报告基于抖音、快手、小红书等平台数据，聚焦2025年1 - 9月宠物保健品市场，全面剖析了行业市场表现、消费者需求、细分市场情况及未来趋势。 行业整体呈高速增长态势，中国宠物经济持续发展，猫犬消费规模四年间稳步增长，健康消费产业规模增长超4倍，推动养宠消费从基础生存型向健康品质 型转型。社媒电商渠道中，宠物医疗用品以156%的同比增速领跑，保健品紧随其后，增速达97.16%。市场格局呈现"双宠驱动"，猫数量增长快于犬，猫保 健品用三年追平犬类市场差距，犬保健品则后劲十足，2025年增速反超猫。 消费者以24 - 40岁青年女性为主，沿海经济大省为消费主力。购买决策上，适口性是基础门槛，安全性是核心关键，第三方认证和专利技术极具影响力。犬 类保健需求集中在关节养护、皮肤炎症、肠胃调理等方面，养犬行为向全周期管理演进；猫类则聚焦饮水管理与消化健康，针对性解决猫咪不爱喝水、毛球 困扰等天性痛点。 细分市场呈现猫狗差异化特征，护肤美毛领域，猫市场爆发式增长，头部集中度提升，温和排毛类产品需求旺盛；犬市场侧重成分纯度与权威认证。营养保 健市场中，犬类增长迅猛，国产品牌主导，中低价格带受青睐；猫类稳步增长，高端价格带增长 ...

【编者按】 近期，零点有数持续观察新消费产业的各细分领域赛道情况，通过深度分析与趋势研判，为产业链相关 单位与企业提供参考借鉴。继之前深入研究潮玩、珠宝首饰、新茶饮等赛道后，我们本期将聚焦在一个 充满爱的赛道中——宠物，让我们一起来探索这个正以惊人速度"奔跑"的蓬勃市场吧。 上周末路过上海静安区一家宠物主题咖啡馆，一场特别的生日派对正在举行。主角是一只名叫"布丁"的 柯基犬，它头戴定制生日帽，面前摆着宠物专属的鸡肉蛋糕，周围是十几只"狗狗嘉宾"和他们的主人。 这场派对花费超过2000元，包括场地布置、宠物蛋糕、摄影师跟拍和伴手礼。 这看似小众的消费场景，背后折射出的却是中国宠物产业正在经历的深刻变革——一场由情感驱动、技 术赋能、跨界融合共同塑造的"新消费革命"。当我们还在讨论"它经济"的边界时，这个赛道已经悄然奔 向万亿规模，并以前所未有的速度重塑着我们的生活方式与商业逻辑。 中国养宠观念的演变，是一条清晰的情感升级路径。从最初"工具型养宠"的剩饭喂养，到"情感型养 宠"的情感寄托，再到如今"拟人化养宠"的类人待遇，直至进入"宠本化养宠"的双主体共生阶段——宠 物不再是附属品，而是家庭中平等的一员。这一认知 ...

Macroeconomic Overview - In October, the industrial added value of large-scale enterprises in China grew by 4.9% year-on-year, a decrease of 0.6 percentage points from September, while the market expectation was 5.5% [4] - The cumulative year-on-year growth from January to October was 6.1%, down 0.1 percentage points from January to September [4] - Fixed asset investment showed a cumulative year-on-year decline of 1.7% from January to October, marking the lowest level since June 2020, and significantly below the market expectation of -0.7% [4] - Retail sales of consumer goods in October nominally grew by 2.9%, continuing a decline for five consecutive months, and was below the market expectation of 2.7% [5] Industry Insights - Huawei is set to release a breakthrough technology in the AI field on November 21, which could increase the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70%, significantly enhancing hardware potential [9] - Ganfeng Lithium's chairman predicts that global lithium carbonate demand will reach 1.55 million tons in 2025, with supply capacity at over 1.7 million tons, indicating a potential surplus [10] - The sales of new energy heavy trucks in October reached 20,290 units, a year-on-year increase of 144%, indicating strong market demand [12] - The pet health products industry is expected to see a surge in demand due to the aging pet population, with a shift from preventive to essential health care products [14] Market Trends - The S&P 500 index volatility increased by 3.9% last week, reflecting cautious market sentiment amid concerns over AI tech stocks and potential interest rate changes by the Federal Reserve [16] - The domestic market is experiencing a "high-low cut" sentiment, with consumer indices rising while high P/E indices are declining, indicating a shift in investor focus [16] Bond Market Analysis - The bond market experienced minor fluctuations last week, with short-term yields rising slightly due to unstable funding conditions, while the overall economic data released was weak but within market expectations [18]

