9月21日，2025"它经济新纪元"宠物经济论坛在成都举办，以"解码消费新势能·重构品牌进化力"为主题。论坛 上，四川省宠物协会党支部副书记谭锐、成都好主人宠物食品有限公司总经理游磊以及广东省宠物行业协会常务 副会长兼秘书长王磊等就"它经济消费升级下的需求变革"等展开了探讨和分享。 谭锐在论坛上表示，"它经济"正以不可阻挡之势，成为激活消费潜力的新势能，更是倒逼行业重构品牌进化的核 心力量。新一代养宠人群的核心诉求已从"喂饱宠物"转向"情感陪伴、科学养宠、品质生活"，推动行业从野蛮生 长迈入高质量发展新阶段。 论坛现场，南都湾财社记者摄 论坛现场。南都湾财社记者摄 中国畜牧业协会宠物产业分会联合派宠发布的《2025年中国宠物行业白皮书》显示，中国城镇犬猫进入快速增长 期，2024年我国宠物猫狗数量已经突破1.24亿只，2024年城镇（犬猫）消费市场规模增长7.5%，达到3002亿元。 其中，犬的消费市场规模同比增长4.6%，猫的市场规模增长更为显著，达到10.7%。单只猫狗的年均消费超过 2000元，呈现增长态势。预计到2028年，中国宠物经济产业市场规模有望达到1.15万亿元。 王磊表示，从消费结构来看，宠 ...

Core Viewpoint - The pet medical industry is a core sector of the pet economy, characterized by both rigidity and growth potential, following a development path similar to human consumption structure, transitioning from "goods to services" [2] Demand Side: Growth Potential in Penetration Rate and Average Spending - The aging of pets is leading to an increase in disease incidence, which is expected to trigger a surge in demand for pet medical services. The shorter lifespan of pets compared to humans means that changes in age structure will result in more pronounced demand shifts [3] - The significant growth in the penetration rate of prescription pet food reflects the rapid dissemination of pet medical knowledge in China. Prescription pet food, which is a "functional diet" prescribed by veterinarians for specific diseases, is increasingly being recognized by pet owners, especially during illness or recovery periods [3] Expansion Phase: Balancing Scale and Profitability - The domestic pet medical market is characterized by small revenue size and weak profitability. According to the 2023 China Pet Medical Industry White Paper, 82% of pet hospitals in China have annual revenues below 2.4 million yuan, and 71% have profit margins below 10%, with 26% currently operating at a loss [4] - Drawing from the U.S. market experience, while profitability is under pressure during the expansion phase, measures such as controlling the pace of expansion, standardized mergers and acquisitions, and refined operations can gradually enhance profitability [4] Cost Structure: Challenges in Variable Cost Optimization - In the domestic market, employee and procurement costs are the main constraints on optimizing variable costs for pet hospitals. The operating costs are primarily concentrated in labor and consumables, with a shortage of veterinary talent and low domestic procurement rates for consumables being significant challenges [5] - The long-term reliance on imports for veterinary vaccines and the dominance of foreign brands in pet medications contribute to higher procurement costs for domestic pet medical enterprises. In contrast, the U.S. has a mature local supply chain, which provides cost advantages in consumable procurement [5]

Core Viewpoint - The pet consumption market is experiencing strong growth, with a focus on product refinement and functionality, as highlighted by the recent pet exhibition in Shanghai [1] Product Trends - The trend towards functional and refined pet food is rising, with an increase in players in the fresh and prescription food segments [2] - Functional pet food is becoming more popular, addressing specific needs for different life stages, such as growth for puppies and joint protection for older pets [2] - High-end pet food, particularly prescription and fresh food, is seeing increased competition, with domestic brands starting to enter a market previously dominated by imports [2] Marketing Strategies - The pet industry is shifting towards a "content + social" marketing approach, enhancing offline experiences to drive online engagement [3] - Brands are utilizing offline events to attract new customers and improve user profiles for targeted marketing [3] - Interactive activities and promotions at exhibitions are being used to engage consumers and promote products [3] Competitive Landscape - The competition in the pet food industry is intensifying, with a focus on innovation and differentiation among brands [4] - Domestic brands are moving upmarket, leveraging flexibility and pricing advantages, while international brands are increasing their marketing efforts in the mid-to-high-end segments [4] - The concentration of top brands is increasing, but competition among them remains fierce [4] Investment Recommendations - Companies with strong R&D capabilities and brand management are recommended, as the pet food sector is in a stable growth phase [5] - Key companies to watch include Zhongchong Co., Ltd. and Guibao Pet, which have strong operational and R&D capabilities [5] - Attention should also be given to Yuanfei Pet and Petty Co., Ltd. for their potential in the market [5]

