9月25日至26日，河北省市场监督管理局广告"三助工程"邢台企业对接会暨全省产业集群入企帮扶活动首站在我市 广宗县、南和区举办。此次来邢的省"三助工程"专家团由河北广播电视台、河北省品牌传播协会、河北省广告研 究院、河北新闻网等13家省级媒体的30余位专家学者组成。 9月25日，省局广告"三助工程"邢台企业对接会在广宗县人民政府会议室召开，来自广宗县自行车、南和区宠物 粮、隆尧县食品三大产业集群的28家企业代表将困扰各自企业发展的难点和诉求抛给与会专家，专家团成员从品 牌宣传、销售渠道、市场调研、产品定位、发展战略等方面，"一企一策"给了专业建议。 今年以来，市市场监管局以"标准服务提升年"活动为抓手，聚焦全市特色产业集群发展，深化"品牌赋能、渠道赋 能、智力赋能"，积极邀请省局"三助工程"专家团来邢，助力全市特色产业集群发展提档升级。 o with a will a l leaver 公路车 @ WHEELTOP ROAD . 8 . . . hon the AG 6 0 0 0 to an 0 4 8 8 16 15 17 and and Part Beach Firer of are D . . . c ...

智通财经APP获悉，华创证券发布研报称，在宠物高端化的进程中，需求侧方向，用户的角色由"被动 买单"向"主动甄选"跃迁；供应侧方向，高端宠物粮市场的消费关注点正从单一营养指标转向综合性能 及功能性细分。而烘焙粮工艺的引入与本土化，成为国产宠粮高端化突破的重要契机。宠物食品市场的 核心竞争已从低价博弈转向"信任溢价"及"供应链自控力"；高端化成功意味着差异化可以被消费者明确 感知，从而解决宠物主信任焦虑，让其为此支付信任溢价的同时形成更高的品牌粘性；同时，进一步加 强龙头品牌的市占率提升逻辑。 华创证券主要观点如下： 高端化的动因：新代际对于高端化的平权解读 新消费的兴起来自于新代际的需求，其需求的特点是：1)重视自我价值表达与理念共识认可；2)要求信 息对等。由此，孕育出全新的商业模式，如爽感经济、社交经济、心理补偿经济即为代表，其共有特性 上与传统消费有所差异。 (1)破解"高端不引流、低价不盈利"的行业困局，来自于品牌路径的系统化布局。其核心逻辑在于：1)以 技术突破绑定消费心智；2)以内容运营获取精准流量；3)以标准建设强化高端认知。由此，孕育出全新 的增长模式，其与传统依赖单一价格或渠道的打法相比有显 ...

Core Insights - The integration of the pet industry and e-commerce in Nanghe District, Xingtai City, has led to significant growth, with online sales accounting for over 75% of total sales in the pet food sector [4][5][19] - The district has established itself as a major production base for pet food, with a total sales volume of 34.7 million tons and sales revenue of 2.43 billion yuan in the first half of the year [4][5] - Companies are leveraging advanced technology and quality control measures to enhance product quality and meet consumer demands [13][16][17] Group 1: Industry Growth and E-commerce Integration - Nanghe District has seen a rapid development of the "pet industry + e-commerce" model, with over 938 pet industry entities, including 725 retail e-commerce businesses [5][11] - The district's pet food sales reached 34.7 million tons, generating 2.43 billion yuan in revenue, with online sales contributing 26.3 million tons [4][5] - The "front store, back warehouse" model has gained popularity, allowing for efficient order fulfillment and enhanced consumer trust [8][10] Group 2: Technological Advancements and Quality Control - Companies like Huaxing and Shijue are investing in advanced production lines and quality control systems, with Shijue's freeze-drying factory set to produce 3,000 tons annually [6][16] - Huaxing has implemented a comprehensive quality inspection process with 139 testing items, ensuring product safety and compliance with health standards [13][14] - The establishment of a shared quality inspection center in collaboration with Hebei Gongheng Testing Service Co. enhances the testing capabilities of local pet food enterprises [17][18] Group 3: Market Expansion and Export Opportunities - Companies are actively expanding their market reach through e-commerce platforms, with exports to Southeast Asia and Europe accounting for approximately 30% of sales [6][10] - The integration of live streaming into sales strategies has proven effective, with significant sales achieved through live broadcasts [8][10] - The district is fostering a supportive environment for e-commerce development, including training programs and infrastructure improvements [11][19]

