"花费最大头的是吃食，一年光主粮要1500多元。"何苗养了2只猫咪陪伴自己，从穿戴衣物、洗澡剪毛，到宠物主粮、零食，一年花在"毛孩子"身上将近 3000元，"我还算'穷养'，我的朋友养猫一年要花四五千元。" 情绪价值催化下，"铲屎官"们捧火宠物经济，宠物食品无疑是最受益的赛道。据《2026年中国宠物行业白皮书》显示，2025年城镇犬猫数量为1.26亿只， 城消费市场规模达3126亿元，其中食品占比达53.7%。 2025年9月20日，观众在宠物产业博览会上选购宠物食品。 新华社记者 王晓 摄 一碗宠粮撑起万亿"蓝海"。在这其中，山东企业已然成为不可忽视的"中坚玩家"。光是乖宝宠物、中宠股份、路斯股份三家山东本土上市公司，2025年前 三季度营收合计超90亿元。 "中国宠物食品看山东"的行业共识下，这片土地上的玩家们正试图在全球赛道上站稳脚跟。 全国三成宠物粮山东造 今天，"铲屎官"给"毛孩子"下单的宠粮，大概率带着"山东基因"。 作为全国第一宠物食品生产大省，"十四五"期间，山东宠物食品产量增长235.5%，2024年，山东拥有宠物食品生产企业225家，宠物食品产量全国第一。 山东省宠物行业协会会长安中平曾表 ...

在宠物消费从 " 可选 " 走向 " 必选 " 、行业增速放缓的 2025 年，市场正经历残酷洗牌。资本不 再为流量故事买单，而是聚焦可持续盈利模型与真实技术壁垒。在此背景下，一个关键问题浮出水 面：什么才是真正的 " 中国宠物食品第一品牌 " ？ 答案正在麦富迪身上变得清晰。作为 中国宠物上市公司的头部企业 ，麦富迪不仅市占率稳居国产 品牌首位 ，更是在 2025 年 8 月获得欧睿咨询（ Euromonitor ） 官方认证 为 " 中国宠物食品第 一品牌 "* 。但比认证更重要的，是麦富迪已将 " 第一 " 从一个市场结果，转化为一套可复制、可 验证、可积累的系统性能力，这，才是其护城河的本质。 截至 2025 年 10 月 31 日，乖宝宠物前三季度实现营收 47.37 亿元（ +29.03% ），归母净利润 5.13 亿元（ +9.05% ）。尽管因战略性投入导致费用阶段性上升，但高端产品线持续放量，整体 毛利率稳定在 40% 以上。 麦富迪的策略非常清晰：用头部地位反哺长期能力建设，再以能力固化领先格局。 头部 品牌护城河深度：只有龙头才能构建的 " 科研 - 数据 - 供应链 " 三角壁垒 市场 ...

内容概要：近年来，宠物"拟人化""家庭成员化"的认知深入人心，养犬人群不再将狗粮视为简单的喂养 物资，而是更注重犬只的营养健康与生活品质，这使得狗粮从"可选消费"转向"刚性消费"，为我国狗粮 市场提供稳定的需求支撑，同时，单身经济、银发经济的兴起以及情感陪伴需求的激增，进一步扩大了 养犬人群规模，也让狗粮的消费频次和客单价稳步提升，据统计，2024年我国狗粮销量完成60.73万 吨，销售均价达3.58万元/吨，销售额达217.38亿元，其中，干狗粮占83.82%，湿狗粮占3.74%。 相关上市企业：乖宝宠物（301498）、中宠股份（002891）、佩蒂股份（300673）、路斯股份 （920419）、朝云集团（06601.HK）、源飞宠物（001222） 相关企业：皇誉宠物食品（上海）有限公司、上海依蕴宠物用品有限公司、雀巢（中国）有限公司、华 兴宠物食品有限公司、玛氏宠物食品（中国）有限公司、徐州苏宠宠物用品有限公司、上海比瑞吉宠物 用品股份有限公司、 上海凯锐斯生物科技有限公司、荣喜宠物食品有限公司、多格漫贸易（上海）有限公司 关键词：狗粮行业发展历程、狗粮发展背景、狗粮产业链图谱、狗粮销售规模、狗粮竞 ...

