Core Viewpoint - The Chinese pet industry is entering a new development stage, with pets transitioning from "functional companions" to "family members" [1] Industry Trends - The scale of pet ownership is increasing, leading to the growth of related sectors such as pet food, pet supplies, pet healthcare, and pet services, which are evolving towards specialization and refinement [1] - There is a rapid rise in the demand for "specialized and dedicated" products for pets [1] Market Dynamics - The booming pet economy is attracting more industrial capital into the market [1] - During the Asia Pet Expo, an increasing number of e-commerce platforms, including leading shelf e-commerce, interest e-commerce, and lifestyle platforms, have set up booths, indicating the growing appeal of the pet economy in recent years [1] - A participant who has attended the expo for five consecutive years noted that the number of e-commerce platforms and the size of their booths have both increased significantly [1]

宠物经济的崛起，首先源于深刻的社会结构变革。随着城市化进程加快，家庭结构小型化、单身人口增 加、人口老龄化趋势明显，宠物在许多家庭中扮演着越来越重要的角色——它们不仅是宠物，更是情感 寄托和家庭成员。 "它是一只小太阳一般的小狗，不护食、不记仇，学东西很快，每天都很快乐，可以把这种情绪传递给 我。看到可爱的它就会觉得很治愈。"宠物狗"糖糖"的主人周女士说。这种情感连接催生了"拟人化"消 费趋势，主人愿意为宠物购买更优质的食品、更舒适的窝垫、更时尚的服饰，甚至专门为宠物举办生日 派对。 记者在采访中了解到，中国宠物行业已进入新的发展阶段。宠物正逐步从"功能性伴侣"向"家庭成员"的 角色转变。伴随养宠规模的上升，宠物食品、宠物用品、宠物医疗、宠物服务等相关行业正朝着精细 化、专业化等方向发展，"专宠专用"需求正快速崛起。 宠物市场越来越大 近日，在上海举办的第27届亚洲宠物展(简称"亚宠展")的High Fashion秀场，"糖糖"在主人的牵引下在T 台上迈着小碎步走秀。它留着白色微卷毛，身着蓝白条纹服饰，胸前饰有一朵大大的蝴蝶结宠物领巾， 萌态十足。与它一同亮相的"模特"还有另外16只体型和造型各异的犬，成为一 ...

