Investment Rating - The report maintains a rating of "Add" for the company [2][6][4] Core Views - The company achieved a total revenue of 888 million yuan in the first half of 2025, representing a year-on-year growth of 9.34%, and a net profit attributable to shareholders of 102 million yuan, up 7.37% year-on-year, which aligns with expectations [4][6] - The company continues to expand its market presence, with significant growth in its pet disposable hygiene products, generating 834 million yuan in revenue, a 9.31% increase year-on-year [6] - The company is increasing its investment in domestic self-owned brands, utilizing a multi-channel approach to enhance market share [6] Financial Performance Summary - The company's gross margin slightly increased by 0.09 percentage points to 18.97%, while the net margin decreased by 0.22 percentage points to 11.5% due to increased asset impairment losses [6] - The overseas market revenue reached 830 million yuan, growing by 9.43% year-on-year, while domestic market revenue was 58 million yuan, reflecting an 8.03% increase [6] - The company forecasts earnings per share (EPS) of 1.34 yuan and 1.60 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 20 times and 17 times [6][7]

（文章来源：每日经济新闻） 东莞证券8月21日发布研报称，给予依依股份（001206.SZ）增持评级。评级理由主要包括：1）公司宠 物一次性卫生用品保持较快增长；2）境内外市场收入保持较快增长；3）公司不断加大国内自主品牌的 推广投入；4）毛利率略有提升，净利率略有下降；5）维持对公司的"增持"评级。风险提示：原材料价 格波动，汇率波动，国际形势变化等风险。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company achieved a total revenue of 888 million yuan in the first half of 2025, representing a year-on-year growth of 9.34%, and a net profit attributable to shareholders of 102 million yuan, up 7.37% year-on-year, which aligns with expectations [3]. - The company's disposable hygiene products for pets continue to grow rapidly, with revenue from these products reaching 834 million yuan, a year-on-year increase of 9.31%. Specifically, pet pads generated 764 million yuan (up 7.28%), while pet diapers saw a significant increase of 40.58% to 66 million yuan [4]. - The company is increasing its investment in domestic self-owned brands, utilizing a multi-channel approach to expand market share in the domestic pet industry [4]. - The gross margin slightly improved to 18.97%, while the net margin experienced a slight decline to 11.5% due to increased asset impairment losses [4]. - The company is expected to continue its "overseas + domestic" dual circulation and "ODM/OEM + self-owned brand" dual-drive strategy, focusing on enhancing competitiveness [4]. Financial Summary - The company forecasts total revenues of 2,073 million yuan for 2025, 2,435 million yuan for 2026, and 2,836 million yuan for 2027, with corresponding net profits of 248 million yuan, 295 million yuan, and 349 million yuan respectively [5]. - The diluted earnings per share (EPS) are projected to be 1.34 yuan for 2025 and 1.60 yuan for 2026, with price-to-earnings (PE) ratios of 20.1 and 16.9 respectively [6].

Core Viewpoint - Yiyi Co., Ltd. has demonstrated strong financial performance in the first half of 2025, with significant growth in revenue and net profit, while also expanding its international presence and focusing on domestic brand development [1][2][3][4] Financial Performance - In the first half of 2025, Yiyi Co., Ltd. achieved an operating income of 888 million yuan, representing a year-on-year increase of 9.34% [1] - The net profit attributable to shareholders was 102 million yuan, up 7.37% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 89.81 million yuan, reflecting a growth of 9.11% [1] - The net cash flow from operating activities reached 190 million yuan, a remarkable increase of 4763.93% [1] - The profit distribution plan for the first half of 2025 includes a cash dividend of 2.40 yuan per 10 shares, totaling an expected distribution of 44.2 million yuan [1] International Market Strategy - Yiyi Co., Ltd. has established a strong international market presence, exporting to nearly 40 countries and regions, with over 30% of customs exports in similar products maintained for several years [2] - To address international trade challenges, the company has set up a wholly-owned subsidiary in Cambodia, which began shipping products in May 2025, with an annual production capacity of approximately 300 million pet pads [2] Domestic Market Development - The domestic pet industry is experiencing rapid growth, with significant potential in the disposable pet care products market [3] - Yiyi Co., Ltd. is focusing on the domestic market as a strategic priority, enhancing its investment in developing its own brands to increase market share [3] - The company has launched various functional pet care products under its brands "HUSHPET" and "Yiping Huafang," which have received positive market feedback [3] Future Strategy - Yiyi Co., Ltd. plans to continue its "overseas + domestic" dual circulation and "ODM/OEM + own brand" dual-driven strategy to enhance competitiveness [4] - The company aims to leverage its domestic and international production capabilities to capitalize on growth opportunities in the pet hygiene care products market [4] - Yiyi Co., Ltd. is committed to becoming a leader in the pet hygiene care products sector, striving to create perfect pet hygiene care solutions [4]