Macroeconomic Overview - In October, the industrial added value of large-scale enterprises in China grew by 4.9% year-on-year, a decrease of 0.6 percentage points from September, while the market expectation was 5.5% [4] - The cumulative year-on-year growth from January to October was 6.1%, down 0.1 percentage points from January to September [4] - The fixed asset investment year-on-year growth rate from January to October was -1.7%, marking the lowest level since June 2020, and significantly below the WIND expectation of -0.7% [4] - The retail sales of consumer goods in October nominally grew by 2.9%, continuing a decline for five consecutive months, and was lower than the WIND expectation of 2.7% [5] Industry Insights - Huawei is set to release a breakthrough technology in the AI field on November 21, which could increase the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70%, significantly enhancing hardware potential [9] - Ganfeng Lithium's chairman predicts that global lithium carbonate demand will reach 1.55 million tons in 2025, with supply capacity at over 1.7 million tons, indicating a potential price increase if demand grows beyond 30% in 2026 [10] - The sales of new energy heavy trucks in October reached 20,290 units, a year-on-year increase of 144%, indicating strong market demand [12] - The pet health products industry is expected to see increased demand due to the aging pet population, with a shift from preventive to essential health products as pet owners prioritize their pets' health [14] Market Strategy and Configuration - The SP500 index volatility increased by 3.9% last week, reflecting cautious market sentiment amid concerns over AI tech stocks and potential interest rate changes by the Federal Reserve [16] - The domestic market is experiencing a "high-low cut" sentiment, with consumer indices rising while high P/E indices fell, indicating a shift in market dynamics [16] Bond Market Analysis - The bond market experienced minor fluctuations last week, with short-term yields rising slightly due to unstable funding, while the overall economic data released was weak but within market expectations [18]

Core Insights - The pet consumption sector is experiencing rapid growth, with projected sales of 9.4 billion yuan during the 2025 Double Eleven shopping festival, representing a 59% increase from 2024 [1][2] - Tmall dominates the pet sales market, accounting for 64% of sales, with a significant increase in daily sales during the event compared to September [3] - Domestic brands are rising in prominence, with top brands performing well on major platforms like Tmall and JD [4] - There is a clear trend towards premium and specialized pet products, reflecting a shift in consumer behavior towards viewing pets as family members [5] Industry Growth - The pet consumption market is projected to grow significantly, with Tmall's pet sales showing a consistent double-digit growth over four years, surpassing 50 billion yuan in annual transaction volume [3] - JD Supermarket reported a 25% year-on-year increase in new users during the Double Eleven period [2] - The overall pet consumption on platforms like Douyin is also increasing, with notable growth in pet apparel and grooming products [2] Brand Performance - The top five brands on Tmall and Douyin during Double Eleven are all domestic brands, indicating a strong local market presence [4] - Notable brands such as Guobao Pet and its products, including Maifudi, are among the top performers in the pet food category [4] Consumer Trends - The Engel coefficient for pet spending on Tmall has decreased by 2.93% over three years, indicating a diversification in pet-related expenditures [5] - There is a growing demand for high-end pet food products, with an increasing share of premium offerings in the market [5] - The market is seeing a shift towards more refined and emotional consumption patterns, as pets are increasingly viewed as integral family members [5] Investment Opportunities - The pet industry in China is expected to continue its rapid growth, with domestic brands enhancing their market competitiveness through innovation [6] - Recommended investment targets include Zhongchong Co., Ltd. (002891.SZ), Guobao Pet (301498.SZ), and Petty Co., Ltd. (300673.SZ) [6]

