The economic track of the pet “it” in 2022 is still hot

In 2022, the pet “it” economy track is still hot
The pet “it” economic track in 2022 is still hot, and the number of pets and pets in my country continues to increase. The increase in the number of pets has driven the pet industry to enter a wider blue ocean market. In 2022, the pet “it” economic track was still hot.
In 2022 Pets “It” Economic Circuit is still hot. “Pet shop usually takes a cat at 60 yuan for a cat, and the price increases to 100 yuan once during the Spring Festival.” During the Spring Festival, the shoveling officers also also Very helpless.
Mo the increase of pets, from pet food, pet costumes, pet toys to pet supplies, etc., a series of related industries that run through pet life show the prosperity of prosperity during the Spring Festival.
The hot pet industry has brought fire to the pet industry listed company?
This circuit continues to heat up
ICS Consultation data shows that the size of the Chinese pet market in 2015 to 2020 has continued to grow. The market size in 2020 was 295.3 billion yuan, an increase of 33.5%year -on -year. Development has continuously promoted the concept of pets, and the large -scale development of the market has made the pet market extension service continuously improved. The prospects for the development of the pet market is more optimistic. It is expected that by 2023, the market size of the Chinese pet industry will reach 592.8 billion yuan.
In fact, as early as the “Double Eleven Shopping Festival” in 2021, the hotness of the pet industry has appeared.
In the Tmall pet war report, as of 8 am on November 11, 2021, Tmall’s pets accumulated over 2020 “Double Eleven” full cycle transactions. Among them, the 49 pet brands ranked among the 10 million yuan club, and the million -dollar pets reached 308.

During the “Double Eleven” in 2021, pet smart products, pet skin drugs, pet medical services, roasting food, prescription food, frozen dried cat food and mixed cat litter consumption increase increase The speed is the most significant.
It is not difficult to see from the data that the pet market is constantly subdivided. Take the most basic pet food as an example. At first, the main products were based on cat food, dog food, etc., and gradually extended pet snacks, pet nutrition products and health products such as pets. For example, cat strips, fur cream, canned cats, etc., have become the key targets for the shoveling officers to add to the shopping cart.
The important reasons for the segmentation of the pet market are from the transformation of people’s concepts of pets. At first, people raised pets for their functionality. For example, through dog breeding, they realized their home nursing homes. However The value of companionship starts to dominate.
At the same time, the rise of the “single economy” and “silver -haired economy” also catalyzed people’s emphasis on spiritual and emotion, and to a certain extent to promote the development of the pet industry. Nowadays, young people choose to live alone or busy with their careers. At this time, under economic conditions, raising one or more pets to accompany themselves is undoubtedly a good choice; at the same time, when you cannot accompany your parents Below, pets can also play an important role in accompanying parents.
, although the pet track is quite hot, it is not as prosperous of the pet industry for listed companies in the pet industry.
What is this?

