业内人士对财联社记者表示，宠物食品的主要原材料为白羽肉鸡/鸭生产的鸡胸肉和鸭胸肉，2024年以来，白羽肉鸡/鸭产品价格不断走低，宠物食品行业原材料成本大幅下降。①The domestic and foreign markets have good demand, combined with a decrease in the cost of main raw materials, Guai Bao Pets' profitability continues to improve. In the first half of this year, the company's net profit increased by nearly 50% year-on-year; ②The company's gross margin increased by 7.88 percentage points compared to the same period last year, of which the gross margin of main pet food increased by 12.78 percentage points year-on-year.
On the evening of today, Guai Bao Pets released an announcement. In the first half of 2024, the company achieved revenue of approximately 2.427 billion yuan, an increase of 17.48% year-on-year; the net profit attributable to shareholders of listed companies was approximately 0.308 billion yuan, an increase of 49.92% year-on-year.
In terms of market development, there is strong demand in the pet food and supplies market, and the industry is in good condition. Guai Bao Pets has made continuous progress in market development and the construction of its own brand, and has built a self-owned brand portfolio centered on 'Mai Fudi' and 'Fuleijiate', covering all categories including pet main food, snacks, and health products.
Industry insiders told the China Securities News that the main raw materials for pet food are chicken breast meat and duck breast meat produced from white feather broilers/ducks. Since 2024, the prices of white feather broilers/ducks have been continuously decreasing, leading to a significant decrease in raw material costs in the pet food industry.
Data from Shanghai Ganglian E-commerce Holdings shows that the average price of white-feathered chicken meat in the first half of the year was 3.79 yuan/jin, with a 3.07% decrease compared to the previous period and a 19.36% decrease year-on-year.
According to the financial report of Guai Bao Pets, in the first half of this year, the company's revenue increased by 17.48% year-on-year, while the cost of goods sold increased by only 3.36% year-on-year. The company's gross margin of the pet food and supplies sector increased by 7.88 percentage points compared to the same period last year, of which the gross margin of main pet food increased by 12.78 percentage points year-on-year. However, the company specifically mentioned in the financial report that it is uncertain whether the raw material dividend can be sustained, and the company may face risks of changes in raw material costs in the future.
In terms of market development, there is strong demand in the pet food and supplies market, and the industry is in good condition. Guai Bao Pets has made continuous progress in market development and the construction of its own brand, and has built a self-owned brand portfolio centered on 'Mai Fudi' and 'Fuleijiate', covering all categories including pet main food, snacks, and health products.
According to Statista data, the global market size for pet food in 2023 was $143.6 billion, with a CAGR of approximately 0.1% from 2018 to 2023, which belongs to the consumer goods sector with a relatively high growth rate. In the domestic market, with the continuous improvement of the penetration rate of pet households and the maturity of the industry, Deloitte China predicts that the scale of China's pet food market will continue to grow steadily at a CAGR of 17% from 2022 to 2026.