Core Viewpoint - The main challenge facing the Chinese economy is to expand consumption and increase its contribution to GDP, as current consumption levels are significantly lower than the international average, leading to potential economic issues [3][4] Consumption Quality and Economic Impact - The current consumption quality is declining, which is evident from the low Consumer Price Index (CPI) of -0.1%, indicating a potential quality issue in consumer goods [4][5] - The "all-network lowest price" strategy in e-commerce may attract consumers but can lead to a decrease in product quality as suppliers lower prices to survive, resulting in a negative impact on economic growth [5][6] Information Asymmetry and Market Dynamics - The concept of "lemon markets" illustrates the consequences of information asymmetry, where buyers focus on price rather than quality due to the difficulty in assessing product quality [5][7] - Providing consumers with more information about product quality is essential to mitigate the issues arising from low-price competition [6][8] Research Findings on Brand and Quality Indices - A study conducted with Sun Yat-sen University developed two indices: the Consumption Brand Index and the Brand Purchasing Power Index, which measure brand quality and consumer spending [6][9] - The average Consumption Brand Index increased from 59.4 in Q1 2023 to 63.4 in Q1 2025, indicating a positive trend in brand quality despite overall pessimism about consumption [9][10] Regional Analysis of Brand Indices - The Brand Purchasing Power Index shows stronger purchasing power in eastern coastal regions, while the average Consumption Brand Index is unexpectedly high in certain northern regions [10][11] - Factors such as the proportion of migrant workers and employment in non-private sectors significantly influence brand purchasing power and average brand indices [11][12] Emerging Consumer Trends - New consumer trends are emerging, with brands like Pop Mart gaining popularity among younger consumers, indicating a shift towards quality and emotional experience in consumption [12][13] - The research highlights the importance of focusing on product quality information rather than solely on price signals, suggesting that both brand quality and consumer experience are crucial in the digital economy [13]

Core Viewpoint - The article highlights the growing consumer anxiety and trust crisis in the pet food industry, driven by a lack of transparency in ingredient sourcing and quality, leading to increased scrutiny from pet owners [5][9][10]. Group 1: Consumer Behavior and Market Trends - A significant portion of pet owners, particularly those born in the 90s and 00s, are increasingly involved in understanding pet nutrition, with 67.7% of this demographic owning pets [5]. - The educational background of pet owners is high, with 92.5% holding a college degree, yet they still face confusion when selecting pet food [6]. - Over 80% of pet owners view their pets as family members, with 60% creating specific dietary plans for them [8]. Group 2: Industry Challenges - The pet food industry faces a trust crisis due to low transparency and inconsistent quality of ingredients, leading to consumer anxiety about pet nutrition [9]. - Marketing practices often mislead consumers, such as "grain-free" products containing starches that can upset pets' stomachs, exacerbating the trust issue [9]. - There is a call for the entire industry to collaborate on establishing higher standards for ingredient transparency and safety [9][10]. Group 3: Initiatives for Improvement - In 2023, JD.com launched the first industry-wide ingredient transparency certification, setting 39 standards for pet food production, including a four-hour traceability requirement [10]. - The "Gold Selection Plan" introduced by JD.com aims to enhance product quality and transparency, providing consumers with reliable recommendations [21][23]. - Brands like Bernat Tianchun are implementing strict quality controls and transparency measures to meet JD.com's high standards, ensuring product safety and quality [17][18]. Group 4: Collaboration and Innovation - The partnership between JD.com and pet food brands is evolving from a simple sales channel to a collaborative model focused on product innovation and quality assurance [28][29]. - JD.com’s logistics capabilities, including fast delivery services, are crucial for maintaining the freshness of pet food, enhancing customer satisfaction and repeat purchases [29]. - The industry is moving towards a model where quality, transparency, and trust are prioritized, benefiting both consumers and the overall market [30].

