本报讯 （记者马宇薇）8月26日，杭州天元宠物（301335）用品股份有限公司（以下简称"天元宠物"） 发布了2025年半年度报告。报告期内，公司实现营收14.35亿元，同比增长14.59%；实现归母净利润 3745.94万元，同比增长20.14%。公司拟向全体股东每10股派发现金红利1元（含税）。 资料显示，天元宠物以宠物用品的设计开发、生产及销售为业务基础，积极拓展宠物食品销售业务领 域，构建起覆盖宠物窝垫、猫爬架、宠物食品、宠物玩具、宠物服饰、电子宠物用品等多系列、全品类 的宠物产品矩阵。 作为国内较早进入宠物产业的先行者，天元宠物经过二十多年的专注与积累，已形成持续的产品开发能 力与全品类的宠物用品布局，建立高效可靠的供应链管理体系，并构建覆盖全球市场的销售渠道与客户 资源。 随着国内宠物行业的快速发展，叠加消费者线上消费习惯的深化，线上渠道运营能力已成为企业核心竞 争力的关键。在此背景下，公司正通过并购重组等多元化手段，持续开拓国内线上销售渠道并强化运营 能力建设。 近期，天元宠物就发布公告称，公司发行股份购买资产并募集配套资金申请文件已获深交所受理。据此 前披露，天元宠物拟通过发行股份及支付现金方 ...

近日，第27届亚洲宠物展览会正于上海举行，场馆内人山人海、展台前排起长队……在这股热潮背后， 是中国宠物经济的"滚烫"发展态势。数据显示，45.3%的年轻人正处于养宠状态，超半数年轻人有过养 宠经历，年轻群体已成为支撑宠物市场发展的核心力量。 市场热度更吸引资本密集入场布局：一级市场方面，线上平台、宠物医疗、宠物用品等细分赛道均成投 资热点；二级市场上，宠物经济指数年内涨幅达28.11%，跑赢同期大盘。机构表示，宠物经济并非阶 段性热点，有望成为贯穿消费周期、兼具高成长性与强韧性的稳健增长赛道。 群体变化：年轻"铲屎官"撑起宠物经济 本届亚宠展吸引超2600家展商齐聚一堂，以31万平方米的超大展览面积再度刷新规模纪录。记者走访发 现，亚宠展开展首日便呈现出火爆景象。场馆内人山人海，多个展台前早早排起了长队，展现出国内宠 物消费市场的火热态势。 来自江苏泰州的宠物主小王便是众多参展者中的一员。在接受记者采访时，她表示，自己特意从泰州赶 来参会，没想到首日人流量就如此之大。此次前来，她不仅计划为家中4只猫、2只狗采购性价比高的粮 食和用品，还打算在各大展台参与互动 "薅羊毛"。 Soul 旗下 Just So S ...

作者：无帽@宠业家 8月21日，聚焦解构宠物行业线下零售待挖掘价值，通过行业洞察与前沿实践分享，探索宠物消费新趋向的2025亚洲宠物零售大会在亚洲宠物展M38会议 室举行。 本届大会围绕宠物服务、非标需求、跨界共创、数字化应用等议题展开，会上，尼尔森IQ零售研究华东区域负责人——顾问，带来了以"2025中国零售渠 道演变趋势:小型化与便利化"为主题的分享。 放眼全球17个主要市场，可以发现宠物经济消费人群新增了120万名，他们通常2~3周购买一次宠物相关产品。但受国际通货膨胀影响，宠物消费者在购 物习惯方面发生了一些变化，他们会为了能够平衡自己的收支，选择买的更少，买的更便宜。 把视角收回国内，其实中国宠物市场的整体环境与国外有较大的区别，在国内，情感需求是刺激宠物经济的最大驱动力。在这种背景下，即使生育率正在 不断降低，但养宠人数却越来越高。 随着行业整体向上发展，市场内部滋生出很多的细分赛道，例如宠物美容、宠物医疗、宠物殡葬等，这些赛道的增速相当快。此外，不少国际大牌也纷纷 跨界联名宠物行业，推出宠物服饰、宠物奢侈品、宠物香水等，从侧面印证了宠物行业的蓬勃发展。 供大于求 宠物市场将进入过剩时代 从供需关 ...

