2023 9 7 S0800523030001CONTENTS目 录CONTENTS 020301 1ZDWyRqNmPmNpRmPqNrOmN8ObPbRmOnNsQoNiNoOuNeRqQxPbRmNnQxNrQpNwMmNyQ Common Thread,APPA,21-22 3 Common Thread 2020 2160 2021 2320 2022 2610 12.5%2022-2027 6.1%2027 3500 APPA 2021 1236 2022 1368+10.7%2021 2490 20.58%2022 2706 21 17%70%050010001500200025003000350040002020 2021 2022 2027CAGR 6.1%533.3557.2580.4602.8667.5695.1905971108912361368020040060080010001200140016002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 33751071997812201340170820242065249027060500100015002000250030002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0.11 2022 2.05%9.3 5.08 1.4%4.22 2.9%2013-2022/CAGR 3.3%/5.0%22 55%&0.11 0.12 22 0.117 2022 0.534 2012 0.13 21/1.36/0.59/0.43/0.35/0.33 4%-5%0%5%10%15%20%25%00.10.20.30.40.50.62012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0%1%2%3%4%5%6%0123456789102009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2021 95/90/85 14%/33%/27%80 12%APPA 2021 32%27%X 24%Z 14%3%2010 249 2020 319 28%2010 238 2019 343 44%2010 35 59 2021,APPA,5/32.0%14.0%24.0%27.0%Z X 14%33%27%14%6%6%95 90 85 80 75 75 249 244 245266279 289 295307 304 309 31935 36 363636373941 445159238253264273280290299307 31633234301002003004005006007008002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 22 248.31 52.09%19.78%/19.02%22 230.04 48.33%19-22 6.77%/9.60%/8.20%/7.41%8.40%22 53.45 11.21%19-22 11.21%/13.34%/22.92%/8.40%19-22 14.73%22 4.02%/3.76%/3.72%/3.44%/3.21%6%22 48.33%11.21%4.02%3.76%3.72%3.44%3.21%22.31%-5%0%5%10%15%20%25%0501001502002502015 2016 2017 2018 2019 2020 2021 2022China USA UK Germany Japan China USA World 2019-2021 4.76%/9.28%/11.16%22 4.28%477.68 19-22 8.20%22-28 CAGR6.03%677.25+22 1712.43 23 1840 22 1234.8 476.7 40%22 13.3%19-21 11.7%/13.6%/12.8%APPA OTC 22%2022 2021 7 476.7-8%-6%-4%-2%0%2%4%6%8%10%12%14%01002003004005006007008002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E2024E2025E2026E2027E2028E 61.4%54.7%51.5%50.7%11.7%13.6%12.8%13.3%19.0%25.8%29.2%29.1%0%20%40%60%80%100%2019 2020 2021 20220 41.80%38.10%38.60%40.50%40.30%42.50%24.60%30.60%30.60%30.30%29.50%26.20%21.70%20.60%20.10%21.30%21.40%23%8.90%10.70%10.80%7.80%8.90%8.30%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 2022)22/70%80%70%()8 9-Pet Notes 10 28 2022 47 15.41 60 60%6 33 20 50 30 15 30%40%35%50 30 15 30%2023 20 15 15 1.5 2023 7 1.13-30.64%+1.13%2023 1-6-18.06%/-40.84%/22.98%/6.51%/-9.5%/-20.86%1-7-15.58%2023 7 1.12-5.42%+3.61%2023 1-6-33.17%/-12.38%/-9.63%/+2.84%/-17.45%/-3.58%1-7-11.93%7 0.38-47%-0.77%2023 1-6-29%/-65%/7%/-1%/-19%/-38%/11-200%-100%0%100%200%300%400%500%600%700%800%2018 1 2018 7 2019 1 2019 7 2020 1 2020 7 2021 1 2021 7 2022 1 2022 7 2023 1 2023 7 00.20.40.60.811.21.41.61.81 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2020 2021 2022 2023 00.20.40.60.811.21.41 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2020 2021 2022 2023 2023 4-7+0.4%/+0.3%/+0.2%+0.7%7 1 1-6 1.69%/2.20%/2.95%/2.95%/3.60%/4.22%2012 2.23%/0.52%/0.42%/0.27%/0.49%/0.29%2 3 2020 2022 18.3%17.5%18.5%12 0%2%4%6%8%10%12%14%16%18%-5%0%5%10%15%20%25%2012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-31 68%70%72%74%76%78%80%82%84%86%2012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-31-20%-15%-10%-5%0%5%10%15%20%25%30%-30%-20%-10%0%10%20%30%40%2019-01-312019-07-312020-01-312020-07-312021-01-312021-07-312022-01-312022-07-312023-01-31 2022 CR10 20.9%21 CR10 21.0%15 CR10 23.8%CR10 22 CR3 9.9%top3 Central Garden&PetCo Nestle SA ElancoAnimal Health Inc 3.6%/3.4%/2.9%cr3 13 CR10 22%Central Garden&Pet Co 3.6Nestle SA 3.4Elanco