行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

（编辑 任世碧） 证券日报网讯 2月25日，依依股份在互动平台回答投资者提问时表示，公司严格按照相关规定履行信息 披露义务，公司预计2025年经营业绩未触及相关规定的必须披露业绩预告的标准。关于2025年度经营情 况和财务数据，请关注公司后续披露的定期报告。 ...

Group 1 - The acquisition of 100% equity in Gao Ye Jia by Yi Yi Co., Ltd. was terminated due to changes in the company's operational conditions and failure to reach an agreement on valuation and key commercial terms with the counterparties [1] - Yi Yi Co., Ltd. remains focused on the pet hygiene care products sector, which is experiencing growth in both domestic and international pet ownership rates, indicating significant growth potential for its products [1] - The company plans to continue strategic investments in the pet sector through industry funds or direct investments, exploring opportunities in pet medical care, cat litter, and smart pet products [2] Group 2 - In the third quarter of 2025, Yi Yi Co., Ltd. reported a revenue of 4.18 billion yuan, a year-on-year decrease of 17.0%, while the net profit attributable to shareholders was 545 million yuan, a decline of 2.2% [3] - The company's export business to the United States has largely returned to normal, with domestic production being the primary source for global pet hygiene care products due to limited local capacity in the U.S. [3] - The company's production base in Cambodia has been operational since May 2025, with a capacity of nearly 300 million pet pads per year, and a second factory is under construction to produce 800 million pet pads and 100 million pet pants annually [4]

Core Viewpoint - The stock price of BQ.US has experienced significant fluctuations and is under long-term pressure, with the company stating its commitment to maintaining its listing status [1][2]. Company Summary - BQ.US is a comprehensive pet service platform in China, listed on the New York Stock Exchange in 2020, and was placed on the "pre-delisting" list by the SEC in 2022 [1]. - The company has seen a notable increase in trading volume, with a surge of 109.32% to $315,700 on January 10, 2026, but has faced a cumulative decline of 78.4% over the past 60 days [1][2]. - The company's liquidity is currently low, with daily trading volume often below $500,000, which can amplify price volatility [2]. Industry Summary - The pet industry is becoming increasingly competitive, with accelerated mergers and acquisitions since 2025, indicating a shift in capital exit strategies towards consolidation [1]. - According to a report by the China Business Industry Research Institute, the market size of China's pet industry is expected to reach 345.3 billion yuan in 2024 and grow to 362.6 billion yuan by 2025, suggesting a stabilizing industry landscape [1]. - Trends in the pet economy for 2026 include aesthetic product design, deep integration of AI, and brand internationalization, which may impact platform-based companies [1].

2026年2月10日晚，国内宠物卫生护理龙头依依股份发布公告，宣布终止筹划以发行股份及支付现金购 买的方式向彭瀚、瀚川生物、闻光凯等19名交易对方购买其合计持有的杭州高爷家有好多猫宠物食品有 限责任公司100%股权事项。这场历时近四个月的收购计划最终因标的公司经营情况与预期不符而告 终。 依依股份 高爷家经营情况与预期不一致 对于终止原因，依依股份在公告中表示，由于高爷家在2025年"双十一"活动中对猫砂的销售模式进行了 调整，以及2025年下半年以来推广猫粮新品的前期投入，导致高爷家2025年经营情况与本次交易筹划期 初的预期发生了一定变化，从而导致公司与交易对方未能就本次交易估值等核心商业条款达成一致意 见。 为切实维护上市公司和广大投资者长期利益，经公司与交易各相关方友好协商、认真研究和充分论证， 基于审慎性考虑，决定终止本次交易事项，并与交易对方签署相关终止协议。依依股份还表示，目前公 司生产经营情况正常，本次交易终止不会对公司的生产经营和财务状况造成重大不利影响，不存在损害 公司及中小股东利益的情形。 2月11日，宣布终止收购的次日，依依股份随即召开投资者说明会，就市场关切的核心问题进行了集中 回应 ...

近期事件 近期宠物消费市场热度持续，或间接影响行业关注度。依依股份（001206）于2月10日宣布终 止收购高爷家，并聚焦宠物智能用品与医疗赛道，反映行业整合与战略调整。同时，"猫咪语言"APP在 1月底登顶苹果付费榜，单日下载量暴涨，凸显宠物情感消费需求升温；春节期间宠物庙会、旅行及摄 影市场崛起，印证千亿级市场潜力。此外，新瑞鹏集团旗下动物医院频遭投诉，涉及医疗安全隐患，可 能引发对宠物服务行业监管的担忧。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 波奇宠物（BQ.AM）近7天股价波动显著，呈现先扬后抑态势。根据内部数据库，截至2026 年2月12日，最新收盘价为1.29美元，当日微涨0.20%。关键波动包括：2月6日单日大涨12.61%至1.34美 元，但随后震荡回落，2月11日收于1.29美元（单日跌3.01%）。从2月5日至2月12日，区间累计涨跌幅 为-8.51%，振幅达29.08%，交易活跃度先升后降，2月6日成交量峰值达54.92万股，2月12日降至1.67万 股，显示短期投机情绪降温。同期美股零售板块微涨1.43%，大盘指数小幅调整，个股波动可能受流动 性及市场情绪驱动。 ...

