来源：新浪证券-红岸工作室 10月10日，源飞宠物涨4.94%，成交额1.73亿元，换手率6.73%，总市值45.79亿元。 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 ...

来源：新浪证券-红岸工作室 10月9日，源飞宠物跌1.17%，成交额6343.57万元，换手率2.58%，总市值43.64亿元。 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。 区间今日近3日近5日近10日近20日主力净流入-88.45万-824.06万-721.13万-1696.83万-5031.55万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2424.63万，占总成交额的5.56%。 技术面：筹码平均交易成本为24.06元 该股筹码平均交易成本为24.06元，近期该股有吸筹现象，但吸筹力度不强；目前股价靠近压力位 22.96， ...

在上海市中心的一家商场，透过一家店的橱窗，小猫、小狗们被安置在每个玻璃格子里，左上方的标签 还写明了"商品"种类、品种、性别、疫苗注射情况以及性格。 "商场的目的很明确，就是引流。宠物和二次元一样，现在是购物中心和商场吸引年轻人和中年客群的 重要抓手。"何绮玥直言。 2024年中国城镇宠物（犬猫）消费市场规模超过3000亿元，预计2027年将突破4000亿元。特别是养宠的 年轻群体占比不断扩大。正如何绮玥所言，宠物店成为线下商业体吸引消费者的重要抓手。 宠物店成商场"新宠"，有商场金店退租欲引入宠物摄影店 2023年，英宠摄影在北京朝阳合生汇商场开出第一家门店，2025年3月又受邀在"1733商业空间"开了门 店。如今，这股风潮也出现在王府井（600859）、西单等传统百货以及万达等大型商业集团中，它们正 在布局宠物友好楼层，英宠摄影也收到多家商场的入驻邀请。 商场内，在玻璃箱子里的宠物被展示和售卖 图片来源：每经记者 范芊芊 摄 在它们身边的货架上，摆着宠物零食、衣服、清洁护理用品以及玩具，店里还提供宠物清洗服务。如果 在这儿买上一只小猫或小狗，宠物的日常吃喝玩乐及用品也可以一站式配备齐全。 商场宠物门店售 ...

在它们身边的货架上，摆着宠物零食、衣服、清洁护理用品以及玩具，店里还提供宠物清洗服务。如果在这儿买上一只小猫或小狗，宠物的日常吃喝玩乐及 用品也可以一站式配备齐全。 在另一家高端商场，一只躺在恒温玻璃展柜里的拿破仑猫，身价58888元，它的邻居们的标价也是成千上万元。再往里，挤满了来撸猫的年轻人，有妈妈带 着三四岁的小孩，也有年轻的情侣。"妈妈，你看它醒了！""这只小猫好可爱！"这里不时传来喜悦的交流声，还有忙碌的手机摄像。 9月下旬，《每日经济新闻》记者走访多家商场，看到各种宠物活体店、用品店、食品零售店和集合店。而在北京的商场，一家宠物摄影店办起了摄影展。 在全国各地，越来越多的宠物店进驻商场。 "以前我们（宠物店）想进商场，但很多商场不让进；现在商场主动来找我们入驻，几乎每个月都有邀请。"英宠摄影创始人何绮玥表示，近两年，线下商业 体对宠物业态的态度发生了转变，今年尤其明显。 每经记者｜舒冬妮 范芊芊 包晶晶 每经编辑｜张海妮 在上海市中心的一家商场，透过一家店的橱窗，小猫、小狗们被安置在每个玻璃格子里，左上方的标签还写明了"商品"种类、品种、性别、疫苗注射情况以 及性格。 商场内，在玻璃箱子里的宠物被 ...

