Summary of YiYi Co., Ltd. Conference Call Company Overview - YiYi Co., Ltd. reported a revenue growth of 21.06% year-on-year for 2024, with net profit increasing by 108.34%, attributed to scale effects, stable raw material prices, and enhanced internal controls [1][2] - In Q1 2025, revenue grew by 26.56% year-on-year, and net profit increased by 27.96%, with operating cash flow rising significantly by 112% [1][2] Key Financial Performance - For 2024, total revenue reached 798 million yuan, a 34.41% increase, with overseas revenue at 1.682 billion yuan, up 35.44% [2] - Core products showed strong growth: pet pads up 35.72%, pet diapers up 26.16%, and non-woven fabric products up 33.94% [2] - Q1 2025 revenue was 485 million yuan, with overseas revenue at 454 million yuan, a 27.15% increase [2] Customer Base and Sales - The top five customers accounted for nearly 53% of sales, including major clients like Amazon, Passat, and Walmart, all showing good growth [1][5] - New customer Costco achieved sales of 176 million yuan, representing over 9% of total sales [5] Market Strategy and Expansion - To mitigate tariff impacts, YiYi is expanding into non-U.S. markets and increasing domestic market efforts [1][6] - The company is progressing well with its production capacity in Cambodia, expecting to complete four production lines by the end of April, with about 20% of exports directed to the U.S. [1][7] Production Efficiency and Cost Management - Current production efficiency in Cambodia is lower than in China, but equipment upgrades are in place [1][8] - The company has managed to control the impact of U.S. dissolving pulp tariffs through various strategies, including absorbing some costs and seeking support from suppliers [1][10] Domestic Market and Brand Development - YiYi is focusing on domestic market development, setting a sales target of 50 million yuan for its own brand [1][9] - The company has seen positive changes in domestic sales since 2024, with a significant increase in new customers contributing to revenue [1][9] Profitability and Margin Analysis - The overseas gross margin improved, while domestic gross margin declined, primarily due to the non-woven fabric business [3][22] - The company emphasizes investor returns, planning to maintain high dividend frequencies and amounts [3][24] Future Outlook and Challenges - Despite concerns over tariffs, the company is expected to continue its growth trajectory due to its supply chain advantages and the potential easing of tariffs [1][28] - The European market is also showing good development, with new customer acquisitions in the UK and Spain [16] Conclusion - YiYi Co., Ltd. is positioned for continued growth with a strong focus on expanding its market presence, managing costs effectively, and enhancing investor returns, making it a recommended investment opportunity [1][28]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Views - The company has shown strong growth in its pet care business, with a significant increase in overseas market share and a notable improvement in global supply chain collaboration [6]. - The company is actively expanding its production capacity in Cambodia, which is expected to enhance its competitive edge in the international market [5]. - The financial performance for 2024 indicates a revenue of 1.798 billion yuan, a year-on-year increase of 34.41%, and a net profit of 215.12 million yuan, reflecting a growth of 108.34% [10]. Financial Performance Summary - In Q1 2025, the company reported revenue of 485 million yuan, up 26.56% year-on-year, and a net profit of 54 million yuan, up 27.96% year-on-year [1]. - For Q4 2024, revenue reached 482 million yuan, a 37.16% increase year-on-year, with a net profit of 64 million yuan, showing a remarkable growth of 304.43% [1]. - The gross profit margin for 2024 was 19.63%, an increase of 2.61 percentage points, while the net profit margin was 11.97%, up 4.25 percentage points [1]. Product Performance - The revenue from pet disposable care products in 2024 was 1.69 billion yuan, a year-on-year increase of 34.9%, with sales volume reaching 3.909 billion pieces, up 29.91% [3]. - The average price of pet disposable care products was 0.43 yuan, reflecting a 4.1% increase year-on-year [3]. - The company has established a robust customer base, including major retailers and e-commerce platforms in the US, Europe, and Japan, contributing to a 35.8% share of the pet care product export market [4]. Capacity Expansion - The company has established a production capacity of 4.6 billion pet pads and 200 million pet diapers annually, capturing over 30% of the domestic export market for similar products [5]. - The new facility in Cambodia is expected to commence production by the end of April 2025, marking a significant step in the company's global capacity strategy [5]. Future Projections - The company forecasts net profits of 270 million yuan, 320 million yuan, and 380 million yuan for the years 2025, 2026, and 2027, respectively [6]. - The expected revenue growth rates for the upcoming years are 21.89% for 2025, 20.56% for 2026, and 18.32% for 2027 [10].

