Group 1: Engineering Machinery Industry - In December 2025, sales of various excavators reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales of 10,331 units (up 10.9%) and exports of 12,764 units (up 26.9%) [4] - Sales of various loaders in December 2025 totaled 12,236 units, reflecting a year-on-year growth of 30%, with domestic sales of 5,291 units (up 17.6%) and exports of 6,945 units (up 41.5%) [4] - For the entire year of 2025, a total of 235,257 excavators were sold, marking a 17% increase year-on-year, while 116,739 units were exported (up 16.1%). Additionally, 128,067 loaders were sold, representing an 18.4% increase, with exports of 61,737 units (up 14.6%) [4] Group 2: Wind Power Industry - The wind turbine industry is expected to enter an upward profitability cycle starting in 2026, driven by significant domestic sales and improving profit margins [6] - The total delivery volume for wind turbines in 2026 is projected to exceed 160 GW, with domestic tenders accounting for approximately 150 GW and overseas orders nearing 40 GW [6] - Major manufacturers are expected to increase wind turbine prices by over 10%, leading to an anticipated profit margin improvement of more than 5% [6] Group 3: Lithium Battery Industry - In 2025, over 282 investment projects across the entire lithium battery industry chain were publicly announced, with a total investment exceeding 820 billion yuan, marking a year-on-year increase of over 74% [7] - The lithium battery sector is expected to see a continuous improvement in supply-demand dynamics in 2026, with high-quality production capacity likely to experience a supply shortage [7] - The market for gallium arsenide in aerospace applications is projected to reach 425 million USD by 2024, indicating significant growth potential in this segment [7] Group 4: Poultry Industry - The H5N1 avian influenza outbreak in France has significantly impacted the domestic white feather chicken industry, leading to a supply shortage due to import restrictions [9] - The price of parent stock chicken has risen to 55-57 yuan per set in January 2026, driven by reduced supply from the upstream breeding segment [9] - The overall reduction in chicken supply is expected to drive up prices for live chickens and chicken products, benefiting integrated enterprises that can better manage cost fluctuations [9] Group 5: Pet Medical Services - Ruipai Pet has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for store expansion, talent development, and digital transformation [10] - The company has achieved profitability in the first half of 2025, with a net profit of 15.54 million yuan, making it the only profitable large chain pet hospital in the country [11] - The pet medical sector is characterized by a low degree of chain integration, with Ruipai Pet and New Ruipeng emerging as the two leading players in the market [11]

铲屎官最怕什么？"毛孩子"生病。刘小姐的美短银渐层公猫"蛋蛋"因尿闭引发严重肾衰竭，连续抢救7天才脱 险。账单一出——6000元，刚好是她一个月的工资。虽然心疼、焦虑，但也无可奈何，这种感受在众多养宠 人中并不罕见。宠物看病比人贵，成为很多铲屎官必须直面的现实。 2025年12月22日，瑞派宠物医院管理股份有限公司(下称"瑞派")向港交所递交上市申请书，有望成为"中国宠 物医疗第一股"。招股书显示，瑞派在全国拥有548家在营宠物医院，2024年营收超17亿元，但直到2025年上 半年才实现约1554万元盈利。 一边是铲屎官们感叹"毛孩子"们生不起病，但看病贵，宠物医院就赚钱吗？宠物医疗行业的真实处境，远比 想象中的复杂。 宠物医疗确属刚需生意 根据《2025年中国宠物行业白皮书(消费报告)》数据，2024年中国城镇宠物犬猫数量突破1.2亿只，市场规模 超3000亿元。 与其他可选消费不同，宠物医疗几乎没有替代方案。对不少铲屎官而言，"怕的不是花钱，而是不知道要花多 少钱"。一次普通就诊动辄上千元，一场突发疾病可能要花上万元。拖不起、躲不开，也无法讨价还价，情 绪、责任与刚需被同时装进账单里。甚至有的宠物主因无 ...

