来源：新浪证券-红岸工作室 11月27日，源飞宠物涨2.75%，成交额2.17亿元，换手率7.87%，总市值49.25亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+人民币贬值受益+一带一路 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生产 和销售。 4、根据2024年年报，公司海外营收占比为85.78%，受益于人民币贬值。 5、2023年3月31日互动易回复：公司的海外基地主要为柬埔寨爱淘和柬埔寨莱德，其作为公司推进全球 化产能布局、提高市场竞争力的重要战略，主要定位为公司在东南亚地区的生产基地并作为国内产能的 补充；同时作为建立东南亚供应链的尝试，公司设立柬埔寨生产基地有利于降低劳动力成本和应对国际 贸易摩擦。目前 ...

而实现真正意义上的绿色养宠，最终仍需依靠社会观念的转变。环保组织、行业协会与社区单位应加强 协作，倡导"领养代替购买""精准投喂"等理性养宠行为。数据显示，2022年我国逾六成猫狗存在超重问 题，反映出喂养过量的普遍现象。合理控制食量，不仅有利于宠物健康，也能从源头减少资源浪费。对 于准备养宠的家庭，选择体型较小的动物，也有助于减少整体碳足迹。 因此，推动宠物产业的健康可持续发展，需要形成政策引导、行业自律和公众参与的合力。从政策层面 看，当前我国宠物产业的环境管理还处于起步阶段，相关法规和标准体系尚不完善。应将宠物产业纳入 环境管理视野，建立从生产到消费、从使用到废弃的全链条环境监管机制。这包括制定宠物产品的生态 环保标准，明确生产企业的生态环境保护责任，以及建立宠物饲养的环境行为规范等。 从产业端来看，应鼓励技术创新与绿色转型。宠物食品企业可探索昆虫蛋白等低耗资源替代路径，其碳 足迹远低于传统畜牧业，且所需土地、水和运输燃料等资源更少。用品制造商应加强可降解材料的研发 与应用，推广环保猫砂、植物基粪便袋等产品。此外，引导消费者选择天然材料制成的宠物玩具，也有 助于从需求侧减轻环境负荷。 据统计，2023年 ...

早在尚恩玩具谋划智能改造之初，边城镇便主动靠前服务，以"政策精准滴灌+服务全程跟进"为企业破 解转型难题。在政策扶持上，边城镇主动对接句容市发改委、市工信局等部门，围绕"两重两新"超长期 国债支持方向，上门辅导、全程跟踪，助力项目高效入库申报。针对企业发展中的难点，帮办员"随叫 随到"，从政策解读到手续办理，让企业"少跑腿、多办事"。 11月14日，在位于句容市边城镇的镇江尚恩玩具礼品有限公司生产车间，70余台设备高速运转，工人们 各司其职，机器轰鸣声与忙碌的身影交织出满负荷生产的"奋进曲"。企业负责人透露，今年公司总产值 预计将突破2000万元。 智能改造是尚恩玩具提质增效的核心引擎。在激光裁剪区，两台新投用的激光切割机正精准作业：技术 人员将整块绒布放入设备，轻点屏幕设定参数，激光头便沿预设轨迹快速移动，瞬间裁出形态规整的宠 物玩具部件。"激光裁剪让生产效率提升20%，不仅裁边更平整，还减少了材料浪费。"裁剪主管介绍， 改造后产品良品率稳定在95%以上，进一步筑牢了企业在产品质量与安全上的核心竞争力。目前，其产 品已成功打入德国、日本、英国、美国、澳大利亚等国市场，其中德国与英国市场表现突出，成为海外 业 ...

