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]

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]

12个中央部门、13家全国性行业协会、各地方和头部平台企业积极参与，合力推出160余项重点活动， 为全国消费者带来服务消费的饕餮盛宴。作为活动承办地，江苏和南京分别发布江苏省服务消费惠享礼 包和南京市"宁享服务"消费臻选指南，让万千市民乐享美好服务，共创美好生活。 2025年全国"服务消费季"暨"苏新服务·惠享生活"活动在宁启动 让万千市民乐享美好服务 □ 南京日报/紫金山新闻记者 黄琳燕 6月3日晚，金陵STYLE浪漫中心华灯初上，玄武湖畔的晚风裹着美食香气与欢笑声扑面而来。2025年 全国"服务消费季"暨"苏新服务·惠享生活"活动启动仪式在此拉开帷幕。 踏入市集，米其林美食摊位前香气四溢，引人垂涎欲滴。一旁的房车露营体验区，不少家长带着孩子走 进房车，感受户外自由自在的露营生活。特色运动项目体验区，年轻人在飞盘、射箭等项目中尽情挥洒 汗水，欢呼声、笑声交织在一起。 "市集依托玄武湖'城市绿心'生态优势与金陵STYLE浪漫中心融合消费场景，以全生命周期的生活化场 景展示服务消费内容，不仅是要浓厚服务消费氛围，激发服务消费潜力，也是希望通过这样的方式践行 绿色理念，倡导低碳节能生活新风尚。"市商务局相关负责人 ...

星标 ★ IPO日报 精彩文章第一时间推送 "宠物代工龙头"天元宠物披露了收购案的最新进展。 5月29日晚间，杭州天元宠物用品股份有限公司(下称"天元宠物"，301335.SZ)发布公告称，上市 公司拟通过发行股份及支付现金的方式购买广州淘通科技股份有限公司（以下简称"淘通科技"） 89.7145%股权，交易作价68756.67万元，其中以发行股份和现金方式支付的对价金额分别为 24904.06万元和43852.61万元。 同时，上市公司拟向不超过35名符合条件的特定对象发行股份募集配套资金，募集配套资金总额不 超过24904.06万元，用于支付本次交易的现金对价。 本次交易构成重大资产重组。本次交易不会导致公司控制权变更，不构成重组上市。 本次交易完成后，淘通科技将成为上市公司的控股子公司。 AI制图 对比7年前，标的公司的收入规模和净利润规模均实现了较大飞跃。 本次交易中，业绩承诺方向上市公司承诺，2025年—2027年，标的公司实现的净利润分别不低于 7000万元、7500万元和8000万元。 根据坤元评估出具的标的资产评估报告，以2024年12月31日为评估基准日，在持续经营的假设前 提下，经收益法评 ...

Group 1 - Tianyuan Pet announced the acquisition of 89.71% stake in Guangzhou Taotong Technology for approximately 688 million yuan, following a previous purchase of 10% stake for 77 million yuan [1][2] - This acquisition marks the second pet industry company acquired by Tianyuan Pet in the first half of the year, with the first being the B2B supply chain platform "Itpin" [2] - The acquisition aims to enhance the product variety of the listed company and inject a strong e-commerce sales capability, addressing the shortcomings in domestic online channels [2] Group 2 - Taotong Technology is a well-known domestic e-commerce service provider in the food sector, with partnerships including major brands like Mars, Mondelez, Pepsi, and Nestle [2] - Taotong Technology's sales revenue reached 2 billion yuan in 2024, with revenues of 1.609 billion yuan and 2.014 billion yuan for 2023 and 2024 respectively, and net profits of 62.52 million yuan and 69.06 million yuan [2] - The sellers have made performance commitments for Taotong Technology, ensuring net profits of no less than 70 million yuan, 75 million yuan, and 80 million yuan for the years 2025-2027, totaling 225 million yuan over three years [2] Group 3 - Tianyuan Pet's main products include pet home goods, apparel, toys, and living supplies, with a historical focus on overseas OEM, serving clients like Walmart and Amazon [3] - Since 2023, Tianyuan Pet has shifted its sales focus to the domestic market, increasing its domestic revenue share from 45% to 52%, although its e-commerce penetration remains below the industry average [3] - The company has faced challenges with revenue growth not translating into profit, with revenues of 1.887 billion yuan, 2.037 billion yuan, and 2.764 billion yuan from 2022 to 2024, and net profits of 129 million yuan, 76.56 million yuan, and 45.96 million yuan respectively [3]

中国基金报记者吴君 5月28日晚间，创业板公司天元宠物发布公告称，公司拟通过发行股份及支付现金的方式向复星开心购（海南）科技有限公司（以下简称复星开心购）等 17名交易对方购买其合计持有的广州淘通科技股份有限公司（以下简称淘通科技）89.71%股权，交易价格为6.88亿元，并拟向不超过35名特定投资者发行 股份募集配套资金。 近期天元宠物股价大涨，连续多个交易日出现20CM涨停，但5月28日跌幅达到9.26%，最新报收于35.16元/股，总市值为44亿元。该股今年以来涨幅达到 56.27%。 【导读】天元宠物拟购买淘通科技89.71%股权，交易价格为6.88亿元 | 项目 | 交易对方/发行对象 | | --- | --- | | | 复星开心购（海南）科技有限公司、李涛、方超、宁东俊、孙 | | 发行股份及支付现金购买 | 娜、舟山乐淘企业管理咨询合伙企业(有限合伙)、广州悠淘 | | 资产 | 投资合伙企业（有限合伙）、傅国红、姚宇、王迪、于彩艳、 | | | 勾大成、胡庭洲、唐斌、黄震、张弛、高燕 | | 募集配套资金 | 不超过 35 名符合中国证监会规定的特定投资者 | | 序号 | 交易对方 | ...

