15万优质新商涌入， 276个新品牌破亿。 文｜ 陈曦 这是我看过对过去一年消费市场难得真实、也特别提气的一份总结。 昨天，天猫发布了《2025年度新品牌发展报告》（以下简称《报告》）。正是这份《报告》，让我们感受到了2025年某种强烈的"温差"——当外界还在谈论 消费降级、生意难做时，天猫把15万新商家入驻和276个新品牌破亿的数字，实实在在摆在了桌面上。 具体来说：在天猫创牌的商家数量，开店3年内成交破亿、破千万的品牌数量，都在2025年创下历史新高。2025年开店当年成交即破亿的品牌数量，同比增 长超40%。 | 2025年 15万优质商家 | 来天猫创牌 历史新高 | | | | | --- | --- | --- | --- | --- | | 2022 | 2023 | 2025 | 2021 | 2024 | 276个新品牌 2025年成交额破亿 5026个新品牌 2025年成交额破千万 2025年成交额破千万新品牌分布 行业 新品牌(个) 行业 新品牌 (个) 272 1109 服饰 运动户外 261 598 家电 日视 253 家装 家居 383 222 食品生鲜 3C数码 382 健康 3 ...

新华社北京1月12日电 近年来，越来越多韩国人养宠物作伴，有统计数据显示，韩国养宠物的人数达到 1546万，占总人口的将近30%。与此同时，宠物用品以及医疗价格不断上涨引发的"宠物通胀"让一些宠 物主钱包"遭殃"。 据韩国《中央日报》10日报道，KB金融集团旗下研究机构调查了1000个家庭后，发布了2025年韩国宠 物报告。报告显示，2025年韩国人饲养一只宠物的平均月花费为19.4万韩元（约合922元人民币），较 2023年增长26%，其中57.6%用于购买宠物主粮、零食以及营养补充剂。 另外，20.6%的家庭每月在宠物上的支出超过25万韩元（1188元人民币），较2023年增长5个百分点。 而花费在5万韩元及以下的家庭比例由2023年的23.6%降低至18.8%。 养了一只博美犬的姜先生说，他每月给狗买狗粮、零食和洗澡剪毛的费用超过10万韩元（475元人民 币）。 "听说狗粮2月开始涨价，于是我一口气囤了好几个月的量。"他说，"我的狗年纪大了，健康问题不少， 所以我还担心宠物看病花费增长的问题。" 这一开支上涨与宠物食品、日用品涨价密切相关。 韩国统计厅本月上旬发布的数据显示，2025年宠物用品价格与护理 ...

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend yield assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend yield assets in stable industry segments, particularly in packaging and home furnishing sectors [5][10]. - The appreciation of the RMB is expected to lower procurement costs in the paper industry, with price increases in wood pulp and seasonal demand supporting paper prices [2][12]. - The report identifies key companies for investment, including packaging leaders like Yongxin Co., Yutong Technology, and home furnishing brands such as Kuka Home and Mousse [2][10]. Summary by Sections 1. Weekly Insights - Short-term focus on high dividend yield assets in stable packaging companies and leading home furnishing brands [5][6]. - Anticipated benefits from RMB appreciation leading to lower procurement costs in the paper industry [5][12]. - Recommendations for companies with strong export capabilities and potential for brand development [5][15]. 2. Industry Perspectives Packaging - The packaging industry is stabilizing, with leading companies reducing capital expenditures and maintaining high dividend payouts [6][7]. - Yongxin Co. is noted for its strong position in soft packaging and high dividend rates [6]. - Yutong Technology benefits from global supply chain advantages and is expected to increase its dividend payout [7]. Home Furnishing - The home furnishing sector is expected to see valuation recovery driven by supportive real estate policies and improving consumer confidence [10][11]. - Companies like Kuka Home and Mousse are highlighted for their strong market positions and potential for growth [10][11]. Paper Industry - The paper industry is entering a recovery phase with stabilizing prices and improved demand dynamics [12][14]. - Companies such as Sun Paper and Nine Dragons Paper are positioned to benefit from these trends [12][14]. Export Sector - The report highlights the importance of global supply chain strategies and brand development for companies in the export sector [15][16]. - Companies like Jiangxin Home and Yongyi Co. are noted for their strong export capabilities and market positioning [15][16]. Pet Products - The pet products sector is experiencing growth with strong domestic brands and international expansion [19]. - Companies like Yiyi Co. and Yuanfei Pet are recommended for their robust growth potential [19]. Light Industry - The report discusses the strategic changes in light industry companies, focusing on mergers and acquisitions to enhance growth [20]. - Companies like Anfu Technology and Jianlin Home are noted for their innovative approaches and market positioning [20][21].

