本篇报告从产品视角出发，复盘海外宠物食品龙头品牌产品迭代历史，将宠物食品企业的产品 力总结为：1、强研发积淀下随时间积累的大量临床数据和精细化配方；2、消费者洞察赋能的 产品创新迭代能力。回看国内，当前国产品牌凭借趋势洞察和高频推新，通过工艺创新与新品迭代抢占海外高端品牌份额，头部宠物食品公司紧抓烘焙、冻干、湿粮等风口赛道，持续进行 产品迭代升级，市场份额有望持续提升，重点推荐乖宝宠物，中宠股份，建议关注佩蒂股份。

Clinical trials outsourcing involves partnering with a contract research organization (CRO) to manage specific functions or entire clinical trial activities, rather than maintaining them in￾house. This strategic approach enables trial sponsors to reduce costs, accelerate timelines, focus on core competencies, and streamline workflows. Sponsors aim to enhance research efficiency, optimize associated activities, and ultimately increase the success rate of trial outcomes by outsourcing clinical trials.

Clinical trial software, also known as clinical trial management systems (CTMS), are digital platform used to manage clinical trials activities with more efficiency. This software system responsible for managing overall operational aspects of clinical studies from study startup to closeout with the incorporation of digital tools and technologies that reduce human interference and errors in complex trials operations. Clinical research sites used clinical trial software to centralize data related to procedures, subjects, workforce, billing, financials, and much more.

The beauty industry has undergone a profound transformation, fueled largely by the rise of social media. Platforms including Instagram, YouTube, and TikTok have not only democratized access to beauty content but have also significantly influenced consumer behavior and trends. As a result, the color cosmetics market has witnessed unprecedented growth, driven by the ability of social media to quickly disseminate beauty trends and connect consumers with brands in new and interactive ways. This section explores how social media has become a powerful tool for the beauty industry, the role of influencers, and the impact of these dynamics on the color cosmetics market.

Commercial kitchen equipment refers to specialized appliances and tools designed for professional food preparation and cooking in restaurants, hotels, catering services, and other foodservice establishments. These include ovens, refrigerators, dishwashers, grills, and other equipment built to handle large-scale operations with high durability and efficiency.

Commercial real estate refers to properties such as land and buildings that are generally used by businesses to carry out their business operations. It includes commercial retail stores, shopping malls, office buildings, parking lots, and hotels.

Computer accessories are devices that enhance the features of the computer. They can be connected externally or internally to the computer system. Computer accessories are categorized into audio speakers, mouses, modems, web cameras, microphones, and keyboards.

A computer monitor is a visual display device that presents digital information generated by a computer in a visual format. It typically consists of a screen that produces images and text, allowing users to interact visually with the computers output. Monitors come in various sizes and resolutions and are essential for viewing, editing, or creating digital content, browsing the internet, playing games, watching videos, or working on documents. They are connected to the computer through a video cable and display the computers graphical user interface, applications, and multimedia content.

Gym equipment includes treadmills, free weights weight machines, and elliptical trainers, which are made of aluminum or metal alloys like carbon steel. These metals and metal alloys are preferred because they are durable and lightweight. When gym equipment is connected to an app that records the workout sessions of an individual and shows the data about workouts, then it is called connected gym equipment.

The base currency is considered the United States Dollar (USD). The conversion of other currencies is based on the average exchange rates of the respective review period years. The exchange rate conversion for the forecast period is determined according to the base year’s conversion rates.