证券日报网讯源飞宠物（001222）8月28日发布公告，在公司回答调研者提问时表示，匹卡噗定位于全 品类高性价比的创新品牌，为宠物主提供多元化的商品选择，目前主要产品包括犬类磨牙棒、湿粮、冻 干、猫砂、宠物主粮、宠物出行用品等，以源飞传统的优势产品快速切入犬类零食市场，正向主粮/用 品等拓品类，同时线上线下（300959）同步拓展渠道，后续将继续围绕源飞优势产品不断地开发新品。 ...

2025.08. 21 本文字数：2877，阅读时长大约4分钟 作者 | 第一财经 缪琦 面对全球经济的下行周期，宠物经济却逆势增长，展现出"新刚需"的强劲势头。 随着都市生活空间受限和安全养宠需求的提升，小型宠物凭借其空间适应性高、饲养成本低、互动安全 性好等优势，正成为新一代养宠人群的热门选择。数据显示，2020年就有超过1700万人饲养异宠，占 国内整体宠物饲养规模的25%，其中爬宠、鸟类、啮齿类异宠深受年轻人喜爱。 有意思的是，新进入宠物赛道的创业者，绝大部分都是资深养宠者，这也让产品的开发更多从客户的需 求出发。 作为全球宠物行业的旗舰展会，今年的亚洲宠物展（下称"亚宠展"）规模再创新高，汇聚2600多个海内 外展商，预计展期内的到场人次超过51万；同期的论坛议程也较往年更为密集，还新增了小宠异宠及更 多跨界元素，进一步拓展了行业边界。 不乏热度的市场和蓬勃向上的生态，吸引了大量的新入局者，也留下了坚守多年的传统制造商。面对机 遇和挑战，供应商们心态各异。 图为亚宠展现场 吴军/摄（下同） 新入局者瞄准需求分化 8月20日，一位专门从内蒙古赤峰赶到上海的宠物店店主拖着行李箱来到亚宠展现场，直奔宠物智 ...

面对全球经济的下行周期，宠物经济却逆势增长，展现出"新刚需"的强劲势头。 图为亚宠展现场吴军/摄（下同） 新入局者瞄准需求分化 8月20日，专门从内蒙古赤峰赶到上海的宠物店主冯林拖着行李箱来到亚宠展现场，直奔宠物智能舱PILTON的展位。他告诉第一财经，双方此前就已在线上 联系过，此次来线下看看实物，计划给新的宠物店展示区采购数十台智能舱。 对宠物智能舱PILTON合伙人杨少熊而言，这只是"奔现"的客户之一，忙碌的他在亚宠展开幕当天接待不断。"宠物行业居住赛道处于快速上升期。"他对第 一财经表示，不管是商用还是家用，这一品类的中国市场占比都在持续提升。于2023年将智能舱推向市场的他们，今年的销量较去年同期增长35%。 在本届亚宠展上，他们展出了新的家用产品智能鸟舱。"今年鸟类宠物很火，有近2000万养鸟家庭。"杨少熊说，基于这样的观察，他们开发了兼具鸟笼和保 育箱功能的鸟舱。"新刚需"之火热显而易见——其智能鸟舱首批用户复购率超过40%，海外订单排期已延至2个月后，实际销量较预期高出近3倍。 随着都市生活空间受限和安全养宠需求的提升，小型宠物凭借其空间适应性高、饲养成本低、互动安全性好等优势，正成为新一代养 ...

