天津市依依卫生用品股份有限公司 关于与专业投资机构共同投资的公告 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。 一、与专业投资机构共同投资概述 （一）基本情况 为促进天津市依依卫生用品股份有限公司（以下简称"公司"或"依依股份"） 长远发展，充分借助专业投资机构的专业资源在投资领域的广泛布局及资源整合 能力，持续完善公司宠物行业的投资布局，公司与北京方圆金鼎投资管理有限公 司（以下简称"方圆金鼎"）于2025年10月16日签署了《北京方圆金鼎投资管理 有限公司（作为普通合伙人）与所有有限合伙人之共青城金谈创业投资合伙企业 （有限合伙）合伙协议》（以下简称"合伙协议"）和《共青城金谈创业投资合 伙企业（有限合伙）合伙协议之补充协议》（以下简称"补充协议"），约定共 同投资共青城金谈创业投资合伙企业（有限合伙）（以下简称"合伙企业"）。 该基金计划总规模为15,654.00万元人民币，公司作为有限合伙人拟出资7,020.00 万元人民币，占合伙企业44.8448%份额。 （二）审批程序 证券代码：001206 证券简称：依依股份 公告编号：2025-063 本次 ...

Investment Rating - The report maintains a positive outlook on the light industry and paper sector for Q3 2025, indicating a favorable investment rating [1]. Core Insights - The globalization of supply chains is accelerating changes in the packaging landscape, with leading companies increasing their market share and improving profitability [2]. - Q3 2025 is expected to see a divergence in performance among companies, influenced by supply chain advantages and growth potential [2]. - The report highlights specific companies with projected revenue and profit growth, indicating a robust performance in certain segments despite challenges in others [5][6]. Summary by Sections Packaging and Printing - Companies like Yutong Technology and Baosteel Packaging are expected to see slight revenue growth, while others like Meiyingsen may face revenue pressure but maintain profit growth [2][3]. - The overall packaging sector is benefiting from the global supply chain shift, with many companies reporting stable or improving profit margins [2][3]. Export Sector - Companies such as Jiangxin Home and Qianjiang Motorcycle are projected to experience significant revenue growth, with estimates of over 30% for Q3 2025 [6][7]. - The report notes that the export sector is showing resilience, with several companies adapting well to changing market conditions [6][7]. Two-Wheel and Motorcycle Sector - Companies like Aima Technology and Spring Wind Power are expected to report revenue growth of over 10% in Q3 2025, driven by seasonal demand and market adjustments [10][11]. - The sector is experiencing a mix of growth and challenges, with some companies facing declines due to regulatory changes [10][11]. Home Furnishing Sector - The report indicates that companies like Oppein Home and Kuka Home are facing revenue declines, while others like Joy Home are expected to show resilience with slight growth [12][14]. - The home furnishing market is under pressure from policy changes, but some segments are performing better than others [12][14]. Light Consumer Goods - Companies such as Dongkang Oral and Jeya are projected to see significant revenue and profit growth, with estimates indicating over 60% growth for Jeya in Q3 2025 [13][16]. - The light consumer goods sector is showing a positive trend, with several companies benefiting from strong demand and effective marketing strategies [13][16]. Paper Industry - The report anticipates a mixed performance in the paper sector, with some companies like Sun Paper expected to see profit declines due to price pressures, while others may experience stability [18][19]. - The paper industry is facing challenges from raw material price fluctuations, but certain segments are expected to maintain profitability [18][19].

Summary of Key Points Core Viewpoint - The recent data indicates a significant decline in the number of shareholders for many companies, with 190 out of 417 companies reporting a decrease in shareholder count as of October 10, compared to the previous period [1][4]. Group 1: Shareholder Count Changes - A total of 417 companies disclosed their shareholder counts as of October 10, with 190 showing a decrease compared to September 30 [4]. - The company with the largest decline in shareholder count is Hengshuai Co., with a decrease of 11.32% to 8,956 shareholders [4]. - Donghua Technology reported a 10.83% drop in shareholder count, bringing the total to 38,700 [4]. Group 2: Stock Performance - Among the stocks with a decline in shareholder count, Jingquanhua saw the highest increase in stock price, rising by 52.23% since September 21 [3]. - The average performance of concentrated stocks since October 1 has been a decline of 0.31%, with 29% of these stocks outperforming the Shanghai Composite Index [2][4]. Group 3: Industry Insights - The industries with the most concentrated stocks include machinery, electronics, and computers, with 26, 24, and 16 stocks respectively [4]. - The latest concentrated stocks include Hengshuai Co. (automotive), Donghua Technology (construction decoration), and Huazi Technology (power equipment), all showing varying degrees of stock performance [5].

