编者按 | 9月15日，由中宣部组织的2025年"活力中国调研行"江苏主题采访活动在无锡启动。6天时间，采访团将分"沿江线""沿海线"分别赴无锡、常州、扬 州、南京、苏州、盐城、连云港等地，走访调研，解码江苏高质量发展的活力密码。 大河财立方报道团全程参与，一起探秘活力江苏。 【大河财立方 记者 陈诗昂 文 李博 摄影】9月17日，采访团来到盐城高新区。作为国家高新区，它的先进制造业和前沿科技产业都很"能打"，但盐城并没打 算展示这些。 江苏中恒宠物用品股份有限公司（下称中恒宠物），成为在盐城高新区唯一一个采访点。 太能打，高铁宠物托运箱就是中恒造 步入中恒宠物的产品展厅，像是进了公司仓库，产品多到让人咋舌。 单是一个猫砂盆，大的小的，带门的不带门的，开放式的、半开放式的、全封闭的，带不带除味功能的，能想到的、想不到的产品样式和功能，在这儿都能 看得到。 众多产品中，最吸睛的无疑是用于高铁宠物托运的运输箱，这是该公司科技含量最高的产品之一。 这家公司有什么特别之处？ 展厅有答案。从一条并不算宽的通道进入公司展厅，首先是一面专利墙，中文、日文、英文的，可谓五花八门。做宠物用品，也能有、也需要如此多专利？ 再往前 ...

Shareholder Reduction - Guangan Gas's shareholder Jinggangshan Chengxing plans to reduce its stake by no more than 1.9994% [1] - Hanyi Co., Ltd.'s controlling shareholder and its concerted parties plan to reduce their stake by no more than 3% [1] - Yuanfei Pet's shareholders Pingyang Shengfei, Pingyang Shengyu, and Pingyang Shengjin plan to collectively reduce their stake by no more than 3.4822% [1] - TeFa Service's shareholder Yinkun Company plans to reduce its stake by no more than 2% [1] - Xinyu Guoke's shareholder Jiangxi Agricultural Development Group plans to reduce its stake by no more than 1% [1] - Yinbang Co., Ltd.'s shareholder Xinbang Technology plans to reduce its stake by no more than 3% [1] - Newhan New Materials' actual controller Qin Cui'e plans to reduce her stake by no more than 2% [1] - Qixia Construction's shareholder Nanjing Gaoke plans to reduce its stake by no more than 3% [1] - Shenglong Co., Ltd.'s controlling shareholder and concerted parties plan to reduce their stake by no more than 3% [1] - Dagang Holdings' Yingqi Management plans to reduce its stake by no more than 3% [1] - Laixitongling's shareholder Ningbo Ningju plans to reduce its stake by no more than 1% [1] Other Information - Kosen Technology does not produce AI glasses or the structural components for AI glasses [1] - Haon Electric's robotics business products are still in the research and development stage and have not yet generated revenue [1]

天眼查App显示，近日，上饶市钰进宠物用品有限公司成立，法定代表人为程笛，注册资本100万人民 币，经营范围为一般项目：宠物食品及用品零售，工艺美术品及礼仪用品销售（象牙及其制品除外）， 工艺美术品及收藏品批发（象牙及其制品除外），家用纺织制成品制造，日用陶瓷制品销售，服装服饰 批发，服装辅料销售，产业用纺织制成品销售，针纺织品及原料销售，化工产品销售（不含许可类化工 产品），文艺创作，玩具、动漫及游艺用品销售，日用百货销售，鞋帽批发，美发饰品销售，家居用品 销售，互联网销售（除销售需要许可的商品），箱包销售，户外用品销售，体育用品及器材零售，包装 材料及制品销售，汽车装饰用品销售，宠物食品及用品批发，技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广，货物进出口，技术进出口，专业设计服务，组织文化艺术交流活动，艺术品 代理，贸易经纪，国内贸易代理，销售代理（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）。 ...

