李薇的手机屏幕上，她的金毛犬Lucky正叼着玩具球在客厅里踱步，一行分析结果悄然弹出："当前行为 表征：精力充沛，有强烈玩耍需求。"数百公里外，正在度假的李薇轻点屏幕，智能玩具球立刻自动滚 动起来，Lucky兴奋地扑了上去。 事实上，如今这样的场景并不鲜见。它是宠物经济获得数字技术深度赋能的真实写照，也是数字消费创 新发展的生动注脚。 日前，商务部等八部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意见》，旨在扩 大数字消费多元化供给，创新和丰富数字消费场景，激发和增强社会经济活力。据《证券日报》记者了 解，从情感陪伴到健康管理，再从传统服务到产业升级，数字技术已渗透至宠物经济方方面面。 "智能养宠"受追捧 国庆中秋假期，李薇外出旅游6天，为了让独自在家的Lucky得到更好的照料，她特意添置了一台可移 动宠物摄像头。"通过手机，我不仅能远程追踪Lucky的实时动态，还能进行双向通话、查看录像回放， 甚至用附带的智能玩具球与它互动。"李薇说。 国庆中秋假期返乡的杨咸也置办了一整套智能设备，包括喂食器、饮水机和猫砂盆，这套装备覆盖了宠 物"吃喝拉撒"的基础需求——喂食器能定时定量出粮，饮水机可持续过滤 ...

一到长假，外出游玩的养宠人士，总是放心不下家里的"毛孩子"。 今年"五一"前，计划返乡5天的王宇，特意为独自留守在家的猫咪，购置了一台可移动宠物摄像头。"往年长假结束回家，总发 现猫咪在我离家的后几天精神蔫蔫的，一见我还会嗷嗷叫很久，实在放心不下"， 她解释道。 而这台摄像头恰好解决了她的顾虑，不仅能远程操控镜头追踪猫咪的实时动态，还支持双向实时通话、录像存档，甚至能通过 逗猫等功能与猫咪互动。这让她远在老家，也能随时关注宠物状态，成功缓解了"留守焦虑"。 另一边，栗子从宠物店买宠物前，就提前备齐了智能喂食器、智能饮水机、智能烘干箱与智能猫砂盆等，整套设备花费近万 元。"我平时工作忙，总怕日常照料不及时，干脆一步到位选了智能设备，图个省心省事。" 在她看来，既解决了宠物"吃喝拉撒"的基础需求，也大大减轻了自己的照料负担。智能喂食器，能按预设时间定量出粮，避免 喂食不均；智能饮水机自带滤芯，可持续过滤杂质、保持水质清洁；智能猫砂盆则会自动清理排泄物，还能记录猫咪的如厕次 数。 如今，像智能烘干箱、智能喂食器、智能饮水机、智能猫砂盆、智能宠物监控这类产品，已逐渐成为众多宠物主人的"养宠刚 需"。据GrandVie ...

Core Viewpoint - PETKIT, a company focused on smart pet products, aims to improve pet care through technology, targeting a significant market gap in the pet industry [2][8]. Group 1: Company Background - PETKIT was founded in 2013 by twin brothers Guo Weixue and Guo Weike, who transitioned from the semiconductor industry to the pet sector, achieving 1.1 billion yuan in revenue by 2024 [2][8]. - The company initially struggled with its first product, a smart collar, but found success with a pet bowl that accurately measures food weight, selling over one million units [8][10]. Group 2: Product Development - PETKIT's product line includes a smart drinking fountain designed to encourage pets to drink more water, which involved complex engineering to ensure functionality and quiet operation [10][12]. - The company emphasizes health management in its product design, integrating features that monitor pets' health through data collection on drinking, eating, and bathroom habits [12][13]. Group 3: Market Strategy - Over half of PETKIT's revenue comes from overseas markets, with the company recognizing the need for patience and adaptation to meet the slower-paced demands of international consumers [3][19]. - The company has established a light-asset operational model, focusing on product design and outsourcing manufacturing, which allows for flexibility and reduced capital requirements [17][19]. Group 4: International Expansion - PETKIT began its international expansion in 2017, targeting mature pet markets in Europe and the US, and has learned to adjust marketing strategies based on local consumer preferences [19][20]. - The brand name "Petkit" was chosen for its simplicity and ease of understanding in international markets, aligning with the company's core value of promoting pet health [21].