Core Viewpoint - The pet economy in China is rapidly evolving, transforming pets from mere companions to family members, leading to significant market growth and investment opportunities in various sectors [5][6][8]. Industry Overview - The pet economy in China has seen a shift from strict regulations in the 1980s to a more supportive environment post-2000, allowing for increased pet ownership and market growth [8][10]. - The number of pets in urban areas is projected to exceed 120 million by the end of 2024, with the pet consumption market expected to reach 300.2 billion yuan, reflecting a year-on-year growth of 7.5% [13][14]. Company Insights - Youpai Technology, which started as an OEM for pet products, has shifted focus to its own brands, with pet diapers and related products accounting for nearly 74% of its revenue by August 2024 [5][10][14]. - The company has seen its overseas revenue increase from 46.69% to 62.51% over three years, indicating a strong reliance on international markets for growth [14]. - Domestic brands like Guobao Pet have begun to capture market share from established foreign brands, with Guobao achieving a revenue of 5.245 billion yuan in 2024, a 21.2% increase year-on-year [16][17]. Market Dynamics - The pet food market is projected to reach 158.5 billion yuan in 2024, making up 52.8% of the overall pet economy, with a notable shift towards domestic brands offering competitive pricing [16][20]. - The pet medical sector is also gaining traction, with companies like Pulaike reporting high profit margins on pet pharmaceuticals, indicating a lucrative opportunity in this segment [20][21]. Competitive Landscape - Despite the growth potential, the Chinese pet market lacks a dominant "national brand," with local companies still in the early stages of brand establishment compared to global giants like Mars and Nestlé [22][23]. - The market is characterized by a mix of established players and new entrants from various industries, including pharmaceuticals and electronics, indicating a trend of cross-industry investment in the pet sector [24]. Future Trends - The rise of smart pet products and innovative solutions is reshaping consumer expectations, with companies leveraging technology to create new market demands [24].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **agriculture industry**, focusing on **animal protein sectors** such as **pig farming**, **dairy farming**, and **beef cattle farming** [1][2][34]. Core Insights and Arguments Pig Farming - The **pig farming cycle** is driven by production capacity, with the number of breeding sows being a critical leading indicator. This needs to be cross-verified with data on sow feed sales [1][2]. - The **African swine fever** has normalized, raising the industry's cost base, which affects the peak and elasticity of the cycle [1][4]. - **Scale farming** may extend the pig cycle and amplify price fluctuations. Secondary fattening increases price disturbances, influenced by short-term price expectations [1][5]. - The **反内卷 (anti-involution) policy** aims to reduce the number of breeding sows and lower slaughter weights to support pig prices [1][11]. - The average price of pigs is expected to rise to over **16 RMB per kilogram** by **2026**, with **牧原股份 (Muyuan Food)** potentially achieving a profit of nearly **500 RMB per head** [1][14]. Dairy Farming - The dairy industry faces challenges due to falling milk prices, currently around **3 RMB per kilogram**, down from **4.5 RMB**. However, there is potential for demand improvement due to increased willingness to have children and government subsidies for newborns [1][17]. - The beef cattle sector has a long growth cycle and is heavily reliant on imports, with significant industry clearing observed [1][18][20]. Market Dynamics - The **white chicken farming** sector is significantly impacted by overseas breeding policies, with potential for market share growth for **圣农 (Sannong)** during periods of import disruption [3][25]. - The **seafood feed** segment is expected to improve due to rising prices of common aquatic products, with **海大集团 (Haida Group)** showing strong performance in this area [3][27]. Other Important Insights - The **agricultural new consumption trends** include rapid growth in pet food and pet healthcare sectors, indicating new growth potential beyond traditional areas [6][34]. - The **agricultural input products** like feed and veterinary products serve as lagging indicators in the animal protein supply chain, aiding in capacity data assessment [7][34]. - The **grain security** theme is increasingly important, with policies and market dynamics needing close attention [8][30]. Investment Recommendations - Focus on core assets like **牧原 (Muyuan)** and **温氏 (Wens Food)**, which have strong cost control and are less affected by the anti-involution policy [12][13]. - The **港股 (Hong Kong stock market)** upstream livestock companies are currently in a challenging phase but are expected to improve by **2026** as the new cycle begins [22]. - **海大集团 (Haida Group)** is recommended for its strong market position and growth potential in both domestic and international markets [27]. Future Trends - The pig farming sector is expected to benefit from the anti-involution policy, leading to a new upward price cycle in **2026** [15][34]. - The **meat cattle industry** is facing significant challenges, including price declines and industry losses, with a low degree of scale [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the agriculture industry, particularly in the animal protein sectors.

Core Insights - The article discusses the emergence of a new undergraduate program in "Companion Animal Science" at China Agricultural University, which is part of the broader trend of universities offering pet-related majors to attract quality students [2][5][10]. Group 1: Industry Trends - The pet economy in China is experiencing robust growth, with the urban pet market projected to exceed 300 billion yuan by 2024 and potentially surpass 400 billion yuan by 2027 [4][10]. - The changing demographics, such as an aging population and increasing numbers of single-person households, have led to pets becoming significant emotional companions for many families [4][10]. - The demand for pet-related professionals is rising, with over 40% of job postings requiring only a college diploma, while only 6% require a bachelor's degree [6][10]. Group 2: Educational Developments - There are currently over 150 vocational colleges offering pet-related programs, while the number of undergraduate programs remains limited, primarily starting after 2020 [9][10]. - The curriculum for pet-related majors often builds on existing animal science and veterinary medicine courses, with a focus on companion animals [11][18]. - The geographical distribution of these programs shows that Henan province leads with 17 institutions offering related majors, followed by Heilongjiang and Jiangsu [11][10]. Group 3: Career Opportunities - The pet industry has diversified into over 20 specialized careers, including roles such as veterinarians, pet trainers, and pet groomers, reflecting a shift from traditional pet care roles [26][23]. - New job roles, such as "pet influencers," are emerging due to the growth of digital media and content platforms, indicating a fusion of the pet industry with technology and media [27][23]. - Despite the variety of career paths, many professionals face challenges such as low pay and high job stress, which can lead to disillusionment [31][32]. Group 4: Future Outlook - The pet-related major at China Agricultural University is currently a niche choice, but with a market penetration rate of only 20% in China, there is significant potential for growth in the pet industry [33][10]. - As the pet economy continues to expand, it is anticipated that more universities will focus on developing pet-related programs and talent cultivation [34].