Core Viewpoint - Yiyi Co., Ltd. has announced the termination of its planned acquisition of 100% equity in Gao Ye Jia, a pet food company, due to discrepancies in operational expectations and valuation agreements with the sellers [3][4]. Group 1: Acquisition Details - The acquisition was initially announced in October 2025, with Yiyi planning to purchase Gao Ye Jia through a combination of share issuance and cash payment, including a goodwill payment of 30 million yuan to the sellers [3]. - After four months of planning, Yiyi decided to terminate the acquisition due to Gao Ye Jia's sales adjustments during the 2025 Double Eleven shopping festival and the impact of new product promotions on its financial performance [3][4]. - Yiyi and the sellers could not reach an agreement on key commercial terms, leading to the decision to terminate the transaction in a mutual and amicable manner [3][4]. Group 2: Company Performance - Yiyi Co., Ltd. reported a revenue of 1.306 billion yuan for the first three quarters of 2025, a slight decline of 0.72% year-on-year, while the net profit attributable to shareholders was 156 million yuan, an increase of 3.82 million yuan [8]. - The company’s revenue from its core pet hygiene business was 417 million yuan, down 4.17% year-on-year, with a net profit of 54 million yuan, a decrease of 2.23% [8]. - Despite being a leader in the pet hygiene sector, Yiyi's revenue and profit figures are relatively small compared to major players in the pet food market, such as Guai Bao Pet and Zhong Chong Co., Ltd., which reported revenues of 4.737 billion yuan and 3.86 billion yuan respectively for the same period [8]. Group 3: Future Outlook - Yiyi Co., Ltd. aims to establish a comprehensive "supplies + food + medical" industry chain, but the termination of the Gao Ye Jia acquisition puts its pet food market expansion plans on hold [9]. - The company has announced a partnership with Beijing Fangyuan Jinding to invest 70.2 million yuan in Ruipai Pet Hospital, a leading pet hospital operator in China, which could enhance Yiyi's distribution channels and brand influence [9]. - The future of Yiyi's investment in the pet medical sector and potential adjustments to its pet food strategy remain uncertain following the acquisition's termination [9].

Group 1 - The core point of the article is that Yiyi Co., Ltd. (stock code: 001206) reported a total of 19,061 shareholders holding its stock as of February 10, 2026 [1]

Core Viewpoint - The stock price of BQ.AM (Boqi Pet) has shown significant volatility over the past week, with a notable increase of 12.61% on February 6, reaching $1.34, followed by a decline to $1.28 by February 11, resulting in a cumulative fluctuation of 7.56% and an amplitude of 27.73% [1] Group 1: Stock Performance - BQ.AM experienced a daily surge of 12.61% on February 6, reaching a price of $1.34, but subsequently faced a decline, closing at $1.28 on February 11 [1] - The stock's cumulative fluctuation over the week was 7.56%, with a trading amplitude of 27.73% [1] - Trading activity initially increased but later decreased, indicating a cooling of short-term speculative sentiment [1] Group 2: Market Trends and Events - The pet consumption market remains hot, indirectly increasing industry attention [1] - Yiyi Co. (依依股份) terminated its acquisition of Gao Ye Jia on February 10, refocusing on smart pet products and medical sectors [1] - The "Cat Language" app topped the Apple paid app chart at the end of January, with a significant surge in daily downloads, reflecting rising demand for pet emotional consumption [1] - The emergence of pet-related events such as temple fairs, travel, and photography during the Spring Festival highlights the potential of a billion-dollar market [1] - New Ruipeng Group's animal hospitals have faced multiple complaints regarding medical safety issues, raising concerns about regulatory scrutiny in the pet services industry [1]

Core Viewpoint - Tianjin Yiyi Hygiene Products Co., Ltd. has announced the termination of its plan to acquire 100% equity of Hangzhou Gaoye Family Pet Food Co., Ltd. due to changes in the target company's sales model and investment plans, which led to a failure to reach agreement on key commercial terms [1][2] Group 1: Termination of Acquisition - The termination was caused by adjustments in the sales model for cat litter during the Double Eleven shopping festival and the preliminary investment in new cat food products scheduled for the second half of 2025, which altered the target company's expected operational situation [1] - The company emphasized that the termination of the acquisition will not adversely affect its production, operations, or financial status [1] Group 2: Strategic Direction - The company will continue to pursue its dual-circulation strategy of "overseas + domestic" and "ODM/OEM + own brand" despite the termination of the acquisition [1][2] - The company plans to maintain its focus on its core business of disposable hygiene products and non-woven fabrics, particularly in the pet hygiene care sector, with a product matrix that includes pet pads, pet diapers, pet cleaning bags, and pet wet wipes [2] Group 3: Future Development - The company aims to strengthen its advantages in customer resources, large-scale production, product R&D, quality management, and expand its market share while actively developing new international markets [2] - The company is exploring strategic investments in the pet sector, including pet healthcare and smart pet products, and is open to merger and acquisition opportunities within the pet supplies industry [3]