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Core Viewpoint - The pet economy is experiencing a transformation, moving from a phase of rising prices to a more nuanced market characterized by personalized and human-like treatment of pets, reflecting a deeper emotional connection between pet owners and their pets [2][5][18]. Group 1: Market Trends - The pet market in China has undergone significant structural changes, with pet ownership evolving from mere companionship to treating pets as family members [5][18]. - The pet economy reached a scale of 592.8 billion yuan in 2023, with a year-on-year growth of 20.1%, and is projected to reach 1.15 trillion yuan by 2028 [18]. - The number of pet-related enterprises in China has surged to 4.5775 million, with a notable increase in registrations over the past decade [18]. Group 2: Consumer Behavior - Pet owners are increasingly sharing their pets' lives on social media, showcasing a shift from displaying their own lifestyles to highlighting their pets' experiences [5][6]. - The demand for pet food has shifted from basic dry food to fresh, customized meals, with pet owners seeking to provide diverse and nutritious diets for their pets [8][28]. - Pet fashion has become a significant trend, with owners dressing their pets in seasonal and fashionable attire, reflecting a desire for pets to embody their owners' style [12][32]. Group 3: Product Innovations - The rise of fresh pet food services, such as PetFresh, illustrates the growing market for customized pet meals, emphasizing health and variety [28][29]. - The pet apparel market is expanding, with both specialized pet brands and mainstream fashion brands entering the space, indicating a blend of functionality and style [32][34]. - Smart pet health management products are emerging, including wearable devices that monitor pets' health and activity, addressing owners' concerns about their pets' well-being [38][40]. Group 4: Emotional and Ethical Considerations - The emotional bond between pet owners and their pets drives the trend of pet humanization, where owners seek to fulfill their emotional needs through their pets [41][42]. - The responsibility towards pet care has evolved from basic needs to ensuring a high quality of life for pets, reflecting a shift in societal attitudes towards pet ownership [41][42].

Core Insights - The domestic pet economy has seen significant growth, with 4.474 million related enterprises existing as of April this year, a threefold increase from 2021, and over 77% of these companies established within the last three years [1] - The overseas market is becoming increasingly competitive, particularly in high-value markets like Europe and the US, leading to a downward trend in product prices [1] - Companies are focusing on building brand awareness and user reputation as a long-term strategy to remain competitive in the market [1] Industry Trends - The pet products sector includes various categories such as leashes, cleaning supplies, bedding, feeding utensils, clothing, and toys [2] - Companies are categorized into two main types for overseas expansion: supply chain enterprises that manufacture products for major retailers and new consumer brands that focus on brand building [2][3] - Supply chain companies like Tianyuan Pet have adopted a strategy of participating in international exhibitions and acquiring foreign brands to enhance their market presence [2] Market Dynamics - New consumer brands are targeting Southeast Asia for initial expansion due to its rapid growth and lack of dominant players, allowing them to gain a first-mover advantage [3] - Intense competition has led to price compression in the pet products market, prompting companies to innovate with "AI+" smart pet products to differentiate themselves [3][4] - The global smart pet products market reached $4.2 billion in sales by 2023, with significant price competition emerging as many similar products enter the market [4] Consumer Behavior - The acceptance of smart pet products in overseas markets is currently limited due to product maturity, necessitating ongoing investment and product iteration [5] - Establishing brand awareness in the pet products sector is challenging, as consumer purchasing decisions are often influenced by product effectiveness and perceived value [6] - Companies are encouraged to create standout products to build a positive reputation and gradually establish brand identity, similar to strategies used in the baby products sector [7]