The dilemma faced by pet listed companies
Public information shows that there are currently 4 domestic listed companies in the domestic pet industry, including pet food manufacturers Perti (300673.SZ) and Zhongye Shares (002891.SZ), pet supplies manufacturer Yiyi (001206.SZ), and BQ.NYSE, the first share of the “domestic pet vertical platform” on the US stock market.
From the perspective of quantity, there are fewer listed companies in the pet industry. In terms of performance, from the situation in 2021, a certain decline has also occurred.
The pet shares in the “first share of pet concept” as an example, the main business of Zhongye shares is the research and development, production and sales of dog food for dogs and cats.
The third quarterly report of 2021 shows that China Pet shares achieved revenue of 2.012 billion yuan in the first three quarters of 2021, an increase of 24.20%year -on -year; net profit attributable to mothers was 91.713 million yuan, a year -on -year decrease of 4.71%. Among them, Zhongyong’s revenue achieved revenue of 755 million yuan in the third quarter of 2021, an increase of 19.48%year -on -year; net profit attributable to mothers was 310.218 million yuan, a year -on -year decrease of 38.11%.
Petti shares, which are also pet food manufacturers, are facing the risk of double revenue and performance. The third quarterly report of 2021 showed that Petty’s revenue achieved revenue of 915 million yuan in the first three quarters of 2021, a year -on -year decrease of 5.84%; net profit attributable to mothers was 78.6841 million yuan, a year -on -year decrease of 5.19%. Among them, Petty achieved revenue of 204 million yuan in the third quarter of 2021, a year -on -year decrease of 47.77%; the net profit attributable to the mother was 13.7266 million yuan, a year -on -year decrease of 65.44%.
On January 13, 2022, Petty issued a 2021 performance forecast, which is expected to achieve a net profit attributable to shareholders of listed companies of 60 million to 90 million yuan, a year-on-year decrease of 47.75%-21.62%, mainly because the Vietnamese factory receives affected by the Vietnamese plant. Affected by factors such as epidemic suspension.
Compared with the decline in the net profit of China Pet and Petty, the fiscal year 2022 showed that Boich Pets belonged to the parent company’s net loss of 78.491 million yuan, a loss of 50.40%in the synchronization of losses.
In addition to facing the decline in performance, affected by the price increase of raw materials began in 2021, pet food is also undergoing risk of fluctuations in raw materials.
The pet shares said in the semi -annual report of 2021 that their main raw materials are meat products such as chicken breasts, duck breasts, and leather rolls. The influence of the price fluctuations of raw materials on its operation directly affects operating costs. If the price of raw materials rises, there is generally lagging price adjustment with customers, which will lead to a decline in gross profit margin level in the short term.

For listed companies in the domestic pet industry, brand effects will also become a focus of enterprise breaking through themselves.
It still takes Zhong’s pet shares as an example. China Pet shares always show the characteristics of internationalization in its income performance, but it is still weak in domestic market and brand building, which needs to be further strengthened.
The semi -annual report of 2021 shows that the main business income of China pet shares is mainly derived from overseas markets. In the first half of 2021, the overseas revenue of China pet shares was 943 million yuan, an increase of 25.39%year -on -year; domestic revenue was 314 million yuan, a year -on -year increase of 33.00%.
The pet industry is still optimistic about capital. Data show that a total of more than 3.62 billion yuan in the total financing of pet tracks in my country in 2021, with 57 financing numbers.
It, there is a certain growth space for Chinese pet penetration (that is, families with pets to account for all families). At present, the penetration rate of Chinese pets is only 22%, while the American pet penetration rate is 68%, Canada is 52%, and Australia is 57%.
Therefore, the fiery pet tracks are both opportunities and challenges for pet companies with refined tracks. How to build its own brand after improving the quality of its own products will also become a crucial factor that affects the future development of the enterprise.
The pet “it” economic track in 2022 is still hot. In recent years, major consumer brands have set up the popularity of “kittens and puppies”.
For example: McDonald’s launch a limited cat’s nest package, happy tea opening pet friendly theme shop, perfect diary launch with Li Jiaqi’s pet NEVER -eye shadow plate, Starbucks launched cat paw cup, and so on.
In fact, the marketing ideas bundled with pets have indeed made these companies get a double harvest of traffic and sales.
McDonald’s 100,000 limited -limited cat nests were sold out within a day, and related Weibo topics discussed more than 100 million; the pet -friendly theme store opened by Xisha has attracted a lot of consumers to take pictures and check in; perfect diary; perfect diary The co -branded puppy eye shadow plate with Li Jiaqi’s dog NEVER, which was sold out in less than 1 minute in Li Jiaqi’s live broadcast room; Starbucks’s cat’s claw cup was “difficult to find.”
behind the “big fire sale” is the love and pursuit of new consumer groups for new things, and it also reflects that my country’s pet market is constantly rising.

