证券代码：001206 证券简称：依依股份 公告编号：2025-008 天津市依依卫生用品股份有限公司 关于对外投资设立全资子公司的公告 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、对外投资概述 为面对复杂多变的国际形势、日益激烈的市场竞争以及不断增长的消费需求， 公司需要积极探索新的发展路径，有效应对市场变化，拓展更广阔的市场空间， 提升自身的竞争力，天津市依依卫生用品股份有限公司（以下简称"公司"）以 自有资金 300 万美元在柬埔寨投资设立全资子公司"柬埔寨华盛护理用品有限公 司"（英文名称：Cambodian Huasheng Hygiene Products Co., Ltd.，以下简称"柬 埔寨华盛"）。 公司本次对外投资不构成关联交易，不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。根据《深圳证券交易所股票上市规则》等法律法规和 《公司章程》《天津市依依卫生用品股份有限公司对外投资管理制度》等规章制 度的相关规定，本次对外投资事项无需提交董事会、股东大会审议。 近日，公司已就本次投资设立境外全资子公司事宜办理了相关注册登记手续 ...

天津市依依卫生用品股份有限公司 关于开展外汇衍生品套期保值业务可行性分析报告 2、交易方式 公司及全资子公司拟开展的外汇衍生品套期保值业务，主要包括但不限于远 期结售汇、外汇互换、外汇掉期、外汇期权、利率互换、货币互换、利率掉期、 利率期权等外汇衍生品业务。所有业务均在经有关政府部门批准、具有外汇衍生 品业务经营资质的银行等金融机构开展。本次外汇衍生品套期保值业务的交易对 方不涉及关联方。 1、交易金额 公司及全资子公司开展外汇衍生品套期保值业务，预计任一交易日持有的最 高合约价值不超过 2.50 亿美元，签订相关协议需要缴纳一定比例的保证金，缴 纳的保证金比例根据具体协议确定。授权期限为自公司 2025 年第一次临时股东 大会审议通过之日起 12 个月，交易金额在上述期限范围内可滚动实施，但期限 内任一时点的交易金额（含上述交易的收益进行再交易的相关金额）不超过 2.50 亿美元。 3、交易期限 本次外汇衍生品套期保值业务授权期限为自公司 2025 年第一次临时股东大 会审议通过之日起 12 个月，交易金额在审批期限范围内可滚动实施。 4、资金来源 一、开展外汇衍生品套期保值业务的目的和必要性 随着天津市依 ...

证券代码：001206 证券简称：依依股份 公告编号：2025-007 天津市依依卫生用品股份有限公司 关于召开2025年第一次临时股东大会通知的公告 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。 经天津市依依卫生用品股份有限公司（以下简称"公司"）第三届董事会第十八次 会议审议通过，公司将于2025年3月3日（星期一）召开2025年第一次临时股东大会，现 将有关事项通知如下： 一、会议召开和出席情况 1、股东大会届次：2025年第一次临时股东大会 2、股东大会的召集人：公司董事会 公司第三届董事会第十八次会议审议通过《关于提请召开2025年第一次临时股东 大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法规、部 门规章、规范性文件、深圳证券交易所业务规则和《天津市依依卫生用品股份有限公 司章程》等的规定。 4、会议召开的日期、时间： 现场会议召开时间：2025年3月3日（星期一）14:00 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年3月3日 9:15-9:25，9:30-11:30和 ...

证券代码：001206 证券简称：依依股份 公告编号：2025-003 天津市依依卫生用品股份有限公司 第三届监事会第十八次会议决议公告 本公司及监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、监事会会议召开情况 天津市依依卫生用品股份有限公司（以下简称"公司"）第三届监事会第十 八次会议通知已于 2025 年 2 月 8 日通过电话、邮件方式送达。会议于 2025 年 2 月 11 日以现场表决方式在公司会议室召开。本次会议由监事会主席张健主持， 会议应参与表决监事 3 名，实际参与表决监事 3 名，公司董事会秘书列席会议。 本次会议参与表决人数及召集程序符合《中华人民共和国公司法》和《天津市依 依卫生用品股份有限公司章程》（以下简称"《公司章程》"）的有关规定。 二、监事会会议审议情况 1、审议通过《关于公司及全资子公司开展外汇衍生品套期保值业务的议案》 （1）议案内容： 经审议，监事会认为：公司及全资子公司开展外汇衍生品套期保值业务，有 利于增强公司及全资子公司的财务稳健性，有利于进一步提高公司及全资子公司 应对外汇波动风险的能力，不存在损害公司及中小股东利 ...