Animal Health Inc 2.9Unicharm Corp 2.4Boehringer Ingelheim GmbH 1.8Clorox Co,The 1.6Church&Dwight Co Inc 1.0Doskocil Mfg Co Inc 0.9Bark&Co 0.9Trixie Heimtierbedarf GmbH&Co KG 0.919.0%20.0%21.0%22.0%23.0%24.0%25.0%2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 7.7%2022 34.6%13-22 CAGR 18.17%13 7.8%22 43.5%13-22 CAGR 21.04%20%22 64.9%45.8%/39.5%2009 35.2%13-22 CAGR 21.39%,13-22 CAGR 15.15%14 2015-2022 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0%10%20%30%40%50%60%70%80%90%100%2015 2016 2017 2018 2019 2020 2021 2022 Chewy chewy 2024 Chewy2023 100.99 0.49 2024 Q1 27.85 14.70%0.23 Q2 27.78 14.27%0.18 2024 55.62 14.47%2021 100%0.41 Chewy Chewy 2024 Q2 75.5%Autoship 21 18.1%Chewy chewy 150%10%20%30%40%50%60%0510152025302020Q1 2020Q3 2021Q1 2021Q3 2022Q1 2022Q3 2023Q1 2023Q3 2024Q1(YOY-1-0.8-0.6-0.4-0.200.20.40.62020Q1 2020Q3 2021Q1 2021Q3 2022Q1 2022Q3 2023Q1 2023Q3 2024Q1 17-21 9.8/31.4/32.1/33.8/38.6 17-19 CAGR 40.9%2026 98.1 19-21 40.3%/43.1%/52.9%22 56.4%2021 63%/60.0%/46.4%2020 2022 1-5 80%84%115%267%22 16%0%50%100%150%200%250%0204060801001202017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 0%10%20%30%40%50%60%70%2020 2021 2022 55%27.8%()(/)2022 480 91%1.04 63%2017-2022 48%17 2014 21 21 76 106.68 22 22 43 21 46.18 56.7%23 8 23 26 15.18 2021/IT 18010203040506070800204060801001202014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023/8/17 Carez A 2023/8/11 Native Pet B 1100 CAVU Venture Partners2023/8/11 2023/8/3 Airvet B 1820 Mountain Group PartnersCanvas Ventures 2023/8/2 C+2 2023/7/27 100 2023/7/13 B 2023/6/5 2023/5/22 PAWKA 2023/5/8 CONTENTS目 录CONTENTS 020301 ODM/OEM 40 2020-2022 36.33%37.00%38.13%2022 15.16 yoy+15.75%14.45+16.31%95.29%13.39+15.16%88.28%9761+36.14%6.44%/0.18/0.52 1.16%/3.46%ODM/OEM 2022 14.42 95.07%ODM/OEM 14.39 94.93%2020/53.0%/26.8%/6.4%/1.2%50.7%21.9%ifind 20%9.03 10.28 12.41 13.10 15.16 0.35 1.07 1.94 1.14 1.51-100%-50%0%50%100%150%200%250%02468101214162018 2019 2020 2021 2022 80%82%84%86%88%90%92%94%96%98%100%2018 2019 2020 2021 2022 PetSmart Coupang Target Chewy JAPELL ITO Pets at home Zeedog 2022 53.74%1 2 2 50 3 2023 12 21 0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 44%46%48%50%52%54%56%58%2018 2019 2020 2021 2022 2004 PU TPR TPE 2022 9.54 yoy-10.77%，1.59 yoy+15.87%。4.72 49.45%3.82 40.04%22 9.17 96.11%2019-2022 27.42%/26.17%/22.80%/24.13%30%22 15%17%19%21%23%25%27%29%2019 2020 2021 2022 4.35 5.15 6.08 10.69 9.54 0.63 0.55 0.83 1.37 1.59-20%-10%0%10%20%30%40%50%60%70%80%90%0246810122018 2019 2020 2021 2022%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 2019-2022 2022 4.23%-3.29pct-3.15%2019-2022 10.46%/13.84%/14.41%/17.98%2 2/21 2.07/2.05 19.14%/19.34%0.35/0.48 2022 6.8%2.21 20.7%1.62 23 0%2%4%6%8%10%12%14%16%18%20%2019 2020 2021 2022 44%45%46%47%48%49%50%51%52%53%54%2019 2020 2021 1998 22 18.87 yoy+1.75%/13.49/5.11-9.78%/+54.01%71.50%/27.10%21 17.91%22+9.19pcts 22/3.78/3.07/2.73/3.91 20.03%/16.28%/14.47%/20.72%19-22 90.94%74.08%72.31%62.90%2022,1.29,19.75%;1.31,35.90%2022 20.05%,+1.68pcts 6.85%+1.07pcts 24 8.87 10.49 14.50 18.54 18.87-10%-5%0%5%10%15%20%25%30%35%40%45%024681012141618202018 2019 2020 2021 2022 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 Kmart AUS TRS Birgma KOHNAN Amazon Chewy Fressnapf Petco 19-22 33.50%/36.10%/33.71%/31.25%Kmart AUS 19-21 Kmart AUS 13.66%10.94%10.64%19-21 72.63%71.54%75.94%25%0%5%10%15%20%25%30%35%2014 2015 2016 2017 2018 2019 2020 2021 2022%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 CONTENTS目 录CONTENTS 020301 271 2 3 28/QQ BBS 91610000719782242D