Group 1 - The core viewpoint of the articles highlights the strong presence and commitment of American companies at the China International Import Expo (CIIE), reflecting their long-term optimism towards the Chinese market [1][2] - Honeywell, a leading American company, has significantly expanded its exhibition space at the CIIE, showcasing its focus on technology innovation, digital economy, and low-carbon development in China [1] - Idaho, a major agricultural state in the U.S., has been actively participating in the CIIE, with plans to sign cooperation agreements worth $111 million in 2024 [1] Group 2 - China is the largest export destination for U.S. agricultural products, including soybeans, cotton, and meat, making agricultural trade a crucial component of U.S.-China economic relations [2] - A report from the U.S.-China Business Council indicates that 82% of American companies operating in China are profitable in 2024, underscoring the attractiveness of the Chinese market for U.S. businesses [2] - The participation of over ten U.S. agricultural industry associations at the CIIE, including first-time attendees, emphasizes the growing interest in expanding agricultural trade with China [2]

Core Insights - The report from Tmall indicates a significant shift in pet consumption from "basic feeding" to "refined pet care," highlighting a trend towards consumption upgrade in the pet industry [1][3] Consumption Upgrade - Over the past three years, the Engel coefficient for pet consumption on Tmall has decreased by 2.93%, indicating a diversification in pet spending [1] - The share of high-priced essential pet products has increased, while the variety of non-essential items has also expanded, confirming the trend of consumption upgrade [1][4] Pet Food Trends - High-end pet food categories, such as wet food, baked food, fresh food, freeze-dried food, and prescription food, are gaining a higher share of consumption on Tmall [3] - More than 80% of pet owners have adopted a scientific feeding habit that combines dry and wet food, shifting from merely filling pets to providing quality nutrition [3] Cat Litter Consumption - The share of cat litter priced above 200 yuan has increased from 34% during the 2023 Double 11 to 45% in 2025, indicating a growing preference for higher-quality products [6] - The top-selling cat litter types are now more focused on higher-priced mineral and plant-based litters, which offer better clumping, less dust, and improved comfort [6][8] Pet Health Products - Tmall offers nearly 50,000 types of pet health products, with the fastest-growing categories being cat health products targeting specific issues like heart and urinary problems, which have seen over 120% growth [8] - The shift in pet owners' mindset from "treating illness" to "preventing illness" aligns with the emotional consumption trend of treating pets as family members [8] Smart Pet Products - Smart pet products are becoming integral to pet care, with significant growth in sales for smart wearables (1560%), smart toys (1470%), and smart feeding devices (over 160%) during the Double 11 sales [9] - The popularity of smart storage containers has notably boosted the brand meoof, which entered the top 20 pet product brands on Tmall for the first time [9]

Core Insights - The pet consumption market is experiencing significant growth, with Tmall leading in sales during the Double 11 shopping festival, contributing 64% of total sales and achieving an explosive growth coefficient of 280% [1][3]. Group 1: Market Performance - Tmall's pet industry has maintained double-digit growth despite its scale advantage, with pre-sale amounts surpassing last year's total within just half an hour of the Double 11 pre-sale launch [3]. - In the first hour of sales, 18 brands, including Friskies and Royal Canin, each exceeded 10 million in sales, while 587 brands saw year-on-year growth [3]. - Domestic pet food brand Xianlang broke the 100 million sales mark within four hours of opening sales, indicating Tmall's position as the preferred channel for brand scaling [3]. Group 2: Domestic Brand Growth - Domestic brands accounted for 68% of the pet brands that achieved over 10 million in sales on Tmall during the Double 11 event [3]. - Brands like Maifudi and Toptrees saw significant sales increases, with Maifudi's sales growing over 90% and Toptrees' cat food sales soaring by 170% [3]. - Even in traditionally dominated segments by imported brands, domestic products like Blue's cat food emerged as top sellers, showcasing the success of domestic brands in innovation and meeting consumer demand [3]. Group 3: Cross-Industry Integration - The trend of "cross-industry integration" is creating new growth opportunities, with brands like Adidas and Xiaomi entering the pet apparel and smart drinking fountain markets, respectively [4]. - Tmall's pet product sales growth coefficient is approaching that of the apparel category, indicating a shift away from niche markets [4]. - Tmall is becoming a core testing ground for brands exploring cross-category growth in the context of the rising "it economy" [4]. Group 4: User Demographics and Ecosystem - Since its upgrade to a primary category in 2021, Tmall's pet sector has seen continuous high growth, doubling in size and surpassing 100 million annual purchasing users [9]. - Over 30% of new customers in the pet category are young, indicating a growing, high-engagement user base [9]. - The pet industry is entering a "platform ecosystem competition" phase, with Tmall's extensive user base supporting both short-term and long-term growth through comprehensive category offerings and data insights [9].