Core Viewpoint - The article emphasizes the importance of brand development in the digital economy, highlighting two main paths: enhancing product quality and providing emotional experiences to consumers [1]. Group 1: Consumer Spending and Economic Growth - A significant challenge for the Chinese economy is to expand consumption, increase its share in GDP, and enhance its contribution to economic growth. Currently, only about 56 yuan out of every 100 yuan of GDP is used for consumption, which is approximately 20 yuan less than the international average [3]. - The low consumption ratio not only affects the quality of life but may also lead to oversupply and excess capacity issues. Additionally, there is a phenomenon of consumption downgrade, where the quality of consumer goods is declining [3]. Group 2: Quality Indicators and Market Dynamics - There is currently no effective indicator to reflect the quality of consumer goods. The CPI index has remained around -0.1%, which may indicate quality issues, but price does not always correlate with quality due to market supply and demand complexities [4][9]. - The "lemon market" concept by Nobel laureate George Akerlof illustrates the consequences of information asymmetry, where buyers focus on price rather than quality due to the difficulty in obtaining quality information [5]. Group 3: Solutions to Information Asymmetry - To address the lemon market problem, it is crucial to provide consumers with more information about product quality. This approach is applicable not only to the second-hand car market but also to other consumer goods, especially in e-commerce [6]. - A recent study developed two indices and a ranking system to inform consumers about brand quality and purchasing power, aiming to enhance the understanding of product quality alongside price [6][10]. Group 4: Brand Index Findings - The online consumer brand index in China has been slowly rising, indicating that consumption downgrade is not a universal phenomenon. Different industries show significant disparities in brand index values, with sectors like 3C, furniture, and beauty products having higher brand recognition compared to women's clothing [10][12]. - The average brand index is higher in new first-tier and second-tier cities compared to first-tier cities like Beijing and Shanghai, suggesting regional differences in brand perception and consumer behavior [10][13]. Group 5: Consumer Behavior and Economic Implications - The study found that cities with a higher proportion of migrant workers tend to have a higher brand purchasing power index but a lower average brand index, indicating a complex relationship between labor demographics and consumer preferences [14][15]. - The research also highlights that cities with stable populations tend to have higher average brand indices, while those experiencing significant population outflows may struggle with brand recognition and consumer spending [15]. Group 6: Emerging Brands and Consumer Trends - The study identified several emerging brands that resonate with younger consumers, such as Pop Mart and products catering to pet care, indicating a shift in consumer preferences towards quality and experience rather than just price [16]. - The overall conclusion stresses the need to focus on product quality information rather than solely on price signals, as brand importance is particularly pronounced in the digital economy [16].

Core Viewpoint - The main challenge facing the Chinese economy is how to expand consumption and increase its contribution to GDP, as current consumption levels are significantly lower than the international average, leading to potential economic issues [3][4]. Group 1: Consumption and Economic Growth - Consumption accounts for only about 56 yuan of every 100 yuan of GDP, which is approximately 20 yuan less than the international average [3]. - The low consumption ratio not only affects the quality of life but may also lead to oversupply and excess capacity in the economy [3]. - Recent months have shown a relatively strong growth in social retail sales, likely due to government initiatives aimed at boosting consumption [3]. Group 2: Quality vs. Price - The phenomenon of "price competition" in e-commerce, such as "lowest price" strategies, can lead to a decline in product quality as suppliers are forced to lower prices to survive [4][5]. - The "lemon market" concept illustrates how information asymmetry can lead to a situation where high-quality products are undervalued, resulting in a market that gradually deteriorates in quality [4][5]. - Continuous price declines can create a negative feedback loop that may lead to macroeconomic issues, including economic recession [7]. Group 3: Brand and Quality Information - A recent study developed two indices and a ranking system to provide consumers with quality information alongside price, aiming to address the "lemon market" problem [5][8]. - The study found that the online consumption brand index has been slowly rising, indicating that "consumption downgrade" is not a universal trend [8][10]. - Significant differences exist across industries regarding brand recognition and consumer focus, with some sectors like electronics and beauty products being more brand-conscious than others like women's fashion [10][11]. Group 4: Regional Insights - The brand purchasing power index shows that eastern coastal regions have the strongest purchasing power, while the average brand index is unexpectedly high in certain inland areas [11][12]. - Cities with a high proportion of non-private employment tend to have higher brand indices, suggesting that employment type influences consumer behavior and brand perception [12][13]. - Emerging brands and new consumption trends, such as premium pet food and experiential products, indicate a shift in consumer preferences towards quality and emotional engagement [14].