Core Viewpoint - Yiyi Co. plans to issue shares and pay cash to acquire assets while raising matching funds to establish a second growth curve, focusing on expanding its presence in the pet industry [1] Group 1: Company Strategy - Yiyi Co. is recognized as a high-quality domestic pet brand, experiencing dual growth in both food and supplies [1] - The company aims to deepen its external expansion and strengthen brand positioning [1] Group 2: Investment and Financial Projections - In August 2021, Yiyi signed an agreement with Beijing Fangyuan Jinding to participate in the establishment of Suqian Tuobo, enhancing its investment layout in the pet industry [1] - Suqian Tuobo has become the fourth largest shareholder of Gaoye Family, with Yiyi holding an indirect stake of 2.4% [1] - The company is expected to see significant profit contributions from the management team after increasing its stake in Gaoye Family, projected to add important profit increments by 2026 [1] - Yiyi's overseas customer structure is of high quality, with production capacity in Cambodia accelerating [1] - The projected net profit attributable to the parent company for 2025-2027 is expected to reach 240 million, 290 million, and 360 million yuan respectively, with corresponding PE valuations of 27.4X, 22.1X, and 18.2X [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is focusing on the stable development of its core business in pet urine pads, accelerating the construction of overseas bases, and planning acquisitions to enhance synergy effects [1] - The company has a strong market position, with its pet hygiene products accounting for over 30% of the domestic customs export volume in similar products [6] - The company has a healthy asset structure with a low debt ratio of 15.67% and a significant cash reserve of 900 million [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,798 million in 2024 to 2,681 million by 2027, with a compound annual growth rate (CAGR) of approximately 15.9% [5] - Net profit attributable to the parent company is expected to increase from 215 million in 2024 to 326 million in 2027, reflecting a CAGR of 16.3% [5] - Earnings per share (EPS) is forecasted to rise from 1.18 in 2024 to 1.76 in 2027 [5] Business Development and Market Position - The company is deepening its engagement in the pet urine pad industry, which has high growth potential, while expanding its overseas production capacity [6] - The company has established strong relationships with major clients such as PetSmart, Amazon, and Walmart, which enhances its market stability [6] - The acquisition of Gao Ye Jia is expected to create synergies in product development and brand management, leveraging the strengths of both companies [6]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company plans to issue shares and pay cash to acquire assets, specifically targeting "Hangzhou Gao Ye Jia You Hao Duo Mao Pet Food Co., Ltd." The transaction details are expected to be disclosed within 10 trading days [1] - Gao Ye Jia, established in 2018, has become a leading domestic pet food and supplies brand, with a projected GMV exceeding 600 million yuan in 2024, and a significant growth in its cat litter brand, Xu Cui Hua, which saw a 247% year-on-year increase [2] - The company is enhancing its brand portfolio through external expansion, with a focus on maintaining the original management team post-acquisition, which is expected to contribute significantly to profits in 2026 [2] Financial Projections - The company is expected to achieve a net profit of 240 million yuan, 290 million yuan, and 360 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.4X, 22.1X, and 18.2X [3] - Total revenue is projected to grow from 1,337 million yuan in 2023 to 2,828 million yuan by 2027, reflecting a compound annual growth rate [3] - The gross profit margin is expected to improve from 17.0% in 2023 to 20.9% in 2027, indicating enhanced operational efficiency [3] Important Financial Metrics - The company's total revenue for 2025 is estimated at 2,009 million yuan, with a year-on-year growth rate of 11.8% [3] - The net profit attributable to the parent company is projected to be 235 million yuan in 2025, representing a 9.2% increase from the previous year [3] - The return on equity (ROE) is expected to rise from 5.8% in 2023 to 17.3% in 2027, showcasing improved profitability [3]

Core Viewpoint - The pet industry is witnessing a significant merger as Yiyi Co., Ltd. plans to acquire Gao Ye Jia, a pet food company, to expand its business into the pet food sector, leveraging synergies in supply chain and marketing [1][9]. Company Overview - Yiyi Co., Ltd. has seen its stock price increase by 118.9% this year, closing at 34.85 yuan with a market capitalization of approximately 6.4 billion yuan as of October 13 [2]. - The company specializes in pet hygiene products and has established a strong supply chain and sales channel in this sector [1][5]. Acquisition Details - Yiyi Co. is in the process of planning a share issuance and cash payment to acquire Gao Ye Jia, which is currently in the discussion phase with no formal agreement signed yet [1]. - Gao Ye Jia, founded in 2020, focuses on pet food retail and has a registered capital of 1.2 million yuan, with its main product being probiotic cat food [3][5]. Market Context - The pet food market in China is projected to reach 166.8 billion yuan in 2024, with a year-on-year growth of 7.54%, indicating a robust growth trajectory for the sector [9][10]. - The overall pet economy is experiencing rapid growth, driven by changing consumer attitudes and an increase in pet ownership, with the urban pet population expected to reach 124 million by 2024 [9]. Strategic Positioning - Yiyi Co. has previously invested in the pet sector through an industrial fund, indicating a strategic focus on expanding its footprint in various pet-related segments, including cat litter and pet pharmaceuticals [7]. - The company aims to integrate resources and expand into essential pet products, preparing for future growth opportunities [7]. Industry Dynamics - The pet food segment is currently the largest in the pet economy, but the market remains fragmented with low concentration among leading brands [10]. - The entry of various listed companies into the pet sector suggests a search for new growth avenues amid stagnation in their primary businesses [10][11].