2、请介绍一下公司自有工厂的布局情况？ 答：公司成立初期主要从事猫爬架和宠物窝垫产品的开发、生产和 销售业务，就两类产品建立了自有产线，并经过多年发展，在猫爬架、 宠物窝垫细分领域建立了规模化、专业化竞争优势。在此过程中，为更 深入地服务境外客户、满足客户"一站式"采购需求，公司将产品范围 由猫爬架、宠物窝垫逐步扩展至宠物玩具、服饰、牵引用具及日用品等 其他宠物用品品类。而由于宠物玩具、日用品等其他宠物用品具有类型 规格众多、材料工艺差异较大等特点，且公司所在浙江地区具有较为丰 富的轻工业小商品加工制造产品配套资源，公司遂利用产业链分工的比 较优势，逐步将经营资源聚焦于产品开发设计、供应链管理及客户开拓 维护等高附加值业务环节，形成了以外协加工为主的生产模式。 近年来，公司基于对海外客户部分主要客户的订单采购预判，公司 陆续在柬埔寨、越南等地，通过设立海外子公司投资建设宠物用品生产 基地，建设了猫爬架、宠物窝垫、铁制宠物笼具等生产线。另外，随着 业务的发展，公司在国内自建了宠物服饰、电子宠物用品的生产线。20 24 年，公司在辽宁省成立控股子公司天元唯旺，开展猫砂生产。目前， 除猫爬架生产线、宠物窝垫生产线外 ...

天元宠物的营业收入在过去几年也实现快速增长，营收从2021年18.54亿，增长到2024年27.64亿，年复合增长率达到 14%，远超2024 年行业7.5%的平均增速。然而，净利润却从2021年的1.07亿，在2022年达到高峰1.29亿之后，一路下 滑至2024年的4596万，呈现出"增收不增利"的态势。 与宠物相关的上市公司还有佩蒂股份、中宠股份、源飞宠物、乖宝宠物。与上述可比上市公司对比会发现，天元宠 物的销售净利率要大大低于可比上市公司，大部分上市公司销售净利率在10%-15%之间，而天元宠物的销售净利率 低于5%。 回溯2025年3月15日天元宠物披露重大资产重组预案，拟通过"发行股份+支付现金"方式收购广州淘通科技股份有限 公司（以下简称"广州淘通科技"）89.71%股权。此次交易完成后，天元宠物将合计持有标的公司99.71%股权，实现 绝对控股和并表。 缺乏自主品牌毛利率承压 天元宠物专注于宠物相关业务领域，主要产品线涵盖宠物窝垫、猫爬架、宠物玩具、电子宠物用品、宠物服饰、宠 物牵引用具、宠物食品等。在人口老龄化与少子化趋势交织的背景下，宠物已经成为很多人的情感寄托，宠物经济 也成为蓬勃发展的 ...

证券代码：301335 证券简称：天元宠物 杭州天元宠物用品股份有限公司 答：2024 年，公司境内营业收入约为 14.31 亿元，毛利率为 11.6 5%，比上年同期增长 0.13 个百分点。在国内业务方面，公司按照聚焦自 有品牌，发展传统电商，开拓内容电商的经营方针。国内业务将坚持锚 定终端销售，全渠道、全员工品牌营销，以销带品；锚定品牌宠物窝垫、 猫爬架、宠物食具、宠物玩具等核心品类，扩充猫砂、宠物清洁品类。 加强产品宣传，以品牌价值为导向，通过跨界、入局、破圈、联名等动 作，以抢占用户心智，提高品牌知名度、美誉度；宠物行业的受众和潮 流消费领域重合度极高，潜力极大。为此，公司计划开展更多的品牌跨 界合作、异业联名营销规划，不仅仅局限在宠物行业的品牌营销动作， 而是跨越宠物行业边界，打通新生代消费者喜爱的大消费品类行业的边 界，进行组合式、联名式品牌营销活动策划；进一步探索发展与宠物用 品相关的"谷子经济"模式，以及宠物新消费领域的"IP 化"、"拟人化" 产品解决方案，打造大品类大单品。在坚持品牌战略，整合营销渠道， 打造一盘货能力前提下，重点控制成本投入的精准性。 2、请介绍一下公司的供应链管理方面 ...

A股新消费相关概念持续活跃。 今日，宠物经济板块多股涨停，尾盘出现炸板。 其中，路斯股份一度30CM涨停，最终收涨18%，天元宠物2连板，创源股份20CM涨停，可靠股份一度20CM涨停，收涨12%，依依股份、源飞宠物涨停，大 千生态一度涨停，最终收涨7%，佩蒂股份涨超7%。 | 代码 | 名称 | e | 现价 涨跌 涨幅 | | --- | --- | --- | --- | | 301335 天元宠物 | | | 44.50 +7.42 +20.01% | | 300703 创源股份 | | | 19.02 +3.17 +20.00% | | 832419 路斯股份 | | | 31.78 +4.87 +18.10% | | 838275 驱动力 | | | 13.51 +1.67 +14.10% | | 301156 | 美农生物 | | 24.81 +3.01 +13.81% | | 301009 可靠股份 | | | 15.06 +1.63 +12.14% | | 300871 回感生物 | | | 26.20 +2.69 +11.44% | | 002570 贝因美 | | | 6.56 +0.6 ...