宠物用品出口巨头中恒宠物冲刺IPO：半年营收超5亿 亚马逊沃尔玛成核心客户
疫情催生的千亿级市场机遇
Pandemic Spurs Billion-Dollar Market Opportunity
全球疫情爆发在带来挑战的同时，也为宠物用品行业创造了前所未有的发展机遇。2020年以来，居家隔离政策使得全球宠物领养率显著提升，直接推动宠物用品市场需求爆发式增长。
While creating challenges, the global pandemic has also brought unprecedented opportunities for the pet products industry. Since 2020, stay-at-home policies have significantly increased pet adoption rates worldwide, directly driving explosive growth in pet product demand.
行业领军企业冲刺资本市场
Industry Leader Charges Toward Capital Markets
作为中国宠物用品出口领域的标杆企业，江苏中恒宠物用品股份有限公司（简称：中恒宠物）于2021年12月31日正式向深交所创业板递交上市申请。本次IPO拟募集资金4.79亿元，主要用于扩建宠物卫生用品和家居用品生产线。
As a benchmark enterprise in China's pet product export sector, Jiangsu Zhongheng Pet Products Co., Ltd (hereinafter referred to as "ZHONGHENG Pet") officially submitted its创业板 listing application on December 31, 2021. The IPO aims to raise 479 million yuan, primarily for expanding production lines of pet hygiene and home products.
全球化布局成就行业巨头
Global Strategy Builds Industry Giant
中恒宠物成立于2009年，经过十余年发展已形成覆盖宠物卫生清洁、家居饮食、娱乐休闲、户外旅行等全场景的产品矩阵。公司拥有445项境内外专利，产品远销北美、欧洲等发达市场，主要客户包括：
Founded in 2009, ZHONGHENG Pet has developed over a decade into a comprehensive product matrix covering hygiene care, home feeding, entertainment, and outdoor travel scenarios. With 445 domestic and international patents, its products are exported to developed markets including North America and Europe, serving major clients such as:
- 亚马逊 Amazon
- 沃尔玛 Walmart
- PETSMART
- CHEWY
- PETCO
财务数据展现强劲增长
Financials Demonstrate Strong Growth
公司近年业绩表现亮眼：
The company has delivered impressive financial performance:
| 年份 Year | 营收 Revenue | 净利润 Net Profit |
|---|---|---|
| 2018 | 8.55亿元 855M | -252万元 -2.52M |
| 2019 | 9.62亿元 962M | 3419万元 34.19M |
| 2020 | 10.68亿元 1.068B | 9426万元 94.26M |
| 2021H1 | 5.50亿元 550M | 3548万元 35.48M |
机遇与挑战并存
Opportunities and Challenges Coexist
尽管发展势头良好，公司仍面临多重挑战：
Despite strong growth momentum, the company faces several challenges:
- 海外市场依赖度高：95%营收来自境外，美国市场占比达80%
- High dependence on overseas markets: 95% revenue from abroad, with US market accounting for 80%
- 客户集中风险：前五大客户贡献超60%营收
- Customer concentration risk: Top 5 clients contribute over 60% revenue
- 品牌建设任重道远：自主品牌销售占比不足10%
- Brand building remains challenging: Own-brand sales account for less than 10%
行业前景广阔
Bright Industry Outlook
根据权威机构数据：
According to authoritative data:
• 美国宠物市场规模已突破1036亿美元（2020年）
• US pet market size has exceeded $103.6 billion (2020)
• 中国宠物消费市场十年复合增长率达30.88%
• China's pet consumption market has achieved 10-year CAGR of 30.88%
随着国内宠物家庭渗透率提升，中恒宠物有望在保持国际竞争优势的同时，进一步开拓潜力巨大的国内市场，实现更均衡的发展。
With increasing pet ownership rates domestically, ZHONGHENG Pet is well-positioned to explore the vast potential of the Chinese market while maintaining international competitiveness, achieving more balanced development.