Core Viewpoint - The company, Wenzhou Yuanfei Pet Products Co., Ltd., is benefiting from the pet economy, cross-border e-commerce, and the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales [2][3]. Company Overview - Wenzhou Yuanfei Pet Products Co., Ltd. specializes in the research, production, and sales of pet supplies and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7]. - The company was established on September 27, 2004, and went public on August 18, 2022 [7]. - As of June 30, 2025, the company reported a revenue of 792 million yuan, a year-on-year increase of 45.52%, and a net profit of 74.16 million yuan, a year-on-year increase of 0.37% [7]. 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, benefiting from the depreciation of the RMB [3]. - The overseas sales are primarily conducted through its subsidiary in the U.S., BA, focusing on pet leashes sold via platforms like Amazon and Shopify [2][3]. Production and Supply Chain - The company has established production bases in Cambodia, which serve as important strategic locations for enhancing market competitiveness and reducing labor costs [3]. - The Cambodian production bases, Aitao and Laide, have been operational with an annual capacity utilization rate of around 80% [3]. Shareholder Information - As of June 30, 2025, the company had 15,300 shareholders, an increase of 20.85% from the previous period, with an average of 5,146 shares held per shareholder, a decrease of 17.29% [7][8]. - Notable new institutional shareholders include Hai Fu Tong Growth Value Mixed A and Bo Shi Third Industry Growth Mixed [8].

Industry Overview - The "pet economy" in China has entered a rapid growth phase, with various policies and activities being launched to support this sector, leading to a surge in related stocks. The Wind Pet Economy Index has increased by over 37% year-to-date as of September 24 [1] - The pet market size in China has grown from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, with a compound annual growth rate (CAGR) of 25.4%. It is expected to reach 811.4 billion yuan by 2025, and potentially 1.15 trillion yuan by 2028 [2][3] Market Demand and Growth Potential - The current pet penetration rate in Chinese households is still lower compared to developed markets, indicating strong future growth potential for the pet economy. Key segments such as pet food, medical care, and cleaning products are currently the largest and fastest-growing areas [3] - There is significant room for growth in the pet industry, with reports suggesting that the market size could double in the coming years [2] Policy Support and Local Government Initiatives - Local governments are increasingly providing policy support for the pet economy. For instance, Wuxi, Jiangsu, aims to exceed 3 billion yuan in pet-related industry scale by 2027, while Suzhou, Anhui, is focusing on technological innovation and e-commerce development in the pet sector [3] - Zhejiang province has proposed to develop smart pet products and encourage the use of advanced technologies in product innovation [3] Corporate Activities and Investments - Several listed companies are actively investing in the pet economy. For example, Huangshanghuang announced a 494.7 million yuan acquisition of a 51% stake in a freeze-dried food manufacturer, which will supply products for pet food brands [4] - Three squirrels have established two wholly-owned subsidiaries focused on pet food, with a registered capital of 5 million yuan for one of them [4] - Jinhai Biological has launched a pet care app utilizing a self-developed emotional multimodal model, indicating a trend towards technology integration in pet care [4] - Delisi has signed a strategic cooperation agreement with food companies to collaborate on product supply, market expansion, and freeze-dried pet food development [5]

Core Viewpoint - The article discusses the performance and strategic positioning of Wenzhou Yuanfei Pet Products Co., Ltd., highlighting its focus on pet supplies and food, as well as its international sales strategy benefiting from currency depreciation and global market expansion [2][3]. Company Overview - Wenzhou Yuanfei Pet Products Co., Ltd. specializes in the research, production, and sales of pet supplies and food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][3]. - 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]. - The revenue composition of the company includes pet snacks (52.09%), leashes (24.77%), staple food (9.79%), other products (7.72%), and toys (5.64%) [7]. Financial Performance - For the first half of 2025, the company achieved a revenue of 792 million yuan, representing a year-on-year growth of 45.52%, while the net profit attributable to the parent company was 74.16 million yuan, with a slight increase of 0.37% [7]. - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8]. Market Position and Strategy - The company benefits from a high overseas revenue ratio, with 85.78% of its revenue coming from international markets, aided by the depreciation of the Chinese yuan [3]. - The company has established production bases in Cambodia to enhance its global capacity and reduce labor costs, with an average capacity utilization rate of around 80% in previous years [3]. Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased by 20.85% to 15,300, while the average circulating shares per person decreased by 17.29% to 5,146 shares [7]. - New institutional shareholders include Hai Fu Tong Growth Value Mixed Fund and Bo Shi Third Industry Growth Mixed Fund, indicating growing interest from institutional investors [8].