Core Insights - The "Pet Economy Index" reached a historical high on September 1, with a year-to-date increase of over 44%, indicating strong performance among popular sectors [1][3] - Several companies, including Jinhe Biological, Delisi, and Yongli Co., are actively seeking to enter the pet economy sector, which is viewed as a high-potential market [1][5] Market Performance - The "Pet Economy Index" has shown significant growth, with stocks like Zhejiang Zhengte rising over 90%, and others like Yuanfei Pet, Zhongchong Co., and Shitou Co. increasing by over 60% [3] - Financial reports from pet food companies indicate solid fundamentals, with revenues for Guibao Pet, Zhongchong Co., and Lusi Co. reaching 3.221 billion, 2.432 billion, and 391 million respectively, showing year-on-year growth rates of 32.72%, 24.32%, and 11.32% [3] Fund Holdings - As of the end of June, public funds held 18.25% of Guibao Pet, making it a top holding for several funds, while Zhongchong Co.'s public fund ownership increased from 8.06% to 15.74% [4] - Yuanfei Pet's public fund ownership surged from 1.69% to 15.27% during the same period, indicating growing interest from institutional investors [4] Industry Trends - The domestic pet market is characterized by growth potential and low industry concentration, with leading brands increasing their market share [6] - Companies are focusing on product innovation and quality supply chains to meet the evolving demands of pet owners [6] Company Initiatives - Jinhe Biological announced the establishment of a wholly-owned subsidiary for pet technology, launching an intelligent pet care app that utilizes a multimodal emotional analysis model [7] - Delisi has entered into strategic partnerships for product development and market expansion in the pet food sector [7] - Yongli Co. is actively developing smart pet appliances, while Hasi Lian has expanded its business scope to include pet food sales [8]

Core Insights - The pet smart products market in China has been growing at over 40% for three consecutive years, with a market size of approximately 10.2 billion, accounting for about 20% of the overall pet products market [4][12] - Despite the growth, there is a rising trend of second-hand sales on platforms like Xianyu, with common reasons for selling including dissatisfaction and maintenance difficulties [3][12] - The industry is experiencing a shift from single product development to creating product ecosystems, with major brands focusing on comprehensive solutions for pet care [9][10] Group 1: Market Growth and Trends - The pet smart products market reached a size of approximately 102 billion, with significant contributions from smart feeders, cameras, and water dispensers [4] - The emergence of smart pet devices began as early as 2013, with significant advancements in 2018 due to the proliferation of IoT technology [4][5] - Brands like PETKIT have successfully capitalized on the IoT trend, raising significant funding and launching popular smart products [5][6] Group 2: Competitive Landscape - Major brands are increasingly competing on the basis of data value and ecosystem construction rather than just product features [11] - The market is seeing a rise in competition leading to product homogenization, with many brands offering similar functionalities [12] - Traditional pet industry giants are also seeking to transition into smart products, with companies like Mars acquiring tech brands to create comprehensive ecosystems [10] Group 3: Challenges and Consumer Trust - The industry faces challenges such as product sameness and the emergence of "pseudo-demand" and "pseudo-intelligence," which erode consumer trust [13][14] - Many smart products do not meet the expected performance standards, leading to consumer skepticism about their effectiveness [13][14] - The reliance on consumables and subscription services for revenue generation is creating a consumer trap, with many brands struggling to create a cohesive ecosystem [15] Group 4: Path to Resolution - Companies need to focus on genuine user needs and pain points to drive innovation and product development [16] - Emphasizing technological depth and user experience over superficial features can lead to more successful products [16][17] - Creating interconnected ecosystems rather than isolated products can enhance user experience and foster customer loyalty [17]

Core Viewpoint - The memorandum of understanding (MOU) establishes a strategic partnership to expand the development, production, sales, and leasing of water dispensers in China and overseas, integrating advanced water management solutions and enhancing media and advertising capabilities in high-traffic urban areas [1][2][3]. Group 1: Partnership and Collaboration - The MOU is based on a previous strategic cooperation agreement and aims to leverage the new partner's expertise in omnichannel new media and digital transformation to drive innovative developments in dynamic advertising integration [1][2]. - The new partner is a high-tech company based in Shenzhen, focusing on omnichannel new media operations and enterprise digital transformation services, aiming to create a new ecosystem for third industry services [1][2]. Group 2: Advertising and Media Integration - The collaboration will utilize the new partner's expertise as an operator of screens and displays on water machines and other IoT devices, enhancing the company's media and advertising coverage in central business districts (CBDs) in China [2][3]. - The MOU outlines an expanded cooperation framework for jointly developing, producing, selling, and leasing smart water dispensers and related IoT devices, integrating advertising screens on partner-owned equipment to promote dynamic content display [2][3]. Group 3: Data Analysis and Consumer Engagement - Data analysis and consumer behavior research are key components of the collaboration, utilizing advanced analytical tools to track engagement metrics and consumer behavior patterns related to displayed advertisements [3][4]. - The company will guide data analysis efforts, leveraging its media and advertising background to enhance advertising targeting and ensure compliance with data privacy regulations while sharing insights among business partners [4][5]. Group 4: Strategic Goals and Market Positioning - The MOU emphasizes utilizing high-traffic areas such as office buildings, shopping malls, and public transport hubs to expand strategic collaboration, turning water dispensers and IoT devices into key consumer touchpoints [5][6]. - The partnership aims to diversify the company's digital advertising services amid the digital media transformation wave, providing brands with effective channels to reach target audiences [5][6]. - The company will play a core role in developing and managing advertising content, coordinating activities across business partner networks, and ensuring alignment with market trends to strengthen its position in the media sector [5][6].