The pet economy: The booming market
According to the data of the “White Paper in China’s Pet Industry in 2020”, the number of pets in my country continued to increase. In 2020, the number of Chinese dogs and cats has exceeded 100 million, and the number of cats raising cats reached 62.94 million, an increase of 2.8%; over 60%of them are distributed in first- and second -tier cities. The increase in the number of pets has driven the pet industry to enter a wider blue ocean market.
“I would rather save money by myself, and give pets better living conditions.” This is the inner monologue of many pets at the moment. The pet industry industry chain can be divided into three parts: upstream and downstream: the upstream is pet adoption and trading, the middle reaches include pet food and supplies, and the downstream includes pet beauty, foster care, medical care, insurance and other services.
is precisely because the position of pets in people’s lives is getting higher and higher. Around the pet industry chain, the entire industry has begun to “grow quickly”.
In Taobao’s release data, the “Double 11” cat food in 2019 has exceeded baby milk powder and won the list of “Most Popular Imported Products”; during the “Double 12” period of the “Double 12” period The sales volume of machines and dog nest electric blankets has increased significantly.
During the Spring Festival this year, pets such as pet dinner, pet couplet and other products are also very popular on e -commerce platforms. Taking pets of the New Year’s Eve, the price ranges from dozens of dollars, and the highest is nearly 1,000 yuan.

Pet consumer goods have involved the daily aspects of pets. According to the “2020 Chinese Pet Consumption Market Report”, the annual consumption amount of a single pet in 2020 is 6,653 yuan, compared with 2019 in 2019 5561 yuan, a year -on -year increase of 19.6%; it can be seen that the willingness of pet owners to spend money for pets is becoming stronger.
If according to the “White Paper of China’s Pet Consumption Trends in 2021”, the size of the pet economy in 2020 has nearly 300 billion yuan, and it is expected to reach 445.6 billion yuan by 2023.

Source: Iri Consultation, Red Star Capital Bureau
Pets, and the willingness to spend money for pets are continuously increased. Under the huge market size, the pet track appears to be “seductive people”.
Inned data from Tianyan, since 2015, the pet track has quickly become the “fragrant” of capital. In the following years, the market enthusiasm has not diminished whether it is the amount of financing or the amount of financing. According to the incomplete statistics of business, in 2021, a total of 42 financing in the domestic pet industry, the amount of financing disclosed has exceeded 3.1 billion yuan.
The market focus on key areas include pet food, pet supplies and pet medicine.
Pet food is a major necessity that runs through the pet’s life cycle. It has the characteristics of high frequency, strong rigid demand, and high rehabilitation rate. Therefore, it is the most important field in the entire pet consumption structure. In 2021, a total of 16 financing incidents occurred in the field of pet food, with a cumulative financing amount exceeded 1.6 billion yuan.

Source: public information, one -view commercial
Pet supplies are required for pet life. It is a consumer product category except food and is currently developing in the direction of intelligence. In 2021, a total of 13 financing events occurred in the field of pet supplies (including pet intelligence), with a cumulative financing amount of nearly 300 million yuan, which is the second largest market segment of financing second only to pet food.

Source: Public information, Yijiu Commercial
This is the field with the highest funding and technical threshold in pet economy, covering three categories: pet diagnosis and treatment, pet drugs, and pet vaccine. In 2021, a total of five financing in the pet medical industry, with a cumulative financing amount of 700 million yuan. From the perspective of financing, companies with more than 100 million yuan in the pet industry in 2021 are mainly concentrated in the field of pet medical.