作为宠物经济的细分赛道之一，宠物鲜食因为一则关店消息重新引发市场的高度关注。曾欲打造宠物版"盒马"的派特鲜生创始人侯毅近日向媒体 透露，因线下门店经营压力大，计划到今年12月中旬关闭所有门店，仅保留线上业务。顶着"光环"入局后一年便告别线下，派特鲜生的大起大落 不禁让人开始思考，宠物鲜食风口的成色几何。 派特鲜生败走 当宠物经济的"蛋糕"越做越大，细分赛道也迎来众多入局者，宠物鲜食便是其中之一。去年，退休的盒马创始人侯毅再创业，创立带有浓厚"盒 马"基因的宠物食品新零售品牌派特鲜生，这也被认为是宠物鲜食赛道崛起的风向标。 在北京顺义区祥云小镇，今年初夏，一家名为"纯爪宠物烘焙"的门店开张迎客，该店主营自制的宠物鲜食、宠物蛋糕、宠物零食，以及精选的宠 物玩具、衣服等。该门店以宠物健康和友好为主题，明厨亮灶且设有小院。 洪涛表示，派特鲜生的线下门店多布局在商场等高客流区域，门店租金和人工成本较高，且宠物鲜食需要专业厨房设备与HPP（超高压灭菌）生 产线，单条产线投入达千万元。同时，冷链物流成本占总成本约1/3，如鲜食滞销或退货将产生存货减值，而其主打平价路线，宠物鲜食的毛利远 不及传统宠物干粮，重投入下很难盈利。 ...

来源：新浪证券-红岸工作室 11月14日，源飞宠物跌1.89%，成交额9030.46万元，换手率3.56%，总市值44.57亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+人民币贬值受益+一带一路 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入742.54万，占比0.08%，行业排名4/22，连续3日被主力资金增仓；所属行业主力净流 入-5610.09万，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入742.54万1376.66万1087.19万1217.77万1716.17万 主力持仓 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生 ...

Core Viewpoint - The company, Wenzhou Yuanfei Pet Toy Co., Ltd., is experiencing growth in the pet economy, benefiting from cross-border e-commerce and the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales. Company Overview - Wenzhou Yuanfei Pet Toy Co., Ltd. specializes in the research, production, and sales of pet products and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7] - The company is located in Pingyang County, Wenzhou, Zhejiang Province, and was established on September 27, 2004, with its stock listed on August 18, 2022 [7] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.281 billion yuan, representing a year-on-year growth of 37.66%, and a net profit attributable to the parent company of 130 million yuan, up 8.75% year-on-year [7] - As of September 30, 2025, the company had a total market capitalization of 4.539 billion yuan [1] Revenue Composition - The revenue composition of the company is as follows: pet snacks 52.09%, pet leashes 24.77%, pet staple food 9.79%, others 7.72%, and pet toys 5.64% [7] International Operations - The company has a significant international presence, with 85.78% of its revenue coming from overseas, primarily through its subsidiary in the United States, which sells pet leashes via e-commerce platforms like Amazon and Shopify [3][4] - The company has established production bases in Cambodia to enhance its global capacity and reduce labor costs, with production facilities already operational [3] Market Activity - On November 12, the company's stock rose by 0.68%, with a trading volume of 92.1645 million yuan and a turnover rate of 3.62% [1] - The stock has seen a net inflow of 2.0826 million yuan from major investors, indicating a mixed trend in investor sentiment [4][5]

Core Insights - The China International Import Expo (CIIE) continues to serve as a platform for observing trends in consumer upgrades, emphasizing its role as a launchpad for global new products and innovative services [1][4] - Key themes emerging from the expo include "intelligent," "personalized," "green," and "health," reflecting a growing consumer demand for high-quality living [1][2] Group 1: Consumer Trends - The aging population is driving the demand for age-friendly products, as seen in IKEA's dedicated section for senior citizens, which addresses safety and convenience in home environments [2][3] - Health-conscious consumption is on the rise, with various sectors showcasing innovations in dietary management, exercise, and health monitoring, aligning with the "Weight Management Year" initiative [2][3] - The demand for high-quality seafood is increasing, with a notable 40% growth in the import of live bread crabs from 2023 to 2024, highlighting the shift towards premium food products [3] Group 2: Market Development - Companies are leveraging the CIIE to explore and cultivate potential markets, with Tmall International introducing over 100 global brand new products tailored for Chinese consumers [6][9] - The introduction of a pet-themed exhibition area aims to enhance consumer awareness and understanding of pet care, indicating a growing market for pet-related products [6][7] - Cross-border e-commerce platforms are facilitating the entry of overseas brands into China, addressing challenges such as market environment uncertainties and compliance hurdles [8][9] Group 3: Brand Engagement - Tmall International is actively involved in supporting overseas brands throughout their market entry process, providing resources and guidance to ensure their success in China [9][10] - The establishment of a "Cross-Border E-commerce Preferred Platform" at the expo aims to connect global brands with Chinese consumers, enhancing the shopping experience and meeting diverse consumer needs [8][10]

