Core Viewpoint - The article highlights the growth and expansion of Zhongchong Co., a leading player in the pet food industry, particularly under the leadership of its founder, Hao Zhongli, who has made significant investments and strategic moves to enhance the company's market position and global footprint [1][4][22]. Company Overview - Zhongchong Co. has invested over 800 million yuan in New Zealand, acquiring the high-end pet food brand ZEAL and establishing three production bases [1]. - The company started from pet snack OEM and now owns several brands, including Wanpi and Zhenzhi, with 22 production bases globally [3][22]. - The stock price of Zhongchong Co. has increased nearly 80% since the beginning of the year, indicating strong market performance [4]. Financial Performance - From 2022 to 2024, Zhongchong's revenue is projected to rise from 3.248 billion yuan to 4.465 billion yuan, while net profit is expected to grow from 106 million yuan to 394 million yuan, nearly quadrupling [7]. - The company's gross margin was 29.13% last year, which is lower than its competitor, Guobao Pet, at 42.32% [10][11]. - The company has improved its domestic gross margin to 35.18% through product restructuring and the introduction of high-margin products [11]. Market Strategy - Zhongchong Co. focuses on the mid-to-high-end market, leveraging a "domestic brand + cost performance" strategy [9]. - The company has shifted from an OEM model, which contributed 58% of its revenue, to a self-operated sales model, with over 68% of revenue coming from overseas [14]. - The company has established a strong online presence, with e-commerce channels accounting for approximately 70% of total pet sales in China [17]. Marketing and Branding - The company employs various marketing strategies, including collaborations with celebrities and social media influencers, to enhance brand visibility [18]. - In 2022, online sales of its proprietary brands accounted for 60% of domestic revenue, while offline sales made up 40% [19]. Research and Development - Zhongchong Co. invested 72.68 million yuan in R&D last year, a year-on-year increase of over 50%, representing 1.63% of total revenue [20]. Global Expansion - The company has established 22 production bases worldwide, including in the U.S., Canada, and New Zealand, and products are sold in 85 countries [22][23]. - The U.S. factory, built with an investment of 28 million USD, became profitable in its first year of operation [21]. - The company plans to expand its production capacity in North America, with a second factory expected to be completed by 2026 [24].

中国猫粮行业调研简报 | 2025/03 www.leadleo.com 报告标签：宠物食品行业、猫粮市场、宠物消费 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/03 宠物食品行业 Q1：城镇宠物猫市场的持续扩大，是否意味着未来猫粮市场仍有较大的增长 潜力？在哪一细分猫粮市场上有更大的发展趋势？ 图表1：2021-2024年城镇宠物猫市场变化 5,429 6,536 6,980 7,153 19.9% 16.1% 6.0% 10.7% 0% 5% 10% 15% 20% 25% 0 1,000 2,000 3,000 4,000 5,000 ...

文｜《好博会》报道组 张俊 【期数】 No.57 【人物】 卫仕联合创始人 吕少骏 【 TA 说】 宠物寿命有限，哪怕能让它健健康康地多活一天，就让我们所有的努力，有了结结实实的 意义。 吕少骏至今仍然清楚记得，儿时陪伴了自己多年的猫咪在它8岁那年离开了。 年幼的他当时还不懂，以为猫的寿命就是那么短。后来他才知道，原来猫是可以活到15- 20岁的。 但它为什么没有活到这个年纪？ 他总结为喂养习惯问题。早年中国人养宠物大多是工具属性，比如抓老鼠、看家护院，喂的 也是剩菜剩饭，往往会忽视宠物的营养和健康问题。 这段童年记忆也在他的心里种下了一颗创业的种子，那就是要为中国的宠物健康做一些事， 让宠物们活得更健康一些，与主人的陪伴时间更久一些。 6月27—29日，在北京展览馆，卫仕将带着他们研发的宠物食品亮相首届美好生活博览 会。届时，卫仕的"余粮碗"公益活动也将暖心上线，现场观众参与"不弃养承诺"打卡行 动，即可领取"余粮碗套装"，为流浪小猫带去一份温暖与关爱。 创业初心 让宠物活得更健康一些 2005 年，国内宠物食品赛道几乎还处于蛮荒期，也就是在那年，一群年轻人怀揣着让宠物 活得更健康一些的初心，创立了卫仕品牌 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 农林牧渔 618 京东宠物战报发布，行业热度不减 本周热点：618 京东宠物全周期战报发布，400 个商家成交额翻倍，国 产品牌持续提升。6 月 19 日，京东宠物发布了 618 年中大促全周期终极 战报，统计时间为 5/13-6/18（去年大促为 5/20-6/18）。 数据显示，1）在用户层面，618 期间京东宠物 400 个商家成交额翻倍， 成交用户同比增长 32%、新晋养宠用户同比增长 39%、PLUS 用户同 比增长 35%。2）在品牌方面，犬猫宠物干粮皇家双榜第一，犬猫宠物 零食麦富迪双榜单第一；其中猫干粮 TOP10 分别是：皇家、麦富迪（上 升 2 位）、网易严选、渴望（新入榜单）、蓝氏、天然百利、爱肯拿、弗 列加特（新入榜单）、诚实一口（新入榜单）、冠能。狗干粮 TOP10： 皇家（上升 2 位）、麦富迪（持平）、伯纳天纯、疯狂小狗、爱肯拿（上 升 4 位）、渴望、网易严选、蓝氏（新入榜单）、冠能、凯锐思；猫零食 /湿粮 TOP5：麦富迪（上升 1 位）、蓝氏（上升 6 位）、顽皮（上升 1 位）、弗列加 ...