北京商报讯（记者 张君花）8月22日，依依股份披露2025年半年报称，公司上半年实现营业收入8.88亿 元，同比增长9.34%；归母净利润1.02亿元，同比增长7.37%。 ...

Core Insights - Company reported a total operating revenue of 888 million yuan, an increase of 75.9 million yuan compared to the same period last year, marking a year-on-year growth of 9.34% [1] - Net profit attributable to shareholders reached 102 million yuan, up by 7.37% year-on-year, with an increase of 7.01 million yuan compared to the same period last year [1] - Operating cash flow net inflow was 190 million yuan, a significant increase of 186 million yuan year-on-year, reflecting a growth of 4763.93% [1] Financial Ratios - The latest debt-to-asset ratio stands at 15.67%, a decrease of 1.90 percentage points from the previous quarter [3] - Gross profit margin is reported at 18.97%, an increase of 0.12 percentage points from the previous quarter and 0.09 percentage points from the same period last year, achieving three consecutive years of growth [3] - Return on equity (ROE) is at 5.48%, an increase of 0.17 percentage points year-on-year [3] Earnings Per Share - Diluted earnings per share (EPS) is 0.55 yuan, an increase of 0.04 yuan compared to the same period last year, marking a year-on-year growth of 7.84% [3] Asset Management - Total asset turnover ratio is 0.40 times, while inventory turnover ratio is 3.95 times [4] Shareholder Structure - The number of shareholders is 21,600, with the top ten shareholders holding 111 million shares, accounting for 59.85% of the total share capital [4] - The largest shareholder, Gao Fuzhong I, holds 31.42% of the shares [4]

Group 1 - The company has approved a profit distribution plan for the first half of 2025, proposing a cash dividend of 2.40 yuan per 10 shares, totaling approximately 44.20 million yuan [10][29][31] - The total share capital used for the dividend calculation is 184,160,421 shares after deducting shares held in the repurchase account [10][30] - The company reported a net profit of approximately 102.20 million yuan for the first half of 2025, with no statutory surplus reserve withdrawn [29][30] Group 2 - The company held its fourth board meeting on August 21, 2025, with all 14 directors present, and the meeting was deemed legal and effective [5][7] - The board unanimously approved the profit distribution plan and confirmed that the report's content is true, accurate, and complete [5][11] - The company has not experienced any significant changes in its operational situation during the reporting period [4][28] Group 3 - The company decided to waive its preemptive rights for a capital increase in its associate company, Beijing Hemu Biotechnology Co., Ltd., which will raise 94 million yuan [23][34] - Following the capital increase, the company's shareholding in Hemu Biotechnology will decrease from 6.76% to 5.23% [23][35] - The decision to waive the preemptive rights was made in consideration of the company's overall situation and was approved by the independent directors [37][47]