Core Insights - The pet industry is experiencing a significant downturn, with several once-thriving companies, including Suzhou Jinsu Pet Products Co., Ltd., entering bankruptcy proceedings due to the fading export boom and increasing market pressures [1][6]. Company Summaries - Suzhou Jinsu Pet Products Co., Ltd. has been officially accepted for bankruptcy proceedings by the Wuzhong District People's Court, marking a significant shift for the company that has operated for approximately 28 years, primarily exporting pet toys and accessories to markets such as the US, Canada, and Japan [3][5]. - Other companies, such as Pingyang County Kongying Pet Products Co., Ltd., have also entered the debt claim stage, indicating a broader trend of financial distress within the industry [5]. - Hangzhou Petyuan Pet Products Co., Ltd. and its affiliates have begun bankruptcy review processes, highlighting the challenges faced by companies that initially thrived through online platforms but struggled with offline expansion [5][6]. Industry Trends - The pet industry in China, which began as an OEM/ODM manufacturing hub, is now facing dual pressures from both domestic and international markets, leading to a decline in export revenues [6][7]. - Despite the challenges, the overall pet consumption market in urban China has surpassed 300 billion yuan, with an annual growth rate exceeding 10%, indicating a potential for recovery and growth in the sector [8]. - The market is shifting towards brand localization, with domestic brands gradually gaining market share as consumer preferences evolve towards higher quality and specialized pet products [8][9]. - The pet services market, including pet boarding and photography, is also expanding, reflecting changing consumer demands and the need for innovation within the industry [9].

Group 1 - Tianyuan Pet's stock increased by 5.03%, reaching 30.92 CNY per share, with a trading volume of 1.10 billion CNY and a turnover rate of 7.14%, resulting in a total market capitalization of 3.924 billion CNY [1] - The company, founded on June 11, 2003, is based in Hangzhou, Zhejiang Province, and was listed on November 18, 2022. Its main business involves the design, development, production, and sales of pet products, with a focus on expanding into pet food sales [1] - The revenue composition of Tianyuan Pet includes 46.60% from pet food, 18.36% from other products, 15.00% from cat climbing frames, 10.57% from pet beds, and 9.46% from pet toys [1] Group 2 - The Tongtai Huize Mixed A Fund (008050) has increased its holdings in Tianyuan Pet by 32,500 shares, bringing the total to 45,900 shares, which represents 8.19% of the fund's net value, making it the seventh-largest holding [2] - The fund has reported a floating profit of approximately 67,900 CNY from its investment in Tianyuan Pet [2] - The fund has experienced a loss of 0.55% year-to-date, ranking 8073 out of 8219 in its category, and a loss of 1.58% over the past year, ranking 7808 out of 8125 [2]

Core Viewpoint - Yuanfei Pet's stock price increased by 5.16% to 23.85 CNY per share, with a total market capitalization of 4.553 billion CNY, indicating positive market sentiment towards the company [1] Company Overview - Yuanfei Pet Products Co., Ltd. was established on September 27, 2004, and went public on August 18, 2022. The company is located in Pingyang County, Zhejiang Province, and specializes in the research, production, and sales of pet supplies and pet snacks [1] - The revenue composition of Yuanfei Pet is as follows: pet snacks 52.09%, pet leashes 24.77%, pet food 9.79%, others 7.72%, and pet toys 5.64% [1] Fund Holdings - Tongtai Fund has a significant holding in Yuanfei Pet, with its Tongtai Huize Mixed A Fund (008050) holding 61,500 shares, accounting for 8.32% of the fund's net value, making it the fifth-largest holding [2] - The fund has reported a floating profit of approximately 72,000 CNY from this investment [2] Fund Manager Performance - The fund manager Ma Yi has a tenure of 11 years and 239 days, with the fund's total asset size at 2.718 billion CNY. The best return during his tenure is 45.09%, while the worst is -3.46% [3] - Co-manager Mai Jianpei has been in the role for 183 days, managing assets of 231 million CNY, with a best return of 21.52% and a worst return of -3.46% during his tenure [3]