Investment Rating - The report does not explicitly provide an investment rating for the pet toy industry Core Insights - The pet toy market is experiencing significant social media engagement, particularly on platforms like Douyin and grass-planting platforms, with Douyin achieving an average of 860,000 interactions per day in September 2025, while grass-planting platforms had about 53,000 interactions, and Weibo only 24,000 interactions [3][9][11] - The demand for emotional companionship, personalization, practicality, and entertainment in pet toys is driving market trends, with high-quality user-generated content (UGC) being a key factor in engagement [4][6][39] - The pet economy in China is projected to reach 811.4 billion yuan by 2025, indicating a growing market for pet toys as part of a broader trend towards diversified and personalized pet consumption [6] Summary by Sections Industry Social Media Trend Analysis - In September 2025, the pet toy category showed diverse performance across social media platforms, with stable volume but significant fluctuations in interaction, indicating the content's impact on user engagement [8][9] - Douyin and grass-planting platforms dominate in interaction volume, while Weibo has lower engagement levels, suggesting different user behaviors and content preferences across platforms [11][27] - Key topics driving engagement include emotional companionship, DIY creativity, and brand marketing, reflecting users' interests in pet daily life and product evaluations [12][15] Industry Overall Marketing Trends - The pet toy category's social media heat showed significant differences across platforms, with Douyin and grass-planting platforms leading in interaction volume [9][24] - Douyin's daily interaction peaked at 1,742,127 on September 4, driven by DIY content, while Weibo's peak was 45,332 on September 15, linked to humorous pet content [11][30] Core Event Analysis - Key events driving social media heat include emotional connections between pets and toys, DIY pet toy sharing, brand holiday marketing, and daily pet play content [40] - Emotional connections and memories associated with pet toys generate strong user engagement, with content showcasing pets' affection and interactions with toys resonating deeply with audiences [41][42] - DIY pet toy trends reflect users' desires for personalization and environmental consciousness, with significant engagement on platforms like Douyin and grass-planting platforms [55][56] Consumer Feedback - Users express a strong emotional connection to pet toys, viewing them as essential for companionship and joy, which influences their purchasing decisions [39][53] - Positive feedback on DIY content indicates a growing interest in personalized and eco-friendly products, enhancing user engagement and market demand [57][58]

Core Viewpoint - The company has conducted a self-examination regarding insider trading related to its 2025 Restricted Stock Incentive Plan, confirming that no insider information was misused for trading purposes [1][2][3] Group 1: Incentive Plan Overview - The company approved the 2025 Restricted Stock Incentive Plan during the board meeting on July 21, 2025, and disclosed relevant details on July 22, 2025 [1] - The incentive plan was developed in compliance with the "Management Measures for Equity Incentives of Listed Companies" and other regulatory documents [2] Group 2: Insider Information Management - The company implemented necessary confidentiality measures and registered individuals with insider knowledge of the incentive plan [2] - A thorough investigation was conducted regarding stock trading activities by insiders in the six months prior to the public disclosure of the incentive plan [2] Group 3: Findings from Self-Examination - The self-examination revealed that, apart from specific transactions by Ping An Securities' proprietary trading unit, no other insider trading occurred [2] - The transactions by Ping An Securities were identified as part of a hedging strategy unrelated to the insider information of the incentive plan [2][3] Group 4: Conclusion - The company confirmed that it adhered to legal and regulatory requirements during the planning of the incentive plan, ensuring that no insider information was leaked or misused for trading [3]