（编辑 姚尧） 证券日报网讯 依依股份9月17日在互动平台回答投资者提问时表示，公司持续关注"宠物卫生护理"赛道 的最新消费动向，积极探索宠物卫生护理用品的市场空间和产品维度。公司具备专业化的产品研发团 队，一方面持续投入技术创新，围绕宠物健康、使用场景、环保需求等方向，先后研发并成功向市场推 介出具有固定贴、防滑、湿度显示、速干、竹炭、抗菌、防撕咬、添加除臭剂、诱导剂、超柔透气、安 抚情绪等多项具备专属性、功能性的宠物卫生护理用品；另一方面，主动与客户建立"调研一研发一试 产一市场反馈一产品正式推介"的联动机制——通过调研国际连锁零售商、专业宠物渠道商的市场洞 察，结合不同区域消费者的养宠习惯，向客户推介具备差异化竞争力的创新产品，实现从"被动供 货"到"主动引导需求"的角色升级，既帮助客户提升终端市场竞争力，也进一步巩固了自身在产业链中 的核心价值地位。 ...

Core Insights - The pet economy is experiencing rapid growth, with the urban pet consumption market projected to reach 300.2 billion yuan in 2024, reflecting a 7.5% increase [1] - The demand for pet food and supplies is high, but consumer trust is low, leading to significant quality concerns [3][12] Market Overview - The pet food market is expected to grow to 155.7 billion yuan, with a modest increase of 4.6%, while the cat food market is projected to reach 144.5 billion yuan, growing by 10.7% [1] - A survey indicates that 84.68% of respondents purchased pet food in the past year, with a monthly spending range of 300 to 499 yuan being the most common [2] Consumer Concerns - Nearly 50% of pet food consumers identify quality instability as a core issue, with concerns about ingredient authenticity and expiration dates [3][5] - In the pet supplies sector, 42.52% of respondents feel that prices do not match quality, and 40.06% report that products do not align with pet behavior, increasing health risks [3] Service Quality Issues - In pet hospitals and clinics, only 50% have professional staff, raising concerns about service quality [2][9] - Among pet boarding services, only 16.25% of consumers reported no issues during their pet's stay, with common problems including behavioral changes and weight loss [7] Regulatory and Industry Challenges - The industry faces a lack of stringent regulations, with no specific legislation for pet food safety and inadequate standards for medical and burial services [12][13] - There is a significant talent gap in the industry, with a shortage of qualified veterinary professionals and a lack of standardized training and certification [13] Recommendations for Improvement - The Jiangsu Consumer Protection Committee suggests establishing mandatory national standards for pet food and supplies, enhancing service quality, and improving management systems [13] - Companies are encouraged to focus on research and development rather than solely on marketing, ensuring transparency in product claims [12][13]

Core Viewpoint - Recently, Wodo Pet Supplies (Zhaoqing) Co., Ltd. was established with a registered capital of 50,000 RMB, indicating a growing interest in the pet supplies industry in China [1] Company Summary - Wodo Pet Supplies (Zhaoqing) Co., Ltd. has a registered capital of 50,000 RMB [1] - The company operates in various sectors including wholesale and retail of pet food and supplies, toy sales, and sales of feed additives [1] - The company is involved in the research and development of biological feed and offers information technology consulting services [1] Industry Summary - The establishment of Wodo Pet Supplies reflects the expanding market for pet-related products and services in China [1] - The company’s diverse business scope includes not only pet supplies but also technology services and various retail products, indicating a multifaceted approach to market opportunities [1]

天眼查App显示，近日，徐州优尔宠物用品有限公司成立，法定代表人为王东洋，注册资本100万人民 币，经营范围为许可项目：兽药经营；饲料生产；饲料添加剂生产（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，具体经营项目以审批结果为准）一般项目：宠物食品及用品批发；宠物食品 及用品零售；日用品销售；日用品批发；日用杂品制造；宠物服务（不含动物诊疗）；文具用品批发； 文具用品零售；办公用品销售；电子产品销售；工艺美术品及收藏品零售（象牙及其制品除外）；塑料 制品销售；第一类医疗器械销售；保健食品（预包装）销售；互联网销售（除销售需要许可的商品）； 信息技术咨询服务；工程和技术研究和试验发展；饲料添加剂销售；消毒剂销售（不含危险化学品）； 日用化学产品销售；日用杂品销售；饲料原料销售；化工产品销售（不含许可类化工产品）（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）。 ...