从"喂饱"到"宠好"，智慧养宠时代加速来临。 面对全球经济的下行周期，宠物经济却逆势增长，展现出"新刚需"的强劲势头。 作为全球宠物行业的旗舰展会，今年的亚洲宠物展（下称"亚宠展"）规模再创新高，汇聚2600多个海内外展商，预计展期内的到场人次超过51万；同期的论 坛议程也较往年更为密集，还新增了小宠异宠及更多跨界元素，进一步拓展了行业边界。 不乏热度的市场和蓬勃向上的生态，吸引了大量的新入局者，也留下了坚守多年的传统制造商。面对机遇和挑战，供应商们心态各异。 新入局者瞄准需求分化 8月20日，专门从内蒙古赤峰赶到上海的宠物店主冯林拖着行李箱来到亚宠展现场，直奔宠物智能舱PILTON的展位。他告诉第一财经，双方此前就已在线上 联系过，此次来线下看看实物，计划给新的宠物店展示区采购数十台智能舱。 对宠物智能舱PILTON合伙人杨少熊而言，这只是"奔现"的客户之一，忙碌的他在亚宠展开幕当天接待不断。"宠物行业居住赛道处于快速上升期。"他对第 一财经表示，不管是商用还是家用，这一品类的中国市场占比都在持续提升。于2023年将智能舱推向市场的他们，今年的销量较去年同期增长35%。 "我们把宠物店的服务集合在车上，消费 ...

Core Viewpoint - The article highlights the entrepreneurial journey of Cheng Gang, who successfully established Youpai, a company specializing in pet care products, by identifying and capitalizing on a niche market in pet hygiene products, leading to significant growth and market presence in both domestic and international markets [1][3][7]. Group 1: Company Overview - Youpai's revenue reached approximately 1.02 billion yuan in 2024, with a net profit of about 59 million yuan, and over 60% of its revenue coming from overseas markets [3][31]. - The company operates across three main segments: pet care, adult care, and personal care, with pet care products contributing over 70% of total revenue [5][6]. - The brand Honeycare has become a best-seller on Amazon in the pet category, with one product selling 136,000 units in a month and maintaining a top position in the Dog Diapers category [20][24]. Group 2: Market Strategy - Youpai has adopted a dual-brand strategy, launching Honeycare for high-end markets and Cocoyo for cost-effective domestic markets, allowing it to capture a broad customer base [7][26]. - The company has established a robust online and offline sales channel ecosystem, with nearly 70% of its revenue generated from online sales [12][13]. - Youpai's pricing strategy in overseas markets directly competes with high-end brands, resulting in a gross margin of 35.65% for overseas revenue in the first eight months of 2024 [16][30]. Group 3: Competitive Landscape - Youpai faces competition from larger players in the market, including Unicharm, which poses both a partnership and competitive threat as it expands into pet care [29]. - The company maintains a higher gross margin compared to competitors, with a gross margin of 32.10% in 2024, indicating effective cost management and pricing strategies [30]. - The global pet supplies market is projected to grow significantly, with the U.S. market expected to reach $32.05 billion by 2027, presenting opportunities for Youpai [31][32]. Group 4: Future Outlook - Youpai's focus on the pet care segment, which is often overlooked, positions it well for future growth as the market continues to expand [33]. - The company has invested in local manufacturing and supply chain capabilities, enhancing its competitiveness and reducing reliance on exports [12][26]. - However, the potential for price wars and competition from larger brands remains a concern, necessitating continuous innovation and brand differentiation [29].

Core Insights - Fast-moving consumer goods (FMCG) retail brands have discovered new growth paths through platforms like Taobao Flash Sale, with significant increases in order volume and revenue [1][6] - The integration of online and offline sales channels is enhancing customer acquisition and retention, leading to a more diverse customer base [5][6] Group 1: Sales Performance - In July, Miniso's transaction volume on Taobao Flash Sale surged, with order volume increasing over four times compared to the platform's initial launch, and over 60,000 orders on July 5 alone [1] - The brand's daily average order growth exceeded 20,000, indicating strong market demand [1] - The sales structure is diversifying, with categories like travel goods and beauty products seeing over 110% and 100% year-on-year growth, respectively [2] Group 2: Customer Insights - Over 70% of orders on Taobao Flash Sale came from new users, highlighting the platform's ability to attract a fresh customer base [1] - The shift in consumer behavior is evident, with an increase in the variety of products purchased, moving beyond emergency needs to include daily necessities and gifts [2][5] - New customer acquisition through online channels is leading to increased foot traffic in physical stores, creating a positive cycle of online-to-offline engagement [5] Group 3: Market Trends - The number of active stores for Miniso has increased by over 1,000, with 4,500 stores now connected to Taobao Flash Sale, particularly in regions like South China and Northeast China [5] - The launch of Taobao Flash Sale has driven significant growth in the number of brands and stores participating, with a 110% increase in new brand entries in July [6] - The platform is expected to generate substantial consumer spending, with estimates suggesting a potential increase of nearly 700 billion yuan in consumption due to promotional activities [6]

