证券代码：001206 证券简称：依依股份 公告编号：2025-066 天津市依依卫生用品股份有限公司 天津市依依卫生用品股份有限公司 2025 年第三季度报告 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 √否 1 天津市依依卫生用品股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 417,715,413.59 | -1 ...

Group 1: OSL Group - OSL Group is currently the only publicly listed licensed virtual asset exchange in Asia, benefiting from a rare licensing barrier and diversified product expansion, which provides a first-mover advantage [1][3] - The company is expected to achieve profitability for the first time in 2024 since its strategic shift to the digital asset industry in 2018, with net profits projected to be -0.66/-0.12/0.20 million HKD for 2025-2027 [2][24] - OSL has obtained dual licenses from the Hong Kong Securities and Futures Commission (SFC) and Anti-Money Laundering Ordinance (AMLO), ensuring compliance and regulatory framework for its operations [3][25] - The company is accelerating global expansion through acquisitions in Japan and Europe, which is expected to drive significant revenue growth [3][25] - A strategic investment of up to 30 million USD in the PayFi ecosystem is planned to enhance payment services, which will be a key focus area for the company in the coming years [4][26] Group 2: Chengde Lululemon - Chengde Lululemon reported a significant revenue recovery in Q3, with a year-on-year growth of 8.91%, although the increase in sales expenses offset the gross margin expansion [5][6] - The company is focusing on the launch of new products, particularly the Lululemon plant-based health water series, which is expected to enhance brand competitiveness and capture market demand [7] - The market for traditional health water is projected to grow significantly, with an expected market size of 30 billion RMB in 2024, indicating a favorable environment for the company's new product line [7] Group 3: GCL Technology - GCL Technology's photovoltaic materials business turned profitable in Q3 2025, with an estimated profit of approximately 9.6 billion RMB, marking a significant recovery [8][34] - The company is expected to achieve net profits of -13.81/13.17/20.55 billion RMB for 2025-2027, reflecting a positive outlook for future profitability [8][34] - The company is benefiting from a reduction in competition and a focus on core business areas, which is expected to enhance its operational efficiency [8][34]

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Core Viewpoint - Yiyi Co., Ltd. is actively expanding its presence in the pet market through strategic acquisitions and investments, aiming to become a comprehensive leader in the pet industry by integrating products, food, and medical services [2][5]. Group 1: Recent Actions - On October 13, Yiyi Co. announced the acquisition of Hangzhou Gaoye Family Pet Food Co., Ltd. [2] - On October 16, Yiyi Co. revealed a joint investment with Beijing Fangyuan Jinding Investment Management Co., Ltd. in a venture capital partnership with a total planned scale of 156.54 million RMB, where Yiyi Co. will contribute 70.20 million RMB, accounting for 44.84% of the partnership [2]. Group 2: Business Overview - Yiyi Co. is a leading enterprise in the disposable pet hygiene products sector, primarily producing pet pads and pet diapers, and has long provided OEM services for various international pet brands [4]. - As of the first half of 2025, disposable pet hygiene products accounted for 93.91% of Yiyi Co.'s revenue, with 93.47% of its income derived from overseas markets [4]. Group 3: Investment Targets - The investment target, Ruipai Pet Hospital, operates a large chain of pet hospitals with nearly 600 stores across 27 provinces and over 70 cities in China [4]. - Ruipai Pet Hospital has attracted investments from several major domestic and international investors and is rumored to be planning an IPO in Hong Kong [4]. Group 4: Strategic Implications - The successful completion of the acquisition of Gaoye Family and the investment in Ruipai will position Yiyi Co. as a leader in the "products + food + medical" segments of the domestic pet industry, reducing its reliance on overseas markets and OEM products [5]. - As of October 13, Yiyi Co.'s stock has increased by 118.91% this year, indicating strong market performance [5].