发展宠物经济，宿州拥有丰富的资源禀赋，得天独厚的资源条件，不仅是百姓餐桌的"幸福源泉"，更成 为宠物食品产业发展的"原料宝库"。 （来源：市场星报） 近年来，全球宠物产业步入快速增长轨道，已成长为规模可观、业态多元的庞大产业。从宠物食品、用 品到医疗服务，再到宠物美容、寄养、驯导等服务业，宠物经济的产业链条不断延伸。在此背景下，有 着发展宠物经济得天独厚优势的宿州，于2026年1月5日举行宠物产业投资推介会。邀请全国各地的行业 协会负责人、知名企业代表及产业专家学者齐聚宿州，解锁"宠爱"密码、共享"宠商"红利、共拓"宠 业"未来，携手打造长三角宠物经济发展新高地。 成果丰硕 现场签约总投资达13.3亿元 地处苏鲁豫皖四省交汇的淮海经济区腹地，宿州既坐拥"江淮粮仓"的丰饶物产，又承载"中国马戏之 乡"的深厚底蕴。如今，这座城市以农业为根基、文化为灵魂、政策为羽翼，在宠物产业蓝海中加速突 围，迸发蓬勃生机。通过深度融合农业资源、区位优势与文化特色，正将"宠物经济"打造成驱动区域高 质量发展的新引擎。 本次推介会上，与会者围绕宠物产业消费升级、品类创新、渠道变革、全球化布局等宠业核心议题，展 开多维度深度洞察，汇聚 ...

在此背景下，瑞派作为全国规模第二的宠物医疗服务提供商，其规模与市场份额受到关注。数据显示， 截至2025年6月30日，其医院数量约占全国总数的1.8%；2024年市场份额约为4.8%。招股书披露，公司 通过"总部—管理公司—宠物医院"三级架构实施集中采购、统一诊疗规范与跨区域管理，以期实现成本 优化与运营协同。2025年上半年，其在全国性大型连锁（500家以上）中实现盈利，毛利率为24.8%。 规模扩张是否必然带来盈利，是宠物医疗连锁行业长期面临的课题。瑞派2025年上半年经调整净利润为 7200万元，呈现持续增长。其在运营中推行"城市中心医院—区域中心医院—社区医院"三级诊疗体系， 通过内部转诊机制引导专科病例向资源配置较高的医院集中。数据显示，城市中心医院收入占比从2022 年的25.9%提升至2025年上半年的31.5%，显示业务结构有所调整。 近期，瑞派宠物医院正式向港交所递交上市申请，此举不仅意味着资本市场可能新增一家相关标的，也 为观察一个高速增长但仍高度分散的行业提供了窗口——在其中，规模化、标准化与专业化正逐步成为 企业发展的关键路径，并影响其在资本市场的估值逻辑。 中国宠物医疗行业呈现"大行 ...

60块钱一只的大虾，年轻人舍不得吃，自家的宠物却吃上了。 在社交平台上，"富养"家庭出来的宠物是这样的：粮食月消费要3000元，零食月均要10000元，项圈要爱马仕的，发卡要Gucci的....... 这些年轻人"辛辛苦苦上班一个月，工资'哐哐哐'都花在了毛孩子身上，但是每花的一分钱都很值"。 富养宠物，是"爱常觉亏欠"还是"面子工程"？ 01 爱它就要富养它 《2023-2024年中国宠物行业白皮书》的饲主画像，"80后"、"90后"是养宠主力军，其中，90后在2020至2023年间连续占比第一，并且在2023 年达到46.6%，遥遥领先其他年龄群体。 年轻人一旦为宠物付出了爱，各种新需求就滚滚而来。 给小狗买二十多万的信托基金，万一自己出意外了，它也要有人照顾。 给小狗买信托基金 来源：小红书 自己上班没空，专门花几千块给小狗请保姆遛狗。 "再穷不能穷教育"，给宠物报个上万元的行为训练课，希望他们能从听懂人类的口令。 又或者为牙齿不整齐的狗狗安排整牙，据一位兽医透露，狗狗整牙的费用在1万-3万之间。 为狗狗整牙 以前乡村养宠注重实用性，猫狗可以作为一种工具存在，养狗是为了看家护院，养猫是为了抓老鼠，喂养、 ...

