Core Insights - The pet economy, with a market size of 300 billion and gross margins reaching 50%, appears to be a lucrative business, but the reality is more complex and challenging for large companies [1][4]. Group 1: Market Dynamics - Major players like Hema have entered the pet market with high expectations, but have faced significant losses, exemplified by Pet Fresh's closure of 18 stores after just 9 months, with an average monthly loss exceeding 200,000 RMB per store [2][6]. - Despite the high gross margins in pet food, with domestic brands achieving 40%-50% margins, the actual profitability for many companies is low, with some reporting negative net margins [5][6]. Group 2: Cost Structure - The high gross margins in the pet industry are offset by substantial marketing and operational costs, particularly in advertising through KOLs (Key Opinion Leaders), which can consume a significant portion of revenue [8][10]. - Companies like Zhongchong and Peidi have shown that even leading firms struggle with profitability, with Zhongchong's gross margin at 28.16% and net margin at only 9.33% [6][9]. Group 3: Business Model Challenges - The pet economy is characterized by a reliance on personal relationships and trust between pet owners and service providers, making it difficult for large companies to replicate the success of smaller, independent operators [22][23]. - The expansion of large pet service providers often leads to operational inefficiencies and customer dissatisfaction, as seen with companies like Jichongjia, which faced closures after rapid expansion [22][24]. Group 4: Comparison with Other Industries - The challenges faced in the pet economy mirror those in other high-margin industries like beauty and medical services, where the core value often lies in individual expertise rather than scalable business models [14][20]. - The pet industry, much like the beauty and medical sectors, is fundamentally a "people-driven" business, where success is tied to individual skills and customer relationships rather than just operational efficiency [20][23].

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 12 月 29 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 宠物市场规模持续扩张，关注北交所路斯股份自主品牌发展和出口情况 ——北交所消费服务产业跟踪第四十五期（20251228） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 宠物市场规模持续扩张，消费者从"精致养宠"迈向更高阶的"科学养宠"。2025 年 12 月 25 日，在由宠业家和山东省宠物行业协会联合主办，朗诺冠名的第六届宠 物渠道创新峰会上，《2025 淘宝天猫宠物数据解读：如何在最大生意阵地建立确定 性》主题分享中提出，淘宝天猫依然是宠物消费的首选平台和最大生意阵地，2025 年双 11 期间第一阶段其宠物成交额在主流电商中占比高达 64%。《持续超高增长的 抖音宠物市场，企业增长提效的奥秘》主题分享中提出，2025 年前 11 个月，抖音 宠物 GMV 同比增长近 9 ...

景顺长城研究部基金经理 创金合信消费主题基金经理 随着经济产业变革与消费群体迭代，公募基金在消费领域的投资方法论正经历一场静默而深刻的重塑。 近日，在证券时报举办的"攻守之道：新消费'高波动'背后的定价逻辑重构"主题沙龙上，来自长城基 金、景顺长城基金、创金合信基金的基金经理在主题演讲环节一致认为，传统的、以白马龙头为核心的 投资框架已难以充分捕捉当前市场的结构性机遇，取而代之的是对细分新需求的深度挖掘。 他们特别指出，Z世代(1995～2009年间出生人群)的崛起，不仅带动了国潮、悦己、体验式消费等新兴 赛道的蓬勃发展，其独特的价值观念与消费习惯——更注重情绪价值、社交属性与可持续性——正在从 根本上重构消费产业的增长逻辑。因此，告别路径依赖，系统性地理解和投资于由新人群驱动的新需 求、新模式与新品牌，已成为把握未来消费投资机会的关键所在。 消费分层影响细分产业紧抓新生代需求 长城基金国际业务部副总经理、基金经理曲少杰认为，消费行业已告别传统增长模式，进入物质消费理 性化、精神消费奢侈化的双轨新常态。这一变化并非简单的消费降级，而是消费分层的凸显。考虑到Z 世代的消费潜力巨大，未来消费领域的布局应聚焦这一群 ...

