证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 27 日 [Table_Title] 海外基地投产&并购"高爷家" ，加码宠物赛道 布局 [Table_Title2] 依依股份(001206) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 001206 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 36.04/13.78 | | 目标价格： | -- | 总市值(亿) | 58.44 | | 最新收盘价： | 31.61 | 自由流通市值(亿) | 33.61 | | | | 自由流通股数(百万) | 106.32 | [Table_Summary] 事件概述 依依股份发布 2025 年三季报，2025Q1-Q3 公司实现营收 13.06 亿元，同比-0.72%，归母净利润 1.57 亿元，同 比+3.82%，扣非归母净利润 1.37 亿元，同比+0.79%。2025Q3 单季度公司实现营收 4.18 亿元，同比-16.98%， 归母净利润 0.54 亿元，同比-2.23%，扣非归 ...

农林牧渔 2025 年 10 月 26 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2024-10 2025-02 2025-06 农林牧渔 沪深300 相关研究报告 《猪价磨底去化延续，双十一预售宠 物 龙 头 表 现 亮 眼 — 行 业 周 报 》- 2025.10.19 《猪价超预期下跌，能繁去化或加速 —行业点评报告》-2025.10.16 《中美关税扰动再起，农业板块防守 价值凸显—行业周报》-2025.10.12 10 二育进场不改生猪去化大势，肉牛补栏谨慎景气延 续性或更强 ——行业周报 饲料板块国内市场受益禽畜后周期，海外强劲需求支撑价格。推荐：海大集 团、新希望等。 消费升级叠加关税壁垒，宠物板块国货崛起逻辑持续强化。推荐：乖宝宠物、 中宠股份、佩蒂股份。 本周市场表现（10.20-10.24）：农业跑输大盘 4.24 个百分点 本周上证指数上涨 2.88%，农业指数下跌 1.36%，跑输大盘 4.24 个百分点。子 板块来看，渔业板块领涨。个股来看，*ST 佳沃（+11.02%）、众兴菌业 （+9.20%）、粤桂股份（+8. ...

总结 一句话： "破位放量暴跌" 。 （专业服务注册制的市值风云APP） 10月22日晚间，乖宝宠物（301498.SZ）正式发布2025年三季报。有意思的是，市场好像已经提前知 道了这份业绩，10月22日当天开盘，乖宝宠物的股价就直接跌破了此前的整理平台，并一路震荡下 行。 10月23日，公司三季度业绩发布后，更是直接跳空低开，当天股价大跌超14%，成交量创出阶段历史 新高。 三季度单季度净利润增速首次降至个位。 作者 | 观韬 编辑 | 小白 ...

Core Viewpoint - Yiyi Co., Ltd. is actively expanding its presence in the pet market through strategic acquisitions and investments, aiming to become a comprehensive leader in the pet industry by integrating products, food, and medical services [2][5]. Group 1: Recent Actions - On October 13, Yiyi Co. announced the acquisition of Hangzhou Gaoye Family Pet Food Co., Ltd. [2] - On October 16, Yiyi Co. revealed a joint investment with Beijing Fangyuan Jinding Investment Management Co., Ltd. in a venture capital partnership with a total planned scale of 156.54 million RMB, where Yiyi Co. will contribute 70.20 million RMB, accounting for 44.84% of the partnership [2]. Group 2: Business Overview - Yiyi Co. is a leading enterprise in the disposable pet hygiene products sector, primarily producing pet pads and pet diapers, and has long provided OEM services for various international pet brands [4]. - As of the first half of 2025, disposable pet hygiene products accounted for 93.91% of Yiyi Co.'s revenue, with 93.47% of its income derived from overseas markets [4]. Group 3: Investment Targets - The investment target, Ruipai Pet Hospital, operates a large chain of pet hospitals with nearly 600 stores across 27 provinces and over 70 cities in China [4]. - Ruipai Pet Hospital has attracted investments from several major domestic and international investors and is rumored to be planning an IPO in Hong Kong [4]. Group 4: Strategic Implications - The successful completion of the acquisition of Gaoye Family and the investment in Ruipai will position Yiyi Co. as a leader in the "products + food + medical" segments of the domestic pet industry, reducing its reliance on overseas markets and OEM products [5]. - As of October 13, Yiyi Co.'s stock has increased by 118.91% this year, indicating strong market performance [5].