Core Viewpoint - The pet economy, while appearing lucrative with a market size of 300 billion and gross margins up to 50%, is not a profitable venture for large companies due to high operational costs and reliance on human capital rather than scalable business models [4][10][30]. Industry Overview - The pet economy is characterized by high gross margins, particularly in pet food, where domestic brands can achieve margins of 40%-50% [10][11]. - Service sectors such as grooming and veterinary care also show high potential margins, but the actual profitability for companies is often low due to high operational costs [10][15]. Company Performance - Major players like Pet Fresh and others have faced significant losses, with Pet Fresh closing 18 stores after burning through 178 million RMB in just nine months, averaging losses of over 200,000 RMB per store monthly [5][11]. - Companies like Zhongchong Co. and Petty Co. report low net profit margins, with Zhongchong's gross margin at 28.16% and net margin at only 9.33% [11][12]. Marketing and Sales Costs - The cost of acquiring customers through KOLs (Key Opinion Leaders) and marketing has skyrocketed, with sales expenses for companies like Guibao Pet increasing from under 100 million RMB in 2017 to 500 million RMB in 2024, leading to diminished net profit margins despite increased sales [13][14]. Challenges in Scaling - The pet economy is heavily reliant on personal relationships and trust between pet owners and service providers, making it difficult for large companies to replicate the success of smaller, independent businesses [27][30]. - The high costs associated with maintaining quality service and customer trust, such as expensive store locations and high employee wages, hinder profitability for larger firms [15][28]. Comparison with Other Industries - Similar challenges are observed in other high-margin industries like beauty and medical services, where the core value lies in skilled personnel rather than scalable business operations [19][20][24]. - The pet industry exemplifies a trend where the most profitable segments are those that rely on individual expertise and customer relationships, rather than mass-market strategies [30].

从《一条狗的使 命》到"媒体 +"湾区宠物年度 盛典：跨越银幕 的人宠情感羁绊 _南方+_南方 plus "生命的意义是 什么？是陪伴， 是守护，还是是 用尽一生寻找并 温暖那个对的 人。"2017年上 映的温情电影 四生四世，只为 与你相逢；十里 麦田，只为与你 相守。 2017年上映的温情电影《一条狗的使命》以狗狗贝利四世轮回的奇妙旅程 2026年1月在广 州举行的"媒体 +"首届大湾区宠 物行业年度盛典 即将启幕，这部 经典影片再次成 为热议焦点—— 它所传递的人宠 共生理念，正与 盛典打造宠物文 化、深化情感链 接的核心主旨不 谋而合，让银幕 内外的宠物情感 故事形成跨越时 空的共鸣。 以汪星人 视角解锁 温情羁绊 《一条狗的使 命》影片借汪星 人的累世视角， 串联起一家三代 人半个世纪的悲 《一条狗的使 命》以狗狗贝利 四世轮回的奇妙 旅程，将人与宠 物之间纯粹而深 厚的情感羁绊娓 娓道来，至今仍 温暖着无数观 众。 欢离合生离死 别。导演通过大 量狗狗的主观镜 头和内心旁白， 让观众得以走 进"毛孩子"贝利 的精神世界，感 受它对主人毫无 保留的忠诚与热 爱。 导演通过大量狗狗的主观镜头和内心旁白 ...

