中国消费品 -宠物食品月报（2025 年 11 月）：双十一期间天猫增长普遍疲软，中国宠物食品表现好于预期-China Staples_ Pet Food Monthly_ Nov 2025_ Generally weak Tmall Growth in Double 11; China Pet Foods better than expected

Summary of the Pet Food Industry Conference Call Industry Overview - The report focuses on the China Pet Food industry, specifically analyzing domestic demand, average selling price (ASP) trends, competitive dynamics, and overseas demand for pet food products [1][2]. Key Insights 1. Growth Performance: - Domestic brands in the pet food sector experienced a 17% year-over-year (yoy) growth in GMV for October and November combined, outperforming other local brands at 8% yoy and global brands which saw a 9% yoy decline [2]. - China Pet Foods achieved a remarkable 43% yoy growth in GMV, driven by strong performances from Wanpy and Toptree [2]. - Gambol recorded a 15% yoy growth, down from 22% in 3Q, while Petpal and Meatyway saw a turnaround with 3% yoy growth in November after a -14% yoy decline in October [2]. 2. Sales Channels and Trends: - The premiumization trend continues, with top brands like Rosy Fresh and Toptrees attracting more fans and sales compared to previous months [2]. - There was a noted improvement in the organic traffic mix in November, with a shift towards higher non-livestreaming sales across brands, except for Pro Plan [2]. 3. Overseas Demand and Cost Trends: - Imports into China saw a significant decline, with a 49% yoy drop in August, worsening from -18% yoy in July, attributed to tariff impacts [3]. - Overall raw material costs decreased in November, particularly for Duck, Starch, and PET, although there was a slight rebound in Chicken costs [3]. 4. Market Share Dynamics: - China Pet Foods is rated positively with a "Buy" recommendation, indicating strong market confidence [4]. - Market share for local brands like Gambol and Myfoodie has shown fluctuations, with Gambol gaining market share in certain categories while China Pet Foods has seen a slight decline in dog treats market share [20][21]. 5. Category Performance: - The performance of various pet food categories on platforms like Tmall and Taobao showed mixed results, with cat treats and dog staple food categories experiencing declines of -19% and -11% respectively in November [13]. - The baked/air-dried cat staple food category has seen a significant increase in market share, indicating a shift in consumer preferences [22]. Additional Important Insights - The Douyin channel experienced a weakening in performance compared to October, affecting most brands negatively [17]. - The overall GMV for the pet food market is derived from the combined sales of Tmall, Taobao, and Douyin, highlighting the importance of these platforms in the industry [18]. - The report emphasizes the need for investors to consider potential conflicts of interest when interpreting the findings, as Goldman Sachs has business relationships with companies covered in the report [7]. This summary encapsulates the key points from the conference call regarding the current state and dynamics of the China Pet Food industry, providing insights into growth trends, market performance, and consumer behavior.