Core Viewpoint - The memorandum of understanding (MOU) establishes a strategic partnership between the company, its business partners, and a new partner, Shenzhen Dabai Times Technology Co., Ltd., to expand the development, production, sales, and leasing of water dispensers in China and overseas, focusing on integrating advanced water management solutions and enhancing media and advertising capabilities in high-traffic urban areas [1][2][3]. Group 1: Strategic Collaboration - The MOU builds on a previous strategic cooperation agreement announced on July 4, 2025, and aims to leverage the new partner's expertise in omnichannel new media and digital transformation to drive innovative developments in dynamic advertising integration [1][2]. - The collaboration will utilize the new partner's strengths as an operator of screens and displays for water machines and other IoT devices, enhancing the company's media and advertising coverage in central business districts (CBDs) in China [2][3]. Group 2: Advertising and Media Integration - The MOU outlines a framework for expanded cooperation, focusing on the joint development, production, sales, and leasing of smart water dispensers and related IoT devices, integrating advertising screens on partner devices to promote dynamic content display [2][3]. - The advertising business will operate independently under the company's supervision, with the new partner managing the advertising ecosystem's business development and operations using its new media expertise [2][3][4]. Group 3: Data Analysis and Consumer Engagement - Data analysis and consumer behavior research are key components of the collaboration, utilizing advanced analytical tools to track engagement metrics and consumer behavior patterns related to advertisements displayed on water dispensers and other IoT devices [3][4]. - The company will guide data analysis efforts, helping to shape content and adjust strategies based on consumer preferences and trends, thereby supporting more precise advertising delivery [4][5]. Group 4: Market Expansion and Innovation - The MOU emphasizes utilizing high-traffic areas such as office buildings, shopping malls, and public transport hubs to expand strategic collaboration, turning water dispensers and IoT devices into key touchpoints for brand engagement [5][6]. - The partnership aims to diversify the company's digital advertising services amid the digital media transformation wave, providing brands with effective channels to reach target audiences [5][6].

Core Insights - The pet supplies industry is experiencing a significant shift towards smart products, with a projected growth rate leading all segments from 2018 to 2025, and smart pet device penetration exceeding 35% in first-tier cities [1][4] - The market for smart pet products in China is expected to reach approximately 10.2 billion yuan in 2024, accounting for one-fifth of the total pet supplies market [4] - The integration of technologies such as artificial intelligence, IoT, and big data is driving the rapid development of the pet supplies industry, addressing consumer pain points related to time, health monitoring, safety, and convenience [4][8] Industry Trends - The changing perception of pet ownership is creating a market worth billions, with consumers increasingly viewing pets as family members and willing to invest more in their care [3][4] - The demand for smart pet products is growing as consumers seek solutions that reduce daily care burdens, with products like automatic feeders and smart water dispensers becoming necessities for busy pet owners [3][4] - The rise of social media and the trend towards personalized pet care are driving the growth of small and exotic pets, presenting new market opportunities for specialized pet products [8][9] Company Innovations - Companies are focusing on personalized and differentiated products in the smart pet sector, with innovations such as AI health monitoring systems and smart litter boxes being introduced [5][6] - New brands are emerging in the smart pet market, with products designed to redefine pet living spaces and enhance pet health management through advanced technology [5][6] - Established companies and new entrants from various sectors, including home appliances and technology, are increasingly entering the smart pet product market, indicating a competitive landscape [6][9] Market Expansion - The number of urban pets in China is projected to reach 120 million by 2024, with the overall pet market size surpassing 300 billion yuan, highlighting the immense potential for smart pet products [7][8] - Chinese smart pet products are gaining traction in global markets through e-commerce platforms, with significant sales growth observed in regions like Europe [9] - The future of smart pet devices is promising, with a focus on multifunctionality, data connectivity, and deep AI applications to meet core consumer needs [9]

Group 1 - The company is actively advancing the research and development of smart pet appliances, including smart feeders and smart water dispensers [2] - The company aims to launch new products as soon as possible [2]

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]