Core Insights - The company held an earnings briefing on September 11, 2025, focusing on its pet business segment, with management addressing investor inquiries regarding revenue growth, competitive strategies, and marketing models [1] Group 1: Pet Business Performance - The company's core product, pet pads, achieved a revenue growth of 7.28% year-on-year in the first half of 2025, aligning with industry growth rates [2] - The company is enhancing customer retention through a differentiated product strategy, targeting younger pet owners and aging pets with a multi-scenario product matrix [2] - In the overseas market, the company holds nearly 40% of the customs export share for similar products, leveraging over 20 years of industry experience [2] Group 2: Financial Performance - In the first half of 2025, the company reported a revenue of 888 million yuan, a year-on-year increase of 9.34%, while net profit attributable to shareholders was 102 million yuan, up 7.37% [3] - The difference in growth rates between net profit and revenue is attributed to product structure optimization and improved production efficiency [3] - The core product, pet pads, maintained stable growth despite tariff disruptions, while pet urine pads experienced a significant growth of 40.58% year-on-year due to increased usage scenarios [3] Group 3: Marketing and Expansion Plans - For the second half of 2025, the company plans to enhance brand influence through innovative marketing models and expand into emerging channels and consumption scenarios [4] - The company aims to establish partnerships with pet brand operators, pet stores, and veterinary hospitals, and will utilize both online and offline marketing strategies [4] - In international markets, the company will focus on developing new markets and customer resources, particularly in Europe, while also considering new sales models for Southeast Asia [4] Group 4: Product Quality and Market Strategy - The company has stated it will not engage in price competition, emphasizing that consumer focus in the pet supplies industry is on product quality [5] - The company is committed to maintaining product quality to protect long-term brand value, with a mission to create perfect pet hygiene care products [5] - The earnings briefing provided a comprehensive response to investor concerns, showcasing the company's development trends and strategic planning in the pet hygiene care product sector [5]

Group 1: Financial Performance - The company achieved a revenue of 888 million CNY in the first half of 2025, representing a year-on-year growth of 9.34% [15] - The net profit attributable to shareholders was 102 million CNY, an increase of 7.37% compared to the same period last year [15] - The gross profit margin for the first half of 2025 was 18.97%, up by 0.09 percentage points year-on-year [10] Group 2: Core Business and Market Position - The core product, pet pads, saw a revenue growth of 7.28% in the first half of 2025, aligning with industry averages despite a slowdown due to tariff disruptions [3] - The company holds a nearly 40% share in the customs export of similar products, indicating a strong position in the overseas market [12] - The pet diaper product line experienced significant growth, with a year-on-year increase of 40.58% [3] Group 3: Strategic Initiatives - The company plans to expand into new retail channels and consumption scenarios, including instant retail and partnerships with pet brand operators and hospitals [4] - A dual strategy of "overseas + domestic" and "ODM/OEM + self-owned brands" is being implemented to enhance market presence [11] - The company is focusing on product innovation, particularly in eco-friendly and functional products, to meet evolving consumer demands [4] Group 4: Consumer Trends and Market Dynamics - The pet care market is shifting from price competition to value competition, with consumers increasingly prioritizing quality and safety [7] - The company recognizes the importance of product quality as a core value, aiming to build trust with consumers through high-quality offerings [7] - The domestic pet care market is still developing, with a growing awareness of the necessity for hygiene products, which is expected to increase demand over time [9] Group 5: Challenges and Responses - The company faced challenges due to tariff disruptions, which temporarily affected exports to the U.S. but has since returned to normal operations [19] - Strategic reserves of raw materials have been implemented to mitigate risks from price fluctuations and supply chain disruptions [14] - The company is actively enhancing its supply chain management to align with national policies promoting the standardization of the pet industry [14]

Market Overview - The personal care products sector increased by 0.76% on September 11, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 8.61, with a rise of 6.82% and a trading volume of 412,000 shares, amounting to a transaction value of 353 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 28.25, up 4.28%, with a trading volume of 77,700 shares and a transaction value of 215 million yuan [1] - Beijia Co., Ltd. (603059) closed at 32.58, up 2.45%, with a trading volume of 62,400 shares and a transaction value of 203 million yuan [1] - Other notable performances include Reliable Co., Ltd. (301009) at 13.96 (+1.82%), and Zhongshun Jiesang (002511) at 8.58 (+1.06%) [1] Capital Flow Analysis - The personal care products sector experienced a net outflow of 43.97 million yuan from institutional investors and 22.16 million yuan from speculative funds, while retail investors saw a net inflow of 66.14 million yuan [2] - The detailed capital flow for individual stocks shows that Yiyi Co., Ltd. had a net inflow of 11.10 million yuan from institutional investors, while Reliable Co., Ltd. had a net inflow of 4.75 million yuan [3] - Conversely, companies like Two-Sided Needle (600249) and Dengkang Oral Care (001328) experienced significant net outflows from institutional and speculative funds [3]

Core Viewpoint - The company, Yiyi Co., is actively developing sales channels for pet hospitals in China and has established partnerships with institutions like Ruipai Pet Hospital, enhancing its brand influence in the pet hygiene products market [1] Group 1: Company Strategy - Yiyi Co. aims to be a leader in pet hygiene care products, focusing on creating high-quality disposable hygiene products for pets [1] - The company emphasizes a full industry chain approach, from product research and development to production and sales, to meet market demands and improve production capabilities [1] Group 2: Product Offering - Core products such as pet care pads and diapers are essential consumables for daily operations in pet hospitals, used in critical scenarios like post-operative care and outpatient examinations [1] - The collaboration with pet hospitals integrates deeply into high-frequency consumer needs, ensuring hygiene and comfort for pets [1]