文｜快消前瞻 本篇报道快消前瞻将从人口结构驱动、代际消费演化、行业结构升级、赛道细分化发展与资本市场动态五大维度，系统解析这条万亿级新兴赛道的结构逻辑 与增长潜力，剖析"宠物不止是宠物"的本质：这是新一代中国人生活方式与价值观的具象化表达。 老龄化、少子化、单身化人口结构驱动的刚需爆发 一、全球视野下的扩张与分化：中国渗透率仍具空间 根据《2025年中国宠物行业白皮书》，截至2024年，中国城镇犬猫总数已超过 1.2亿只，消费市场规模达 3002亿元，同比增长 7.5%，近六年复合增长率 （CAGR）约为 9.9%。其中，宠物猫市场增长尤为强劲，规模由2018年的652亿元增长至2024年的1445亿元，CAGR达 14.2%，呈现出猫经济崛起的鲜明趋 势。预计到2027年，中国城镇宠物消费市场总规模有望达到 4042亿元，继续保持稳步扩张。 前言 老龄化让宠物成为银发族的精神陪伴，独居青年用"毛孩子"填补孤独与社交空白，年轻人一边在烘焙粮、智能猫砂盆上大手笔，一边用宠物殡葬走完情 感"最后一公里"…… 资本疯狂涌入、品牌结构重构、平台集体加码……宠物经济，正成为新时代情绪消费与科技商业的最大爆点之一。 截图 ...

Core Insights - The rise of the "pet economy" in China is driven by social changes, consumption upgrades, and technological empowerment, with pets increasingly viewed as family members rather than mere tools [2][6][10]. Group 1: Emotional Value Drivers - The demand for emotional companionship is growing, as pets provide significant comfort and reduce stress in modern society [8]. - Factors such as the increase in single-person households, an aging population (over 310 million aged 60 and above), and declining birth rates contribute to the rising need for emotional support from pets [9]. Group 2: Key Influencing Factors - Increased consumer spending power leads to a rise in demand for pets, with a positive correlation between pet industry growth and GDP per capita [10]. - Urbanization accelerates the pet market's development, especially in lower-tier cities where growth potential remains high [11]. - The aging population drives the expansion of the pet market, with older adults increasingly viewing pets as family members and investing in quality pet care [15]. - The single economy presents new growth opportunities for the pet industry, as pets become integral to family life amid low birth rates [17]. - Diverse family structures, including childless couples, elevate the demand for pets as emotional companions [19]. Group 3: Consumer Demographics - The primary consumer base for the pet market consists of individuals born in the 1990s and 2000s, who account for 67.7% of market share and prioritize pet quality and personalized needs [21]. - The elderly population is increasingly investing in pet care, with significant growth in spending on pet food and health management [24]. - First- and second-tier cities dominate the pet ownership landscape, but there is notable growth in pet ownership in lower-tier cities, with a 30% increase in 2023 [26]. Group 4: Market Size and Segmentation - The Chinese pet market surpassed 592.8 billion yuan in 2023 and is projected to reach 811.4 billion yuan by 2025 [30]. - Pet food and medical care are the two largest segments, with pet food accounting for 52.2% of the market, driven by a shift towards higher quality and specialized nutrition [35]. - The pet medical sector holds a 28.5% market share, with increasing demand for specialized care due to the aging pet population [36]. - Pet supplies and services are also growing, with smart pet products expected to reach nearly 7 billion yuan by 2024, reflecting a 13.9% annual growth rate [38]. Group 5: Future Trends - The trend of domestic brand preference is rising, with 32.9% of dog owners and nearly 35% of cat owners favoring local brands by 2024 [41]. - The pet industry is experiencing a dual empowerment of consumption upgrades and technological advancements, with a growing acceptance of high-end services and personalized pet care [44]. - The concept of "pet-friendly" spaces is becoming integral to urban development, with businesses increasingly catering to pet owners [46]. - The "silver economy" and lower-tier markets are emerging as new frontiers for the pet economy [47].

