1亿年度购买用户和不断长出的新趋势，是关键。 作者 | 郭仪（长沙）庞梦圆（上海） 在人口结构、经济周期、消费趋势乃至科学技术的共同作用下，国内宠物行业仍在快速发展。 不仅养宠人数、宠物数量、宠物企业继续增长；宠物消费也在传统的宠物食品、用品、医疗品类里，衍生出越来越多的功能性食品、鲜食、智能科技、出 行、人宠共生等细分需求，并整体上呈现出「专宠专用」的趋势。 最新发布的《2025年中国宠物行业白皮书(消费报告)》显示，2024年，中国城镇宠物(犬猫)数量超过1.2亿只，同比增长2.1%；消费市场规模达到3002亿 元，同比增长7.5%。 其中，犬消费规模更大，达1557亿元（对比猫为1445亿元）；猫消费增速增快，同比增长10.7%（对比狗为4.6%）。 刚结束的亚宠展，参展人数比去年增长20%。作为消费者也感受到，线上线下的宠物消费越来越繁荣，宠物店变多，宠物服务变得精致，「宠物的吃穿 住，简直比人都好」。宠物种类也在变多，除了猫狗，还有不少人养宠物猪、仓鼠、鹦鹉、蜥蜴等各种冷血动物。 基于以上种种，上述白皮书预测，2028年，中国宠物行业市场规模可达1.15万亿元。 但目前，国内宠物行业的成熟度还不够高 ...

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - Overall consumer demand remains weak, but there are opportunities in specific segments where product and channel transformations can enhance market share, and brand recognition or performance recovery is expected [8] - The pet food segment shows high potential with strong consumer education barriers, brand loyalty, and significant single product effects [8] - The baby care market is fragmented, with strong brands rapidly increasing market share through cost-effectiveness and popular products, heavily relying on online sales [8] - Domestic second-tier brands in sanitary napkins and toothpaste are gaining market share, utilizing platforms like Douyin for marketing and channel empowerment [8] - The trend of innovative products and brand rejuvenation in the trendy toy sector is accelerating, with companies like Pop Mart and Blokus experiencing rapid revenue growth [8] Summary by Sections 1) Product & Channel Transformation - Baiya Co. reported a significant increase in revenue and is expected to see a gradual improvement in its profitability model [9] - Dengkang Oral Care's revenue growth exceeded expectations, with a sustainable improvement in profitability [9] - Runben Co. experienced strong revenue growth driven by new product launches, particularly in the sunscreen category [9] - Zhongchong Co. is successfully transforming its brand, with expectations of over 40% growth in its flagship product [9] - Companies in the trendy toy sector are well-positioned to benefit from consumer trends and new product launches [9] 2) High Competitive Barriers - Guibao Pet's revenue and profit growth exceeded expectations, driven by strong brand performance and successful high-end product launches [10] - The overall industry remains vibrant, with companies optimizing their product and channel structures [10] 3) Performance Recovery Expected - Chenguang Co. has underperformed due to a weak consumer environment, but recovery is anticipated if market conditions improve [10] - The company is focusing on enhancing its IP product strategy, which is expected to contribute to new growth points [10]