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 Viewpoint - Tianyuan Pet (301335.SZ), known as the "first stock in pet supplies," is facing a public relations crisis due to its chairman, Xue Yuanchao, being penalized for his spouse's short-term trading activities, raising concerns about the company's internal management and compliance [1][2]. Company Overview - Tianyuan Pet has been in the pet market since 2003 and successfully went public on the ChiNext in 2022. However, the company's performance has not met expectations, with revenue growth not translating into profit [5]. - The company reported revenues of 20.37 billion yuan in 2023 and 27.64 billion yuan in 2024, showing year-on-year growth of 7.96% and 35.69%, respectively. However, net profits fell to 76.77 million yuan in 2023 and 45.96 million yuan in 2024, representing declines of 40.33% and 40.13% [5][6]. Recent Events - On May 28, 2025, Tianyuan Pet announced a significant asset restructuring plan to acquire 89.7145% of Taotong Technology for 688 million yuan, with an overall valuation of 777 million yuan [1][6]. - The acquisition is seen as a potential growth driver, especially as Taotong Technology operates across major e-commerce platforms like Tmall, JD.com, and Douyin, which could enhance Tianyuan Pet's online market presence [6]. Regulatory Issues - The Zhejiang Securities Regulatory Bureau issued a warning to Xue Yuanchao due to his spouse's short-term trading, which coincided with significant stock price fluctuations, raising suspicions of insider trading [2][3]. - The chairman's spouse made a profit of 12,692.4 yuan from the trades, which were executed during a period when the company's stock price surged by 15.3% and hit a 20% limit up [2]. Market Reactions - Following the incident, investor confidence in Tianyuan Pet's internal controls has been shaken, with many questioning the effectiveness of the company's governance [2][7]. - Comparisons have been drawn to other companies facing similar issues, highlighting the potential for more severe regulatory repercussions for Tianyuan Pet if internal controls are not strengthened [2][7]. Future Outlook - The company is under pressure to find new growth avenues amid declining profits and increased scrutiny from regulators. The success of the acquisition and the ability to meet performance commitments will be critical for Tianyuan Pet's future [6][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]

外贸闪电战 羊城晚报全媒体记者 沈钊 年年"618"，岁岁有新篇。走过17载春秋的"618"购物节，在2025年的经济变局中迸发出全新叙事，一边是关税"窗口期"让玩具类商品外贸销量翻了6倍，催 生了史上第一个"外贸618"，另一边是内贸消费在"去套路化"浪潮中追寻质价比，线上线下加速融合催生即时零售新物种。这个"618"，外贸的"闪电战"与内 贸"价值锚"开启了交锋，成为了观察中国经济韧性的绝佳切片。 大促撞上"窗口期"，"618"迎来新IP 今年的"618"不仅是国内的消费狂欢，还成为了中国商品"出海"的新跳板。 原本该是生产淡季的六月，无锡双珍针纺织工艺品有限公司（以下简称"双珍纺织"）的生产线却正开足马力生产商品。记者了解到，双珍纺织专注于宠物窝 垫、宠物毯等纺织用品的生产与出口，其核心市场覆盖欧美地区，其中美国占比显著。4月初，美方所谓"对等关税"扰动全球，双珍纺织的部分美国订单也 因此按下了"暂停键"。 "当天，就有客户紧急通知我们暂缓发货，当时货物的生产已经接近完成。在迎来90天的关税'窗口期'之后，这批货物才得以顺利出运。"6月6日，双珍纺织 外贸总经理车允文在接受羊城晚报记者采访时表示，"窗口 ...

Core Insights - Tianyuan Pet (301335.SZ) is making a significant move to reverse a two-year decline in net profit exceeding 40% by acquiring 89.7145% of Taotong Technology for 688 million yuan, which is its second-largest customer contributing 7.46% of sales [3][4] - The acquisition reflects Tianyuan Pet's urgent desire to enhance its domestic e-commerce channels after facing challenges in the overseas OEM model [3] - The company has seen a drastic drop in net profit by 40.33% in 2023 and a further decline of 40.13% in 2024, with a net profit margin of only 1.66% [3] Company Performance - Tianyuan Pet's reliance on pet food distribution has resulted in a low gross margin of 8.79%, significantly below competitors like Guibao Pet, which has a gross margin of 36.83% [3] - The company previously had over 90% of its revenue from overseas markets before facing inventory reduction and rising costs [3] Acquisition Details - Taotong Technology, controlled by Fosun's Guo Guangchang, holds agency rights for over 40 international brands and has a projected net profit of 69.09 million yuan in 2024 [4] - The acquisition aims to close the online sales loop and address the traffic shortfall of Tianyuan Pet's own brands, "Chongfafa" and "Xiaoshouxing" [4] Market Dynamics - The acquisition comes with challenges, including a high acquisition premium of 32.78% and a performance guarantee of 225 million yuan over three years, indicating potential risks [5] - The situation highlights a broader trend in the Chinese pet industry, where OEM companies are seeing diminishing profits while brand and channel holders continue to reap benefits [5] - The success of this acquisition will be crucial for Tianyuan Pet's transformation from an "OEM leader" to a "brand operator" [5]

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 ...

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 ...

证券代码：301335 证券简称：天元宠物 2、展望 2025 年公司内销业务和外销业务的规划怎样？ 杭州天元宠物用品股份有限公司 继续深化品类深耕战略布局，饱和投入资源，秉持长期主义，聚焦 核心类目，通过优化猫爬架、猫砂、宠物窝垫、铁制宠物笼具等自产产 能，支持服务各海外市场大客户订单需求；同时，进一步打通各环节之 间的卡点、堵点，提高业务流程运作效率，降低业务费用提高人效产出。 投资者关系活动记录表 编号：2025-007 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | | 玖鹏资产：汪语加；交银施罗德基金：陈俊华、韩威俊、傅爱兵；华泰 柏瑞基金：彭邦泰；申万宏源证券：张海涛；彤源投资：张伟欣；国海 | | | 证券：张馨竹；湘财基金：刘骜飞；长江证券：高一岑；运舟资本：韩 | | 参与单位名称 | 婧、吕一闻；德邦基金：朱慧琳；长安基金：朱施乐；兴证资管：邱思 | | 及人员姓名 | 佳；平安资管 ...

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 ...

龙虎榜机构热股 今天机构龙虎榜上榜30只个股，净买入16只，净卖出14只。当日机构买入最多的个股前三位是：中洲特 材（3.45亿）、贝因美（1.54亿）、益方生物（9738万）。 | 上榜热股 | | 实时涨跌幅 ; 买/卖家数 , 机构净买额 ; | | | --- | --- | --- | --- | | 中洲特材 300963.5Z | +6.45% | 4/0 | +3.45亿 | | 贝因美 002570.SZ | +10.07% | 3/0 | +1.54亿 | | 益方生物 688382.55 | +15.62% | 4/2 | +9738.11万 | 贝因美 龙虎榜显示，今日3家机构净买入1.54亿。 国内奶粉龙头，主要产品包括婴幼儿配方奶粉、营养米粉、亲子食品、儿童奶和其他婴幼儿辅食等。 龙虎榜知名游资 一、宠物经济 天元宠物 个股龙虎榜 公司产品涵盖了宠物窝垫、猫爬架、宠物食品、宠物玩具、宠物服饰、电子用品等多系列、全品类宠物 产品 源飞宠物 个股龙虎榜 公司主要产品包括宠物牵引用具、宠物注塑玩具等宠物用品，狗咬胶等宠物零食等 催化上，2025年第五届上海它博会TOPS于5月8-11日在 ...