Financial Performance - In 2024, the company achieved a revenue of CNY 1.798 billion, a year-on-year increase of 34.41% [1] - Overseas revenue reached CNY 1.682 billion, growing by 35.44%, while domestic revenue was CNY 116 million, up by 21.06% [2] - The net profit attributable to shareholders was CNY 215 million, a significant increase of 108.34% compared to the previous year [2] - In Q1 2025, the company reported a revenue of CNY 485 million, a year-on-year growth of 26.56% [3] - The net profit for Q1 2025 was CNY 54.09 million, reflecting a 27.96% increase [3] Product Performance - Core products showed strong growth: pet pads increased by 35.72%, pet diapers by 26.16%, and non-woven fabric products by 33.94% in 2024 [2] - New customer contributions in 2024 amounted to CNY 190 million, representing 10.55% of total sales [7] Market and Strategic Response - The company is facing uncertainties due to tariffs, particularly affecting over 50% of its exports to the U.S. [4] - To mitigate tariff impacts, the company is expanding its market presence in non-U.S. regions and enhancing domestic market strategies [5] - The company’s overseas production capacity in Cambodia is set to produce nearly 300 million units annually, starting in May 2025 [5] Cost Management and Profitability - The company has implemented effective cost control measures, including optimizing raw material procurement and energy management [10] - There is potential for margin improvement through market expansion, cost control, and product innovation [11] Dividend Policy - In 2024, the company maintained a dividend payout ratio of 74.44%, with plans to increase the frequency of dividends to three times a year [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong performance in its financial results, with a revenue of 1.798 billion yuan in 2024, representing a year-on-year growth of 34.41%, and a net profit of 215 million yuan, which is an increase of 108.34% year-on-year [2] - The company is well-positioned to benefit from the growing pet economy, leveraging its comprehensive advantages in channels, customer relationships, product development, and scaled production [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.798 billion yuan, a 34.41% increase year-on-year, and a net profit of 215 million yuan, up 108.34% year-on-year [2] - The cash flow from operating activities was 223 million yuan, reflecting a 10.13% increase year-on-year [2] - The company plans to distribute a cash dividend of 3.7 yuan per 10 shares, totaling 160 million yuan for the year 2024, with a payout ratio of 74.44% [2] Product and Market Analysis - The company primarily focuses on pet and personal care products, with disposable hygiene products for pets generating 1.690 billion yuan in revenue, a 34.93% increase year-on-year, contributing 94.02% to total revenue [3] - The overseas revenue grew by 35.44% to 1.682 billion yuan, accounting for 93.57% of total revenue, driven by stable growth from existing customers and new customer acquisitions [3] Profitability and Cost Management - The gross margin for 2024 was 19.63%, an increase of 2.61 percentage points year-on-year, while the net margin was 11.97%, up 4.25 percentage points year-on-year [4] - The company has effectively reduced its expense ratio to 4.62%, down 0.89 percentage points year-on-year, with significant reductions in sales and management expenses [4] Future Earnings Forecast - The company is expected to achieve revenues of 2.136 billion yuan, 2.499 billion yuan, and 2.876 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.36 yuan, 1.59 yuan, and 1.86 yuan [7] - The projected PE ratios for 2025, 2026, and 2027 are 12.51, 10.70, and 9.20 respectively, indicating a favorable valuation in the context of the pet products industry growth [7]