Summary of Conference Call Industry and Company Involved - The conference call primarily discusses the **agriculture industry**, focusing on the **pet sector** and **livestock farming**, particularly **swine farming** and **pet medical care**. Key Points and Arguments Pet Sector 1. The company has been continuously recommending the **pet sector**, with a recent emphasis on the **breeding sector** as well. The focus includes **pet food** and **pet medical care** [1][8] 2. Recent offline surveys indicate a shift in the pet market towards **fresh food** and **differentiated products**, highlighting the competitive landscape driven by product innovation [9][10] 3. The pet market is currently characterized by high marketing costs and increased competition, necessitating a focus on product quality and consumer education [13][14] 4. Domestic leading brands are gaining traction, particularly in the mid to high-end market segments, despite facing competition from foreign brands [15][16] Livestock Farming 5. The company has started to recommend the **swine farming sector** due to favorable market conditions and stable pig prices, which have remained between **14 to 15 yuan** per kilogram since the Chinese New Year [3][4] 6. There has been a significant increase in the average weight of pigs post-Chinese New Year, with an increase of nearly **8 kilograms**, indicating a positive trend in livestock growth [4] 7. Despite the current stability, there is a bearish outlook on pig prices due to high supply pressures, presenting a potential buying opportunity in the livestock sector [6] Pet Medical Care 8. The pet medical care sector is viewed as having substantial growth potential, with expectations for the market to develop into a **billion-dollar industry** [18][19] 9. The domestic pet medical market is still in its early stages compared to mature markets like the U.S., indicating significant room for growth in pet health management and spending [19] 10. Companies with strong R&D capabilities and a focus on pet vaccines and pharmaceuticals are expected to thrive in the evolving market landscape [20][22] Financial Performance and Projections 11. The company anticipates a **20%** growth rate over the next two to three years, supported by the launch of new products in the pet medical sector [24] 12. Current valuations suggest that the company is trading at less than **18 times** earnings, indicating a favorable investment opportunity [24] Additional Insights 13. Recent policy changes are expected to accelerate trends in the livestock sector, with ongoing adjustments in regulations impacting market dynamics [6][7] 14. The competitive landscape in the pet food market is shifting towards product-driven strategies, with an emphasis on health and premium offerings [11][12] Conclusion The conference call highlights a positive outlook for both the pet and livestock sectors, driven by product innovation, market stability, and favorable growth projections. The emphasis on R&D and adapting to consumer trends is crucial for companies operating in these industries.

Core Insights - The pet industry in China is experiencing rapid growth, with the number of pets expected to reach 430 million by 2024, driven by urbanization, smaller family structures, and changing social dynamics [1][2] - The report highlights a significant shift in consumer demographics, with over 60% of pet owners being from the "90s" and "00s" generations, who are increasingly willing to invest in their pets' health and well-being [1][2] - The market for pet-related businesses has grown at a compound annual growth rate (CAGR) of 25.4%, increasing from 97.8 billion RMB in 2015 to 592.8 billion RMB in 2023, and is projected to reach 811.4 billion RMB by 2025 [1][2] Market Drivers - The rapid increase in pet numbers is a fundamental driver of market expansion, leading to growth in pet food, supplies, and medical services [2] - Changing consumer attitudes towards pet ownership are shifting the market from a focus on basic needs to a more emotional and lifestyle-oriented approach [2] - Social media plays a crucial role in influencing purchasing behaviors, with online channels becoming the primary sales avenue for pet food [2] Challenges - The pet industry faces challenges such as food safety concerns, which have led to a trust crisis among consumers regarding pet food quality [3] - Increased competition from a growing number of brands poses a challenge for companies in the market [3] - The regulatory framework for the pet economy is still developing, necessitating improvements to ensure consumer protection and industry standards [3]

Core Viewpoint - Daqian Ecological (603955) has experienced significant stock price volatility, attributed to market expectations surrounding its entry into the pet economy through its subsidiary Jiangsu Qianchongjia Technology Co., Ltd. [1][3] Company Summary - Daqian Ecological's stock price surged from 14.77 yuan to a peak of 40.77 yuan within a month and a half, marking a 176% increase and a market capitalization exceeding 5.3 billion yuan [1] - The company established Jiangsu Qianchongjia Technology Co., Ltd. in March 2025, with a focus on the pet market, led by former Vivo China president Ding Yi [3] - The subsidiary is in its early stages and has not significantly impacted the company's main business, which is under pressure due to insufficient revenue from its original landscaping operations [3][4] Industry Summary - The pet economy is rapidly growing, driven by increased consumer spending on pets, particularly among young people and the elderly [4] - Daqian Ecological's price-to-earnings ratio reached 236 times as of May 21, compared to 63 times for leading pet economy stock Guibao Pet, indicating high market expectations for its future transformation [4] - The company has adopted a low-profile approach to avoid regulatory issues related to reverse mergers while exploring its pet business [5]