Company Overview - Shandong Haos Biological Technology Co., Ltd. was established on December 28, 2015, with a registered capital of 71.2 million yuan [1] - The company is primarily engaged in the research, production, and sales of collagen sausage casings, as well as pet food and health products [2] - The controlling shareholder is Zibo Yilin Financial Consulting Co., Ltd., holding a 33.74% stake [1][4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 201 million yuan, a decline of 1.21% year-on-year [2] - The net profit for the same period was 45.7355 million yuan, down 17.58% compared to the previous year [2] - The gross profit margin decreased to 36.31%, down from 40% in the same period last year [2] Management Team - The actual controllers of the company are Wang Feng, Lü Hongying, and their son-in-law Ma Long, collectively controlling 58.95% of the shares [4] - Ma Long serves as the chairman of the company, while Wang Feng is a board member [5] - Ma Long has held various positions in government and has been with Haos since its inception, while Wang Feng has extensive experience in management roles [6]

宠经济"爱"升 级！大湾区宠物 备受追捧，当宠 物医院不再只是 看病的地方，还 能喝咖啡、看非 遗展览——中国 宠物经济早已不 是"喂饱宠物"那 么简单，正经历 着一场暖心又热 闹的大蜕变。 深耕行业21年的 广州萤萤管理咨 询有限公司创始 人刘步雄，既是 经营者、资深养 宠人，也是曾经 的动物救助者。 她见证了中国宠 物行业从野蛮生 长到规范发展的 每一步。 在"媒体+"首届 大湾区宠物行业 年度盛典公益直 播中，她以接地 气的观察和鲜活 案例，勾勒出宠 物经济的现在与 未来。 盛典邀您共同见 证行业进步_南 方+_南方plus 当"中华田园 犬"取代"土 狗"走进大众视 野，当狸花猫被 冠以"国猫"之名 广州萤萤管理咨询有限公司创始人刘步雄 从"工具"到"家 人"，毛孩子 的"娃经济" "21年前刚入行 时，几乎没见过 有人带猫看 病。"刘步雄的 回忆里，藏着早 期宠物行业的模 样：农村猫生 病，主人只愿花 零钱治疗，贵了 就放弃；狗狗因 疫苗普及不足， 常扎堆得传染 病。那时养宠多 为抓老鼠、看家 护院，"陪伴"还 未真正走进养宠 人心里。 如今的变化，每 位宠物主都感同 身受。最直观的 是称呼升 级， ...

人民财讯12月23日电，在今日由证券时报举办的"攻守之道：新消费高波动背后的定价逻辑重构"沙龙 上，景顺长城研究部基金经理张欢指出，2026年新消费投资或将往"两端"迁移：一是市场需求刚起步、 尚处于早期阶段的品类，包括新功效成分的保健品和口服养生品、医美创新材料、宠物保健品等；其次 是供给释放相对有序，甚至有望出清，供需相对平衡的品类，包括功能性饮料、低糖健康食饮、古法黄 金，以及零食量贩和高端美容服务(中小企业出清)等，其中优选成长确定性高的单品牌或平台型公司。 ...

Core Insights - The pet healthcare market in China is transitioning from "functional care" to "emotional companionship," leading to a shift from optional consumption to a rigid demand for pet healthcare products [1][2] - The market is expected to continue its high growth trajectory driven by demand expansion and supply innovation, with significant potential highlighted during the "Double Twelve" shopping festival [1][2] Market Growth and Trends - The pet healthcare market in China has maintained a high growth trend this year, with steady scale expansion and significant structural changes in categories, channels, and consumer demographics [3] - During the first three days of the "Double Twelve" sales, Tmall's pet healthcare product sales reached 420 million yuan, a 35% year-on-year increase, with specific categories like joint care products seeing a 130% increase [5][6] Consumer Behavior and Market Dynamics - The industry is characterized by two notable trends: the precision of product categories and the clear segmentation of price ranges. The price range of 0 to 72 yuan accounts for 76% of sales, while products priced above 360 yuan are also experiencing significant growth [9] - The demand for pet healthcare products is driven by emotional companionship and the aging of pets, with empty nesters and single youths becoming the main consumer groups [9] Industry Challenges - Despite the market's rapid growth, challenges such as insufficient R&D investment, lack of consumer trust, and severe product homogenization persist [12][13] - The current R&D investment in China's pet healthcare sector is only about one-fifth of that in developed countries, leading to a significant gap in product competitiveness [13] Future Outlook - The pet healthcare market in China is projected to maintain a compound annual growth rate of 13.9% from 2025 to 2030, with the market size expected to reach 18.59 billion yuan by 2030 [18] - The period from 2026 to 2027 is anticipated to be a pivotal point for accelerated industry growth, driven by the aging pet population and the increasing demand for healthcare products [18] - Future industry directions include product innovation focusing on scenario-based and specialized offerings, diversified channel strategies, accelerated domestic brand replacement, and improved regulatory frameworks [19]