Core Viewpoint - The pet hospital market in China is projected to reach approximately 47.3 billion yuan by 2024, driven by factors such as increasing pet ownership, enhanced healthcare awareness, pet aging, and the trend of treating pets as family members, along with improved quality of medical services. The compound annual growth rate (CAGR) is expected to be around 7% over the next three years [1]. Market Size and Expansion Drivers - The pet medical and examination market is expected to reach about 47.3 billion yuan by 2024, with a potential growth to approximately 58 billion yuan by 2027, driven by increased pet ownership, higher visit rates, and rising per capita medical spending [1][2]. - Key drivers for market expansion include: 1. Growth in pet numbers, with significant potential for increased penetration compared to mature markets [2]. 2. Enhanced healthcare awareness leading to more frequent veterinary visits [2]. 3. Aging pets resulting in higher spending per case [2]. 4. Increased willingness to spend among pet owners due to the trend of treating pets as family members [2]. 5. Development of specialized veterinary services to meet the rising demand for quality care [2]. Competitive Landscape - The pet hospital industry in China is characterized by low chain operation rates and a fragmented competitive landscape, with only about 21.8% of pet hospitals being part of chains compared to 36% in the U.S. [3]. - Major players include New Ruipeng and Ruipai, with New Ruipeng leading in terms of store numbers, although it has recently reduced its store count from nearly 2,000 to about 1,400 [3]. - The market is witnessing a trend of capital consolidation, with significant investments directed towards leading companies, and the emergence of new players like Ruichen, which has over 200 hospitals [3]. Operational Challenges in Chain Pet Hospitals - The industry faces challenges such as a shortage of qualified veterinary professionals, with a significant portion of veterinary students coming from lower-tier educational institutions [4]. - Profitability concerns exist, particularly regarding the ability of chain hospitals to improve their profit margins and operational efficiency [4][5]. - The market is currently under pressure due to rapid expansion leading to a high proportion of new stores in the cultivation phase, low technical barriers, and high competition among community hospitals [5].

(A joint stock company incorporated in the People's Republic of China with limited liability) The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. WARNING The publication of this Applicatio ...

Group 1: Industry Outlook - The "new paradigm of the pig industry" and the "golden age of the pet economy" are expected to continue, with leading companies in the pig and pet industries experiencing growth and value enhancement [2] - The pig industry is characterized by a new paradigm where leading companies are expected to maintain stable profits while reducing costs and increasing value [5][8] - The supply-demand dynamics for agricultural products are expected to improve marginally, with grain prices anticipated to rise from their lows [20][27] Group 2: Pig Industry Insights - The new paradigm in the pig industry is marked by a reduction in price volatility, with the average pig price expected to decline moderately in 2026 [6][8] - The supply of pigs is projected to increase slightly in 2026, with the average breeding sow inventory showing a minor year-on-year increase [9][11] - Leading pig companies are adopting a growth paradigm focused on cost reduction, value enhancement, and international expansion [13] Group 3: Poultry Industry Insights - The chicken supply remains ample, with leading companies expected to leverage advantages in breeding, channels, and branding to enhance operational premiums [15][16] - The poultry industry is undergoing structural changes, with a focus on improving channel efficiency and brand recognition to drive profitability [18] Group 4: Pet Industry Insights - The pet food market is experiencing significant growth, with online sales increasing by 21.5% year-on-year, indicating a strong market concentration among leading brands [30][31] - The competition in the pet food industry is intensifying, with brand differentiation becoming more pronounced as companies focus on high-end product innovation [33][43] - The pet food industry is expected to maintain a growth rate of around 10% over the next 3-5 years, driven by increased penetration of professional pet food [43] Group 5: Feed Industry Insights - The domestic feed market is expected to strengthen, with leading companies poised to increase their market share as they expand internationally [20][23] - The global feed market is characterized by low concentration, providing opportunities for leading companies to establish a competitive advantage through comprehensive product offerings and global expansion [23] Group 6: Agricultural Products Insights - Grain prices are expected to recover from their lows, with corn prices projected to rise moderately due to improved supply-demand dynamics [26][27] - The overall agricultural landscape is shifting towards a "great navigation era," with advancements in agricultural technology and AI integration [2][20]