Meeting Overview - The second meeting of the fourth board of directors of Tianjin Yiyi Hygiene Products Co., Ltd. was held on August 21, 2025, with all 14 directors present, including the chairman attending via communication due to business travel [1][2] Financial Report Approval - The board approved the 2025 semi-annual report, confirming that it complies with relevant laws and regulations, and accurately reflects the company's operational status without any false records or omissions [1][2] Dividend Distribution Proposal - The company proposed a cash dividend of 2.40 yuan (including tax) for every 10 shares, based on a total share capital of 184,893,808 shares, minus the 733,387 shares held in the repurchase account [2][3] - The total number of shares eligible for the dividend distribution is calculated as 184,160,421 shares after accounting for the repurchased shares [2][3] Governance Improvement Initiatives - The board approved the establishment of a "Information Disclosure Delay and Exemption Management System" to enhance corporate governance and ensure compliance with relevant regulations [4][5] - The internal audit system was revised to align with current laws and the company's operational needs [5] Investment Decision on Associate Company - The company holds a 6.7613% stake in Beijing Hemu Biotechnology Co., Ltd. and has decided to waive its preferential subscription rights in a capital increase of 94 million yuan by the associate company [6][7] - The decision was made in light of the involvement of related parties, including the chairman and other significant shareholders, who also waived their rights [6][7]

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。 天津市依依卫生用品股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开了第四届董事会第二次会议，以 14 票赞成、0 票反对、0 票弃权的表决结 果审议通过了《关于 2025 年半年度利润分配预案》，根据公司 2024 年年度股东 大会审议通过的《关于 2025 年中期分红安排的议案》的授权，本次利润分配预 案无需提交股东会审议。现将分配预案公告如下： 一、2025 年半年度利润分配预案基本情况 （一）利润分配预案的具体内容 证券代码：001206 证券简称：依依股份 公告编号：2025-054 天津市依依卫生用品股份有限公司 关于 2025 年半年度利润分配预案的公告 （三）公司的现金分红水平与所处行业上市公司平均水平不存在重大差异 公司本次利润分配预案充分考虑了公司所处行业特点、发展阶段、自身经营 模式、盈利水平、偿债能力、资金需求和股东投资回报等因素，与公司的成长性 相匹配，不会对公司每股收益、现金流状况及正常经营产生重大影响，与所处行 业上市公司平均水平不存在重大差异，符合公司和全体股东 ...

Core Viewpoint - Multiple A-share companies announced substantial mid-year cash dividends, reflecting strong financial performance and commitment to shareholder returns [1][10]. Group 1: Dong-E E-Jiao - Dong-E E-Jiao plans to distribute a cash dividend of 12.69 yuan (including tax) for every 10 shares, totaling approximately 817 million yuan, which represents a dividend payout ratio of 99.94% of its net profit for the first half of 2025 [3][5]. - The company reported a revenue of 3.051 billion yuan for the first half of 2025, marking an 11.02% year-on-year increase, and a net profit of 818 million yuan, up 10.74% year-on-year [3][5]. - Since its first dividend in 1999, Dong-E E-Jiao has cumulatively distributed 9.287 billion yuan to shareholders [5]. Group 2: China Petroleum & Chemical Corporation (Sinopec) - Sinopec announced a plan to distribute a total cash dividend of 10.67 billion yuan (including tax), calculated based on a total share capital of 121.245 billion shares, with a dividend of 0.088 yuan per share [10][13]. Group 3: Other A-share Companies - Other companies such as Bichu Electronics, Samsung Medical, Yangnong Chemical, and Yiyi Co. also revealed their mid-year profit distribution plans, contributing to the overall trend of high cash dividends [10]. - Bichu Electronics plans to distribute 6.66 yuan per 10 shares, totaling approximately 19.2 million yuan, which is 30.01% of its net profit for the first half of 2025 [13][15]. - Samsung Medical intends to distribute 4.85 yuan per 10 shares, amounting to around 679 million yuan, representing 55.20% of its net profit for the same period [17]. - Yangnong Chemical and Yiyi Co. both plan to distribute 2.40 yuan per 10 shares, with total distributions of approximately 97.3 million yuan and 44.2 million yuan, respectively, accounting for 12.07% and 43.25% of their net profits [17].