Source: public information, Yijiu Commercial
, according to Tianyan check data, as of the end of October 2021, more than 750,000 pet -related enterprises in China, new registered enterprises in the first half of 2021 The year -on -year growth rate was as high as 237.74%.
The enrollment of new players and the continuous increase in capital have made pet tracks full of vitality and lively.
The side of the pet economy: Listed companies sitting on the “cold bench”
Although the pet economy looks extraordinary, there are relatively few A -share listed companies that are focusing on the pet economy at present. Producer Petty (300673.SZ), Zhong Pet (002891.SZ), and pet supplies manufacturer Yiyi (001206.SZ); at the same time, the volume of enterprises is relatively small and the business coverage is relatively narrow.
1. The performance of pet listed companies
If of corporate revenue, according to the financial report data of various enterprises, the operating income of Petty, China Pet Co., Ltd., and Yiyi shares in the first three quarters of 2021 were 915 million yuan, respectively. , 2.012 billion yuan and 944 million yuan, a year-on-year growth rate of -5.8%, 24.2%, and 2.2%, respectively; while the high revenue of China Pet shares in the first three quarters was mainly due to the acquisition of 70%equity of PFNZ%equity of New Zealand Pet Factory. Incident in the merger statement. Aside from the acquisition factors, the revenue increase in each enterprise in the first three quarters was relatively weak.
It net interest rates, the net interest rates of each enterprise are not high. Petty, China Pets, and Yiyi shares in the first three quarters of 2021 were 8.78%, 5.26%, and 10.98%. The net profit decreased by 47.75%to 21.62%compared with the same period last year, mainly due to factors such as the suspension of the Vietnamese plant.

At the same time, the main sources of revenue of the three companies are from overseas. According to the financial report, in 2020, the proportion of Petty, China Pet, Yiyi’s overseas and other business revenue accounted for 85.14%, 75.89%, and 88.13%of the total revenue. Brands provide production foundry services.
Because the enterprise mainly follows the “foundry” model, the gross profit margin of the enterprise is not high. In contrast, the United States focuses on making fresh and natural pet food companies Freshpet (FRPT.US), and the gross profit margin of enterprises is basically maintained at more than 40%. In addition, the “foundry” model of these domestic enterprises also needs to face the risk of changes in raw material costs in the upstream of production, and at the same time, there is no premium for its own brand. Without the right to speak, it can be said that everything earns “hard money”.

Source: Company Financial Report, Red Star Capital Bureau
2. Self -built brands, companies still have a long way to go
In order to increase the brand’s influence, increase the bargaining ability of the product’s bargaining ability These domestic companies, which started by foundry, are trying to launch their own brands to obtain greater profit margins.
For example, China pet shares have launched “Wanpy Naughty” and “ZEAL” in the domestic market, and the pet snack brand “WANPY”, “Jerky Time”, “Toptrees” in overseas markets; The brand is good, the teeth can checknergy, the juefan meatyway, Petty, CPET, etc.; The own brand launched by Yiyi shares is Hushpet.
but the road to self -built brands is actually not easy to go. On the one hand, the end users of pet tracks are scattered and it is difficult to quickly touch the consumer level; on the other hand, buyers and users of pet foods are separated by separation Consumers tend to buy the brand they trust, so it is relatively difficult to acquire customers.
This may cause enterprises to vigorously burn money and smash marketing in order to launch their own brands, but the market has an embarrassing situation. For example, domestic pet e -commerce companies listed on the United States to list the first Pochi Pet (BQ.), The company first launched the “Yipin” of the cost -effective route, and invited Jia Nailiang to endorse, and then launched the “Demon Cashi Magic Cashi brand of the light luxury route “”. However, these two own brand conditions are not optimistic, product sales are always difficult to increase, and the proportion of net income of its own brands has also been declining. The financial report shows that in fiscal year, fiscal year in 2020, and fiscal year in 2021, the net income brought by its own brands accounted for 25.9%, 19.2%and 15.1%, respectively. According to the company’s financial report
For these listed companies in China, if you want to get brand dividends and get more consumer recognition, there is still a long way to go.