暑期来临，学生和家庭的出游计划在直播间得到满足，美腕直播间总计售出近10万件旅游景区和酒店套 餐，覆盖迪士尼乐园、乐高乐园、环球影城等热门游乐园，并挖掘不少特色旅游项目，如安吉云上草 原、张家界森林公园等。新疆、稻城亚丁、乌镇、九寨沟、长白山等地成为热门旅游目的地，销售量均 远超预期。 乘着"国补"政策东风，年轻人纷纷为兼具设计感与情绪价值的科技产品买单。他们不仅关注智能产品的 科技创新，更被其附加的"情绪价值"所吸引。GoPRO运动相机、徕卡拍立得等兼具潮流与社交属性的 产品，成为年轻一代追捧的代表选择。 6月20日，今年的618大促迎来收官，美腕直播间数据显示，总计参与品牌超1700家，其中国货产品占半 数，贡献了近六成的销量。 众多热销商品中，"夏日经济""情绪经济"成为高频词，从消暑旅游地到乐园、酒店门票，从潮玩盲盒到 智能小家电，再到养宠人的多层次需求，推动直播间时尚品类、宠物品类双双增长超25%，见证了消费 市场从"刚需囤货"到"品质悦己"的转变。 今年618，许多消费者在直播间为自家冰箱囤货冰淇淋，伊利甄稀、八喜、和路雪、哈根达斯等多品牌 冰淇淋受到青睐，直播间总计售出近90万支/盒冰淇淋，用丰 ...

泡泡玛特又一次火出圈了。 财报显示，LABUBU所属的The Monsters系列2024年销售额突破30.4亿元，同比暴涨726.6%，收入首次超过MOLLY，成为泡泡玛特最赚钱的IP。 除了盲盒之外，这两年黄金、宠物、量贩零食等新消费赛道也迎来爆发。新型消费冲破了此前消费行业里长期密布的阴霾，部分上市公司股价涨幅甚至超 过十倍，成了中国资本市场中最具想象力的一条主线。 泡泡玛特股价表现（自上市至今） 只要踩中00后的消费观，生意就更有机会起飞——这是本轮消费股行情相比此前最大的不同之处。这一现象与近两年大众所熟悉消费降级、收入焦虑等判 断几乎截然相反。 这热潮背后折射出的，不是"传统消费者"消费逻辑的转变，而是00后消费逻辑的清晰。 面对生活必需品的消费，他们也会试着和80后一样精打细算，力求性价比。但他们却更愿意为某种认同感或情感投射，去支付远超产品本身的溢价。 看似反常，但实际上这是00后们在复杂的经济与社会环境中所做出的某种"理性叛逆"。而泡泡玛特的再次爆火，也成了这场年轻人情绪消费繁荣的一个典 型案例。 割裂 此前泡泡玛特的爆火，和一个消费群体脱不开关系，就是Z世代。 所谓Z世代，通常指1995至 ...

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]

此外，"618"大促也成为宠物产品"消费升级"的契机。在李佳琦直播间，全自动打包猫厕所、智能喂食 器等智能化宠物用品销量亮眼。直播间宠物品类销量榜单TOP10中，国货品牌占据八席。"这类产品不 仅能提高宠物的生活质量，还能满足宠主对养宠便利性和科技感的需求。"李佳琦直播间相关工作人员 表示。 传统电商平台上的宠物类目消费数据同样亮眼。近日，京东宠物官方发布数据显示，在"开门红"28小时 内，宠物业务成交用户同比增长23%，高价值用户活跃度显著提升，PLUS用户同比增长78%。成交额 实现同比翻倍增长的品牌超过500个，趋势商品成交金额同比增长更是超过130%。 "618"大促进入下半场，各大电商平台阶段战报数据显示，宠物消费展现出强劲增长势头，其中直播电 商成为重要助推力量。 6月11日，李佳琦直播间发布"618"大促数据显示，宠物品类销量同比增长73%，刚需囤货成为宠物消费 的主力：猫狗主粮、猫狗零食、猫砂等高频消耗品销量飙升。截至目前，"618"大促中，李佳琦直播间 猫粮、狗粮销量在宠物产品总销量中占比高达92%。 在什么值得买（300785）"618"开门红期间，宠物服饰、宠物主粮、宠物驱虫、宠物营养、 ...