Core Viewpoint - Yuanfei Pet experienced a decline of 5.24% on September 18, with a stock price of 23.70 CNY per share and a total market capitalization of 4.524 billion CNY [1] Company Overview - Yuanfei Pet was established on September 27, 2004, and went public on August 18, 2022. The company is located in Wenzhou, Zhejiang Province, and specializes in the research, production, and sales of pet products 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%, other products 7.72%, and pet toys 5.64% [1] Shareholder Information - According to data, Bosera Fund has a presence among the top ten circulating shareholders of Yuanfei Pet. The Bosera Third Industry Growth Mixed Fund (050008) entered the top ten shareholders in the second quarter, holding 903,500 shares, which accounts for 1.15% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 1.1836 million CNY [2] Fund Performance - The Bosera Third Industry Growth Mixed Fund (050008) was established on April 12, 2007, with a current scale of 672 million CNY. Year-to-date, it has achieved a return of 24.71%, ranking 3734 out of 8172 in its category. Over the past year, it has returned 35.42%, ranking 4822 out of 7980 [2] - The fund manager, Yu Yue, has been in the position for 7 years and 85 days, with the best fund return during this period being 85.32% and the worst being -19.29% [3]

Company Overview - The company focuses on growth with a scientific approach to planning and execution, transitioning from foreign trade OEM to brand operation capabilities in 2023 [1] - The business structure includes foreign trade OEM (approximately 86% in 2024), domestic brand agency (over 10%), and self-owned brands (low single digits) [1] - By H1 2025, the revenue share from pet snacks and pet leashes is expected to be 52% and 25% respectively, with a rapid increase in the share of pet snacks [1] Financial Analysis - In 2024, the company is projected to achieve revenue and net profit of 1.31 billion and 160 million respectively, with a 46% year-on-year growth in H1 2025 [2] - The company has a 5-year CAGR of 21% for revenue and 25% for net profit, with H1 2025 gross margin and net profit margin at 22% and 9% respectively [2] - The company has set ambitious revenue growth targets of 35%/31%/18% for 2025-2027, with trigger values of 22%/31%/18% [2] Export Business - The company’s export revenue is expected to reach 1.124 billion in 2024, with a 5-year CAGR of 18% [3] - The company benefits from overseas production capacity, which has not been significantly affected by tariffs, and is expanding capacity in Cambodia [3] - The focus remains on retail partnerships and expanding product categories to enhance market share [3] Domestic Market - The domestic pet food industry is transitioning to stable growth, with Douyin emerging as a key channel for new brands [4] - The company has launched three self-owned brands in the pet snack category, leveraging product innovation and effective operations [4] - The self-owned brand Pikapoo has seen significant sales growth on Douyin, with a 90% and 387% increase in sales in Q1 and Q2 respectively [4] - The company aims to achieve a scale of 300-500 million in the next three years, with projected net profits of 185 million, 218 million, and 239 million for 2025-2027 [4]

Company Overview - Yuanfei Pet Products Co., Ltd. is located in Pingyang County, Zhejiang Province, and was established on September 27, 2004. The company went public on August 18, 2022. Its main business involves the research, production, and sales of pet supplies and pet snacks [1]. Business Composition - The revenue composition of Yuanfei Pet Products is as follows: pet snacks account for 52.09%, pet leashes 24.77%, pet food 9.79%, other products 7.72%, and pet toys 5.64% [1]. Stock Performance - On September 10, Yuanfei Pet's stock fell by 5.07%, trading at 27.36 CNY per share, with a total transaction volume of 123 million CNY and a turnover rate of 4.01%. The company's total market capitalization is 5.223 billion CNY [1]. Fund Holdings - Chang'an Fund has a significant holding in Yuanfei Pet Products through its Chang'an Xinyue Consumer Mixed A Fund (009958), which held 500,000 shares in the second quarter, representing 2.19% of the fund's net value. The estimated floating loss today is approximately 730,000 CNY [2]. Fund Performance - Chang'an Xinyue Consumer Mixed A Fund was established on September 18, 2020, with a current size of 350 million CNY. Year-to-date, it has achieved a return of 27.37%, ranking 2496 out of 8177 in its category. Over the past year, it has returned 54.87%, ranking 2269 out of 7982. Since inception, the fund has incurred a loss of 8.27% [2]. Fund Management - The fund manager of Chang'an Xinyue Consumer Mixed A is Xiao Jie, who has been in the position for 3 years and 216 days. The total asset size of the fund is 516 million CNY, with the best return during the tenure being 30.38% and the worst being -26.3% [3].