Core Viewpoint - The article highlights the rapid growth and transformation of the pet industry in China, driven by the "spoiling economy" where pet owners increasingly invest in high-quality products and services for their pets, reshaping consumer behavior and market dynamics [2][14][35]. Group 1: Pet Consumption Trends - Pet food dominates the market, with 17 out of the top 20 brands in the pre-sale rankings for the 2025 Double Eleven event being pet food-related, indicating a strong consumer preference [3]. - The overall transaction volume and buyer numbers for pet products on platforms like Taobao and Tmall are projected to grow over 50% year-on-year in 2024, with new customers contributing nearly 50% [3]. - The demand for smart pet products has surged, with sales of smart pet beds increasing by nearly 15,200% and smart odor eliminators by 1,120% [3]. Group 2: Changing Consumer Behavior - Pet ownership is leading to a shift in household consumption patterns, with durable goods increasingly being replaced by fast-moving consumer goods due to pets' destructive behaviors [9][10]. - The average compensation for furniture damage caused by pets is around 1,865 yuan, with furniture damage claims accounting for 37.2% of all pet-related insurance claims [6][14]. - A significant portion of pet owners (over 60%) are willing to pay for pet behavior training, with average spending per session ranging from 300 to 500 yuan, reflecting a growing market for pet training services [19]. Group 3: Market Growth Projections - The market for cat scratching boards is expected to exceed 6.5 billion yuan by 2025, with a stable annual growth rate of over 20% [17]. - The pet step market is also expanding, with mid-to-high-end products expected to account for 42% of the market by 2024, showing a trend towards product upgrades and brand premiumization [24]. Group 4: Urban and Home Adaptations - The presence of pets is driving home design changes, with 54.3% of dog owners and 51.2% of cat owners incorporating pet-friendly designs during renovations [22]. - Innovations in home furnishings, such as multifunctional furniture that accommodates pets, are emerging as a new growth area in the home goods market [26][28]. - The pet-friendly trend is extending beyond homes to urban spaces, with pet-friendly restaurants and hotels becoming more common, leading to increased customer traffic and sales [34]. Group 5: Global Context and Future Potential - In comparison to the U.S. pet market, which is valued at approximately $151.9 billion, China's pet market is growing steadily, with a projected market size of 300.2 billion yuan in 2024 [35][38]. - The average annual spending on pets in the U.S. is significantly higher than in China, indicating substantial growth potential for the Chinese pet market as consumer spending increases [38]. - Chinese pet product brands are gaining traction in international markets, showcasing the potential for global expansion and the deepening of the "spoiling economy" [41][43].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][8]. Core Insights - The company has shown robust revenue growth, with a 21% year-on-year increase in revenue for the first three quarters of 2025, reaching RMB 3.86 billion. The net profit attributable to shareholders was RMB 330 million, reflecting an 18.2% increase year-on-year [8]. - The third quarter saw a revenue of RMB 1.43 billion, a 15.9% increase year-on-year, although the net profit decreased by 6.6% to RMB 130 million due to prior investment income in Q3 2024 [8][11]. - The company is expected to maintain strong growth in both domestic and international markets, with a focus on enhancing brand influence and expanding product offerings [11]. Financial Performance Summary - For the fiscal year ending December 31, 2025, the company is projected to achieve a net profit of RMB 479 million, a 21.67% increase from the previous year. The earnings per share (EPS) is expected to be RMB 1.57 [10]. - The price-to-earnings (P/E) ratio is projected to decrease from 40 in 2024 to 34 in 2025, indicating a more attractive valuation as earnings grow [10]. - The company’s revenue is forecasted to grow from RMB 5.62 billion in 2025 to RMB 6.92 billion in 2026, reflecting a strong upward trend in sales [15]. Market Position and Shareholder Information - The company operates primarily in the pet food sector, with 70.16% of its revenue coming from pet snacks, 24.78% from pet food, and 5.06% from pet supplies [3]. - Major shareholders include Yantai Zhongxing Biological Technology Co., Ltd., holding 24.02% of the shares [2]. - Institutional investors hold 6.1% of the circulating A-shares, while general corporations hold 62.6% [4].

Investment Rating - The industry investment rating is "Outperform the Market" [1][89]. Core Insights - The global pet industry is projected to reach approximately $207 billion in 2024, with a compound annual growth rate (CAGR) of 5.5% from 2024 to 2029 [3][12]. - The Chinese pet industry, although starting later, is rapidly expanding, with a market size expected to reach 300.2 billion yuan in 2024, reflecting a year-on-year growth of 7.5% [3][26]. - The demand for pets is shifting from functional care to emotional companionship, driven by demographic changes such as an increase in single-person households and elderly individuals [3][40]. Summary by Sections Industry Overview - The pet industry in Europe and the US dominates the global market, with the US accounting for 47% of the pet food and snacks market and 50% of the pet services market by 2025 [3][12]. - The Chinese pet market is characterized by a growing number of pets, with a total of 124 million pets expected in 2024, marking a 2.1% increase year-on-year [3][33]. Upstream - The number of pets in China is steadily increasing, with a shift in consumer demand towards emotional companionship rather than just functional care [3][31]. - The CAGR for pet cats and dogs from 2017 to 2024 is projected at 5.1%, with cats growing at a faster rate than dogs [3][33]. Midstream - The pet supplies market is diversifying, with significant growth in pet food, particularly domestically produced brands, which are increasingly replacing imported ones [3][46]. - The market for pet food is expected to reach 107.17 billion yuan in 2024, with a CAGR of 8.2% from 2018 to 2024 [3][50]. Downstream - The pet medical care market is projected to reach approximately 84 billion yuan in 2024, making it the second-largest consumer market after pet food [3][71]. - The pet grooming industry is also experiencing rapid growth, with a market size of 42 billion yuan in 2023 and a CAGR of 22.3% from 2019 to 2023 [3][76]. - The pet insurance market in China is still in its early stages, with a penetration rate of less than 1%, indicating significant growth potential [3][84]. Investment Recommendations - The pet market is characterized by sustained growth and resilience, with structural opportunities across the industry chain, particularly in domestic substitution and innovation in niche categories [3][87]. - Recommended companies include leading pet food enterprises such as Guobao Pet and attention to Zhongchong Co., Ltd. and Yuanfei Co., Ltd. [3][87].