自正式踏入中国市场，CHARM 野性魅力，便以势如破竹之姿，实现连续三年翻倍增长。在竞争激烈的宠物食品赛道中，这份成绩的取得并非偶然，而是 品牌战略与市场实践深度融合的成果。 对于常流连于宠物 KOL 直播间的消费者而言，野性魅力已成为熟悉的伙伴。短短两年时间，野性魅力凭借差异化的销售策略与运营重心，与 60 余位业 内知名宠物 KOL 达成深度直播合作。在 2024 年 618 大促这场电商盛宴中，野性魅力成功跻身天猫国际宠物品牌成交榜 TOP5，这一成绩不仅是市场对野 性魅力的认可，更是野性魅力深耕中国市场的阶段性成果展现。 亮眼成绩的背后是品牌硬实力的体现，野性魅力产品以"高蛋白、低升糖"为核心卖点，精准切中当下国内宠物肥胖率攀升的痛点。这一差异化定位不仅迎 合了现代宠物主对健康喂养的追求，更在竞争激烈的宠物食品市场中开辟了独特的增长赛道。 野性魅力是来自北美地区进口(加拿大进口)宠物食品品牌，以"满足犬猫原始狩猎天性，打造符合犬猫饮食需求的宠物食品"作为品牌理念，严苛产品选材 标准，采用低温慢煮的工艺、以多种鲜肉入料，最终打造一口粮七种肉的优质宠粮，在保障宠物饮食健康的基础上满足了宠物的肉食天性。目前 ...

Summary of Yuanfei Pet's Conference Call Company Overview - **Company**: Yuanfei Pet - **Industry**: Pet Food and Supplies - **Market Focus**: Primarily targeting the United States, Europe, Japan, and gradually entering the domestic market Key Points and Arguments Business Performance - **GMV Trend**: Yuanfei Pet's GMV shows a consistent month-on-month increase, with strong performance in both pet food and supplies [2][3] - **Sales Growth**: The company achieved several million yuan in sales in Q1 2025, with a focus on international brands and a successful launch of its own brand, Pikapoo dog snacks [2][10] Product Lines and Market Strategy - **Product Development**: The company operates in two main product lines: pet food and supplies, expanding from chew toys to meat snacks and various pet supplies [4][10] - **Market Entry Strategy**: The domestic market strategy involves three steps: starting with agency operations, launching its own brands, and improving the supply chain [11][12] Production Capacity - **Overseas Production**: Since 2018, Yuanfei Pet has shifted production overseas, with completed capacity in Cambodia. By 2026, food production capacity is expected to reach 1 billion yuan, and supplies capacity around 400 to 500 million yuan [6][8] Order Stability and Trade Impact - **Order Stability**: Despite tariff impacts, overseas orders remain stable, with U.S. orders accounting for approximately 60% to 70% of total orders [7][8] - **Tariff Impact**: The 10% tariff in Southeast Asia is borne by customers, minimizing direct impact on the company [7] Future Growth and Brand Development - **Self-Brand Goals**: Yuanfei aims to achieve a scale of approximately 100 million yuan for its own brands in 2025, with a long-term goal of reaching 300 to 500 million yuan within three years [14][40] - **Profitability Timeline**: The company anticipates reaching breakeven for its self-brands within three years, depending on market conditions and growth rates [15][41] Marketing and Customer Engagement - **Target Demographics**: The Pikapoo brand targets younger consumers, with plans to expand product offerings to drive growth [19][23] - **Online Sales Strategy**: The primary sales channel for self-brands is Douyin (TikTok), with plans to expand to other platforms in the future [16] Financial Metrics - **Gross Margin**: The gross margin for self-brands is stable at 40% to 50%, with a tolerance for short-term losses around 1 million yuan [25][34] - **Profitability of Agency Business**: The agency business maintains a gross margin of 4% to 5%, with a focus on profitable partnerships [29][30] Competitive Landscape - **Market Positioning**: Yuanfei Pet leverages over 20 years of industry experience, combining sales, production, and R&D capabilities to differentiate itself from smaller competitors [13][31] Future Outlook - **Growth Projections**: The company expects stable growth in the global pet industry, driven by customer expansion and product diversification [9][36] - **Investment Plans**: Future capital expenditures are projected to be around 100 million yuan for the Cambodian facility and product line expansion [38] Strategic Focus - **Short-term Strategy**: In the next three years, the company will prioritize agency operations while gradually shifting focus to self-brand development [39] This summary encapsulates the key insights from Yuanfei Pet's conference call, highlighting the company's strategic direction, market positioning, and financial outlook in the pet food and supplies industry.