Galaxy Securities: Top pet enterprises are entering a period of rapid expansion of their own brands.

A research report from China Galaxy Securities stated that there is room for improvement in the penetration rate of pets in China, adjustment space in the consumption structure of pets, and a trend of increasing concentration in the industry competition landscape. Currently, leading pet enterprises are entering a rapid expansion period of their own brands, enjoying the "larger cake" stage of the industry's continuous expansion, as well as the "cutting more cakes" stage with significant room for increasing market share.