农林牧渔行业:如何看待2025年宠物食品双十一表现?

华泰证券股份有...
Nov 17, 2025

2025 年宠物食品市场双十一呈现交易火热、头部品牌格局趋于稳定两大特征。品牌层面弗列加特/鲜朗/领先排名提升迅速,乖宝麦富迪天猫/京东基本盘稳定。我们认为伴随行业进入高质量发展期,产业及资本加大投入势必带来短期行业竞争边际加剧,而伴随宠主消费趋于理性,未来宠物品牌的竞争将更加侧重于优质产品而非“营销噱头”,中长期来看,具备较强研发及供应链优势的头部宠企有望拔得头筹,建议关注乖宝、中宠、佩蒂。宠物...

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