Core Viewpoint - The company is planning to issue shares and pay cash to acquire assets, specifically targeting Hangzhou Gao Ye Jia You Hao Duo Mao Pet Food Co., Ltd, with the transaction method involving both share issuance and cash payment along with raising matching funds [1] Group 1 - The company has signed a letter of intent with major counterparties, indicating a preliminary agreement to purchase the assets [1] - The specific range of counterparties for the transaction has not yet been finalized, and the detailed transaction method and plan will be announced in subsequent announcements [1] - The company's stock will be suspended from trading starting October 14, 2025, with an expectation to disclose the transaction plan within no more than 10 trading days [1]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1]. Group 1: Stock Performance - The top stock, 中江海能 (600026.SH), experienced a daily increase of 4.50% and a year-to-date increase of 12.39%, with a dividend yield of 3.37% [1]. - 渝农商行 (601077.SH) saw a daily rise of 4.16% and a year-to-date rise of 17.11%, offering a dividend yield of 4.51% [1]. - 南京银行 (601009.SH) reported a daily increase of 3.79% and a year-to-date increase of 7.13%, with a dividend yield of 4.36% [1]. Group 2: Additional Notable Stocks - 新澳股份 (6038888 CH) had a daily gain of 3.35% and a year-to-date gain of 20.30%, with a dividend yield of 3.74% [1]. - 岱美股份 (603730.SH) increased by 2.86% daily and 3.26% year-to-date, with a dividend yield of 3.94% [1]. - 上海银行 (601229.SH) saw a daily rise of 2.83% and a year-to-date rise of 5.45%, with a dividend yield of 5.29% [1].

Group 1 - New stock subscription for He Yuan Biological with a subscription code of 787765 and an issue price of 29.06 yuan per share, with a subscription limit of 14,000 shares [4] - China's Ministry of Foreign Affairs clarified that recent export control measures regarding rare earths are unrelated to Pakistan, emphasizing the government's legal basis for these actions [4] - As of October 13, domestic gasoline and diesel prices have been reduced by 75 yuan and 70 yuan per ton, respectively [4] - In the first three quarters of this year, China's total goods trade import and export value reached 33.61 trillion yuan, a year-on-year increase of 4%, with exports at 19.95 trillion yuan (up 7.1%) and imports at 13.66 trillion yuan (down 0.2%) [4] - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to understanding innovation-driven economic growth [4] - The 2025 Financial Street Forum will be held in Beijing from October 27 to 30, focusing on global financial development under the theme of "Innovation, Transformation, and Reshaping" [4] Group 2 - Apple CEO Tim Cook announced the pre-order for iPhone Air starting on October 17 and official sales on October 22 during a live stream on Douyin, marking his first direct interaction with Chinese consumers through this platform [5] - COMEX gold futures rose by 3.24% to $4,130 per ounce, while silver futures increased by 7.47% to $50.775 per ounce [5] - Major U.S. stock indices saw collective gains, with the Dow Jones up 1.29%, Nasdaq up 2.21%, and S&P 500 up 1.56%, while the Nasdaq Golden Dragon China Index rose by 3.21% [5] Group 3 - Zhitian Tui's stock will be delisted on October 14 [8] - Hezhuan Intelligent has not generated any revenue from nuclear fusion-related business [9] - Yiyi Co. is planning to issue shares and pay cash to acquire assets, leading to a suspension of trading starting October 14 [10] - Gaode Infrared received a bid notification for a specific model of infrared observation instrument [11] - Chujian New Materials expects a net profit increase of 2057.62% to 2242.56% year-on-year for the first three quarters [12] - Xinhua Insurance anticipates a net profit increase of 45% to 65% year-on-year for the first three quarters [15] - Tian'ao Electronics expects a net profit increase of 1281.13% to 1475.39% year-on-year for the third quarter [16] - Sanmei Co. expects a net profit increase of 171.73% to 193.46% year-on-year for the first three quarters, driven by a significant rise in the average price of fluorinated refrigerants [17] Group 4 - Guotai Junan believes trade frictions may increase short-term oil price volatility, but a rebound in oil prices is possible after disputes, while anticipating continued oversupply in the oil market through 2026 [21] - CITIC Securities reports that recent export controls on rare earths will strengthen supply rigidity, with a favorable supply-demand balance expected as the traditional peak season approaches [22]