Core Insights - The pet consumption market is experiencing significant growth, with Tmall leading in sales during the Double Eleven shopping festival, contributing 64% of total sales and achieving a high explosion coefficient of 280% [1][3] - Tmall's pet industry has maintained double-digit growth despite its scale advantage, with pre-sale amounts surpassing last year's total within just half an hour [3] - Domestic brands are increasingly dominating the pet consumption landscape, accounting for 68% of the brands that achieved over 10 million in sales on Tmall during the event [3] Group 1 - Tmall's pet industry has shown remarkable growth, with 18 brands achieving over 10 million in sales within the first hour of the Double Eleven event [3] - The trend of domestic brand replacement is evident, with brands like 麦富迪 and Toptrees showing significant sales increases of over 90% and 170% respectively [3] - The pet consumption market is witnessing cross-industry integration, with brands like Adidas and Xiaomi entering the pet apparel and smart drinking fountain markets, respectively [4] Group 2 - Since its upgrade to a primary category in 2021, Tmall's pet sector has experienced continuous high growth, doubling in scale and surpassing 100 million annual purchasing users [6] - The pet industry is entering a "platform ecosystem competition" phase, with Tmall's user base supporting both short-term and long-term growth through diverse consumer insights [6] - The rise of the "it economy" is expected to further solidify Tmall's leading position in the pet industry [6]

Core Insights - The core viewpoint of the article highlights the strong performance of Zhongchong Co., Ltd. (002891.SZ) in the pet industry, driven by its comprehensive industry chain layout and global operations, with significant revenue and profit growth reported for the first three quarters of 2025 [1][2]. Financial Performance - In the first three quarters of 2025, Zhongchong achieved revenue of 3.86 billion yuan, a year-on-year increase of 21.05%, and a net profit of 333 million yuan, up 18.21% [2]. - The third quarter of 2025 saw a revenue of 1.428 billion yuan, reflecting a year-on-year growth of 15.86%, while net profit for the same period was 130 million yuan, down 6.6% [2]. - The company's non-recurring net profit reached 323 million yuan, a significant increase of 33.50% year-on-year, indicating robust underlying performance [2]. Business Segments - The pet staple food segment has become a key growth driver, with revenue reaching 783 million yuan in the first half of 2025, a remarkable increase of 85.79%, significantly outpacing the 6.37% growth in pet snacks [3]. - The gross margin for staple food is reported at 36.63%, which is higher than the 30.63% for pet snacks, contributing to improved overall profitability [3]. Market Expansion - Zhongchong's overseas market is a major revenue contributor, generating 1.575 billion yuan in the first half of 2025, with a year-on-year growth of 17.61%, accounting for 64.75% of total revenue [4]. - The company has accelerated its overseas market expansion, establishing a North American headquarters and integrating local R&D, sales, and supply chain management [4]. Research and Development - Zhongchong has invested a total of 211 million yuan in R&D over the past three and a half years, with annual increases in R&D spending, reflecting a commitment to innovation and technology [4]. Asset and Market Performance - As of the end of the third quarter of 2025, Zhongchong's total assets reached 5.364 billion yuan, a year-on-year increase of 24.08%, marking a historical high [5]. - The company's stock price has risen by 51% since the beginning of the year, closing at 53.38 yuan per share, with a total market capitalization of 16.25 billion yuan [6]. Industry Outlook - The pet economy is entering a golden development period, but increased competition is driving industry differentiation, making product R&D, supply chain integration, and multi-channel operations critical for success [6].