Core Insights - The recent actions of Yiyi Co., a leading company in the pet hygiene products sector, indicate its ambition to expand within the pet market [3] - Yiyi Co. has announced the acquisition of Hangzhou Gaoye Family Pet Food Co. and a joint investment in a venture capital fund targeting Ruipai Pet Hospital Management Co. [1][3] Group 1: Company Actions - Yiyi Co. announced the acquisition of Hangzhou Gaoye Family Pet Food Co. on October 13, followed by a joint investment with Beijing Fangyuan Jinding Investment Management Co. on October 16 [1] - The total scale of the venture capital fund is set at 156.54 million RMB, with Yiyi Co. contributing 70.20 million RMB, representing a 44.84% stake [1] Group 2: Market Position and Strategy - Yiyi Co. is a leader in the disposable pet hygiene products market, with 93.91% of its revenue coming from these products as of the first half of 2025 [1] - The company generates 93.47% of its revenue from international markets, indicating a strong reliance on overseas sales [1] Group 3: Investment Targets - Ruipai Pet Hospital operates nearly 600 stores across 27 provinces and over 70 cities in China, positioning it as a significant player in the pet healthcare sector [1] - Ruipai has attracted investments from various domestic and international investors and is rumored to be planning an IPO in Hong Kong [1] Group 4: Future Outlook - If the acquisition of Gaoye Family and the investment in Ruipai are successful, Yiyi Co. aims to become a comprehensive leader in the domestic pet industry, covering products, food, and medical services [3] - Yiyi Co. is currently suspended from trading, with plans to resume by October 28, 2025, and has seen a cumulative stock increase of 118.91% this year as of October 13 [3]

Core Viewpoint - The company is planning to issue shares and pay cash to acquire assets and raise matching funds, leading to a temporary suspension of its stock trading to protect investor interests [1][2]. Group 1 - The company and its board guarantee the authenticity, accuracy, and completeness of the disclosed information, ensuring no false records or misleading statements exist [1]. - The transaction is not expected to constitute a related party transaction or a major asset restructuring, but uncertainties remain, prompting the stock suspension [1][2]. - The company will disclose the transaction plan within 10 trading days, specifically by October 28, 2025, in accordance with relevant disclosure regulations [1]. Group 2 - During the suspension, the company will actively advance the transaction and communicate with relevant parties, adhering to legal and regulatory requirements [2]. - The company will fulfill its information disclosure obligations based on the progress of the restructuring and will apply for stock resumption once the relevant matters are confirmed [2]. - All information will be based on disclosures made in designated media and the specified website [2].

Core Viewpoint - Tongtai Fund Management Co., Ltd. announced a valuation adjustment for its funds, specifically regarding the suspended stock Yiyi Co., Ltd. (code: 001206), effective from October 17, 2025, using the "index yield method" for valuation [1] Group 1 - The decision to adjust the valuation method was made in agreement with the relevant fund custodian [1] - The company will consider various influencing factors and consult with the fund custodian before reverting to the closing price valuation method once the stock resumes trading and exhibits active market trading characteristics [1] - No further announcements will be made once the stock resumes trading and the valuation method is adjusted back to the closing price [1]

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding significant corporate actions and financial performance. Group 1: Corporate Announcements - Wanrun Technology clarified that rumors about an online roadshow and large orders are false, stating no such investor relations activities have occurred recently [4] - DiAo Micro plans to acquire 100% of Rongpai Semiconductor through a combination of share issuance and cash payment, with stock resuming trading on October 21, 2025 [5][6] - Dongtu Technology is planning to issue shares to acquire assets from Beijing Gaoweike Electric Technology, with stock suspension starting October 21, 2025 [7] - Guangsheng Nonferrous Metals announced the absorption merger of two wholly-owned rare earth subsidiaries to enhance management efficiency and reduce operational costs [8] - Shan Shui Technology's actual controller and chairman was subjected to criminal coercive measures, but the company's operations remain normal [9] - Xingchen Technology completed the acquisition of 53.3087% of Shanghai Furui Kun Microelectronics, which will now be a subsidiary [10] - Yiyi Co. is planning to issue shares and cash to acquire assets, with stock suspension since October 14, 2025 [11] - Yintai Group's acquisition of Huatuo Pharmaceutical received antitrust approval, allowing the transaction to proceed [12] Group 2: Financial Performance - China Mobile reported a net profit of 31.1 billion yuan for Q3 2025, a year-on-year increase of 1.4%, with total revenue of 794.7 billion yuan for the first three quarters, up 0.4% [14] - Alloy Investment's Q3 net profit surged by 4985% to 2.68 million yuan, with revenue of 65.71 million yuan, a 21.61% increase [15] - iFlytek's Q3 net profit increased by 202.4% to 172 million yuan, with revenue of 6.078 billion yuan, up 10.02% [16] - Yonghe Co. reported a Q3 net profit of 198 million yuan, a 485.77% increase, with total revenue of 1.34 billion yuan, up 11.42% [17] - Dazhu CNC's Q3 net profit rose by 282% to 228 million yuan, with revenue of 1.521 billion yuan, a 95.19% increase [18] - Dingtong Technology's Q3 net profit grew by 125% to 61.175 million yuan, with year-to-date revenue of 1.156 billion yuan, up 64.45% [20] - Shenneng Power's Q3 net profit increased by 56.69% to 117 million yuan, with total revenue of 459 million yuan, up 33.38% [21] - Runben Co. reported a slight decline in Q3 net profit by 2.89%, totaling 78.52 million yuan, despite a revenue increase of 16.67% [22] - Dayang Bio's Q3 net profit grew by 56.12% to 29.53 million yuan, with revenue of 248 million yuan, up 5.72% [23] - Kaile Co. reported a significant increase in net profit by 159.14% for the first three quarters, totaling 21.63 million yuan [24] - China Shipbuilding expects a net profit increase of 104% to 126% for the first three quarters, estimating between 5.55 billion to 6.15 billion yuan [25] Group 3: Shareholding Changes - Zhejiang Mining's major shareholders plan to reduce their holdings by up to 3% of the company's shares [27] - Blue Arrow Electronics' shareholders intend to reduce their holdings by up to 3% [28] - Jifeng Technology's shareholders plan to reduce their holdings by up to 3% [29] Group 4: Major Contracts - Dash Smart announced a joint bid for a smart transportation project worth 96 million yuan, which represents 3.03% of the company's projected revenue for 2024 [30]

