Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery industry [42] Core Viewpoints - Recent declines in pig prices and continuous profit decreases for breeding companies will force upstream breeding sows to reduce stock. The current stock of breeding sows remains relatively high, indicating significant potential for future reduction. The valuation of pig breeding companies is still at a historically low level, presenting an opportunity for investment based on capacity reduction expectations. In the chicken breeding sector, overall capacity is relatively high, and profitability remains under pressure. There is a potential for capacity reduction in the future, with attention to marginal profit improvement opportunities. In the feed sector, opportunities arise from increased market concentration and overseas expansion. The domestic pet market still has expansion potential, with leading domestic companies expected to maintain rapid growth [42][43] Summary by Sections 1. Market Review - The SW agricultural, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 5.07% from September 12 to September 25, 2025, lagging behind the index by approximately 6.07 percentage points [10] - All sub-sectors recorded negative returns during this period, with declines of 2.89% in planting, 3.59% in animal health, 4.36% in feed, 5.32% in agricultural product processing, 5.95% in breeding, and 6.73% in fisheries [13][14] 2. Industry Key Data - **Pig Farming**: The average price of external three-way cross pigs fell from 13.31 CNY/kg to 12.51 CNY/kg during the reporting period. The cost of corn was 2365.1 CNY/ton, and soybean meal was 3002 CNY/ton, both showing slight declines. As of September 26, 2025, the profit for self-bred pigs was -74.11 CNY/head, and for purchased piglets, it was -236.57 CNY/head, indicating a decrease in profitability [22][24][27] - **Poultry Farming**: The average price of broiler chicks was 3.29 CNY/chick, showing a slight increase, while the average price of white feather broilers was 6.9 CNY/kg, reflecting a slight decline. The profit for white feather broilers was -2.22 CNY/chick, also indicating a decrease [29][33] - **Aquaculture**: The average wholesale prices for crucian carp and carp were 21.09 CNY/kg and 14.2 CNY/kg, respectively, both showing slight declines [35] 3. Industry News - Argentina announced a temporary zero-export tax on agricultural products, effective from September 23, 2025, until October 31, or until exports reach 7 billion USD. This measure aims to address domestic foreign exchange pressures and currency devaluation, significantly lowering export costs and enhancing competitiveness in the global market [37]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示：本次被担保的子公司资产负债率超过 70%，敬请投资者注意相关 风险。 一、担保情况概述 天津市依依卫生用品股份有限公司（以下简称"依依股份"或"公司"）于 2025 年 2 月 11 日召开第三届董事会第十八次会议和第三届监事会第十八次会议 以及于 2025 年 3 月 3 日召开的 2025 年第一次临时股东大会，审议通过了《关于 公司及全资子公司向金融机构申请新增综合授信额度并由公司为子公司提供担 保的议案》。公司同意为全资子公司河北依依科技发展有限公司（以下简称"河 北依依"）提供总额度不超过人民币 1.80 亿元（含）的担保，担保额度使用期限 自股东大会审议通过之日起不超过 12 个月。具体内容详见公司于 2025 年 2 月 12 日在指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）披露的《天津市 依依卫生用品股份有限公司关于公司及全资子公司向金融机构申请新增综合授 信额度并由公司为子公司提供担保的公告》（公告编号：2025-005）。 二、担保进展情况 证券代码：00120 ...

Market Overview - The personal care products sector experienced a decline of 0.45% on September 26, with Beijiajie leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jeya Co. rising by 2.20% to a closing price of 31.18, while Beijiajie fell by 3.31% to 34.21 [1][2] - Other notable performances include: - Dengkang Oral at 39.28, up 1.42% - Yanjing Co. at 8.23, up 0.61% - Stable Medical at 37.65, down 0.50% [1][2] Capital Flow - The personal care products sector saw a net outflow of 14.44 million yuan from institutional investors and 12.17 million yuan from retail investors, while individual investors contributed a net inflow of 26.61 million yuan [2] - Detailed capital flow for specific stocks indicates: - Yanjing Co. had a net outflow of 6.26 million yuan from institutional investors [3] - Reliable Co. saw a net inflow of 6.14 million yuan from institutional investors [3] - Dengkang Oral experienced a net inflow of 5.26 million yuan from institutional investors [3]

