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 international market demand is improving, coupled with the decrease in the main raw material costs, Guai Bao Pet's profitability continues to improve. In the first half of this year, the company's net income 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, with the main grain gross margin increasing by 12.78 percentage points year-on-year.
China Securities News, August 26th (Reporter: Xiao Lianghua) The domestic and international market demand is improving, coupled with the decrease in the main raw material costs, Guai Bao Pet (301498.SZ) continues to improve its profitability. In the first half of this year, the company's net income increased by nearly 50% year-on-year.
Tonight, Guai Bao Pet announced that in the first half of 2024, the company achieved operating income of approximately 2.427 billion yuan, an increase of 17.48% year-on-year; the net income attributable to the shareholders of the listed company was approximately 0.308 billion yuan, an increase of 49.92% year-on-year.
Industry insiders have told China Securities News that the main raw materials for pet food are the chicken breast and duck breast produced by white feather chickens/ducks. Since 2024, the prices of white feather chicken/duck products have continued to decrease significantly, leading to a substantial decrease in the raw material costs of the pet food industry.
Shanghai Ganglian E-commerce Holdings data shows that in the first half of the year, the average price of white feather broilers nationwide was 3.79 yuan/jin, a month-on-month decrease of 3.07% and a year-on-year decrease of 19.36%.
According to Guai Bao Pet's financial report, in the first half of this year, the company's revenue increased by 17.48% year-on-year, but the cost of goods sold only increased by 3.36% year-on-year. The company's gross margin for pet food and supplies increased by 7.88 percentage points compared to the same period last year, with the main grain gross margin increasing 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 continue and for how long, and the company may face the risk of changes in raw material costs in the future.
In terms of market development, the demand for pet food and supplies is strong, and the industry is in a relatively high prosperity. Guai Bao Pet has continued to make progress in market development and the construction of its own brand, and has established a core lineup of own brands such as 'Meifudi' and 'Fleecat', achieving full category coverage including pet main food, snacks, and health products.
According to Statista data, the global pet food market size was $143.6 billion in 2023, with a CAGR of approximately 0.1% from 2018 to 2023, belonging to the higher growth consumer goods field. In the domestic market, with the continuous increase in 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 steadily grow at a CAGR of 17% from 2022 to 2026.