Group 1: Real Estate Industry - The Beijing government has announced adjustments to real estate purchase restrictions, including relaxing social security requirements for non-local families and allowing multi-child families to purchase an additional property within the Fifth Ring Road. This policy will take effect on December 24, 2025, and is expected to positively impact the weak sales situation in the real estate sector, with Shanghai and Shenzhen likely to follow suit in easing restrictions [3]. Group 2: Advanced Manufacturing Industry - The Yunnan Provincial Development and Reform Commission has issued a notice for the development of 14.07 GW of new energy projects, including 7.74 GW of solar and 6.34 GW of wind power. This marks an 81.64% increase compared to 2024, with solar and wind power growing by 53.49% and 249.70% respectively. The significant growth in wind power is attributed to its better system value during dry seasons and peak hours, indicating a shift in energy structure [6]. Group 3: Consumer Sector - Yiyi Co. is expected to benefit from reduced tariff pressures, leading to an improvement in its core business operations. The company plans to acquire a high-quality target in the pet food sector, which is projected to generate revenue of 460 million yuan in 2024. The collaboration is anticipated to enhance overall profitability through brand expansion and supply chain optimization [8].

宠经济"爱"升 级！大湾区宠物 备受追捧，当宠 物医院不再只是 看病的地方，还 能喝咖啡、看非 遗展览——中国 宠物经济早已不 是"喂饱宠物"那 么简单，正经历 着一场暖心又热 闹的大蜕变。 深耕行业21年的 广州萤萤管理咨 询有限公司创始 人刘步雄，既是 经营者、资深养 宠人，也是曾经 的动物救助者。 她见证了中国宠 物行业从野蛮生 长到规范发展的 每一步。 在"媒体+"首届 大湾区宠物行业 年度盛典公益直 播中，她以接地 气的观察和鲜活 案例，勾勒出宠 物经济的现在与 未来。 盛典邀您共同见 证行业进步_南 方+_南方plus 当"中华田园 犬"取代"土 狗"走进大众视 野，当狸花猫被 冠以"国猫"之名 广州萤萤管理咨询有限公司创始人刘步雄 从"工具"到"家 人"，毛孩子 的"娃经济" "21年前刚入行 时，几乎没见过 有人带猫看 病。"刘步雄的 回忆里，藏着早 期宠物行业的模 样：农村猫生 病，主人只愿花 零钱治疗，贵了 就放弃；狗狗因 疫苗普及不足， 常扎堆得传染 病。那时养宠多 为抓老鼠、看家 护院，"陪伴"还 未真正走进养宠 人心里。 如今的变化，每 位宠物主都感同 身受。最直观的 是称呼升 级， ...

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [2] Core Insights - The pet consumption market shows strong resilience, with a significant growth potential and structural changes observed during the Double Eleven shopping festival, where total sales reached 16,191 billion yuan, a year-on-year increase of 12.30%, with pet food sales at 9.4 billion yuan [3][17] - The report identifies three key trends: the rise of domestic brands, diversification and increased experience demand in pet consumption, and a shift towards health and precision in pet care [4][6][35] Summary by Sections Pet Consumption Performance - The Double Eleven shopping festival demonstrated robust performance in pet consumption, with a sales explosion coefficient of 201% for pet categories, indicating strong consumer resilience and growth potential [3][17] - Tmall remains the primary channel for pet consumption, holding a 64% market share, followed by JD and Douyin at 21% and 14% respectively [17] Trends in Pet Consumption - The trend of domestic brands rising continues, with only three overseas brands making it to the Tmall pet brand top 10 list during Double Eleven [4][22] - Pet consumption is diversifying, with a decrease in the Engel coefficient, indicating a shift from basic needs to more varied and premium offerings [4][22] - Health and precision in pet care are leading industry growth, with new processing techniques and functional foods gaining popularity [4][33] E-commerce Channel Preferences - Different e-commerce platforms exhibit varying consumer preferences, with Tmall showing strong competition in pet food, while Douyin focuses on content marketing and emotional consumption [5][41] - The report highlights the competitive landscape in pet food, with brands like Toptrees and Xucuihua showing significant growth [5][35] Export Market Challenges - The export of pet food faces pressure, with a decline in both quantity and value, indicating challenges in the international market due to tariffs and trade disputes [5][41] Long-term Outlook - The report expresses optimism for the long-term development of the pet food industry, recommending attention to companies like Zhongchong Co., Ltd. and Petty Co., Ltd. as well as other leading pet food brands [6][44]

