证券时报记者陈雨康 孟夏时节的宁波舟山港，货轮汽笛轰鸣阵阵，集装箱忙碌流转，第四届中国—中东欧国家博览会暨国际 消费品博览会如期开幕。这里，各色商品荟萃，硬核科技同台，多国语言的洽谈声此起彼伏，四天的展 期交出了一份惊艳的成绩单：展期进口采购订单达109.8亿元、专业采购商数量1.7万人次、境外采购商 约4000人…… 自2012年中国—中东欧国家合作机制成立以来，双方经贸合作驶入"快车道"。数据显示，2012年以来， 中国与中东欧国家贸易年均增长8.8%，中国自中东欧国家进口年均增长7.4%，均高于同期中国对外贸 易增速。2024年中国与中东欧国家双边贸易总值为1422.7亿美元，较上年同期增长6.3%，高于中国进出 口整体增速2.5个百分点，展现出蓬勃的势头。 作为世界第二大经济体和最重要的消费市场之一，近年来，中国市场潜能持续释放，不断催生出更多元 化的消费需求，消费形态也在创新中不断升级，这为中东欧国家产品进入中国提供了广阔空间。 5月22日举办的中东欧商品采购签约活动上，一项高达2.4亿元的宠物健康产品大单引起关注。采购方八 二国际贸易此前洞察到中国宠物保健品市场的可观潜力，在去年和塞尔维亚企业维特 ...

Summary of the Pet Food Industry Conference Call Industry Overview - The conference call focuses on the pet food industry in China, particularly during the 2025 "618" shopping festival, highlighting the competitive landscape and consumer trends in the market [1][2][3][4][21]. Key Points and Arguments Market Share and Brand Performance - During the 2025 "618" shopping festival, domestic brands captured 65% of the top 20 pet food brands on Tmall, up from 55% in 2022, indicating a growing dominance of local brands [1][4]. - The top three brands on Tmall were all domestic: Xianlang, Maifudi, and Royal Canin, with Maifudi consistently ranking in the top two since 2020 [1][4][6]. - Xianlang emerged as the fastest-growing brand, moving from fifth in 2023 to first in 2025, while Freycat also showed significant improvement, rising three places to fifth [5][16]. Sales Performance - The overall sales of pet food during the 2025 "618" festival reached 7.5 billion yuan, a 36% increase from 5.5 billion yuan in 2024 [2]. - On JD.com, pet food user transactions increased by 32%, with new pet owners growing by 39% [3][7]. Consumer Trends - There is a notable shift towards health products and prescription diets, with prescription pet food sales increasing by 60% year-over-year and baked food by 50% during the festival [1][6]. - The pet food industry is experiencing a consumption upgrade, with mid-to-high-end price segments growing significantly faster than the overall market [23]. Competitive Landscape - The competition is characterized by a "two strong, many strong" dynamic, with Maifudi and Royal Canin leading, while brands like Xianlang, Freycat, and Blue's are emerging as strong contenders [1][4][21]. - The entry of new brands such as Xiaopei and Xu Cuihua into the rankings indicates a challenging environment for smaller brands to break through [5][6]. Marketing and Innovation - Leading brands are focusing on clear brand positioning and innovative marketing strategies, with concepts like "freshness" and "safety" becoming prevalent [25]. - The trend of "spoonification" is expected to continue supporting the growth of pet ownership, particularly among younger generations [21]. Additional Important Insights - The market share of foreign brands in the top 25 has dropped below 30%, highlighting the competitive advantage of domestic brands in product innovation and marketing [22]. - The overall GMV growth for pet food across major e-commerce platforms reached 16.8% in the first five months of 2025, compared to 13.6% in 2024 [23][24]. - The investment return rates for leading brands are improving, with increased support from platforms like Tmall and Douyin for the pet segment [24]. This summary encapsulates the key developments and trends in the pet food industry as discussed during the conference call, providing insights into market dynamics, brand performance, and consumer behavior.