Market Overview - The personal care products sector experienced a decline of 0.77% on September 24, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the personal care sector included: - Yiyi Co., Ltd. (依依股份) with a closing price of 29.81, up 6.12% [1] - Zhongshun Jiesang (中顺洁桑) at 8.29, up 2.09% [1] - Liangmian Needle (两面针) at 5.99, up 1.70% [1] - Conversely, Baiya Co., Ltd. (百亚股份) saw a decline of 2.61%, closing at 26.90 [2] Trading Volume and Capital Flow - The personal care products sector had a net outflow of 15.49 million yuan from institutional investors and 16.54 million yuan from retail investors, while there was a net inflow of 32.04 million yuan from individual investors [2] - The trading volume for Yiyi Co., Ltd. reached 73,000 hands with a transaction value of 214 million yuan [1] Capital Flow Analysis - Key capital flow insights include: - Yiyi Co., Ltd. had a net inflow of 6.27 million yuan from institutional investors, while retail investors saw a net outflow of 9.08 million yuan [3] - Reliable Co., Ltd. (可靠股份) experienced a net inflow of 6.14 million yuan from institutional investors but a net outflow of 4.62 million yuan from retail investors [3] - Zhongshun Jiesang faced a significant net outflow of 7.42 million yuan from institutional investors, while individual investors contributed a net inflow of 18.98 million yuan [3]

Core Viewpoint - The company, Yiyi Co., has seen a significant decrease in the number of shareholders, indicating a potential shift in investor sentiment, while its stock price has shown some resilience with a recent increase despite a slight decline on the latest trading day [2]. Financial Performance - For the first half of the year, Yiyi Co. reported a total revenue of 888 million yuan, representing a year-on-year growth of 9.34% [2]. - The net profit for the same period was 102 million yuan, reflecting a year-on-year increase of 7.37% [2]. - The basic earnings per share were recorded at 0.5500 yuan, with a weighted average return on equity of 5.46% [2]. Shareholder Activity - As of September 20, the number of shareholders for Yiyi Co. was 16,111, which is a decrease of 3,064 shareholders compared to the previous period (September 10), marking a decline of 15.98% [2]. Stock Performance - The closing price of Yiyi Co. on the latest trading day was 28.23 yuan, down by 2.28%, but the stock has cumulatively increased by 4.21% since the concentration of shares began [2]. - Over the past trading days, the stock experienced 6 days of increases and 2 days of decreases [2]. Analyst Ratings - In the past month, Yiyi Co. received buy ratings from 6 different institutions [2]. - The highest target price set by an institution is 31.97 yuan, as reported by Guotai Junan on August 25 [2].

Market Overview - The personal care products sector increased by 0.82% on September 19, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Beijia (603059) closed at 34.19, up 2.46% with a trading volume of 70,200 shares and a turnover of 239 million yuan [1] - Baiya Co. (003006) closed at 28.83, up 2.13% with a trading volume of 29,500 shares and a turnover of 85.02 million yuan [1] - Zhongshun Jierou (002511) closed at 8.52, up 1.79% with a trading volume of 164,400 shares and a turnover of 140 million yuan [1] - Liangmian Needle (600249) closed at 6.19, up 1.14% with a trading volume of 241,200 shares and a turnover of 148 million yuan [1] - Other notable stocks include Dengkang Oral (001328) at 39.11, up 0.51%, and Yiyi Co. (001206) at 28.89, up 0.45% [1] Capital Flow - The personal care products sector experienced a net outflow of 31.20 million yuan from institutional investors, while retail investors saw a net inflow of 22.65 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Liangmian Needle (600249) had a net inflow of 11.98 million yuan from institutional investors, while retail investors had a net outflow of 16.54 million yuan [3] - Beijia (603059) saw a net inflow of 1.61 million yuan from institutional investors, with retail investors experiencing a net outflow of 7.37 million yuan [3] - Zhongshun Jierou (002511) had a net outflow of 2.91 million yuan from institutional investors, while retail investors had a net inflow of 3.65 million yuan [3]

（编辑 姚尧） 证券日报网讯 依依股份9月17日在互动平台回答投资者提问时表示，公司持续关注"宠物卫生护理"赛道 的最新消费动向，积极探索宠物卫生护理用品的市场空间和产品维度。公司具备专业化的产品研发团 队，一方面持续投入技术创新，围绕宠物健康、使用场景、环保需求等方向，先后研发并成功向市场推 介出具有固定贴、防滑、湿度显示、速干、竹炭、抗菌、防撕咬、添加除臭剂、诱导剂、超柔透气、安 抚情绪等多项具备专属性、功能性的宠物卫生护理用品；另一方面，主动与客户建立"调研一研发一试 产一市场反馈一产品正式推介"的联动机制——通过调研国际连锁零售商、专业宠物渠道商的市场洞 察，结合不同区域消费者的养宠习惯，向客户推介具备差异化竞争力的创新产品，实现从"被动供 货"到"主动引导需求"的角色升级，既帮助客户提升终端市场竞争力，也进一步巩固了自身在产业链中 的核心价值地位。 ...

