天元宠物2024上半年业绩分析：宠物用品与食品双增长，毛利率提升
核心业务表现亮眼 | Strong Core Business Performance
根据天元宠物最新披露的2024年半年度报告显示，公司主营业务收入主要来自宠物用品和宠物食品两大板块，上半年整体营收达12.53亿元。
According to Tianyuan Pet's latest 2024 semi-annual report, the company's main business revenue primarily comes from two sectors: pet supplies and pet food, with total revenue reaching 1.253 billion yuan in the first half of the year.
细分业务增长显著 | Significant Growth in Segmented Businesses
在宠物用品领域：
• 营业收入6.68亿元，同比增长10.69%
• 毛利率21.54%，同比提升0.31个百分点
In the pet supplies sector:
• Operating revenue of 668 million yuan, up 10.69% year-on-year
• Gross margin of 21.54%, an increase of 0.31 percentage points
在宠物食品领域：
• 营业收入5.73亿元，同比大幅增长45.61%
• 毛利率10.11%，同比提升1.08个百分点
In the pet food sector:
• Operating revenue of 573 million yuan, a significant increase of 45.61% year-on-year
• Gross margin of 10.11%, up 1.08 percentage points
业务模式解析 | Business Model Analysis
公司采用差异化经营策略：
• 宠物用品：拥有完整的开发、采购、生产和销售体系
• 宠物食品：主要代理进口国际知名品牌（如玛氏旗下品牌）
The company adopts a differentiated operation strategy:
• Pet supplies: Complete development, procurement, production and sales system
• Pet food: Mainly acts as an agent for imported international brands (such as Mars brands)
现金流状况说明 | Cash Flow Situation Explanation
2024年1-9月经营活动现金流为负值，主要由于：
• 宠物食品备货采购增加
• 实施国际业务大客户战略导致应收款增加
Negative operating cash flow from January to September 2024 was mainly due to:
• Increased inventory procurement for pet food
• Implementation of key account strategy in international business leading to increased receivables
电商渠道发展 | E-commerce Channel Development
公司持续拓展电商销售渠道，宠物零食业务中：
• 代理品牌与自主产品的比例正在优化调整
• 具体比例数据将在后续定期报告中披露
The company continues to expand e-commerce sales channels. In the pet snacks business:
• The ratio between agency brands and self-produced products is being optimized
• Specific proportion data will be disclosed in subsequent periodic reports