Investment Rating - The report assigns a "Buy" rating for the company [1][8]. Core Insights - The company is experiencing continuous improvement in overseas orders and is initiating a synergistic growth phase through the acquisition of Gao Ye Jia, which will enhance its integrated presence in the pet "food + supplies" sector [3][4][7]. - Despite a decline in revenue due to external demand and tariff policies, the company maintains stable partnerships with key clients like Amazon and Walmart, and has seen improvements in profitability metrics [3][4]. - The acquisition of Gao Ye Jia is expected to create multiple synergies, enhancing the company's manufacturing capabilities, channel cooperation, and financial support for brand promotion [6][7][8]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported revenue of 1.306 billion yuan, a year-on-year decrease of 0.7%, while net profit increased by 3.82% to 157 million yuan [2]. - The third quarter alone saw revenue drop by 16.98% to 418 million yuan, with net profit decreasing by 2.23% to 54 million yuan [2]. Acquisition Details - The company plans to fully acquire Gao Ye Jia, which has two main brands: Xu Cuihua (pet hygiene products) and Gao Ye Jia (pet food) [4][6]. - Gao Ye Jia achieved revenue of 460 million yuan and net profit of 18 million yuan in 2024, with significant growth from 2023 [6]. Profitability and Growth Projections - The company’s gross margin improved to 20.12% in the first three quarters of 2025, with a net profit margin of 12.02%, both showing a year-on-year increase of 0.55 percentage points [3]. - Revenue forecasts for 2025-2027 are projected at 1.83 billion, 3.09 billion, and 3.82 billion yuan respectively, with corresponding EPS of 1.18, 1.73, and 2.28 yuan [8][10].

Summary of Conference Call on Pet Supplies Industry Company Overview - The company discussed is 高益佳 (Gao Yijia), a player in the pet supplies industry, focusing on cat litter and pet food products. Financial Performance - In 2024, the total revenue was approximately 460 million yuan, with cat litter contributing around 260 million yuan and pet food generating between 330 to 340 million yuan [4][5][6]. - For 2025, cat litter revenue is projected to reach between 970 million to 1 billion yuan, while pet food is expected to grow by about 10% [4][2]. Product Development and Market Strategy - The cat litter business has seen rapid growth, with the first SKU achieving sales of 60 million yuan in less than six months, reaching 260 million yuan in 2024, and expected to approach 1 billion yuan in 2025 [5][9]. - The company is shifting its strategic focus towards the plant-based cat litter market, introducing and improving Brazilian plant litter to address issues with tofu litter [7]. - The online sales channel accounts for 98% of total sales, with Tmall being the primary platform, followed by Pinduoduo, JD.com, and Douyin [8][10]. Competitive Advantages - The company’s cassava cat litter boasts superior technology, with rapid absorption (1-3 seconds) and low dust levels, outperforming competitors [11]. - A mixed mineral sand strategy has been implemented to reduce costs, lowering the retail price to 19.9 yuan, thus expanding the customer base [12]. Future Plans - In 2026, the company plans to increase advertising spending, lower retail prices by 1.5 yuan, and enhance collaborations with top influencers on Douyin to boost sales [13][15]. - The company is actively expanding into Southeast Asia, with plans to strengthen its overseas presence in both pet food and supplies by 2026 [2][14]. Growth Projections - The company anticipates at least 15% growth in the cat litter business for 2026, with potential growth rates between 20% to 22% [17]. - The pet food segment is expected to recover, with a projected growth rate of at least 20% in 2026, driven by increased marketing efforts [18]. Operational Insights - The gross margin for pet food is approximately 35%, with a net profit margin between 8% to 10%. For cat litter, the gross margin is around 28%, with a net profit margin fluctuating between 6.5% to 7% [16]. - The company is currently maintaining its independent operational status while preparing for a potential acquisition, with plans for team integration post-acquisition [24][25]. Market Challenges - The Southeast Asian market is still in an experimental phase, with no dedicated sales personnel on-site, making it difficult to assess performance [23]. - The company faces challenges in selling staple food products in pet hospitals due to a lack of recommendations from veterinarians [32]. Conclusion - 高益佳 is positioned for significant growth in the pet supplies market, particularly in cat litter, with strategic plans for product development, market expansion, and competitive pricing. The focus on online sales and international markets indicates a forward-looking approach to capturing market share.