Core Viewpoint - In 2024, the global economy is gradually recovering, and Yiyi Co., Ltd. (依依股份) is experiencing significant growth driven by structural demand recovery and effective market strategies [1] Group 1: Financial Performance - In 2024, Yiyi Co., Ltd. achieved a revenue of 1.798 billion yuan, a year-on-year increase of 34.41% [1] - The net profit reached 215 million yuan, marking a substantial year-on-year growth of 108.34% [1] - The company reported a non-recurring net profit of 191 million yuan, up 75.09% from the previous year [1] - The net cash flow from operating activities was 223 million yuan, an increase of 10.12% year-on-year [1] Group 2: Product Development and Market Position - Yiyi Co., Ltd. has developed over a thousand specialized pet hygiene products, enhancing its application system in the pet hygiene market [2] - The company has established a comprehensive production base for pet hygiene products, covering all production stages and application scenarios [2] - The core product capacity for pet pads reached 4.6 billion pieces annually, while pet diapers reached 200 million pieces annually [2] - Yiyi Co., Ltd. exports to nearly 40 countries, with export amounts consistently accounting for over 30% of the domestic total for similar products [2] Group 3: International Expansion and Strategic Initiatives - The company has established a wholly-owned subsidiary in Cambodia, marking a significant step in its global capacity strategy, expected to commence production by April 2025 [3] - The Cambodian project is anticipated to enhance the company's risk resistance and serve as a key point for expanding into Southeast Asia and global markets [3] - Yiyi Co., Ltd. has maintained a consistent dividend policy, distributing a total of 165 million yuan in cash dividends, which is 76.72% of the annual net profit [3] Group 4: Future Outlook and Growth Strategy - In Q1 2025, Yiyi Co., Ltd. reported a revenue of 485 million yuan, a year-on-year increase of 26.56% [4] - The net profit for the same period was 54 million yuan, reflecting a growth of 27.96% year-on-year [4] - The company plans to enhance production efficiency and expand market share by adding advanced production lines and upgrading existing equipment [5] - Yiyi Co., Ltd. aims to strengthen its domestic and international market presence by leveraging its expanded production capacity and exploring new market opportunities [5]

Core Viewpoint - The company, Yiyi Hygiene Products Co., Ltd., reported significant growth in revenue and net profit for 2024, driven by stable orders from existing customers and new client acquisitions, marking a historical high in performance [1]. Financial Performance - In 2024, the company achieved a revenue of 1.798 billion yuan, a year-on-year increase of 34.41%, and a net profit attributable to shareholders of 215 million yuan, up 108.34% [1]. - For Q1 2025, the company continued its growth trajectory with a revenue of 485 million yuan and a net profit of 54.09 million yuan, reflecting a year-on-year growth of 27.96% [1]. Dividend and Investor Confidence - The company announced a dividend plan for 2024, proposing a cash dividend of 3.7 yuan per 10 shares, totaling 68.28 million yuan [1]. - The chairman, Gao Fuzhong, demonstrated confidence in the company's long-term development by purchasing 790,600 shares for a total of 10.236 million yuan [2]. Market Position and Product Development - The company has a strong market presence, with its disposable pet hygiene products accounting for 35.77% of the domestic customs export share in 2024 [2]. - The company is enhancing its production capacity by adding advanced production lines and upgrading existing equipment, while also integrating modern AI technology into its production processes [2]. Expansion and Strategic Initiatives - The company is accelerating its "domestic + overseas" capacity layout, with plans to establish its first overseas production base in Cambodia by April 2025, expected to produce 270 million pet pads annually [3]. - The company is actively responding to national policies to expand domestic demand and is focusing on developing its own brands, such as "Lesh Pet" and "Yiping Flower House" [3]. - The company is also involved in setting up multiple industry funds to seize merger and acquisition opportunities in the pet industry, aiming to expand into other essential pet products [3].

天津市依依卫生用品股份有限公司 2024 年度独立董事述职报告 2024 年，本人作为天津市依依卫生用品股份有限公司（以下简称"公司"） 的独立董事，在任职期间严格按照《中华人民共和国公司法》《上市公司治理准 则》《上市公司独立董事管理办法》等相关法律法规和规范性文件及《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》"）、《董事会议事 规则》《独立董事工作制度》等有关规定和要求，勤勉尽责地履行独立董事职责。 积极参加公司召开的相关会议，认真阅研审议相关议案，秉持客观、独立、公正 的立场，对相关事项发表意见。深入参与调研和培训活动，及时与公司管理层和 相关部门沟通，全面关注公司的发展，切实维护全体股东尤其是中小股东的合法 权益。现将 2024 年度工作情况述职如下： 一、独立董事的基本情况 1、出席董事会及股东大会会议情况 2024 年度，公司召开了 6 次董事会会议，6 次股东大会，会议的召集召开程 序符合规定，合法有效。本年应参加董事会 6 次，本人均出席会议，未对董事会 审议的各项议案及其他相关事项提出异议，具体情况如下： 本人阎鹏，1984 年出生，中国国籍，无境外永久居留权，本科学历。 ...