Market Overview - The personal care products sector experienced a significant increase of 28.19% on September 17, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Beijia (603059) closed at 32.96, with a rise of 2.33% and a trading volume of 52,600 shares, resulting in a transaction value of 173 million yuan [1] - Baiya Co. (003006) closed at 29.20, up 1.81%, with a trading volume of 30,300 shares and a transaction value of 88.45 million yuan [1] - Dengkang Oral (001328) closed at 40.62, increasing by 1.32%, with a trading volume of 23,600 shares and a transaction value of 96.33 million yuan [1] - Zhongshun Jierou (002511) closed at 8.48, up 0.71%, with a trading volume of 136,300 shares and a transaction value of 115 million yuan [1] - Stable Medical (300888) closed at 39.74, with a slight increase of 0.23%, trading 78,700 shares for a total value of 316 million yuan [1] Capital Flow - The personal care products sector saw a net outflow of 8.42 million yuan from institutional investors and 13.61 million yuan from speculative funds, while retail investors contributed a net inflow of 22.03 million yuan [2] - The capital flow data indicates that the sector is experiencing mixed investor sentiment, with institutional and speculative funds withdrawing while retail investors are increasing their positions [2][3] Individual Stock Capital Flow - For Yanjing Co. (300658), there was a net inflow of 27.24 million yuan from institutional investors, while speculative funds saw a net outflow of 14.17 million yuan [3] - Beijia (603059) had a net inflow of 4.35 million yuan from institutional investors, with speculative funds contributing a net inflow of 10.65 million yuan [3] - Dengkang Oral (001328) experienced a net inflow of 1.30 million yuan from institutional investors, while retail investors contributed a net inflow of 2.24 million yuan [3]

Company Overview - Yiyi Co., Ltd. is located in the Zhangjiawo Industrial Zone of Xiqing District, Tianjin, established on May 10, 1990, and listed on May 18, 2021. The company specializes in the research, production, and sales of disposable hygiene products and non-woven fabrics [1][2]. Financial Performance - For the first half of 2025, Yiyi Co., Ltd. achieved operating revenue of 888 million yuan, representing a year-on-year growth of 9.34%. The net profit attributable to the parent company was 102 million yuan, with a year-on-year increase of 7.37% [2]. - Since its A-share listing, Yiyi Co., Ltd. has distributed a total of 531 million yuan in dividends, with 389 million yuan distributed over the past three years [3]. Stock Performance - As of September 17, Yiyi Co., Ltd.'s stock price increased by 2.07%, reaching 31.03 yuan per share, with a total market capitalization of 5.737 billion yuan. The stock has risen 94.89% year-to-date, with a 14.54% increase over the past five trading days [1]. - The stock has seen significant trading activity, with a turnover of 114 million yuan and a turnover rate of 3.54% on the same day [1]. Shareholder Information - As of September 10, the number of shareholders for Yiyi Co., Ltd. was 19,200, an increase of 2.18% from the previous period. The average number of circulating shares per shareholder was 5,544, a decrease of 2.13% [2]. - As of June 30, 2025, the top ten circulating shareholders included a notable change, with Yinhua Value Preferred Mixed Fund (519001) exiting the top ten list [3]. Business Segments - The main revenue sources for Yiyi Co., Ltd. include pet pads (86.05%), pet diapers (7.42%), non-woven fabrics (4.85%), and other disposable hygiene products [1].

Market Overview - The personal care products sector experienced a decline of 0.66% on September 15, with Runben Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jieya Co. rising by 3.95% to a closing price of 35.01 [1] - Other notable performers included Yiyi Co. with a 1.58% increase and Stable Medical with a 0.92% increase [1] - Conversely, Runben Co. fell by 2.62% to a closing price of 28.25, marking the largest decline in the sector [2] Trading Volume and Capital Flow - The personal care products sector saw a net outflow of 64.90 million yuan from institutional investors, while retail investors contributed a net inflow of 75.99 million yuan [2][3] - The trading volume for Jieya Co. reached 39,500 shares, with a transaction value of approximately 134 million yuan [1] Individual Stock Analysis - Jieya Co. had a net inflow of 6.89 million yuan from institutional investors, while retail investors showed a net outflow of 1.39 million yuan [3] - Stable Medical also experienced a net inflow of 22.62 million yuan from institutional investors, despite a net outflow from retail investors [3] - Runben Co. faced a significant net outflow of 9.70 million yuan from institutional investors, indicating weaker institutional interest [3]