Financial Performance - China Mobile reported a net profit of 31.1 billion yuan for Q3 2025, a year-on-year increase of 1.4% [1] - iFlytek's Q3 net profit increased by 202.4%, reaching 172 million yuan, with revenue of 6.078 billion yuan, up 10.02% year-on-year [2] - China Shipbuilding expects a net profit of 5.55 to 6.15 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 104.3% to 126.39% [3] - Industrial Fulian plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 6.551 billion yuan, which is 54.08% of its net profit for the first half of 2025 [4] - Alloy Investment reported a Q3 net profit of 2.68 million yuan, a staggering increase of 4985.25% [11] - Yonghe shares achieved a Q3 net profit of 198 million yuan, up 485.77% year-on-year [12] - Dazhu CNC's Q3 net profit grew by 282% to 228 million yuan [13] - Dingtong Technology's net profit for the first three quarters increased by 125% to 177 million yuan [14] - Shenneng Power's Q3 net profit rose by 56.69% to 117 million yuan [15] - Runben shares reported a slight decline in Q3 net profit by 2.89% [16] - Dayang Bio's Q3 net profit increased by 56.12% to 29.53 million yuan [18] - Kaile shares reported a 159.14% increase in net profit for the first three quarters [19] Corporate Actions - Wanrun Technology clarified that recent market rumors regarding online roadshows and large orders were false [5] - Dongtu Technology announced a stock suspension while planning to acquire assets from Beijing Gaoweike Electric Technology [6] - Guangsheng Nonferrous Metals is merging two wholly-owned rare earth subsidiaries to enhance operational efficiency [7] - Sanwater Technology's actual controller and chairman was taken under criminal coercive measures, but operations remain normal [8] - Xingchen Technology completed the acquisition of a 53.3087% stake in Shanghai Furui Kun Microelectronics [9] - Yiyi Co. announced a stock suspension while planning to issue shares and raise funds for asset acquisition [10] - Yingtai Group's subsidiary received antitrust approval for the acquisition of Huatuo Pharmaceutical for 369 million yuan [11] Major Contracts - Dash Intelligent won a 96 million yuan smart transportation project as the lead partner in a consortium [23]

Core Points - The company, Yiyi Co., announced plans to issue shares and pay cash for asset acquisition while raising matching funds, which is referred to as "this transaction" [1] - The transaction is not expected to constitute a related party transaction or a major asset restructuring, but due to uncertainties, the company's stock will be suspended from trading starting October 14, 2025 [1] - The company plans to disclose the transaction details within 10 trading days, by October 28, 2025, in accordance with relevant disclosure regulations [1] - The company and involved parties are actively advancing the transaction and are in discussions to finalize the transaction plan [1] Company Actions - Yiyi Co. is preparing to issue shares and pay cash for asset acquisition [1] - The company has applied for a trading suspension to protect investor interests and prevent significant impacts on stock trading [1] - The company is expected to provide a detailed transaction plan by the end of October 2025 [1]