Core Viewpoint - The companion animal business of leading animal health companies in China, such as Hai Zheng Dong Bao, Rui Pu Sheng Wu, and Jin He Sheng Wu, has shown significant growth, driven by product innovation and channel expansion, indicating a shift towards the companion animal market amid the rising "pet economy" [1][2]. Group 1: Company Performance - Rui Pu Sheng Wu's pet business achieved a revenue of 415 million yuan, a year-on-year increase of 17.94%, with the pet supply chain revenue reaching 376 million yuan, up 18.49% [1]. - Hai Zheng Dong Bao's pet business grew over 60%, with expectations that pet business will account for over 50% of its total revenue by 2025 [2]. - Jin He Sheng Wu is actively advancing its pet health business, currently offering 15 pet products, including 8 health products and 1 rabies vaccine [2]. Group 2: Product Innovation - Rui Pu Sheng Wu focuses on technological research and development, holding 115 new veterinary drug registration certificates, including 17 for pet products [3]. - Hai Zheng Dong Bao emphasizes the optimization and upgrading of pet medicines, with products like Xi Bei An being the only compliant compound for cat deworming [3]. - Jin He Sheng Wu has made significant progress in pet vaccine research, recently obtaining a patent for a dual-subunit vaccine for feline infectious respiratory disease and feline panleukopenia [3]. Group 3: Sales Expansion - Rui Pu Sheng Wu has established a nationwide pet medical supply chain service network, reaching 8,400 pet hospitals and 3,500 pet stores, with ongoing expansion into new regional markets [3]. - Hai Zheng Dong Bao is enhancing its online self-operated e-commerce capabilities, achieving over 100 million yuan in sales during the first half of the year, with a significant increase in orders during the "618" shopping festival [3]. - Jin He Sheng Wu is leveraging AI technology to create a digital channel through its pet app "Ai Chong Yi," which integrates service and sales, enhancing user engagement and sales opportunities [4].