Core Insights - The report emphasizes the growth potential of overseas markets and selective domestic demand as key investment themes for 2026, highlighting the high certainty of performance growth driven by international expansion and the favorable valuation of core targets [2][4][8]. - The report identifies a divergence in performance among leading companies in the new consumption sector, with a focus on those capable of overseas production and distribution [8]. Industry Overview - The light industry manufacturing sector saw a growth of approximately 12% from January to November 2025, ranking 17th among 31 sub-sectors [12][18]. - Key drivers for the sector's performance included asset restructuring and the emergence of new consumption trends, particularly in segments like tiles, flooring, and home furnishings [12][18]. Sub-industry Investment Recommendations - **Packaging**: Companies like Yutong, Inke, and Baosteel are recommended for their strong overseas delivery capabilities and cost advantages [8]. - **Export**: Companies with robust overseas manufacturing and multi-market operations, such as Gongchuang Turf and Yongyi Co., are highlighted [8]. - **Paper**: The report suggests investing in leading firms like Sun Paper and Nine Dragons Paper, as the paper cycle is at a low point with price increases expected [8]. - **Pet Products**: The sector is anticipated to stabilize, with recommendations for brands transitioning to premium products, such as Yiyi Co. [8]. - **Trendy Toys**: Companies like Pop Mart are recommended due to their strong market position and expansion potential in overseas markets [8]. - **Tobacco**: The report is optimistic about the HNB industry and recommends companies like Smoore International [8]. - **Home Furnishings**: Despite ongoing pressures in the real estate sector, companies like Bull Group and Gujia Home are expected to find growth opportunities [8]. - **Personal Care**: The report sees potential in brands adapting to online strategies and new retail channels, recommending companies like Baiya Co. and Dengkang Oral [8]. Financial Performance Review - The packaging and printing sector showed strong recovery with double-digit growth, while the personal care sector experienced structural differentiation in performance [22][23]. - The report provides a detailed financial performance overview, indicating a recovery in revenue growth and profitability metrics across various segments [23][24]. Fund Holdings Analysis - The fund holding ratio for the light industry sector decreased to 2.08% in Q3 2025, with notable declines in the paper, packaging, and personal care segments [28][31]. - Leading companies in fund holdings include Pop Mart, Sun Paper, and Xiangxin Home, reflecting investor sentiment towards growth-oriented firms [31][33].

Core Viewpoint - The company, Guibao Pet (乖宝宠物), plans to invest 950 million yuan in a high-end pet food project in New Zealand, aiming to enhance its global supply chain and meet the growing demand for premium pet food products [1][2]. Investment and Project Details - Guibao Pet will invest a total of 950 million yuan in the New Zealand project, with an initial phase investment of 350 million yuan and a total construction period of five years [2][3]. - The project will cover approximately 48,000 square meters and will produce freeze-dried and baked pet snacks, wet food, baked goods, and health products [2]. Strategic Rationale - The project leverages New Zealand's natural resources and strict agricultural management, which aligns with the high-end pet food market's demand for natural and safe ingredients [2][3]. - The initiative aims to optimize the global supply chain, mitigate market volatility risks, and enhance the company's revenue structure and brand value [2][3]. Brand Performance and Market Position - Guibao Pet has seen significant growth in its proprietary brands, with sales during the 2025 Double Eleven shopping festival reaching nearly 1.1 billion yuan, and the brands Maifudi and Fuleijiate achieving sales of 688 million yuan and 335 million yuan, respectively [5]. - The company has maintained a strong market presence, with Maifudi ranking first in the snack category and consistently leading in overall sales on major e-commerce platforms [5][4]. Financial Performance - From 2020 to 2024, Guibao Pet's revenue increased from 2.013 billion yuan to 5.245 billion yuan, while net profit rose from 112 million yuan to 625 million yuan [5]. - In the first three quarters of 2025, the company reported a revenue of 4.737 billion yuan, a year-on-year increase of 29.03%, and a net profit of 513 million yuan, up 9.05% [5].

