Overview of Guarantee Situation - Tianjin Yiyi Hygiene Products Co., Ltd. (hereinafter referred to as "Yiyi" or "the company") has approved a guarantee for its wholly-owned subsidiary Hebei Yiyi Technology Development Co., Ltd. (hereinafter referred to as "Hebei Yiyi") with a total amount not exceeding RMB 180 million [2][3] - The guarantee is valid for a period of no more than 12 months from the date of approval by the shareholders' meeting [2] Progress of Guarantee - On September 25, 2025, the company signed a Comprehensive Credit Agreement with China Everbright Bank Tianjin Branch, providing a maximum credit limit of RMB 100 million to Hebei Yiyi, which includes general loans of RMB 40 million and bank acceptance bills of RMB 60 million [3] - To ensure the performance of the Comprehensive Credit Agreement, the company provided a joint liability guarantee to the bank for Hebei Yiyi's debts arising from the agreement [3] Basic Information of the Guaranteed Entity - Hebei Yiyi was established on September 14, 2017, with a registered capital of RMB 50 million [4] - The company specializes in the production of hygiene products and disposable medical supplies, among other activities [4] Financial Indicators of Hebei Yiyi - As of June 30, 2025, Hebei Yiyi had total assets of RMB 714.33 million, net assets of RMB 121.94 million, and total liabilities of RMB 592.38 million, resulting in a debt-to-asset ratio of 82.93% [6] Guarantee Contract Details - The maximum principal amount guaranteed is RMB 100 million, covering all debts including interest, penalties, and other fees [7][8] - The guarantee period is calculated separately for each specific credit transaction, lasting three years from the debt maturity date [9] Cumulative External Guarantee Amount - After this guarantee, the total guarantee amount provided by the company and its subsidiaries is RMB 230 million, accounting for 12.55% of the company's latest audited net assets [11] - The total balance of external guarantees after this provision is RMB 150 million, which is 8.18% of the company's latest audited net assets [11]

Core Viewpoint - The company, Yiyi Co., announced that it and its controlling subsidiaries do not provide guarantees to entities outside the consolidated financial statements, indicating a strong financial position and risk management strategy [1] Summary by Relevant Categories Guarantees - Yiyi Co. and its controlling subsidiaries do not have any overdue guarantees [1] - There are no guarantees related to ongoing litigation or any amounts that may arise from being judged liable [1] - The absence of external guarantees suggests a conservative approach to financial obligations [1]

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]

Core Viewpoint - The company is actively exploring the market space and product dimensions of the "pet hygiene care" sector, focusing on consumer trends and technological innovation [1] Group 1: Product Development - The company has a specialized product development team that invests in technology innovation related to pet health, usage scenarios, and environmental needs [1] - It has successfully introduced various functional pet hygiene care products, including features like fixed adhesion, anti-slip, humidity display, quick-drying, bamboo charcoal, antibacterial properties, tear resistance, deodorizing agents, and emotional soothing capabilities [1] Group 2: Market Strategy - The company has established a collaborative mechanism involving research, development, trial production, market feedback, and formal product promotion [1] - By conducting market insights research with international retail chains and specialized pet distributors, the company tailors its innovative products to meet the differentiated competitive needs of customers [1] - This approach shifts the company’s role from "passive supply" to "active demand guidance," enhancing customer competitiveness in the terminal market and solidifying its core value position in the industry chain [1]

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]