Group 1 - The core point of the news is that Wuhu Youpai Nursing Products Technology Co., Ltd. (Youpai Technology) is set to relist its shares on the National Equities Exchange and Quotations system starting July 10, marking its return to the capital market after a voluntary delisting in 2020 [1][3]. - Youpai Technology was founded in 2006 and specializes in adult incontinence care products, pet cleaning products, personal care products, and medical hygiene products, integrating R&D, manufacturing, and sales [3][5]. - The company has developed its own pet brands, including Honeycare and Cocoyo, which have achieved over 100 million in revenue, with Honeycare recently ranking first in market share on JD.com [3][5]. Group 2 - Revenue data from 2022 to 2024 (January-August) shows Youpai Technology's revenue at 929 million, 963 million, and 681 million respectively, with net profits of -24 million, 66 million, and 41 million [5][6]. - The pet business has become increasingly significant, with revenues of 506 million, 657 million, and 503 million from 2022 to 2024 (January-August), accounting for 54.42% to 73.91% of total revenue [5][6]. - The company relies heavily on overseas markets, with foreign revenue accounting for 46.69%, 60.09%, and 62.51% of total revenue from 2022 to 2024 (January-August) [6][7]. Group 3 - For 2024, Youpai Technology projects revenue of 1.02 billion, a 5.85% increase year-on-year, but anticipates a net profit decline of 3.04% to 59.13 million, with a significant drop in net profit after excluding non-recurring gains [8][9]. - The decline in net profit is attributed to increased marketing expenses for brand development and diminishing returns from advertising on platforms like Amazon and Douyin [8][9]. - The competitive landscape is intensifying, with companies like Yiyi Co., which reported a 34.41% revenue increase in 2024, posing a significant challenge to Youpai Technology [9][10]. Group 4 - The importance of developing proprietary brands is growing among domestic pet companies, as many are heavily reliant on overseas markets, which can be affected by external factors [10]. - Youpai Technology's strategy of balancing OEM and proprietary brands has allowed it to capture a leading market share domestically, but its future growth amidst increasing competition remains uncertain [10].

Core Insights - The establishment of a specialized undergraduate program in "Animal Science (Companion Animals)" at China Agricultural University aims to address the growing demand for professionals in the pet industry, which is experiencing significant growth in China [1][2] Industry Overview - The pet economy in China is thriving, with the urban pet consumption market expected to exceed 300 billion yuan in 2024, and the number of urban pet dogs and cats surpassing 120 million [1] - The pet market is diversifying, with services such as medical care, grooming, training, and boarding becoming increasingly common, alongside a wide range of products including pet food, health supplements, and toys [1] Talent Gap - There is a notable talent shortage in the pet industry, with approximately 40,000 licensed veterinarians working in pet medical care across over 30,000 pet hospitals, indicating a severe lack of qualified professionals [1] - Positions such as pet groomers, health caregivers, and trainers are in high demand, highlighting the need for specialized education and training in the field [1][2] Educational Initiatives - The new program at China Agricultural University includes courses on companion animal breeding, nutritional metabolism, feed processing, reproductive physiology, welfare, and behavior, aligning with market needs and academic rigor [2] - Graduates will have opportunities in various sectors, including research, technical consulting, and pet food production, contributing to the professionalization of the industry [2] Public Awareness and Knowledge Dissemination - The increasing involvement of pets in public life, such as expanded pet transport services on high-speed trains, underscores the importance of responsible pet ownership and the need for scientific knowledge dissemination [3] - The lack of reliable sources for pet care knowledge often leads to misinformation, making the role of educational institutions crucial in promoting accurate information and improving societal awareness of responsible pet ownership [3]