Group 1 - The pet food industry continues to show strong growth, with online sales increasing by 28% to 4.7 billion yuan in the first ten months of 2025 [1] - Domestic brands are experiencing a clear differentiation in rankings, with brands like Guobao, Xianlang, and Jingu leading, while brands like Blue and Honest One are declining [1] - The market share of top brands is accelerating, with the online CR3 and CR5 for pet food at 12.1% and 16.2% respectively, up by 2.2 and 2.8 percentage points year-on-year [3] Group 2 - Guobao is rapidly growing despite a high base, with its own brand sales reaching nearly 1.1 billion yuan, up 44%, and high-end product series accounting for 47% of total sales during Double Eleven [2] - Zhongchong's mid-to-high-end brand series is successfully incubating, with sales exceeding 100 million yuan during Double Eleven, a year-on-year increase of over 100% [2] Group 3 - The focus of leading domestic brands is on increasing market share, with a potential rise in marketing expenses in the short term, but long-term profit margins are expected to recover as competition stabilizes [3] - The industry is currently in a mid-stage of competition, with brands prioritizing revenue and market share growth, which may lead to an increase in overall marketing expense ratios [3]

Core Insights - The pet consumption market in China continues to thrive, with significant sales growth reported during the 2025 "Double 11" shopping festival, particularly for domestic brands like Guibao Pet and its brands Maifudi and Fleagart [1][2] - The overall pet market in China is projected to exceed 811.4 billion yuan by 2025, with pet food being the largest segment, indicating strong demand and growth potential in the pet economy [3] Company Performance - Guibao Pet's self-owned brand sales reached nearly 1.1 billion yuan during the 2025 "Double 11," with Maifudi and Fleagart achieving sales of 688 million yuan and 335 million yuan, respectively, marking year-on-year growth of 35% and 51% [1] - Other leading companies like Zhongchong Co. and Petty Co. also reported strong sales growth during the same period, confirming the robust demand in the pet food market [1][2] - Guibao Pet maintained its leading position in the domestic pet food market, with a strong brand presence and high user recognition [2] Market Trends - The consumer base for pet products is increasingly favoring online purchasing, particularly through short videos and social media, reflecting a shift towards more informed and quality-focused buying decisions [3] - The pet industry is transitioning from basic feeding to a more refined approach, with consumers seeking higher quality and brand reputation in their purchases [3] Global and Local Strategies - Zhongchong Co. has established over 22 modern production bases globally and is actively promoting its brands internationally, achieving significant market recognition [4] - Petty Co. is focusing on the pet baking food segment and is investing in product innovation and supply chain collaboration to ensure quality and stability in new product offerings [4] - The industry is witnessing a shift from price competitiveness to technological advantages, with companies leveraging digitalization across their operations to enhance user insights and product iterations [4]

人民财讯11月18日电，乖宝宠物（301498）公众号11月18日消息，截至11月14日24时，2025年"双11"期 间乖宝宠物自有品牌全网销售额近11亿元，累计发货超880万单。其中，麦富迪品牌销售额突破6.88亿 元，同比增长35%；弗列加特品牌销售额突破3.35亿元，同比增长51%。 ...

Investment Rating - The report suggests a positive outlook for the agricultural sector, indicating an "Overweight" rating for the industry, as it is expected to outperform the overall market [46]. Core Insights - The agricultural sector index rose by 2.7% while the Shanghai and Shenzhen 300 index fell by 1.1%, highlighting a divergence in performance [2][3]. - The report emphasizes the ongoing decline in pig prices, leading to increased losses and a potential acceleration in capacity reduction within the industry [2][3]. - The "Double Eleven" sales event showed strong performance for pet food brands, indicating growth potential for leading companies in this segment [2][3]. Summary by Sections Pig Farming - Pig prices have continued to decline, with the average selling price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year [2]. - Losses for self-breeding sows are significant, with a reported loss of 71.95 yuan per head, a week-on-week increase of 30.89 yuan [2]. - The report anticipates that the fourth quarter will see a lackluster peak season for pig prices, with proactive capacity reduction expected to accelerate [2][3]. Pet Food - Major e-commerce platforms reported strong sales during the "Double Eleven" event, with leading brands achieving high rankings in sales [2]. - The report highlights that domestic pet food brands are experiencing a growth trajectory, despite short-term export challenges due to trade tensions [2]. - Companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. are recommended for their strong market positions and growth potential [2][3]. Poultry Farming - The price of white feather broiler chicks has slightly decreased to an average of 3.35 yuan per chick, while chicken prices remain stable at 3.45 yuan/kg [2]. - The report notes that the supply of white chickens is expected to remain abundant, which may impact pricing dynamics in 2025 [2]. - Recommendations include focusing on leading companies like Sheng Nong Development for long-term value [2]. Beef Cattle - Prices for beef cattle and calves have seen a slight decline, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2]. - The wholesale price of beef has increased slightly to 66.73 yuan/kg, reflecting a potential upward trend in beef pricing [2].

Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]