天津市依依卫生用品股份有限公司 2024 年度独立董事述职报告 2024 年，本人作为天津市依依卫生用品股份有限公司（以下简称"公司"） 的独立董事，在任职期间严格按照《中华人民共和国公司法》《上市公司治理准 则》《上市公司独立董事管理办法》等相关法律法规和规范性文件及《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》"）、《董事会议事 规则》《独立董事工作制度》等有关规定和要求，勤勉尽责地履行独立董事职责。 积极参加公司召开的相关会议，认真阅研审议相关议案，秉持客观、独立、公正 的立场，对相关事项发表意见。深入参与调研和培训活动，及时与公司管理层和 相关部门沟通，全面关注公司的发展，切实维护全体股东尤其是中小股东的合法 权益。现将 2024 年度工作情况述职如下： 一、独立董事的基本情况 本人韩志红，1955 年出生，中国国籍，无境外永久居留权，本科学历。曾 任天津师范大学法学院教授；天津师大法学院经济法学科带头人、硕士研究生导 师；天津市法学会经济法学分会会长；天津师范大学津沽学院法学系主任，首席 教授；天津市和平区人民法院陪审员；天津市检察院特聘兼职教授；天津市仲裁 委员会仲裁员；天津市法 ...

天津市依依卫生用品股份有限公司 2024 年度独立董事述职报告 2024 年，本人作为天津市依依卫生用品股份有限公司（以下简称"公司"）的 独立董事，在任职期间严格按照《中华人民共和国公司法》《上市公司治理准则》 《上市公司独立董事管理办法》等相关法律法规和规范性文件及《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》"）、《董事会议事规则》《独立 董事工作制度》等有关规定和要求，勤勉尽责地履行独立董事职责。积极参加公 司召开的相关会议，认真阅研审议相关议案，秉持客观、独立、公正的立场，对 相关事项发表意见。深入参与调研和培训活动，及时与公司管理层和相关部门沟 通，全面关注公司的发展，切实维护全体股东尤其是中小股东的合法权益。现将 2024 年度工作情况述职如下： 一、独立董事的基本情况 本人张民，1971 年出生，中国国籍，无境外永久居留权，本科学历。曾任中 国人民财产保险公司上海公司核赔、法务工作；太平财产保险公司上海公司核赔、 法务工作。现任公司独立董事，任上海市中天阳律师事务所任专职律师。 作为公司的独立董事，本人及直系亲属、主要社会关系均不在公司或其附属 企业担任除独立董事之外的其他职 ...

天津市依依卫生用品股份有限公司 2024 年度独立董事述职报告 2024 年，本人作为天津市依依卫生用品股份有限公司（以下简称"公司"） 的独立董事，在任职期间严格按照《中华人民共和国公司法》《上市公司治理准 则》《上市公司独立董事管理办法》等相关法律法规和规范性文件及《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》"）、《董事会议事 规则》《独立董事工作制度》等有关规定和要求，勤勉尽责地履行独立董事职责。 积极参加公司召开的相关会议，认真阅研审议相关议案，秉持客观、独立、公正 的立场，对相关事项发表意见。深入参与调研和培训活动，及时与公司管理层和 相关部门沟通，全面关注公司的发展，切实维护全体股东尤其是中小股东的合法 权益。现将 2024 年度工作情况述职如下： 一、独立董事的基本情况 本人张晓宇，1978 年出生，中国国籍，无境外永久居留权，博士研究生学历。 曾任天津滨海柜台交易市场股份公司发展部主管、渤海钢铁集团资本运营有限公 司证券投资部总监。现任公司独立董事，任天津师范大学经济学院讲师。 作为公司的独立董事，本人及直系亲属、主要社会关系均不在公司或其附属 企业担任除独立董事之外的其他 ...