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.

宠物烘焙粮是一种采用低温慢烘工艺（通常90℃-150℃）制成的宠物干粮，其核心特点是高鲜肉含量、低淀粉配方且不含肉粉，通 过将混合原料（肉类、果蔬及营养素等）压制成型后经低温长时间烘烤脱水，最终制成质地紧实、颗粒均匀的成品。相比传统高 温膨化粮，烘焙粮能更大程度保留食材的天然营养与风味，其低温工艺有效减少蛋白质变性和热敏营养素（如牛磺酸、益生菌） 的流失，同时避免了高温膨化对分子结构的破坏，使食物更易消化吸收，降低宠物软便风险。此外，烘焙粮通常采用无谷物或低 敏碳水配方（如鹰嘴豆、南瓜），有助于减少过敏可能，而慢烘工艺锁住的天然肉香和免油脂喷涂的特点也显著提升了适口性， 减少宠物挑食行为。不过，由于生产工艺复杂、耗时较长且产能较低，烘焙粮的成本和售价通常高于传统膨化粮，且保质期相对 较短（约12个月）。 根据QYResearch最新调研报告显示，预计2030年全球宠物烘焙粮市场规模将达到1109.4百万美元，未来几年年复合增长率CAGR为 8.42%。 宠物烘焙粮，全球市场总体规模，预计 2 0 30 年达到 1109.4 百万美元 如上图表 / 数据，摘自 QYResearch 最新报告"全球宠物烘焙粮市场 ...