Summary of Pet Industry Conference Call Industry Overview - The pet economy, particularly the cat litter market, is experiencing intense competition with a low overall net profit margin of approximately 5% [1][9] - Raw material costs account for the highest proportion (40%-50%), followed by logistics and marketing expenses (each over 20%) [2][9] - The market is characterized by low concentration, with no single brand dominating [10] Key Insights - **Market Dynamics**: The cat litter market has seen a decline in gross margins from around 50% to 30% over the past few years due to increased competition and lower-cost raw materials [2] - **Emerging Trends**: The rise of cassava cat litter, popularized by the Xu Cuihua brand, highlights the low technological barriers in the industry, making it easy for competitors to imitate successful products [4][12] - **Consumer Behavior**: Cat litter is a high-repeat purchase category, with brand loyalty influenced by price-performance ratio and quality. Bundling sales strategies are being employed to enhance customer retention [5][6] Competitive Landscape - Major brands in the market include Xu Cuihua, Juhua, Fuwan, and Lidou, with Xu Cuihua leading in the cassava litter segment due to its early market entry and effective online marketing [2][12] - The market is fragmented, with many brands competing aggressively, and the entry barriers are low, allowing pet food brands to diversify into cat litter [7][10] Future Development Trends - Future trends in the cat litter market include improvements in odor control, dust reduction, clumping ability, antibacterial properties, and environmental sustainability [7] - The introduction of new tax policies is expected to benefit leading brands by promoting industry standardization and increasing overall prices [15] Financial Performance - The gross margin for pet smart products is around 45%, with net profit margins at approximately 15%. However, marketing and after-sales service costs are significant [1][28][44] - The overall profitability of the cat litter industry remains low, with some companies facing challenges in maintaining profitability during peak sales periods like Double Eleven [9][20] Market Penetration and Growth Potential - The domestic pet supplies market is still in its early stages, with a penetration rate of about 10%, but it is growing rapidly [1][38] - The "cat economy" is gaining traction as the number of cat owners surpasses dog owners, indicating a strong demand for cat-related products [8] Challenges and Opportunities - The increase in marketing costs and the need for precise targeting in advertising are critical for maintaining sales performance in a competitive environment [14] - The potential for innovation in product offerings, particularly in smart pet products, is significant, driven by the preferences of younger consumers [30][41] Conclusion - The pet industry, particularly the cat litter segment, is poised for growth despite challenges related to competition and profitability. Brands that can innovate and adapt to consumer preferences will likely succeed in this evolving market landscape.

Core Insights - The pet economy is a significant highlight in the current consumer market, but it also has its pitfalls, as evidenced by the impending closure of Pet&Fresh, founded by Hou Yi, who previously innovated in retail [1][2] - Despite the challenges faced by Pet&Fresh, the pet economy continues to thrive, with a notable increase in consumer spending on premium pet products, as highlighted in the Tmall Double 11 report [1][2] Industry Trends - There is a clear trend of consumption upgrading in the pet industry, particularly in pet food, with a growing preference for high-end products such as wet food and freeze-dried options [2][4] - Over 80% of pet owners have adopted a scientific feeding habit, indicating a shift from merely filling pets' stomachs to providing quality nutrition [2][4] Business Viability - The distinction between good, bad, and pseudo-businesses in the pet industry is crucial, with essential products like pet food and healthcare being the most viable [3][4] - Many businesses attempting to enter the pet market without a deep understanding of pet ownership and consumer behavior may struggle, as seen with Pet&Fresh [3][4] Consumer Behavior - The pet industry is characterized by a shift in consumer behavior, where pet owners are willing to spend more for emotional value, leading to a decrease in the Engel coefficient for pet spending [6][8] - The online shopping channel remains dominant in the pet market, with 68.1% of pet owners preferring to purchase products online [5][6] Retail Dynamics - The physical retail space for pet products faces challenges, particularly in terms of location and foot traffic, which are critical for success [9][11] - The lack of interactive and social elements in physical pet stores can hinder customer engagement and repeat business [12][15] Conclusion - The failure of Pet&Fresh can be attributed to its inability to adapt to the competitive landscape of the pet industry, where understanding consumer needs and preferences is essential for success [16]