智通财经APP获悉，招商证券发布研报称，2025年亚宠展近日在上海举行，展会观展人数再创新高，宠 物消费增长强劲。宠物食品板块景气度延续，产品方面精细化、功能化趋势兴起，鲜粮、处方粮细分玩 家增多，营销上全域传播与品牌联名多元化，新锐品牌营销投入加大，行业竞争愈发激烈，关注TOP10 位次变化。重点推荐中宠股份(002891.SZ)、乖宝宠物(301498.SZ)，同时关注源飞宠物(001222.SZ)、佩 蒂股份(300673.SZ)。 招商证券主要观点如下： 产品：精细化、功能化趋势兴起，鲜粮、处方粮细分玩家增多。 (1)功能化、精细化趋势。烘焙粮仍是重要品类之一，功能属性/功能粮热度上升，实现了喂养的精细化 发展。针对宠物不同年龄阶段，如幼宠粮注重促进发育，老年宠粮则针对代谢减缓、关节退化等问题， 特别添加关节保护成分，抑或针对肠道改善、泌尿呵护等改善，满足宠物主需求。但目前专业意义上的 功能粮厂家仍不多，对企业研发实力有更高的要求。 宠物行业营销进入"内容+社交"时代，线下场景赋能线上，线下拉新获客。线下展会上，不少品牌通过 派发小样、关注会员领取新品等，引导消费者关注、拓新客，完善用户画像，便于品牌 ...

Group 1 - The article discusses the differences between dry and wet pet food, highlighting that both have their own advantages and disadvantages. Dry food is more economical and easier to store, while wet food helps with hydration [2] - It is recommended to choose pet food based on the pet's needs and economic conditions, with a combination of dry and wet food providing a more balanced nutrition and aiding in dental health [2] Group 2 - The article emphasizes the importance of gradually transitioning pets to new food to avoid gastrointestinal issues such as indigestion, diarrhea, or vomiting, especially when switching from low-protein to high-protein food [4] - If a pet refuses to eat new food, it is essential to determine whether the pet is being picky or if there is an issue with the food itself, such as spoilage or off-odors [5] Group 3 - The suggested feeding amounts on packaging are merely reference values and should be adjusted based on the pet's activity level, whether they are neutered, and their overall health [8] - Regular observation of the pet's weight and health is crucial for adjusting feeding amounts accordingly [8] Group 4 - Prescription pet food is specifically designed for sick pets, adjusting the balance of macronutrients and micronutrients to meet their special needs [10] - Different types of prescription food include renal diets with low protein, urinary health diets that regulate mineral ratios, and allergy diets that focus on reducing allergens [10] Group 5 - Weight management food can aid in weight loss by controlling calorie intake, but it should be complemented with proper feeding practices and increased exercise for optimal results [11] - Monitoring the pet's health and response to the diet is important, and adjustments should be made if there are any signs of discomfort or inadequate weight loss [12] Group 6 - Proper storage of opened pet food is essential to maintain freshness and prevent spoilage, with recommendations to keep it in a cool, dry place and ensure airtight containers [13] - Regular checks for spoilage indicators such as off-odors or discoloration are necessary to ensure food safety [13] Group 7 - Homemade pet food can lead to nutritional imbalances if not carefully prepared, as natural ingredients may lack sufficient vitamins and minerals [14] - Pet owners should ensure that homemade diets are nutritionally complete to avoid health issues related to malnutrition [14]

Core Viewpoint - The global pet food industry is a thriving market with significant growth potential, characterized by a stable expansion, high profitability, and evolving consumer trends such as the "cat economy," online sales, premiumization, and humanization of pet products [2][3][30]. Industry Overview - The global pet food market is projected to reach $147.3 billion (approximately 10,606 billion RMB) by 2024, with a CAGR of 5.7% from 2024 to 2029 [5][6]. - The market has shown robust growth, with the U.S. pet food market expected to grow from $60.6 billion in 2024 to $75.9 billion by 2029, reflecting a CAGR of 4.6% [5]. - The pet food market is highly concentrated, with the top three companies holding a market share of 46.7%, which is higher than other consumer goods sectors [9][13]. Company Analysis - Mars is the leading player in the pet food market, with projected revenues of $32.8 billion in 2024 and a market share of 21.4% [3][8]. - Nestlé follows closely with revenues of $23.3 billion and a market share of 20% in the same year [3][8]. - Hill's, a subsidiary of Colgate-Palmolive, holds a market share of 5.1% and is recognized for its prescription diet products, commanding a 53% share in the prescription food market [3][39]. - Blue Buffalo, focusing on natural pet food, has a market share of 2.9% globally and leads the U.S. market with a 7% share [3][41]. - Freshpet, a pioneer in fresh pet food, is expected to achieve sales of $975 million in 2024, dominating the fresh food segment with a 96% market share [3][43]. Trends and Innovations - The "cat economy" is driving growth, with the proportion of cats in the pet population increasing from 44% to 53% over the past decade [30]. - Online sales of pet food have risen significantly, with the global online sales share increasing from 6% to 29% in the last ten years [31]. - Premium pet food consumption has also increased, with high-end pet food now accounting for 47% of the market, up from 42% [32]. - The humanization trend is evident as pet owners increasingly view pets as family members, leading to a demand for higher quality and "human-grade" pet food [33]. Insights for China - The Chinese pet food market has substantial growth potential, with the usage rates of professional cat and dog food at 45% and 25.3%, respectively, indicating room for improvement compared to mature markets [50]. - The penetration of high-end pet food in China is expected to rise, with current consumption rates at 31% for cat food and 38% for dog food, suggesting a significant gap compared to global averages [50][52]. - The concentration of top pet food companies in China is relatively low, with a CR5 of 25.4%, indicating opportunities for market consolidation and growth in profitability [52].