Core Insights - The pet apparel market is experiencing significant growth, with major brands like LV and Adidas launching pet clothing lines, indicating a trend towards fashionable pet wear [1][3][16] - Despite the hype, the actual market size for pet apparel remains small compared to food and healthcare segments, with apparel being a niche category [3][21] - Consumer perceptions about the necessity of pet clothing vary, with some questioning the practicality and need for pets to wear clothes [3][5] Market Overview - The Chinese pet supplies market is projected to reach 51.3 billion yuan by 2024 [3] - Dog apparel has a penetration rate of 63.5%, while cat apparel lags behind at 43.4%, indicating a stronger demand for dog clothing [3][20] Consumer Behavior - Pet owners are increasingly viewing pet clothing as essential for protection against cold and environmental hazards, especially for certain breeds [8][10] - Social media plays a significant role in driving demand for fashionable pet apparel, as pet owners seek to showcase their pets in stylish outfits [14][18] Brand Strategies - Major brands are integrating pet elements into their existing product lines rather than creating separate sub-brands, allowing for flexibility in product offerings [16][18] - The emotional connection between pet owners and their pets drives consumers to pay a premium for branded pet apparel, reflecting a shift in how pets are perceived in society [18][23] Challenges in the Industry - The complexity of sizing and fit for pet apparel poses significant challenges for brands, as dogs vary greatly in size and shape [20][21] - The return and exchange process for pet clothing is complicated, leading to higher costs for consumers and brands alike [20][21] Future Outlook - There is potential for growth in the pet apparel market through international orders and addressing emotional needs of pet owners [21][23] - Brands must balance practical needs of pets with the emotional desires of owners to succeed in this evolving market [23]

Group 1: Industry Overview - The pet economy in China is experiencing rapid growth, with the urban pet consumption market expected to exceed 300 billion yuan in 2024, driven by a slight increase in pet numbers to over 120 million [2][3] - The pet food market is a significant segment, with dog consumption reaching 155.7 billion yuan (up 4.6%) and cat consumption at 144.5 billion yuan (up 10.7%) [2] - The overall pet industry is projected to reach 1.15 trillion yuan by 2028, indicating a strong growth trajectory [2] Group 2: Consumer Behavior - Consumers are increasingly willing to spend on pets, with a shift from basic needs to quality-oriented purchases, as evidenced by significant sales growth in pet essentials during major shopping events [2][3] - The demand for pet products is evolving, with a notable increase in high-frequency consumables such as pet food and hygiene products [2][3] Group 3: Corporate Strategies - Major brands are entering the pet market, with companies like Nike and Adidas launching pet apparel lines, reflecting the growing interest in pet fashion [4][5] - Food giants are also expanding into the pet food sector, with companies like Yili and Tongwei investing in pet food production to meet rising consumer demands for healthier options [5] Group 4: Market Trends - The pet economy is closely linked to urbanization and digitalization, with a growing trend towards premium and specialized pet services, including pet-friendly travel options [6][7] - The industry is witnessing a shift towards professional pet care services, addressing the cleaning and health management needs of pet owners [5][6] Group 5: Financial Performance - Several publicly listed pet companies reported significant revenue growth in Q1 2025, with Zhongchong Co. achieving a 25.41% increase in revenue [7][8] - Analysts remain optimistic about the pet sector, highlighting the potential for continued growth driven by product innovation and market expansion [8]

Industry Environment - "Internal purchase sales" account for 18% of the global fashion market, with luxury goods reaching 50%, becoming a key method for inventory management. Discounts can be as low as 10-20%, attracting registered users to participate. With the EU's ban on destroying surplus goods, discount sales are expected to grow five times faster than full-price sales from 2025 to 2030. Emerging Italian companies like Arlettie, Say wow, and Secret Sales Girl are showing strong performance in this space [2]. Growth in Chinese Sports Market - International mid-range sports brands are experiencing strong growth in the Chinese market, with lululemon's revenue increasing by 20%. Brands like HOKA and Arc'teryx are also seeing rapid growth, while Amer Sports' brands in Greater China grew by 43%. International brands are accelerating their presence in China by opening flagship stores. Adidas and Nike are recovering through localization