行 业 及 产 业 2025 年 06 月 25 日 行 业 研 究 / 行 业 深 盛瀚 A0230522080006 shenghan@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 胡静航 (8621)23297818× hujh@swsresearch.com 从历年"618"购物节看宠物食品行业变化 看好 ——宠物食品行业系列深度之六 本期投资提示： 证 券 研 究 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 度 农林牧渔 - 证券分析师 ⚫ 引言：2024 年下半年以来，宠物经济的市场关注度日趋提升，板块估值拔高后，市场 对于高频数据和月度销售表现的关注与跟踪也更加细致。作为主要依赖线上销售的行 业，宠物食品在"618"与"双十一"期间的销售表现备受关注，本篇报告详细总结 2025 年"618"期间宠物食品的销售表现，同时复盘了过去五年的行业情况，并在此 基础之上，分析总结了中国宠物食品行业近年来的行业发展趋势。 ⚫ 2025 年"618"期间宠物食品销售维持高增。据星图 ...

实则不然。即便都是动物，猫狗与鸡鸭、伴侣动物与普通动物的区别都很大。前一组对比很好理解，以 往的动物科学的主要研究对象是猪、鸡、牛、羊等家畜，与猫、狗之间存在显著的生物学特征和饲养目 的的差异，进而也分化出不同的课程设计体系。后一组对比可以从生存环境和饲养焦点两方面理解。伴 侣动物一般养在室内，比如家猫，由于活动空间有限、运动量小、食物来源单一，因此在饲料配方上需 要做好蛋白质、脂肪及其他营养元素的配比，否则可能导致疾病或营养失衡。而宠物主饲养伴侣动物的 目的也聚焦于情感陪伴，因此不像以往农家养狗看院、养猫抓鼠一般随意，而是对宠物的健康、行为有 更高要求。 中国农大对该专业的课程设置覆盖了伴侣动物品种培育、营养代谢、饲料加工、繁殖生理、福利与行为 等，兼顾了市场需求与学科专业性，毕业生除了可以前往高校、科研院所就职，更可在宠粮生产加工企 业、宠物繁育公司从事科研、技术咨询等方面工作。 研究宠物也能拿学位了！中国农业大学将从今年开始招收"动物科学（伴侣动物）"专业方向的本科学 生，毕业生将被授予"农学学士学位"，今年计划招生50人。 国内的宠物经济可以说是蒸蒸日上，根据《2025年中国宠物行业白皮书》，2024 ...

数说宠物：618 中表现亮眼的那些宠物品牌 20250618 摘要 2025 年 618 期间，淘宝天猫推出全平台商品统一立减 15%政策，京东 延续满减策略，政府补贴助力消费，促销方式简化，品牌力和高质价比 成竞争核心，价格战退居次要地位。 宠物行业在 2025 年 618 表现突出，天猫首日首小时 43 个品牌成交额 破亿，同比增长超 50%，1.3 万品牌成交翻倍。京东心动季核心用户留 存带来增量，显示宠物市场强劲增长势头。 线上品牌 500 强榜单中，宠物行业 12 个品牌上榜，国产品牌占据 10 席，表明中国消费者对国产宠物品牌信赖度提高，国产宠物品牌通过线 上渠道快速迭代产品。 淘宝天猫宠物品牌在 618 首小时表现亮眼，653 个品牌成交额翻倍，9 个品牌进入千万俱乐部，烘焙粮引领增长。宠物主粮市场中，烘焙干粮 成为增长核心，高溢价湿粮等产品也呈现增长趋势。 新兴烘焙干粮品类在 618 期间表现突出，新朗、弗列加特等品牌成交额 显著增长。细分赛道如植物猫砂、风干粮、生骨肉主食罐等也实现高速 增长，显示消费者对创新宠物产品的需求。 根据艾瑞咨询提供的数据，今年（2025 年）618 期间宠物行业表 ...