证券代码：001206 证券简称：依依股份 公告编号：2025-002 天津市依依卫生用品股份有限公司 第三届董事会第十八次会议决议公告 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、董事会会议召开情况 天津市依依卫生用品股份有限公司（以下简称"公司"）第三届董事会第十 八次会议通知已于 2025 年 2 月 8 日通过电话、邮件方式送达。会议于 2025 年 2 月 11 日以现场表决的方式在公司会议室召开。本次会议应出席董事 12 名，实际 出席董事 12 名。会议由董事长高福忠先生主持，公司全部监事、高级管理人员 列席了会议。本次会议的召开和表决程序符合《中华人民共和国公司法》等法律、 法规、规范性文件和《天津市依依卫生用品股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，会议合法、有效。 二、董事会会议审议情况 1、审议通过《关于公司及全资子公司开展外汇衍生品套期保值业务的议案》 （1）议案内容： 经审议，董事会认为公司及全资子公司开展外汇衍生品套期保值业务，有利 于增强公司及全资子公司的财务稳健性，有利于进一步提高公司及全资子公司应 ...

Market Trends - The pet ownership rate is increasing both domestically and internationally, with a growing per capita consumption of pet products, indicating significant growth potential for essential pet care products [2][3] - The U.S. is the largest and fastest-growing market for pet products, with the penetration rate of disposable pet hygiene products expected to continue rising [2] - The Japanese market is maturing, showing stable single-digit growth, while the European market is also growing steadily despite some consumer downgrading due to international circumstances [2][3] Domestic Market Insights - The domestic market for disposable pet hygiene products is still in its infancy, influenced by pet ownership perceptions, consumption levels, and environmental awareness [2][3] - The company’s self-owned brands, such as "HUSHPET" and "Yiping Huafang," are primarily sold through distributors and online platforms, with significant growth in sales expenses for team optimization and marketing [3] Competitive Advantages - The company’s core competitive advantages include stable customer resources, scalable production capacity, rapid supply response, high-quality product assurance, and refined management practices [4] - The company emphasizes a customer-first approach and quality assurance, viewing employees as vital assets and providing comprehensive development opportunities [4] Performance Growth Drivers - Continuous demand for disposable pet hygiene products, with strong orders from established clients like PetSmart and Amazon, contributes to sustained performance growth [5] - The company has successfully expanded its customer base, including new clients like Costco, and improved production efficiency to lower fixed costs [5] - The current gross margin for pet pads is between 17% and 23%, with expectations for stable net profit margins in 2024 [5][6] Future Strategies - The company plans to focus on enhancing its core product line in disposable pet hygiene products without immediate plans to diversify into new categories [7] - Investments in the pet sector through an industry fund are being made to prepare for future strategic projects [7] Market Statistics - According to the 2025 China Pet Industry White Paper, there are approximately 76.89 million urban pet owners in 2024, with 52.58 million dogs and 71.53 million cats, indicating a growing trend towards cat ownership [8] - In the U.S., 82 million households own pets, with 58 million households having at least one dog, reflecting a 44% penetration rate for dog ownership [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is expected to achieve a significant increase in net profit, with forecasts for 2024 indicating a growth of 92-118% year-on-year, reaching a net profit of 2.0-2.3 billion [1]. - The growth is attributed to strong order growth from existing customers, contributions from new customers, stable raw material prices, and improved production capacity utilization [1][2]. - The company anticipates continued high growth in the North American market, with the European market following and stable growth in Japan and South Korea [1]. Summary by Sections Performance Forecast - The company expects a net profit of 0.5-0.8 billion for Q4 2024, representing a year-on-year increase of 200-369% [1]. - For 2024, the expected net profit is 2.0-2.3 billion, with a non-GAAP net profit of 1.8-2.0 billion, reflecting a growth of 60-85% [1]. Product Performance - In the first three quarters of 2024, the main product categories showed strong growth: pet pads increased by 35.6%, pet diapers by 24%, and non-woven fabrics by 35.74% [2]. - The company is actively expanding its customer base in pet products, which is expected to enhance profitability in the non-woven fabric segment as market supply and demand balance [2]. Market Strategy - The company is well-positioned to handle tariff risks, as its pet hygiene products are considered essential in the U.S. market, leading to strong consumer loyalty [3]. - The company has established stable relationships with overseas clients due to its cost and scale advantages over local U.S. manufacturers [3]. - The company has conducted overseas research and is prepared to build production capacity abroad if tariffs on exports to the U.S. increase significantly [3]. R&D and Product Development - The company focuses on enhancing the living environment for pets and their owners through continuous product improvement based on market research and consumer feedback [4]. - It has developed over a thousand specialized pet hygiene products with various features, establishing a comprehensive application system for pet hygiene products [4]. Financial Data - The company’s projected net profits for 2024-2026 are 2.3 billion, 2.7 billion, and 3.3 billion respectively, with corresponding EPS of 1.22, 1.47, and 1.81 [5][10]. - The total market capitalization is approximately 3.91 billion, with a circulating market value of about 2.25 billion [6].