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]

Group 1: Pet Food Industry - The pet food industry in China is entering a golden era, driven by product innovation, brand matrix, and channel iteration [1] - On the product side, general grain innovation is stimulating demand, with popular categories strengthening the deep binding between categories and brands [1] - Functional pet food, such as prescription diets, represents high price, high profitability, and high customer loyalty, with a projected global CR3 of 97% in 2024 [1] - The brand matrix is essential, with a projected global CR5 of 52% for pet food companies/brands in 2024, indicating a shift from single large brands to multiple brands in China [1] - Capital investment is crucial, with Mars and Nestle's cumulative acquisitions reaching $8.3 billion and $16 billion respectively [1] - Local specialty channels are key for the rise of brands in various countries, with a shift from efficiency-driven to a balance of efficiency and experience in domestic channel evolution [1] Group 2: Liquid Cooling Chain - The AIDC liquid cooling sector is expected to see upward investment opportunities due to continuous enhancements in overseas computing power and the iteration of cooling solutions [2] - Domestic liquid cooling chains are poised to leverage new technology windows and decentralized decision-making to penetrate overseas markets [2] - The breakthrough in domestic computing chips is anticipated to create replacement opportunities for domestic liquid cooling chains [2] Group 3: Motorcycle Export - Chinese motorcycle companies are actively expanding overseas, with rapid increases in market share, emphasizing the importance of international expansion [3] - The high cost-performance ratio of certain models, such as scooters and ADV models, has proven effective in capturing market share, while other models have yet to initiate price competition strategies [3] - In the medium to long term, as the product matrix of Chinese companies improves, single Chinese brands could achieve annual sales of 150,000 to 200,000 units in the European and American markets, and approximately 700,000 and 600,000 units in Latin America and ASEAN markets respectively [3]

Core Insights - The report from China International Capital Corporation (CICC) indicates that the pet food industry in China is entering a golden era, driven by product innovation, brand matrix development, and channel evolution [1] Industry Summary - The potential for growth in the scale, structure, and profitability of the Chinese pet food industry is significant, suggesting a promising future [1] - The global market share of the top three companies (CR3) in functional pet food is projected to reach 97% by 2024 [1] Company Summary - Product Innovation: The demand is being activated through innovations in general pet food, with popular categories strengthening the deep connection between categories and brands, such as Blue Buffalo for natural food, Freshpet for fresh food, and Fresh Long for baked food [1] - Brand Development: A multi-brand strategy is becoming essential, with the global market share of the top five companies (CR5) in pet food expected to be 52% and 17% for brands by 2024. The shift from single large brands to multiple brands is anticipated in China, supported by capital investments [1] - Channel Evolution: Localized channels are crucial for the rise of brands in various countries, with a shift from efficiency-driven approaches to a balance between efficiency and customer experience expected in domestic channels [1]

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].

Core Viewpoint - The global pet food industry is thriving, with a market size exceeding one trillion RMB and a projected growth rate that outpaces other sectors, indicating a golden era for domestic pet food brands in China [1][4]. Industry Overview - The global pet food market is expected to reach USD 147.3 billion by 2024, with a CAGR of 5.7% from 2024 to 2029 [1]. - The competitive landscape shows strong profitability, with the CR3 for global pet food, infant formula, and beauty sectors at 46.7%, 39.5%, and 25.4% respectively [2]. - The U.S. and Japan pet markets have shown significant growth, with CAGRs of 8.2% and 3.2% from 2000 to 2024, respectively, outpacing GDP growth [2]. Key Players and Strategies - Mars is projected to generate USD 32.8 billion in pet revenue in 2024, holding a market share of 21.4% [3]. - Nestlé is expected to achieve USD 23.3 billion in pet revenue in 2024, with a market share of 20% [3]. - Hill's, a pioneer in prescription pet food, holds a 5.1% market share in the pet food sector, with a prescription food market share of 53% [3]. - Freshpet leads the North American fresh pet food market with a 96% market share in Q1 2025 [3]. Insights for China - The Chinese pet food industry is poised for significant growth, with potential for improved scale, structure, and profitability [4]. - Product innovation is crucial, with a focus on functional and prescription pet foods that command higher prices and margins [4]. - A multi-brand strategy is becoming essential, as evidenced by the global CR5 for pet food companies and brands at 52% and 17%, respectively [4]. - Local distribution channels are key for brand emergence, shifting from efficiency-driven to a balance of efficiency and customer experience [4].

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]