses and data-driven marketing, to enhance their international sales, with Jiangsu's cross-border e-commerce platforms experiencing over 60% growth in imports and exports [5] Group 3: Competitive Advantages - Jiangsu companies are enhancing their competitive edge through innovation and quality control, with firms like Borui Electric holding over 700 patents and participating in the formulation of international standards, while Yadea focuses on quality and adapts products for Southeast Asian markets [6] - The region's effective invention patent count remains among the highest in the country, with advanced manufacturing clusters contributing over 60% of these patents, indicating a strong foundation for high-quality development [7]

天眼查App显示，近日，黑龙江帆莱宠物用品有限公司成立，法定代表人为李铭东，注册资本3万人民 币，经营范围为一般项目：宠物食品及用品批发；宠物食品及用品零售；宠物销售；宠物服务（不含动 物诊疗）；互联网销售（除销售需要许可的商品）；日用品销售；销售代理；品牌管理；供应链管理服 务；业务培训（不含教育培训、职业技能培训等需取得许可的培训）；文艺创作；专业设计服务；娱乐 性展览；市场营销策划；个人商务服务；摄像及视频制作服务。 ...

Core Viewpoint - Shanghai Deep Blue Universe Equipment Co., Ltd. has been established with a registered capital of 500,000 RMB, indicating a diversification into various sectors including electrical equipment, pet products, and environmental protection equipment [1] Company Overview - The company is legally represented by Huang Aidi and has a registered capital of 500,000 RMB [1] - The business scope includes general projects such as sales of electrical equipment, import and export of goods, and various technical services [1] Business Activities - The company engages in a wide range of sales activities including: - Electrical equipment sales - Pet food and supplies wholesale and retail - Daily necessities sales - Sales of mechanical and electronic components [1] - It also includes specialized sales such as: - Environmental protection equipment - Chemical products (excluding licensed chemical products) - Household appliances and daily household items [1] Licensing and Regulatory Compliance - The company has specific licensed projects including: - Production of food additives - Production of feed additives - These activities require approval from relevant authorities before commencement [1]

分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨 H&H 国际控股（01112.HK） [Table_Title] H&H 国际控股 2025 年前三季经营数据点评： 婴配粉修复加速，国内保健品维持良性增长 报告要点 [Table_Summary] 2025 年前三季度，撇除外汇影响，公司总收入 108.1 亿元（同比+12.3%）。所有业务分部收入 均录得正面增长，成人营养及护理用品分部收入同比+6.0%。婴幼儿营养及护理用品分部收入 同比+24.0%，其中婴配粉收入同比+33.3%，婴幼儿益生菌及营养补充品业务收入跌幅收窄至 2.3%。宠物营养及护理用品分部收入同比+8.2%。 请阅读最后评级说明和重要声明 %% %% research.95579.com %% %% 1 [Table_scodeMsg2] H&H 国际控股（01112.HK） cjzqdt11111 [Table_Title H&H 国际控股2] 202 ...

Summary of Conference Call on Pet Supplies Industry Company Overview - The company discussed is 高益佳 (Gao Yijia), a player in the pet supplies industry, focusing on cat litter and pet food products. Financial Performance - In 2024, the total revenue was approximately 460 million yuan, with cat litter contributing around 260 million yuan and pet food generating between 330 to 340 million yuan [4][5][6]. - For 2025, cat litter revenue is projected to reach between 970 million to 1 billion yuan, while pet food is expected to grow by about 10% [4][2]. Product Development and Market Strategy - The cat litter business has seen rapid growth, with the first SKU achieving sales of 60 million yuan in less than six months, reaching 260 million yuan in 2024, and expected to approach 1 billion yuan in 2025 [5][9]. - The company is shifting its strategic focus towards the plant-based cat litter market, introducing and improving Brazilian plant litter to address issues with tofu litter [7]. - The online sales channel accounts for 98% of total sales, with Tmall being the primary platform, followed by Pinduoduo, JD.com, and Douyin [8][10]. Competitive Advantages - The company’s cassava cat litter boasts superior technology, with rapid absorption (1-3 seconds) and low dust levels, outperforming competitors [11]. - A mixed mineral sand strategy has been implemented to reduce costs, lowering the retail price to 19.9 yuan, thus expanding the customer base [12]. Future Plans - In 2026, the company plans to increase advertising spending, lower retail prices by 1.5 yuan, and enhance collaborations with top influencers on Douyin to boost sales [13][15]. - The company is actively expanding into Southeast Asia, with plans to strengthen its overseas presence in both pet food and supplies by 2026 [2][14]. Growth Projections - The company anticipates at least 15% growth in the cat litter business for 2026, with potential growth rates between 20% to 22% [17]. - The pet food segment is expected to recover, with a projected growth rate of at least 20% in 2026, driven by increased marketing efforts [18]. Operational Insights - The gross margin for pet food is approximately 35%, with a net profit margin between 8% to 10%. For cat litter, the gross margin is around 28%, with a net profit margin fluctuating between 6.5% to 7% [16]. - The company is currently maintaining its independent operational status while preparing for a potential acquisition, with plans for team integration post-acquisition [24][25]. Market Challenges - The Southeast Asian market is still in an experimental phase, with no dedicated sales personnel on-site, making it difficult to assess performance [23]. - The company faces challenges in selling staple food products in pet hospitals due to a lack of recommendations from veterinarians [32]. Conclusion - 高益佳 is positioned for significant growth in the pet supplies market, particularly in cat litter, with strategic plans for product development, market expansion, and competitive pricing. The focus on online sales and international markets indicates a forward-looking approach to capturing market share.

天眼查App显示，近日，中山市比多克宠物用品有限公司成立，注册资本10万人民币，经营范围为一般 项目：宠物食品及用品批发；宠物食品及用品零售；日用杂品销售；家用电器研发；家用电器制造；家 用电器销售；家用电器零配件销售；日用杂品制造；水族馆管理服务；日用家电零售；五金产品制造； 五金产品零售；塑料制品制造；塑料制品销售；塑料包装箱及容器制造；信息技术咨询服务；信息系统 集成服务；互联网安全服务；互联网数据服务；网络技术服务；技术服务、技术开发、技术咨询、技术 交流、技术转让、技术推广；互联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 ...

Core Insights - Jiangxi Rongtan Technology Development Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Xie Jiahui [1] Business Scope - The company is involved in various licensed projects including food sales, internet food sales, pet feed production, and tourism services [1] - General business activities include software development, wholesale and retail of pet food and supplies, daily necessities sales, and various technology services [1] - The company also engages in import and export agency services, electronic product sales, and fitness and leisure activities [1]

天眼查App显示，近日，邢台星景宠物用品有限公司成立，法定代表人为豆计英，注册资本50万人民 币，经营范围为一般项目：宠物食品及用品批发;宠物食品及用品零售;互联网销售（除销售需要许可的 商品）（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：饲料生产（依法须 经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）。 ...