在宠物消费增长的同时，消费者的选择标准也在发生着变化。不再是简单的让宠物"有粮可吃"，而是更 加注重配料工艺、适用阶段以及宠物品种和体型的科学指标。这些标准正是李佳琦直播间选品的重要维 度，也是其直播间能够受到消费者青睐的原因之一。 随着618大促进入下半程，各大电商平台纷纷交出了亮眼的"期中答卷"。其中，一个不容忽视的亮点是 宠物消费的强劲增长势头。在这一消费热潮中，李佳琦直播间成为重要的助推力量，宠物品类销量同比 增长高达73%。 今年618大促期间，李佳琦直播间不仅在宠粮选择上兼顾了配方和工艺的多样性，还以严苛的标准精选 了宠物保健品和药品。这样全面满足"毛孩子"健康需求的方式，使得李佳琦直播间成为了许多养宠用户 眼中的健康、多元的宠物"粮仓"。 此外，国货品牌在李佳琦直播间的宠物品类中受到了消费者的特别青睐。这表明，在品质和价格的双重 考量下，消费者越来越愿意选择性价比高、品质优良的国货产品。李佳琦直播间的成功，也成为了国货 品牌崛起的一个缩影。 在李佳琦直播间的评论区，每天都能看到大量关于宠物产品的问询。从"哪天是宠物节?"到"要给猫主子 囤粮了!"的讨论，反映出刚需囤货和消费升级需求并存的现象。这 ...

Core Insights - The fifth TOPS Dealer Empowerment Summit was held in Shanghai, gathering over 200 frontline pet dealers to explore ways to enhance operational efficiency [3] - A presentation titled "Annual Research and Analysis of the Current Situation of Pet Dealers in China" was delivered by the founder of Pet Industry Home and the Expo [5] Financial Performance - The average annual revenue for pet dealers in 2024 is projected to be 17 million, with a median revenue of 14 million [6] - The average revenue per employee for dealers is 1.54 million [8] - Dealers can be categorized into three profit margin tiers: - Tier 1 (over 25% margin): 8.5% of dealers - Tier 2 (15%-24% margin): 83% of dealers - Tier 3 (below 15% margin): 8.5% of dealers [8] - Tier 2 dealers contribute 82% of total revenue, while Tier 3 contributes 16.6%, and Tier 1 contributes only 3% [8] Business Strategies - High-margin dealers focus on premium products and exceptional service but are smaller in scale and need to expand their product categories and channels [10] - Mid-margin dealers aim to expand their scale and product categories based on user profiles [10] - Low-margin dealers face challenges from declining old brands and rising cost pressures [10] Market Trends - The profitability of pet dealers has shifted from relying on information asymmetry to efficiency-based models [11] - The fastest-growing dealers now depend on operational efficiency and quick turnover, with warehouse turnover times reduced from 60 days to 30 days [11] - Future competition among dealers will center on operational efficiency rather than brand relationships or customer maintenance [13] - The industry is moving towards extreme efficiency competition, similar to fast-moving consumer goods (FMCG) sectors, necessitating early optimization of operations [13]

第四届中国—中东欧国家博览会暨国际消费品博览会于5月22日至25日在浙江省宁波市举行。作 为中国—中东欧国家合作机制下两年一届的高水平经贸人文盛会，该博览会已成为中国与中东欧 国家拓展务实合作的"加速引擎"。 记者注意到，多年来，围绕"硬科技"和"好产品"，中企和中东欧企业积极探索多层次、多领域的合作，不仅实 现了优势互补，更打造出互利共赢的跨区域合作典范。 在中东欧展区的数智中东欧板块，一个充满童趣的奥乐奇境VR乐园映入眼帘。乐园内部铺满了不规则的四色 图案，几位戴着VR眼镜的体验者正在抬手缓步摸索。 该娱乐项目源自匈牙利VR PARK公司。项目的中方合作团队负责人、宁波市维途文化传媒有限公司经理贾斌 对证券时报记者表示，对中国消费者而言，大空间VR是新鲜事物，区别于目前商场内常见的"摇摇椅"式VR。 通过参展中东欧博览会，大空间VR的形式能更多被公众看到，从而加快市场培育。 "Z世代尤其是00后正渐渐成为消费主流群体，他们对电子消费品和数字媒体的接受度很高。当下，线下商业 和旅游景区都面临转型难题，我们需要一种能够吸引年轻人的载体和内容，让他们愿意到线下体验、消费并进 行社交互动。"贾斌表示，基于此，大空 ...

