Core Insights - The rapid growth of the pet economy is prompting food and beverage brands to explore new growth opportunities by entering the pet market [1][2] - Companies like Three Squirrels and Miaokelando are launching pet food brands, indicating a trend of diversification within the industry [1][2] Company Developments - Three Squirrels has established a pet food brand called "Hungry Meow," expanding its product range to include pet food and supplies [1] - The company plans to build over 30 factories to cover a full range of pet products, including staple food, snacks, and health products [1] - Miaokelando has initiated recruitment for positions related to its new pet cheese business, marking its entry into the pet market [1] Market Trends - The pet food market is projected to exceed 300 billion yuan by 2024, with pet food accounting for 52.8% of the market share [1] - Over 30 leading companies from various sectors, including food and beverage, pharmaceuticals, and retail, have entered the pet industry in recent years [1] Financial Performance - Three Squirrels reported a revenue low of 7.115 billion yuan in 2023, with a net profit margin of 3.84% in 2024, indicating challenges in its core business [2] - The brand's sub-brand "Golden Dad" is targeting young consumers with competitively priced products, achieving significant sales on e-commerce platforms [2] Industry Insights - The pet market is undergoing a deep adjustment phase, with innovation and product iteration being key for companies to stand out [2] - Food industry companies have a natural advantage in the pet economy due to their experience in functional and segmented product development [2]