strategies, with high-end sports brands becoming a new status symbol for the middle class. The consumption trend in China is reshaping the industry landscape, with outdoor and yoga apparel brands becoming key areas for brands to achieve over 10 billion in revenue [3]. Hiking Trend Among Young Consumers - Hiking is becoming a favored travel method among young people, emphasizing a connection with nature and immersive experiences. Data shows that the search volume for "hiking" is expected to grow nearly 100% year-on-year in 2024, with over 2.9 billion views on Xiaohongshu topics, reflecting its popularity among young consumers. Hiking has evolved from an outdoor activity to a lifestyle that combines leisure and travel, driving growth in the outdoor equipment industry, with Decathlon's hiking shoes seeing over 50% revenue growth. The high conversion rate of 47% suggests that hiking may become the next trend following marathons and trail running [5]. Localization in Luxury Brands - Despite an overall sluggish luxury market, China remains a key area. Many brands are transforming through localization strategies, such as cross-industry collaborations and limited-time pop-up events, to promote cultural experience consumption. HERMÈS is upgrading its stores with a "less is more" strategy, while PRADA and others are integrating local culture through interactive marketing. In the future, luxury brands need to deeply explore local culture and tell compelling stories to upgrade from symbolic consumption to cultural value consumption [6]. Technology Empowerment in Underwear Market - The Chinese underwear market is shifting from rapid growth to high-quality development, with a projected compound annual growth rate of 4% from 2021 to 2026. A white paper by Giant Engine and CBNData indicates that the industry has entered the "technology empowerment" 4.0 era, with Douyin becoming a new growth engine, leading to a 69% increase in underwear sales over the past year. Consumer demand is shifting towards quality, self-satisfaction, and functionality, with scenario-based marketing becoming a key trend. The white paper proposes the T.E.C.H standard to evaluate and guide the development of technological underwear [7]. Challenges in the Watch Market - The Chinese watch market is expected to exceed 100 billion, but the mid-to-high-end market is dominated by foreign brands, leaving domestic brands like Seagull, Shanghai Watch, and Fiyta facing intense competition. Despite leading manufacturing capabilities, the brand value of domestic brands has not been fully realized. The third generation of Xipuni is attempting differentiation through precious metals, but is affected by fluctuations in gold prices. Young consumers are shifting towards smartwatches, diminishing the symbolic value of traditional watches, making innovation crucial to attract younger audiences [8]. Brand Dynamics - Bosideng Group held a "Snow Flying" brand conference, gathering over 400 guests to launch a new brand strategy. Snow Flying, founded in 1999, focuses on the ice and snow sports gene and has become a leader in the industry. The team is committed to seizing opportunities in the ice and snow economy, with a strategic goal set for 2025 to become "China's first brand of ice and snow down jackets" [9]. Prada's Cultural Club in Osaka - The Prada Mode cultural club has launched its twelfth stop in Osaka, collaborating with architect Kazuyo Sejima on the "Inujima Project," connecting architecture with nature, history, and the future. The exhibition includes various activities, such as lectures by Tadao Ando, traditional craft displays, and nighttime performances, along with a donation of a permanent exhibition pavilion and art installations. Since its establishment in 2018, Prada Mode has promoted the cross-border integration of fashion and culture, providing an artistic experience platform for global culture enthusiasts [10]. Success of Dazzle Fashion - Dazzle Fashion, founded by Ma Ruimin in 1991, has become one of the most profitable women's clothing brands in China, with a market value nearing 9 billion. The company operates four major brands: DAZZLE, DIAMONDDAZZLE, dzzit, and RAZZLE, covering mid-to-high-end women's wear and high-end artistic women's wear. After successfully going public in 2018, the company emphasizes design and product strength, with a strict creative protection mechanism and a focus on digital transformation and e-commerce marketing [11]. OF's New Retail Strategy - OF, a sister brand of UR, has opened its first independent stores in Guangzhou and Jiangmen, emphasizing a "happy gene" core with high-cost performance across all product categories, including clothing and home goods. The