Core Insights - The pet economy in China is experiencing significant growth, with the number of pet cats and dogs expected to exceed 124 million by 2024 and the urban pet consumption market projected to reach 404.2 billion yuan by 2027 [1][2] Group 1: Pet Travel Trends - The trend of traveling with pets is becoming increasingly popular among families, with many pet owners planning road trips during the National Day holiday [1] - Social media engagement around pet travel topics is high, with the hashtag TravelWithDogs generating 290 million views on platforms like Xiaohongshu [1] - The number of pet-friendly hotels and attractions is on the rise, with a 60% increase in search volume for pet-friendly accommodations in the first quarter of 2025 compared to the fourth quarter of 2024 [1] Group 2: Industry Growth Potential - The "pet-friendly" concept is emerging as a new growth point in the cultural and tourism sectors, attracting significant consumer interest and traffic [2] - As services related to pet travel continue to improve, it is anticipated that traveling with pets will become a normalized tourism model, offering new opportunities for the development of the cultural and tourism industry [2]

资料图/IC the states of the state the state the state and and gate "十一期间的上门喂养预约早就'爆单'了！"假期前五天，宠托师小陈每天承接了10单左右的上门喂养业务。按照当前订单量估算，国庆期间收入有望接近 5000元。 十一假期，"毛孩子"照护需求再度集中爆发。新京报贝壳财经记者注意到，除上门喂养服务、门店预约量激增之外，以自动喂食器、自动猫砂盆为代表的智 能宠物用品，也成为宠物主假期出行的"托宠"选择。 "留守"宠物忙托管，一天百元已约满 假期向来是上门喂养宠物生意的黄金期。宠托师阿森回忆，往年十一单量激增直接带动宠托师工作时长大幅延长，"有人从凌晨三点多就开始跑单，忙到第 二天凌晨一两点才能休息，这样假期收入能破万。" 于宠物主而言，即便价格有所上涨，上门喂养服务仍是刚需。小李计划十一外出旅游，家中一只小猫"留守"。尽管她已为猫咪配备自动喂食器、饮水机和猫 砂盆，但担心宠物独自在家孤单，还是预约了上门陪玩服务。"平日上门服务价格是39元，假期涨到了49元，这个涨幅还是可以接受的。" 科技时代也打开了养宠的新世界。智能宠物用品正成为不少宠物主的 ...

Core Insights - The core strategy for the pet industry on Xiaohongshu for the 2025 Double Eleven event is centered around "full power of cuteness," leveraging a base of 200 million pet interest users to enhance brand awareness and conversion efficiency [1][2]. Industry Trends - The pet ownership demographic is expanding, with over 90 million pet owners on the platform, including more than 60 million cat owners and 33 million dog owners. Additionally, 40% of dog owners and 34% of cat owners plan to increase their spending [1][2]. - There is a shift towards quality and refinement in pet product demands, with brand awareness in cat food rising by 5 ranks and dog food reputation increasing by 7 ranks compared to 2023. The search for senior dog food has surged by 920% year-on-year [1][2]. - The Double Eleven shopping event is a peak search period, with significant stockpiling behavior observed for essential items like cat litter and staple food, as evidenced by a 66,470% increase in searches for cat food strategies [1][2]. Marketing Opportunities - Marketing strategies are focusing on scenario-based and ecological interactions, with events like the Asia Pet Expo serving as significant traffic drivers. The "Little Cat and Dog Book" campaign aims to create a marketing loop through online and offline engagement [2][3]. - The competitive landscape in the cat food sector is intense, necessitating a dual strategy of awareness-building during the pre-sale phase and targeted conversion during the peak sales period. The dog food sector requires phased operations focusing on different life stages [2][3]. Growth Strategies - Full-link efficiency relies on tools and rhythm management, with key performance indicators set at a click-through rate (CTR) of 10% and a conversion rate of 2.5% for marketing strategies [3]. - Budget allocation is divided into phases: 30% for awareness, 60% for conversion during peak sales, and 10% for long-term brand reputation building [3].