行 业 及 产 业 2025 年 06 月 25 日 行 业 研 究 / 行 业 深 盛瀚 A0230522080006 shenghan@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 胡静航 (8621)23297818× hujh@swsresearch.com 从历年"618"购物节看宠物食品行业变化 看好 ——宠物食品行业系列深度之六 本期投资提示： 证 券 研 究 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 度 农林牧渔 - 证券分析师 ⚫ 引言：2024 年下半年以来，宠物经济的市场关注度日趋提升，板块估值拔高后，市场 对于高频数据和月度销售表现的关注与跟踪也更加细致。作为主要依赖线上销售的行 业，宠物食品在"618"与"双十一"期间的销售表现备受关注，本篇报告详细总结 2025 年"618"期间宠物食品的销售表现，同时复盘了过去五年的行业情况，并在此 基础之上，分析总结了中国宠物食品行业近年来的行业发展趋势。 ⚫ 2025 年"618"期间宠物食品销售维持高增。据星图 ...

Core Insights - The chairman of Jiajia Pet Group, Cui Jia, shared insights on the pet industry's globalization strategy, emphasizing that "Global South markets are akin to the Chinese market" and highlighting the need for a dual approach of "passion + system" to tap into emerging markets [2][4] Group 1: Market Dynamics - Despite challenges such as geopolitical conflicts and economic fluctuations, the "Global South" shows strong growth potential, with the International Monetary Fund (IMF) projecting that by 2024, economies in the "Global South" will account for over 40% of the global economy, continuing to lead in growth rates [2] - As a key member of the "Global South," China is contributing to the development of emerging markets through mechanisms like BRICS cooperation [2] Group 2: Company Strategy - Jiajia Pet Group emphasizes that internationalization must be built on local capabilities, and the rise of the "Global South" presents significant opportunities for the pet industry due to similar consumption upgrade paths as seen in the Chinese market [4] - The company has developed unique advantages over more than a decade through three core capabilities: transparent supply chain, talent cultivation, and product innovation [4] Group 3: Operational Initiatives - The company is constructing a new factory in Xuzhou, covering 200 acres with an investment exceeding 1.3 billion yuan, aimed at establishing a world-class benchmark factory for pet food with top-tier intelligent production lines [5] - Jiajia Pet has initiated a unique "100 CEO Cultivation Program" to build an international team based on self-drive, reflection, learning ability, and love for pets, referred to as the "three abilities and one love" standard [5] - The company has created a complete brand matrix with core brands like Blue's, Crazy Dog, and Zhaoyue, focusing on technological innovation and scientific feeding, collaborating with domestic and international research experts to develop differentiated products [5] Group 4: Industry Perspective - The essence of the pet industry is to convey love and companionship, which is a universal language [5] - Unlike mature markets, the "Global South market" places greater emphasis on product practicality and cost-effectiveness, which aligns with the strengths of Chinese enterprises [5] - Jiajia Pet Group aims to become a leading Chinese pet food enterprise by empowering the industry through "scientific research technology + forward-looking concepts," promoting the internationalization of Chinese pet brands, and fulfilling its mission of "creating a harmonious life for humans and pets" [5]

据饲料工业协会数据显示， 2025 年 4 月，全国工业饲料产量 2753 万吨，环比增长 4.2% ，同比增长 9.0% ；其中配合饲料、浓缩饲料、添加剂预混合饲料同比分别增长 9.1% 、 6.5% 、 9.7% 。我们认 为，随着生猪存栏恢复，肉禽养殖存栏持续高位，水产品养殖积极性高，预计饲料行业在 2025 年产量同 比恢复。此外，主要饲料企业积极出海布局，我们预计海外饲料的布局将带来饲料销量和吨利润双重推 动。关注国内饲料行业恢复和相关公司海外饲料业务拓展，关注龙头公司优势凸显。 种植：关注黄淮海旱情，把握粮价景气机遇。 近期黄淮海区域出现旱情， 5 月 12 日河南召开新闻发布会，受前期持续温高雨少影响， 4 月以来河南 气象干旱发展迅速， 40% 的县（市）出现重度以上气象干旱，豫西、豫中和豫北的大部存在重度以上气 象干旱，或影响小麦正常灌浆。 报告导读： 宠物：展望618，关注国内品牌布局。饲料：饲料产量高增长，后周期持续 复苏。种植：关注黄淮海旱情，把握粮价景气机遇。 宠物：展望 618 ，关注国内品牌布局。 根据 4 月抖音平台宠物食品销售数据，国产头部品牌表现优秀，其中猫主粮销售额领域乖 ...

新华财经上海5月9日电（记者杨溢仁）"第五届TOPS上海它博会"日前在上海开展，萌宠、美食、音乐、直播、交易、洽谈……展会现场人潮涌动，在全景 展示宠物"衣食住行康"的同时，诸多宠物品牌齐聚一堂，吸引了众多专业观众和采购商。分析人士指出，随着多元消费场景和业态的逐步建立，"宠物经 济"成为新的风口，行业前景持续向好。 "创新引领"已逢其时 得益于国内良好的"消费基底"与持续完善的营商环境，"宠物消费"规模正不断壮大。 《2025年中国宠物行业白皮书（消费报告）》显示，2024年国内城镇（犬猫）消费市场达到3002亿元。在主要消费人群中，年轻宠主占比持续攀升，"90 后"宠主占比为41.2%，"00后"宠主占比为25.6%，年轻人已经成为养宠主力军。 从高端宠物食品到智能化宠物用品，从专业宠物医疗到多样化宠物服务，年轻人的"宠物消费"呈现出多元化、个性化、高品质的特点，为"它经济"注入了新 的活力。 为培育服务消费新业态、释放服务消费新动能，日前，第五届TOPS上海它博会在上海国家会展中心启幕。 记者在展会上看到，本届展会汇聚了全国乃至全球极具影响力、创新力、时尚潮流的宠物品牌，展出面积突破10万平方米，囊括了 ...