国海证券：维持宠物食品行业“推荐”评级品牌精细化运营进入新阶段

智通财经2025-12-19

智通财经APP获悉，国海证券发布研报称，宠物行业竞争加剧，从长期看，营销费用驱动的增长难以持续，当前宠物市场对于供应链可控+新品研发+精细化营销的综合运营能力要求进一步提升，该行判断头部品牌对腰尾部中、小品牌已经形成了较大的优势，宠物行业竞争格局趋清晰，维持宠物食品行业“推荐”评级。国海证券主要观点如下：复盘二十年国内宠物市场渠道变迁，经历了由线下到线上、由经销到直销的转变，借助电商渠道红利期，...

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国海证券：维持宠物食品行业“推荐”评级 品牌精细化运营进入新阶段

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国海证券：维持宠物食品行业“推荐”评级品牌精细化运营进入新阶段