Summary of the Pet Food Industry Conference Call Industry Overview - The Chinese pet food industry is projected to reach approximately 53 billion yuan by 2024, with cat food accounting for 59% of the market, approximately 31.6 billion yuan, showing an 8% year-on-year growth, while dog food is around 21.6 billion yuan, remaining stable year-on-year. The penetration rate of pet food in China is significantly lower than that in the US and Japan, indicating substantial growth potential [1][7] Key Trends and Insights - The high-end cat food market has rapidly grown from 1.8 billion yuan in 2013 to 16.5 billion yuan, with a compound annual growth rate (CAGR) of 23%, driven by the rise of Generation Z pet owners and the formation of scientific feeding concepts. This segment is crucial for domestic brands to enhance profitability [1][8] - E-commerce has become a dominant channel, capturing 68% of the market share in 2023, significantly altering the competitive landscape and allowing domestic brands to rapidly gain market share against traditional overseas brands [1][9] - The market share of domestic brands like Guobao and Zhongchong has significantly increased, with the top ten pet food companies in China now predominantly consisting of domestic brands, reflecting a shift from foreign dominance [1][10] Competitive Landscape - The concentration ratio (CR10) of the Chinese pet food industry is approximately 32% in 2024, indicating a trend towards increased company-level concentration [1][9] - Domestic brands are expected to continue gaining market share, with Guobao's market share projected to exceed 20% in the future [4][12] Future Growth Potential - The pet food industry aligns with economic development trends and is closely related to demographic and family structure changes. Consumers show reduced price sensitivity post-pet ownership, indicating a stable market outlook [5] - The pet medical industry is anticipated to experience significant growth in the next 3-5 years, driven by an aging pet population and the rising demand for specialized products like senior and functional pet food [14] Investment Recommendations - Despite recent market corrections, leading domestic companies like Guobao and Zhongchong are expected to stabilize and maintain rapid growth post-half-year report. Therefore, the industry is recommended for investment [15]

Core Insights - The pet industry is experiencing significant growth, driven by diverse consumer demands and technological advancements in pet products [1][4] Group 1: Event Overview - The 2025 TOPS Pet Expo was held at the Shanghai National Exhibition and Convention Center from May 8 to 11, covering over 100,000 square meters with more than 1,200 exhibitors and over 8,000 brands [1] - The expo showcased a wide range of products, including pet food, supplies, and medical services, reflecting the industry's diversification and increasing consumer engagement [1] Group 2: Trends in Pet Nutrition - The pet food sector is the largest sub-industry within the pet market, characterized by a shift towards scientific, refined, and anthropomorphic feeding practices [2] - Brands are moving from basic feeding to customized nutrition, addressing specific needs at different life stages of pets, such as high-quality protein for kittens and joint health for older cats [2] - New product innovations include advanced technologies like micro-emulsification to enhance nutrient absorption and formulations that support pet health, such as Omega-3 for fur care [2][3] Group 3: Technological Advancements - The pet supplies segment is also evolving with digital and smart innovations, such as AI-enabled litter boxes and UV sterilizing water dispensers, enhancing pet care [4] - The market potential is underscored by data indicating that the urban pet consumption market in China is projected to reach 300.2 billion yuan in 2024, growing by 7.5% from 2023, with expectations to exceed 400 billion yuan by 2027 [4] Group 4: Growth in Small and Exotic Pets - The small and exotic pet sector is expanding rapidly, with the expo's small pet area increasing by 120% year-on-year, and the overall market size surpassing 10 billion yuan [5] - The user base for small and exotic pets has exceeded 20 million, with over 60% being new pet owners, indicating a high growth rate from a low base [5]

一季报业绩亮眼，长期看好宠物赛道 20250427 摘要 • 中国宠物市场量利齐增，2024 年中宠股份归母净利润同比增长 68%至 3.94 亿元，2025 年一季度净利润同比增长 62%至 9,100 万元，显示出 强劲的增长势头，利润增速超越收入增速。 • 烘焙粮成为产品升级关键领域，中宠股份旗下领先品牌电商线上增速达 60%，弗列加特线上增速高达 140%，表明高端化、细分化产品如老年粮、 处方粮、小型犬粮等具有高速增长潜力。 • 国内自主品牌持续高增速，受益于产品结构升级和品牌调整，利润率有望 提升。乖宝宠物弗列加特品牌毛利率高于麦富迪，预计 2025 年仍将保持 量利齐增的态势。 • 海外业务影响整体可控，中宠北美工厂具备稀缺性，优先选择高毛利订单， 部分季度净利率可达 20%。北美工厂技术改造后，预计 2025 年产能增加 1 亿元，总产值达 8 亿元。 • 中宠股份国内市场通过产品调整显著提升毛利，预计 2025 年国内营收达 18-20 亿元，盈利接近 7,000 万元，得益于品牌增长、规模效应和产能利 用率提升，顽皮品牌毛利率已达 30%以上，领先品牌超 50%。 宠物赛道本身具有成长性， ...