摘要 国内宠物主粮市场竞争激烈，国产品牌市场份额已超过 70%，并呈现出 乖宝、皇家、鲜朗和网易天成等品牌梯队。未来趋势显示，国产企业将 采取国际化战略，通过海外建厂扩展全球市场。 宠物主粮市场价格竞争加剧，大品牌通过价格战抢占市场份额，小型品 牌生存空间受挤压。品牌需平衡价格与质量，避免因质量问题失去市场， 预计未来主要玩家将继续通过价格战保持竞争力。 线上渠道已成主流，贡献品牌 80%销量，线下渠道则有助于抓住强粘性 客户。品牌需平衡线上线下投入，先在线上建立口碑，再投入线下，以 应对市场竞争。 乖宝在供应链端具有显著优势，通过控制肉源和谷物溯源，以及海外建 厂等方式降低成本，成为行业巨头。中宠则通过多品牌矩阵化运营和对 原料端、供应链的广泛投资，也具备发展潜力。 宠物保健品市场规模预计 2025 年将超过 150 亿元（出厂价），零售额 接近 300 亿元，未来趋势是精细化、个性化发展。国产品牌占比超过 60%，但受限于消费者认知和研发不足，同质化问题严重。 Q&A 请介绍一下您的从业背景及公司目前的主营业务和代理品牌。 我曾在皇家宠物食品工作，从 2008 年到 2016 年负责华中区域的销售和管理。 ...

Core Insights - The pet healthcare market in China is experiencing rapid growth, with a significant shift from basic survival needs to health-oriented consumption, particularly in the cat and dog segments [1][15][20] - The market is driven by social media e-commerce channels, with pet medical supplies leading the growth at a 156% year-on-year increase, followed closely by healthcare products at 97.16% [1][18] - The consumer demographic is primarily young women aged 24-40, with coastal provinces being the main consumption areas [1][27] Market Performance - The overall pet economy in China is projected to grow from approximately 206.5 billion yuan in 2020 to around 300 billion yuan by 2024, with the health consumption sector increasing over fourfold from 418 million yuan in 2018 to an estimated 1.726 billion yuan in 2023 [15][19] - The market is transitioning from a dog-centric focus to a more balanced approach, with cat ownership increasing at a faster rate than dogs, particularly post-2022 [20][19] Consumer Demand - Key purchasing factors for consumers include palatability as a basic requirement, safety as a core concern, and the influence of third-party certifications and patented technologies [1][30] - The primary health concerns for dogs include joint care, skin inflammation, and gastrointestinal health, while cats focus on hydration management and digestive health [1][39] Market Segmentation - The skincare and grooming segment for cats is experiencing explosive growth, with a notable increase in demand for gentle shedding products, while the dog market emphasizes ingredient purity and authoritative certifications [2][46] - In the nutrition and health segment, dog products are rapidly growing, led by domestic brands, while cat products are seeing significant growth in the high-end price range [2][46] Future Trends - The market is expected to evolve towards precise nutrition, targeted interventions, and emotional health, with product development focusing on specific pain points and following human healthcare product development logic [2][46] - Emotional health products for pets are anticipated to become a new growth point, promoting a holistic approach to pet healthcare [2][46]

【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 ...