◼ 投资建议 建议关注宠物板块以下投资机会： ◼ 风险提示 国际贸易摩擦风险；经济复苏不及预期；行业竞争加剧；门店扩张不 及预期；新品销售不及预期。 商贸零售 行业研究/行业点评 宠物陪伴属性契合单身化、少子化、老龄化现状，宠 物板块β凸显 ——商贸零售行业动态点评 ◼ 核心观点 宠物行业消费规模突破 3000 亿元，呈现量价齐升的态势。据派读宠物 行业大数据发布的《2025 年中国宠物行业白皮书》，2024 年城镇消费 市场规模增长 7.5%，达到 3002 亿元。其中，犬消费市场规模达到 1557 亿元，小幅增长 4.6%；猫消费市场规模达到 1445 亿元，增长 10.7%。 量的角度来看，2024 年，宠物数量为 12411 万只，同比增长 2.1%。其 中，宠物犬数量为 5258 万只，同比增长 1.6%，宠物猫数量为 7153 万 只，同比增长 2.5%。价的角度看，单只宠物犬年均消费 2961 元，同 比上升 3.0%；单只宠物猫年均消费 2020 元，同比上升 4.9%。从消费 结构看，2024 年食品市场仍是主要消费市场，市场份额为 52.8%，主 粮、营养品小幅上升，零食小幅下降。其次是医 ...

Industry Overview - The pet economy has become a hot topic, with significant growth in the pet sector, particularly in pet food, which is expected to continue expanding [1][2] - The pet consumption market is projected to exceed 404.2 billion yuan by 2027, with a compound annual growth rate (CAGR) of 12.6% from 2015 to 2027 [1] - The number of pet dogs and cats in China is expected to reach 124 million by 2024, with a 2.1% increase from 2023 [2] Company Performance - Leading companies like Guai Bao Pet and Zhong Chong Co. have shown remarkable revenue growth, with Guai Bao's revenue increasing from 1.4 billion yuan in 2019 to 3.4 billion yuan in 2022, a CAGR of 34.3% [3] - Zhong Chong Co. reported revenues of 3.248 billion yuan in 2022, with a projected increase to 4.465 billion yuan by 2024, reflecting growth rates of 12.72% and 19.16% respectively [5][6] Market Dynamics - The pet food sector accounts for over 60% of the urban pet consumption market, which is expected to reach 3.012 billion yuan in 2024 [2] - The market is experiencing a "Matthew Effect," where larger companies are gaining market share while smaller firms are struggling, with over 100,000 pet companies disappearing recently [1][10] Competitive Landscape - The top pet food brands are seeing shifts in market share, with Mai Fu Di surpassing Royal Canin in 2022 [4][6] - The CR10 (concentration ratio of the top 10 brands) for the pet food market is 19.96%, indicating a slight increase from the previous year [6] Challenges for Small Enterprises - Many small pet companies are facing significant challenges, with at least 35 companies expected to go bankrupt in 2024 due to financial difficulties [9][10] - The industry is witnessing a trend where brands that fail to innovate or adapt to market changes are being eliminated [10] Future Trends - The aging population is driving pet ownership, with consumers over 50 years old showing a 27% annual increase in spending [3] - New brands are emerging with unique selling propositions, focusing on fresh ingredients and innovative product offerings [11]