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P40与P32双驱动：合计GMV达5.7亿，贡献率趋向均衡

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所属报告：

宠物食品行业系列深度之九：2026年“618”宠物行业发生哪些新变化？-260715（34页）.pdf

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2019年至2025年，诚实一口旗下P40和P32两款猫粮合计GMV从0.4亿元增长至5.7亿元，六年间增长超13倍。P40贡献率从65%降至35%，P32贡献率从10%升至50%，双大单品贡献率逐步趋向均衡，共同支撑品牌增长。数据来源：久谦咨询、申万宏源研究

P40和P32猫粮GMV及贡献率变化
年份	GMV（亿元）		线上贡献率
年份	P40	P32	P40	P32
2019	0.3	0.1	65%	10%
2020	0.7	0.3	65%	10%
2021	0.5	0.2	55%	15%
2022	0.9	0.3	57%	20%
2023	2.3	0.7	48%	35%
2024	3.5	1.2	42%	45%
2025	4.1	1.6	35%	50%

数据来源：久谦咨询、申万宏源研究

从P40和P32猫粮的GMV及贡献率变化来看，可以提炼出三个关键判断：
P40始终为品牌第一主力。 2025年P40 GMV达4.1亿元，约为P32（1.6亿元）的2.6倍。从2019年起P40始终是诚实一口品牌最大的单品来源，尽管贡献率逐年下降，但绝对规模持续扩张。
贡献率此消彼长，双大单品格局形成。 P40贡献率从2020年的65%持续降至2025年的35%，而P32贡献率从10%升至50%，两者差距从55个百分点收窄至15个百分点。P32的快速崛起有效降低了品牌对单一大单品的依赖风险。
GMV规模实现协同增长。 P40在贡献率下降的同时，GMV从0.7亿元增长至4.1亿元（增长近6倍），P32则从0.3亿元增长至1.6亿元（增长超5倍）。两款产品GMV的同步增长表明品类扩张策略有效，双大单品共同驱动品牌规模持续扩大。