Core Insights - The pet consumption market is evolving, with a noticeable increase in demand for pet-friendly services and products, particularly during promotional events like 618 [1][2] - Instant retail is gaining traction among pet owners, driven by significant discounts and partnerships with pet hospitals, enhancing consumer trust [4][5] - Traditional e-commerce platforms are experiencing a normalization of promotional activities, with many pet owners continuing to stock up on essential items during sales events [6][7] Group 1: Market Trends - The pet market is recognized as a rapidly growing sector, often referred to as a "blue ocean" for investment opportunities [1] - There is a shift towards personalized pet products, including toys, clothing, and travel services, indicating a broader market potential [2] - Major hotel brands are launching pet-friendly packages, reflecting the increasing importance of catering to pet owners [8] Group 2: Consumer Behavior - Pet owners are increasingly utilizing instant retail platforms due to attractive discounts, with platforms like Meituan offering substantial coupons [4][5] - Many pet owners are habitual stockpilers, purchasing large quantities of pet supplies during promotional periods, with average spending around 1500 yuan [7] - Despite the increase in promotional activities, some sellers report a decline in sales, indicating a saturation of marketing efforts [6][8] Group 3: Brand Performance - Several pet brands have achieved significant sales milestones during the 618 event, with brands like Xianlang and Lanshi surpassing 100 million yuan in sales [9] - The marketing efforts of brands are crucial for their growth, with many investing heavily in advertising to enhance brand recognition [10][11] - The reliance on OEM production among many domestic brands raises questions about product differentiation and consumer trust [11]

Core Viewpoint - The article emphasizes the strength and efficiency of China's manufacturing industry, highlighting its ability to utilize resources fully and create extensive industrial chains that other countries cannot match [3][42]. Group 1: Duck Industry Example - The price of Peking duck varies significantly, with restaurant prices around 100 yuan, while street vendors sell it for as low as 20 yuan, showcasing a complex ecosystem behind the product [5][6]. - The cost structure of a duck includes feed, logistics, processing, and profit margins, leading to a wholesale price of only 2-3 yuan per duck, which raises questions about sustainability [10][12]. - The duck industry exemplifies China's manufacturing prowess, where every part of the duck is utilized, creating a comprehensive profit cycle that maximizes resource use [12][13]. Group 2: Agricultural Products and Trade - The U.S.-China trade war has severely impacted American agricultural exports, particularly chicken feet, which are primarily consumed in China, leading to significant losses for U.S. farmers [14]. - Other agricultural products, like sugarcane and corn husks, are being innovatively repurposed in China for biomass energy and other uses, demonstrating the country's ability to turn waste into valuable resources [15][18]. Group 3: Waste Management and Recycling - China's waste management has evolved from concerns about "garbage cities" to a situation where waste is now a valuable resource for energy production, with a significant gap in waste supply for incineration plants [20][22]. - The construction of waste-to-energy plants has increased, with 2023 seeing the capacity to process nearly 400 million tons of waste, highlighting the shift in waste management strategies [22][24]. Group 4: Technological Advancements and Resource Utilization - The article discusses how technological advancements have allowed for the transformation of previously discarded materials, such as kitchen waste and used cooking oil, into valuable products like biodiesel and green methanol [27][29]. - The recycling of textiles into regenerated fibers is another example of China's leadership in circular economy practices, with initiatives to enhance resource recovery and sustainability [32][34]. Group 5: Comprehensive Industrial Chains - The article illustrates how industries in China benefit from complete industrial chains, where even waste materials can be profitably processed, leading to lower raw material costs and higher efficiency [34][37]. - Companies like Mixue Ice City are integrating supply chains to reduce costs and enhance competitiveness, demonstrating the trend of vertical integration in various sectors [37][38]. Group 6: Global Comparisons - The article contrasts China's resource utilization with that of other countries, noting that many foreign industries fail to capitalize on by-products due to technological limitations, leading to waste [40][42]. - China's unified market and extensive cultural heritage provide a unique advantage in maximizing resource use across various sectors, making it difficult for other nations to replicate this efficiency [42][44].