当前时点如何看待未来宠物医院行业发展？20260106 摘要 中国宠物医疗市场潜力巨大，受益于人口基数、养宠文化发展、老龄化 及单身经济等因素驱动，但近年来行业增速放缓，进入深耕阶段，企业 开始注重自身造血能力。 连锁宠物医院扩张面临管理效率、资金压力和标准化难题。直营模式员 工积极性不足，小股东模式管理松散。门店亏损需借款维持，多次借款 后仍无法扭亏则关闭。不同城市间价格、工作时长、薪酬待遇不一致。 解决医生培养慢、留存难是行业难题。股权激励模式虽能缓解人才流失， 但无法完全避免。平衡利益与情感是提高员工满意度和忠诚度的关键。 成熟运营的宠物医院年营收至少 300 万元，净利润 10%-25%。人力成 本占比 35%-40%，材料成本 16%-20%，房屋租赁及水电费 8%- 10%，品牌管理费 5%-10%，市场费用 3%-5%。 连锁宠物医院在药品及耗材采购方面具有规模优势，能够以更低价格降 低运营成本，提高盈利水平。新瑞鹏和瑞派等公司通过供应链和采购公 司，能以低于单体店 10%-20%的价格获得药品和耗材。 Q&A 目前中国宠物医疗行业的市场规模是多少？近几年其增长的驱动因素有哪些？ 中国宠物医疗行 ...

Core Viewpoint - The pet hospital market in China is projected to reach approximately 47.3 billion yuan by 2024, driven by factors such as increasing pet ownership, enhanced healthcare awareness, pet aging, and the trend of treating pets as family members, along with improved quality of medical services. The compound annual growth rate (CAGR) is expected to be around 7% over the next three years [1]. Market Size and Expansion Drivers - The pet medical and examination market is expected to reach about 47.3 billion yuan by 2024, with a potential growth to approximately 58 billion yuan by 2027, driven by increased pet ownership, higher visit rates, and rising per capita medical spending [1][2]. - Key drivers for market expansion include: 1. Growth in pet numbers, with significant potential for increased penetration compared to mature markets [2]. 2. Enhanced healthcare awareness leading to more frequent veterinary visits [2]. 3. Aging pets resulting in higher spending per case [2]. 4. Increased willingness to spend among pet owners due to the trend of treating pets as family members [2]. 5. Development of specialized veterinary services to meet the rising demand for quality care [2]. Competitive Landscape - The pet hospital industry in China is characterized by low chain operation rates and a fragmented competitive landscape, with only about 21.8% of pet hospitals being part of chains compared to 36% in the U.S. [3]. - Major players include New Ruipeng and Ruipai, with New Ruipeng leading in terms of store numbers, although it has recently reduced its store count from nearly 2,000 to about 1,400 [3]. - The market is witnessing a trend of capital consolidation, with significant investments directed towards leading companies, and the emergence of new players like Ruichen, which has over 200 hospitals [3]. Operational Challenges in Chain Pet Hospitals - The industry faces challenges such as a shortage of qualified veterinary professionals, with a significant portion of veterinary students coming from lower-tier educational institutions [4]. - Profitability concerns exist, particularly regarding the ability of chain hospitals to improve their profit margins and operational efficiency [4][5]. - The market is currently under pressure due to rapid expansion leading to a high proportion of new stores in the cultivation phase, low technical barriers, and high competition among community hospitals [5].

Investment Rating - The report maintains a "Positive" investment rating for the pet hospital industry [13]. Core Insights - The pet hospital industry is experiencing growth driven by the pet economy, with a projected market size of 51.7 billion yuan by 2024, reflecting a CAGR of 21% from 2016 to 2024. The industry is characterized by a fragmented market with many small players, but leading companies are advancing in chain operations and professional transformation to enhance profitability [4][9][21]. - The report emphasizes the need for standardization and replicability in personnel and management to achieve economies of scale, alongside the establishment of a specialized integrated diagnosis and treatment system focusing on tiered diagnosis and specialty construction to optimize resource allocation and improve profit margins [4][10][20]. Summary by Sections Market Overview - The pet hospital market is expanding due to strong growth in the pet economy and the essential nature of pet care, with the market expected to reach 51.7 billion yuan in 2024. The market is currently fragmented, with leading companies accelerating their chain operations amidst a backdrop of high costs and low efficiency [9][21]. Industry Structure - The industry exhibits a "large market, many players, small shares" characteristic, with a low concentration level. As of 2024, there are 34,426 registered animal diagnosis institutions, but the top players hold only a small market share, indicating significant room for growth and consolidation [30][39]. Chain Operations and Professionalization - Chain operations are essential for growth, but rapid expansion can lead to high costs and low efficiency. The report suggests that successful chain hospitals must focus on standardizing operations and enhancing management practices to avoid pitfalls associated with rapid scaling [10][62]. - The establishment of a tiered diagnosis system and specialty services is crucial for optimizing medical resources and increasing profitability. This approach aligns with changing pet demographics and consumer expectations [10][34]. Company Spotlight: Ruipai Pet Hospital - Ruipai Pet Hospital, a leading chain in the industry, has over 600 locations across more than 70 cities, with an average annual revenue of over 3 million yuan per store. The company is expected to continue enhancing its chain rate and profitability through innovative management and specialized services [11][21].