Core Viewpoint - The domestic pet food industry is experiencing a "self-built factory trend," with leading brands actively acquiring factories and expanding production capacity to establish long-term competitive advantages in a rapidly evolving market [1][2]. Group 1: Acquisition and Capacity Expansion - The capital operations in the domestic pet food sector have significantly accelerated, exemplified by Jichong Holdings' acquisition of 60% of Liaoning Xianchong and a planned investment of 180 million yuan to upgrade its production line [2]. - Other leading brands, such as Chengshi Yikou and Guobao, are also investing in new factories and expanding existing ones, indicating a shift from a light-asset model to a more capital-intensive approach [3][4]. - The market is transitioning from price and channel competition to brand competition, with domestic brands increasing their market share through enhanced R&D and brand building [2][4]. Group 2: Industry Dynamics and Competition - The shift towards self-built factories is driven by a fundamental change in industry competition logic, moving from a "traffic era" to a "supply chain competition" era, as brands face rising customer acquisition costs [4][5]. - The price advantage of domestic brands is significant, with domestic cat food priced much lower than imported options, enhancing their competitiveness [4][5]. - The focus is shifting from low-cost products to high-quality offerings, as younger pet owners demand better quality, leading to a competitive landscape centered around supply chain and technology [5][6]. Group 3: Globalization and Market Trends - The self-built factory trend is reshaping the domestic pet food landscape, with larger companies able to invest heavily while smaller brands struggle to keep up [6][7]. - The Chinese pet food market has surpassed a trillion yuan, becoming one of the fastest-growing segments globally, with potential for international competition through overseas factories and acquisitions [7][8]. - The industry is moving towards a model where companies are concentrated while brands may remain dispersed, driven by precise positioning and differentiated demands [7][8].

Core Insights - The pet consumption market is becoming a significant pillar for Chinese companies going global, with pet product sales during the "618" shopping festival showing that cat product sales are twice that of dog products [1] - The global pet market is projected to exceed $300 billion by 2025 and reach $500 billion by 2030, with China transitioning from a manufacturing hub to a brand-exporting nation [1][3] - Chinese pet food exports have shown robust growth, with a 16.17% increase in quantity and a 6.06% increase in value in the first four months of 2025 compared to the previous year [3] Industry Trends - Over 30,000 pet businesses participated in cross-border sales during the "618" event, with over 1,000 businesses seeing their sales double year-on-year [1] - The demand for smart pet products and eco-friendly toys is driving innovation and growth in the pet industry, with leading companies expanding their overseas operations [1][3] - The consensus in the pet industry is that companies must expand internationally to tap into the more mature overseas markets [2] Company Performance - Zhongchong Co., a leading player in the pet economy, has seen its stock price increase by nearly 66% this year, with revenue growing from 648 million yuan to 4.465 billion yuan from 2015 to 2024, representing a 589.04% increase [4] - In Q1 2025, Zhongchong Co. reported a revenue of 1.101 billion yuan, a 25.41% year-on-year increase, and a net profit of 91 million yuan, a 62.13% increase [4] - The company has established production facilities in multiple countries, including the U.S., Canada, and Thailand, to enhance its overseas capacity and mitigate risks [3]

Core Insights - The pet consumption sector has shown strong growth during the 618 shopping festival, with significant contributions from live streaming platforms, particularly Li Jiaqi's channel, where pet product sales increased by 73% year-on-year [1][4]. Group 1: Pet Consumption Trends - There is a noticeable shift in pet consumption from basic needs to quality-oriented purchases, driven by the popularization of scientific pet care concepts [4]. - Li Jiaqi's live streaming has become a key driver in this transition, with a significant portion of pet product sales, specifically 87%, consisting of pet food [4][5]. - Consumers are increasingly focused on the quality of ingredients, production processes, and suitability for different pet types and sizes, which influences product selection in Li Jiaqi's live streams [4]. Group 2: Product Offerings and Consumer Preferences - During the 618 shopping festival, Li Jiaqi's channel offered a diverse range of pet food options, emphasizing both formulation and production quality to meet health needs [5]. - Domestic brands have gained particular favor among consumers in the pet category, reflecting a trend towards high-quality, cost-effective local products [5]. - The success of Li Jiaqi's live streaming platform highlights the rise of domestic brands and their appeal to consumers seeking value and quality [5]. Group 3: Future Outlook - As consumer demand for pet health and quality living continues to rise, Li Jiaqi's live streaming channel is expected to maintain its influential role in providing high-quality pet products [5].