Q&A 大消费 宠业论道，聚力前行——宠物经济 20251114 摘要 猫砂市场竞争激烈，利润空间受限，整体净利润率约 5%。原料成本占 比最高（40%-50%），其次是物流和营销费用（各占 20%以上）。 木薯猫砂因徐翠花品牌率先推广而快速崛起，但技术壁垒不高，易被模 仿。选址建厂需考虑运输成本，华东地区更具优势。 猫砂属于高复购品类，品牌粘性取决于性价比和品质。行业技术变革可 能影响消费者选择，捆绑销售是增加客户粘性的策略之一。 猫砂市场集中度低，未来发展趋势包括提升除臭、降尘、结团、抗菌性 能及环保性，加强品牌建设以规范市场。 电商平台费用稳定，但营销投入增加导致流量成本上升，需更注重精准 投放和优化营销预算。新征税政策利好头部品牌，促进行业规范化。 宠物智能用品毛利率较高（约 45%），但推广费用和售后服务成本较高， 净利润约 15%。B 端代工业务毛利率高于 C 端销售。 国内宠物用品市场仍处于初级阶段，渗透率较低（约 10%），但增速较 快。智能用品因迎合年轻消费群体而销量较高。 请介绍一下猫砂行业的整体情况，包括原材料的品类、竞争格局和主要玩家。 猫砂行业近年来竞争激烈，内卷程度甚至超过食品行业 ...

Core Viewpoint - The article discusses the acquisition of "Gao Ye Jia" by "Yi Yi Co." and highlights the strategic importance of mergers and acquisitions (M&A) in the pet industry, emphasizing that 2025 is expected to be a pivotal year for M&A activities in this sector [4][5][12]. Group 1: Acquisition Details - Yi Yi Co. is planning to acquire 100% of Gao Ye Jia's equity through a combination of issuing shares and cash payments, with the transaction price yet to be finalized [4]. - The acquisition is facilitated by Jin Ding Capital, which has been involved in the pet industry since 2018 and has established a fund to invest in various segments of the pet market [5][9]. - The acquisition is seen as a natural progression after a period of investment, with both companies having established a relationship over the years [11][12]. Group 2: Market Context - The pet industry is transitioning from a chaotic phase to a more consolidated market, with significant resources and capital concentrating on leading companies, making M&A a viable growth strategy for mid-tier firms [5][17]. - The current market conditions present a unique opportunity for M&A, as pet industry companies are experiencing premium valuations in the secondary market [5][17]. - The article notes that the pet industry is witnessing a shift towards a "multi-brand group" model, moving away from fragmented competition [22]. Group 3: Financial Performance - Yi Yi Co. reported that in the first three quarters of 2025, it achieved a revenue of 1.306 billion yuan and a net profit of 157 million yuan, with 93.57% of its revenue coming from overseas [10]. - Gao Ye Jia, a rising star in the pet food sector, projected revenues of 302 million yuan and 460 million yuan for 2023 and 2024, respectively, with a net profit growth of 493% [10][12]. - The acquisition is expected to provide Gao Ye Jia with enhanced supply chain, funding, and distribution support through Yi Yi Co.'s established platform [13]. Group 4: Strategic Insights - Jin Ding Capital emphasizes the importance of creating a win-win situation for all parties involved in the acquisition, focusing on mutual benefits rather than just valuation [14]. - The article highlights the challenges in the M&A landscape, where good companies are reluctant to sell, and weaker companies are not attractive to buyers, creating a persistent expectation gap [23]. - The strategic advice provided by Jin Ding Capital to Yi Yi Co. includes focusing on the cat litter market, which is the largest and most stable segment in the domestic pet supplies market [9][20].

Market Overview - The baby diaper market is experiencing high growth despite a slowdown in the overall maternal and infant market, with the online retail transaction scale of maternal and infant products in China expected to reach 1.4 trillion yuan in 2024, maintaining a high year-on-year growth rate [1][24]. - From January to June 2025, the baby diaper segment showed outstanding performance with a year-on-year growth rate of 54%, leading other subcategories in the baby market [2][27]. Social Media Trends and Demand Insights - The social media presence of baby diapers has significantly increased, with Douyin becoming the primary channel for expectant parents to access diaper-related content, reflecting a heightened consumer interest throughout the pregnancy and parenting cycle [3][31]. - Topics such as diapers and maternal and infant products have gained substantial traction on platforms like Douyin and Xiaohongshu, indicating strong consumer engagement [3][31]. - The volume of discussions around diapers and pull-up pants has seen remarkable year-on-year growth of 74% and 69% respectively, showcasing robust market demand [4][34]. Brand Competitive Landscape - Major brands in the baby diaper market are maintaining growth momentum, with domestic brands like Babycare and Yiying leading in social media engagement [5][35]. - Babycare's Jinshan Camellia diapers and Pampers' Black Gold diapers have shown strong performance in terms of social media volume and interaction, indicating significant market influence [6]. Consumer Demand and Product Trends - Core consumer demands for diapers include breathability, comfort, and softness, with different product types (e.g., diapers, pull-up pants) emphasizing varying functional needs [7][43]. - There is a notable preference for natural materials such as Class A cotton and pure cotton, with ingredients like camellia and probiotics gaining popularity, reflecting consumers' focus on safe materials for infants [7][47]. - Key usage scenarios include outings, sleep, and seasonal variations, which impose specific functional and design requirements on diapers [8]. Social Media Marketing Performance - Social media advertising for the baby diaper industry increased by 29% year-on-year in 2025, with Douyin and Xiaohongshu emerging as the primary platforms for marketing efforts [10]. - Brands like Babycare, Huggies, and Pampers have invested significantly in Douyin, achieving notable marketing effectiveness through authentic parenting content [10]. - On Xiaohongshu, brands such as Babycare and BEBEBUS have leveraged the platform's focus on maternal and infant education to enhance engagement [10]. Future Trends and Marketing Recommendations - Brands are encouraged to continue innovating in product design, focusing on skincare, underwear-like features, and advanced absorption technologies to meet consumer demands for high-quality diapers [11]. - Marketing strategies should be tailored to the unique characteristics of each platform, with Douyin emphasizing lifestyle content and Xiaohongshu focusing on educational and experiential sharing [11]. - Enhancing user interaction through authentic experiences and emotional resonance is vital for building brand loyalty [12]. Summary - The baby diaper market is projected to maintain high growth in 2025, with increasingly refined consumer demands regarding product functionality, materials, and usage scenarios. Increased investment in social media marketing, particularly on Douyin and Xiaohongshu, is evident. Future strategies should prioritize product innovation and tailored marketing approaches to enhance competitiveness [13].