store design is minimalist and open, enhancing the shopping experience, and a membership system is implemented to increase user engagement. OF aims to accelerate its national layout, promoting the concept of "good things are not expensive" and advocating for a happy consumption lifestyle [12]. Adidas' Green Initiatives - Adidas has opened a sustainable elements store in Shanghai, practicing green and environmentally friendly concepts. The store uses recycled materials and digital energy management, with old clothing recycling bins to enhance consumer participation. Adidas plans to achieve carbon neutrality across its entire value chain by 2050, with a target of 99% recycled polyester usage by 2024. Through initiatives like waste clothing recycling and green project development, Adidas aims to promote a circular economy and reshape its brand image [13]. Anta's Children's Footwear Innovation - Anta Children's has launched the Dynamic Foot Bridge Technology running shoes "Arch PRO" and the Flying Fish Backpack 4.0, designed for children aged 6-12 to address low arches and spinal health issues. The shoes use negative Poisson's ratio materials to balance comfort and support, while the backpack features a three-dimensional pressure relief design to alleviate spinal pressure, certified by Germany's AGR. Anta has also established a Foot Arch Health Research Center in collaboration with the National Orthopedic Medical Center, planning to open "Linglong Stores" to support children's overall health growth [14]. Demna's Shift in Fashion Design - Fashion designer Demna has expressed a loss of interest in the current loose style, stating that while it is a possibility in fashion, it lacks uniqueness today. However, he clarified that he will not shift to extreme tight designs, criticizing tight stretchy jeans for making people look like "sausages." Demna emphasizes that fashion should focus on finding suitable clothing for individual body shapes rather than blindly following trends, suggesting that comfort and confidence should be the core of fashion choices [15]. Pet Fashion Trend - Adidas Originals has launched its first pet series in Shanghai, including pet clothing, accessories, and adult "parent-child" outfits, strengthening the emotional connection between pets and their owners. The brand also hosted the "First Pet Day" event, showcasing new business attempts in the pet-friendly market. This move reflects the enormous potential of the pet economy, with the global market expected to reach $500 billion by 2030, as many luxury and fashion brands enter the space to meet young consumers' high-end pet fashion demands [16].

Group 1 - The core viewpoint of the article highlights the collaboration between Shandong and Zhejiang pet industry associations, focusing on the full industry chain innovation and brand strategy upgrade in the pet industry [2] - The Zhejiang exchange delegation visited leading companies such as Petstar and Tianyuan Pet Products, emphasizing the importance of product display and corporate culture [2] - Tianyuan Pet Products is a comprehensive enterprise specializing in the design, development, production, and sales of pet products, covering a wide range of categories including pet beds, toys, clothing, and food [2] Group 2 - Tianyuan Pet Products is actively expanding its business by investing in R&D, with a professional team that has developed nine product categories and holds over 200 domestic and international patents [3] - The company focuses on the lifestyle habits of pets and the interaction needs between pets and owners, continuously developing innovative products that meet various usage scenarios [3] - Tianyuan Pet has established four production bases globally, utilizing intelligent production lines and a strict quality control system to enhance its core competitiveness [3] Group 3 - The company is expanding its international market presence by leveraging platforms like the Canton Fair, establishing long-term partnerships with well-known international retailers and e-commerce platforms [3] - Tianyuan Pet has a presence in over 100 countries and regions, enhancing its brand influence through local market integration [3] - The company has developed multiple well-known brands such as Petstar and Xiaoshouxing, offering over 30,000 different SKUs to provide competitive pricing and quality products [4] Group 4 - The rapid development of Tianyuan Pet reflects the strategic transformation of China's pet industry from traditional manufacturing to comprehensive services [4] - The company is poised to benefit from new consumption trends and the growing pet economy, indicating a promising opportunity for accelerated growth in the pet industry [4]