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China's Second-Largest Pet Food OEM Trapped Between Branding and Manufacturing
Shanghai Fubei Pet Products Co., Ltd. recently filed for a Hong Kong IPO, with Guojin Securities (Hong Kong) as sole sponsor. As China's second-largest third-party pet food manufacturer by 2025 revenue, Fubei also owns brands like Bile, but its brand business is shrinking while ODM revenue grows, highlighting a strategic tension.
田雨Snack Brands Reassess Pinduoduo Collectively
As raw material costs rise and traditional e-commerce growth slows, leading snack brands like Qiaqia Food and Three Squirrels are shifting focus to Pinduoduo, where they are achieving significant sales growth and treating it as a strategic platform for new growth curves.
田雨