Core Viewpoint - The company aims to enhance brand influence by expanding into emerging channels and consumption scenarios, particularly in the pet care market [1] Group 1: Brand Strategy - The company plans to actively explore new retail scenarios, including instant retail, and has established a cooperative network with pet brand operators, pet stores, and pet hospitals [1] - The marketing strategy combines online and offline approaches, utilizing platforms like Douyin and Xiaohongshu to convey scientific pet care concepts to pet owners [1] - Offline activities include participation in pet markets, pet travel, and industry exhibitions to strengthen product recognition and enhance consumer brand loyalty [1] Group 2: Industry Positioning - The company has been deeply involved in the pet hygiene products sector for many years, with a mission to be a leader in pet hygiene care products [1] - The vision is to create perfect pet hygiene care products, focusing on market trends and customer demand changes [1] - The company is committed to enhancing its production capacity and product quality, aiming to build a full industry chain from product research and development to sales [1]

Core Viewpoint - The company, Yiyi Co., aims to expand its overseas market presence, particularly in Europe and emerging markets in Southeast Asia and South America, leveraging its R&D and production capabilities through ODM/OEM partnerships [1] Group 1: Overseas Market Expansion - The chairman and general manager of Yiyi Co., Gao Fuzhong, highlighted the company's strategy to target overseas markets through bidding, participation in major pet exhibitions, and referrals from existing customers [1] - The European market is identified as a key focus area, where the company plans to collaborate with large channel partners [1] - In Southeast Asia, the company is primarily expanding through its own brand, with positive growth trends, and is considering new sales models to deepen its market penetration [1] Group 2: Company Mission and Vision - Yiyi Co. has been dedicated to the pet hygiene products sector for many years, with a mission to be a leader in pet hygiene care products [1] - The company aims to create perfect pet hygiene care products, aligning its development vision with market trends and customer needs [1] - Yiyi Co. is committed to enhancing its production capacity and product quality, striving to build a comprehensive supply chain from product R&D to sales in the pet products market [1]

Market Overview - The personal care products sector experienced a decline of 0.39% on September 10, with Dengkang Oral Care leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable stock performances include: - Yanjing Co. (300658) rose by 7.47% to a closing price of 8.06, with a trading volume of 506,100 shares and a turnover of 412 million [1] - Jieya Co. (301108) increased by 2.01% to 32.98, with a trading volume of 25,700 shares and a turnover of 83.7 million [1] - Liangmian Needle (600249) saw a rise of 1.21% to 6.69, with a trading volume of 1,118,000 shares and a turnover of 745 million [1] - Dengkang Oral Care (001328) fell by 2.24% to 40.62, with a trading volume of 17,500 shares and a turnover of 71.3 million [2] Capital Flow - The personal care products sector saw a net outflow of 18.51 million from institutional investors, while retail investors contributed a net inflow of 33.14 million [2] - The capital flow for key stocks includes: - Liangmian Needle had a net inflow of 22.12 million from institutional investors, but a net outflow of 16.05 million from retail investors [3] - Yanjing Co. experienced a net inflow of 3.64 million from institutional investors and a net outflow of 14.09 million from retail investors [3] - Dengkang Oral Care had a net outflow of 1.05 million from institutional investors and a net outflow of 2.16 million from retail investors [3]

资金流向方面，主力资金净流出1042.39万元，特大单买入119.75万元，占比1.18%，卖出219.62万元， 占比2.17%；大单买入974.51万元，占比9.61%，卖出1917.03万元，占比18.90%。 依依股份今年以来股价涨50.92%，近5个交易日跌9.70%，近20日跌0.93%，近60日涨12.34%。 今年以来依依股份已经1次登上龙虎榜，最近一次登上龙虎榜为5月21日。 资料显示，天津市依依卫生用品股份有限公司位于天津市西青区张家窝镇工业区，成立日期1990年5月 10日，上市日期2021年5月18日，公司主营业务涉及一次性卫生护理用品及无纺布的研发、生产和销 售。主营业务收入构成为：宠物垫86.05%，宠物尿裤7.42%，无纺布4.85%，护理垫0.84%，其他宠物一 次性卫生护理用品0.43%，其他(补充)0.24%，其他个人一次性卫生护理用品0.17%。 8月28日，依依股份盘中下跌2.17%，截至13:19，报24.39元/股，成交1.01亿元，换手率3.86%，总市值 45.10亿元。 责任编辑：小浪快报 依依股份所属申万行业为：美容护理-个护用品-生活用纸。所属概念板块包括 ...

资金流向方面，主力资金净流入290.96万元，大单买入731.72万元，占比15.24%，卖出440.76万元，占 比9.18%。 依依股份今年以来股价涨72.47%，近5个交易日涨8.02%，近20日涨4.29%，近60日涨25.04%。 今年以来依依股份已经1次登上龙虎榜，最近一次登上龙虎榜为5月21日。 资料显示，天津市依依卫生用品股份有限公司位于天津市西青区张家窝镇工业区，成立日期1990年5月 10日，上市日期2021年5月18日，公司主营业务涉及一次性卫生护理用品及无纺布的研发、生产和销 售。主营业务收入构成为：宠物垫86.05%，宠物尿裤7.42%，无纺布4.85%，护理垫0.84%，其他宠物一 次性卫生护理用品0.43%，其他(补充)0.24%，其他个人一次性卫生护理用品0.17%。 9月9日，依依股份盘中下跌2.03%，截至09:53，报27.46元/股，成交4802.26万元，换手率1.60%，总市 值50.77亿元。 截至8月29日，依依股份股东户数1.88万，较上期增加3.63%；人均流通股5665股，较上期减少3.50%。 2025年1月-6月，依依股份实现营业收入8.88亿元，同比 ...

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