Group 1 - The overall market showed mixed performance, with the Consumption ETF (159928) declining by 0.68% and achieving a trading volume of nearly 1 billion yuan, a significant increase of 82% compared to the previous day [1] - The Consumption ETF (159928) has a latest scale exceeding 19.2 billion yuan, leading its peers significantly [1] - The Hong Kong Stock Connect Consumption 50 ETF (159268) rose by 0.67%, with a trading volume exceeding 27 million yuan, and has attracted over 250 million yuan in the last 20 days [3] Group 2 - The Ministry of Commerce and other departments released policies to expand service consumption, proposing 19 measures to enhance consumer activities and optimize service supply [5] - Huatai Securities noted that consumption policies are extending to improve welfare and living standards, with various measures expected to support a continued recovery in consumption [5] - Zhejiang Securities believes that a systematic market rally could release wealth effects, potentially boosting consumption, with insurance and foreign capital entering the market favoring consumer blue chips [6] Group 3 - The market style is expected to favor growth and consumption, with historical data indicating that consumer sectors outperform in the trading days leading up to the National Day holiday [7] - Recommendations include focusing on leading consumer stocks and emerging growth sectors, with specific attention to stable growth in essential consumer goods and potential opportunities in the liquor sector [8] - The Consumption ETF (159928) has a significant weight in its top ten holdings, with leading liquor stocks accounting for 32% and major pig farming companies for 15% [9]

Core Viewpoint - Zhongyun Group (06601) maintains a "Buy" rating with a target price of HKD 3.00, predicting a net profit of HKD 210 million in 2025, corresponding to a 4.0x P/E ratio after cash adjustments [1] Financial Performance - The company achieved revenue of RMB 1.34 billion in the first half, a year-on-year increase of 7.2%, with an overall gross margin improvement of 2.9 percentage points to 49.3% [2] - Operating profit remained flat year-on-year despite a 20.7% increase in operating expenses, while the effective tax rate rose to 26.2% due to the expiration of tax incentives, expected to revert to around 20% for the full year [2] - Net profit for the first half was RMB 170 million, a slight decline of 3.3% year-on-year, with a mid-term dividend of HKD 0.057 and a payout ratio of 40%, maintaining an annual payout ratio of 80% [2] Growth in Pet Segment - The pet segment generated RMB 96 million in revenue, a remarkable year-on-year growth of 101.4%, increasing its share from 3.8% to 7.2% [3] - The gross margin for the pet segment improved by 8.6 percentage points to 58.1%, with plans to expand self-operated stores from 77 to 200 by 2027 and to initiate a franchise model as early as next year [3] Multi-Channel Strategy - Online revenue increased by 27.4% to RMB 520 million, accounting for 38.6% of total revenue, while offline revenue decreased by 2.6% [4] - The company is enhancing the distribution of high-margin products and improving the quality of distribution points to adapt to changes in offline consumer behavior, utilizing special display methods for promotion [4]

Core Viewpoint - Zhongtai International maintains a "buy" rating for Chaoyun Group (06601), forecasting a net profit of 210 million by 2025 and a target price of 3.00 HKD, corresponding to a 4.0 times price-to-earnings ratio after cash adjustments [1] Group 1: Financial Performance - The company achieved a revenue of 1.34 billion RMB in the first half of the year, a year-on-year increase of 7.2% [1] - Overall gross margin improved by 2.9 percentage points to 49.3%, driven by an increase in the revenue share of the pet category and changes in sales channel structure [1] - Net profit for the first half was 170 million RMB, a slight decline of 3.3% year-on-year, impacted by a temporary increase in effective tax rate to 26.2% due to the expiration of tax incentives [1] Group 2: Pet Category Growth - The pet category's revenue reached 96 million RMB, with a year-on-year growth of 101.4%, increasing its share from 3.8% to 7.2% [2] - The gross margin for the pet segment rose by 8.6 percentage points to 58.1%, with plans to expand self-operated stores to 200 by 2027 [2] - The company plans to initiate a franchise model as early as next year to accelerate growth in the pet segment [2] Group 3: Multi-Channel Strategy - Online revenue increased by 27.4% to 520 million RMB, accounting for 38.6% of total revenue [3] - The company is focusing on high-margin products and enhancing distribution quality in response to changes in offline consumer behavior [3] - Special promotional strategies, such as product display techniques, are being employed to boost sales [3]