China Pet Food Monthly: Jun 2026: sales moderated in 2Q26 with more divergent landscape; China Pet Food led

Research evidence excerpt

China Pet Food Monthly: Jun 2026: sales moderated in 2Q26 with more divergent landscape; China Pet Food led

Equity Research

13 July 2026 | 10:35AM HKT

China Pet Food Monthly: Jun 2026: sales moderated in 2Q26 with more

divergent landscape; China Pet Food led

In this monthly pet food tracker, we monitor: 1) domestic demand for pet food; 2) Valerie Zhou

+852-2978-0820 | valerie.zhou@gs.com

ASP trajectory and competitive dynamics within product/channel mix shifts; and 3) Goldman Sachs (Asia) L.L.C.

overseas demand and our monthly cost tracker. Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

Goldman Sachs (Asia) L.L.C.

Overview:

Christina Liu

+852-2978-6983 | christina.liu@gs.com

1) GMV performance on Tmall/Taobao/Douyin: In Jun, pet food online GMV Goldman Sachs (Asia) L.L.C.

accelerated to 17% yoy from 8% yoy decline in May, driven by strong Douyin

growth at 40% yoy. In May and Jun combined, which we believe should represent

the full picture of 618 shopping festival, Tmall/Taobao/Douyin GMV total grew

12% yoy, mainly driven by 35% yoy increase on Douyin while partially offset by 1%

yoy decline on Tmall/Taobao. Total 2Q26 GMV was stable at 14% yoy vs. 14% in

1Q26, with 34% yoy on Douyin and 3% yoy on Tmall/Taobao.

2) Performance by brands: In May+Jun combined, local brands continue to show

divergent performance where non-listed leading companies are more aggressive

(avg. 30% yoy GMV growth online), while global brands continued to show slow

growth at 2% yoy in May+Jun; Specifically, China pet food grew 29% yoy with

Wanpy being the best-performing local brand at 41% yoy while Zeal/Toptrees at

19%/21%. Gambol declined 4% yoy, with Myfoodie/Fregate at -10%/-6% yoy, albeit

Balance Nutrition came in at 95% growth. For Petpal, Meatyway declined 4% yoy in