thinking caused by the A side and B side
one side is a huge market and the capital that competes for the first time. Failure layer.
The reason why the “fault” appear is mainly because the domestic pet market is still in the barbaric development period, the market is universal competition, and the concentration of the entire industry is also low.
In from the point of view of the pet food industry, according to data, the domestic pet food market CR10 in 2020 accounted for only 18.2%of the market size of China’s pet food industry, which means that there are many players in the pet food industry, but there are real market spoken rights. There are few brands. In addition, due to the low threshold of the pet supplies industry and diversified pet demand, the industry also has a high degree of dispersion, and there is no major brand.
The pet medical market due to information asymmetric and asymmetric in resources. In recent years, the entire industry has shown a “chaotic frequency” state as a whole. According to the “Pet Medical Industry Report”, there were a total of 10,000 to 15,000 pet hospitals nationwide in 2019, of which the number of large -scale chain hospitals accounted for less than 15%. Many problems such as opaque charges in the pet medical industry, low medical level, and poor service quality need to be resolved.
The population base in my country is large. At the same time, due to the aging population and the pressure of young people’s life, the future imagination space of “its economy” is huge, but on the other hand, the development of my country’s pet market is still in its infancy, and the industry is still in the industry. It takes time to practice the rules of the survival of the market. For players, this is an opportunity to challenge.
The pet “it” of the pet “it” in 2022 is still hot 3 to buy new clothes, prepare meals, and make a beauty of hairdressing. It has become a must -have “three -piece set” for pets for the New Year? Yes, you did not hear it wrong.
If surveys from an e -commerce platform, in 2022, the pet New Year’s service was selected for the first ten fastest “new” annual goods for the first time. Imported products related to pet “clothing, food, housing and transportation” ushered in the peak of sales. The amount has doubled, and the sales of pet staple foods, cleaning supplies, and other sales increased by more than 60%year -on -year.
Pets are hot every year, reflecting the new trend of consumption in the tiger -the domestic pet economy is accelerating the rise, and it is increasingly becoming an incremental market.
The New Year will not only have a new weather, but also the “new image” of pets. In recent years, as pets have become a new lifestyle with pets, the role of pets is no longer a “home nursing home”, and more and more people are willing to pay for pets. During the Spring Festival, many people took their own “hairy children” to take a bath and beauty, put on the new clothes of the year of the tiger, but also added grain, grass, New Year toys, and ordering “Pet New Year’s Eve”, which was expensive.

The daily this is also the same. High -quality pet food, deworming sterilization, and seeking medicine after illness are the rigid needs of pets. , Have a good time, live a high quality, do not hesitate to spend a lot of money. Behind the cute pet, the complete industrial chain that covers food, transactions, supplies, and services from birth to death has been formed. The “White Paper in China’s Pet Industry in 2021” shows that the scale of the cities and cat markets in the Chinese town reached 249 billion yuan, an increase of 20.6%year -on -year, 8 percentage points higher than the total retail sales of consumer goods in 2021, indicating that the pet economy has caused huge driving for Chinese society consumption in Chinese society. effect.
The pet economy is booming, with its profound historical background. At the moment when the level of material living is continuously improved, on the one hand, with the “Gen Z” (born from 1995 to 2009), it became a new main consumer army. They were more willing to consume pets for their pets; on the other hand, my country’s population aged aging It is increasingly prominent, and the number of single youths, Dink families, and young children have continued to increase; during the epidemic period, more and more people love “cloud sucking pets” … various factors are superimposed, driving the pet economy rapidly, and moving from the niche market towards the niche market towards the niche market towards Popular markets of 100 billion yuan.

Despite the hot market, the pet industry in our country starts late, and there are still weak shortcomings such as lack of strict standards, full consumption types without strong types, and existing products and services. Increasing demand. How to choose high cost -effective food for “hairy children” and where to find a professional doctor to see a doctor is a problem faced by pet owners, especially pet medical expenses of tens of thousands of yuan, chaotic service charging standards, etc. Horgeous and troublesome. How to promote the standardization, quality, and standardized development of the pet industry is a problem that needs to be solved in the future.