答：尊敬的投资者您好，当前国内宠物行业蓬勃发展，宠物主的健康护理意识持续提升，宠物卫生护理 用品市场需求迎来快速增长期。目前，针对国内市场自主品牌业务，公司已加大推广投入，重点布 局"乐事宠(HUSHPET)"、"一坪花房"等自有品牌：线上依托抖音、小红书等平台开展内容创作与传播， 线下积极参与各类宠物行业展会及宠物主题活动，全方位强化宠物主对公司产品及品牌的认知度与认可 度，持续拓展国内市场份额，推动国内自主品牌业务稳步发展。公司通过基金参与投资瑞派宠物医院， 瑞派宠物医院港交所上市的申请已于2025年12月被受理，后续进展可以关注瑞派宠物医院的信息披露。 感谢关注依依股份！ 格隆汇2月11日丨依依股份(001206.SZ)在投资者关系中表示，有被问到：在过去的一年，感觉国内宠物 市场竞争加剧，利润率普遍下滑，请问公司近期是否还有加大国内市场开拓投入的打算和措施？另外之 前提到对瑞普宠物医疗的投资是否有进展？谢谢管理层？ 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

答：公司宠物护理相关产品已进入瑞派宠物医院销售。 格隆汇2月11日丨依依股份(001206.SZ)在投资者关系中表示，有被问到：公司产品进入瑞派等宠物医院 销售吗？ ...

Core Viewpoint - The company is focused on the long-term potential of the pet food sector while maintaining a cautious approach to its business strategy [1] Group 1: Business Focus - The company's main business is concentrated in the pet hygiene care sector [1] - The company acknowledges the long-term development potential of the pet food sector [1] Group 2: Strategic Direction - The company is considering whether to pursue external acquisitions or to shift towards internal incubation and development in the pet food segment [1] - The company will continue to monitor the industry developments in the pet food sector with a prudent approach [1]

Core Viewpoint - The company has indicated that its export business to the United States has largely returned to normal following the trade war, supported by its competitive advantages in production capacity and product quality [1] Industry Summary - The global production capacity for pet hygiene products is primarily concentrated in China, with limited and costly domestic production in the United States, which cannot meet downstream demand [1] - Southeast Asia's production capacity is also mainly held by domestic manufacturers, facing challenges due to an incomplete supply chain, making it difficult for downstream clients to find alternative suppliers with comparable scale [1] Company Summary - The company's products are essential for pet care, allowing it to maintain steady growth through advantages in large-scale production capacity, high product quality, and strong overall production management capabilities, along with overseas production layout [1]

Core Viewpoint - The company, Yiyi Co., announced that its production base in Cambodia will be ready for production and shipping by May 2025, with a capacity to produce nearly 300 million pet pads annually [1] Group 1 - The second factory, currently under construction, is expected to have an annual production capacity of 800 million pet pads and 100 million pet diapers [1]

Group 1 - The company currently has sufficient orders on hand, and its production operations are stable and orderly [1] - The annual production capacity for pet pads is 4.6 billion pieces, and for pet diapers, it is 200 million pieces [1] - The first phase of the overseas base in Cambodia has an annual production capacity of nearly 300 million pieces [1]

Group 1: Market Expansion and Strategy - The domestic pet hygiene products market is experiencing rapid growth due to increasing health awareness among pet owners, prompting the company to enhance its promotional investments and expand its market share [3][5]. - The company has increased its focus on self-owned brands such as "HUSHPET" and "Yiping Huafang," utilizing platforms like Douyin and Xiaohongshu for online promotion and participating in various pet industry exhibitions [3][5]. - The company aims to maintain a dual-driven strategy focusing on both domestic and international markets, enhancing its service capabilities through overseas production bases [4][6]. Group 2: Production Capacity and Supply Chain - The Cambodian production base has been operational since May 2025, with an annual capacity of nearly 300 million pet pads, and a second factory is under construction with a target capacity of 800 million pet pads and 100 million pet pants [3][6]. - The company has established strong relationships with suppliers to manage raw material costs through long-term contracts and centralized procurement [6][7]. - Current production capacities include 4.6 billion pet pads and 200 million pet pants annually, with plans to increase capacity utilization through new production lines and technological upgrades if demand rises [6][7]. Group 3: Financial Performance and Challenges - The company has faced challenges in maintaining profit margins due to increased competition in the domestic pet market, but it continues to focus on enhancing customer resources and production scale to drive sustainable growth [4][5]. - The termination of the acquisition of Gaoye Family was due to discrepancies in expected performance and valuation, particularly after changes in sales strategies and increased investments in new products [11][12]. - The company has implemented measures to mitigate the impact of currency fluctuations on profits, maintaining a "currency risk-neutral" principle and engaging in foreign exchange hedging [11][12]. Group 4: Future Outlook and Strategic Focus - The company plans to continue focusing on its core business of pet hygiene products while exploring opportunities in pet health, medical, and food sectors [11][12]. - There is an ongoing commitment to strategic investments in the pet industry through funds or direct investments, aiming to cultivate new growth projects and enhance market presence [11][12]. - The company remains open to exploring acquisitions in the pet food sector while prioritizing its existing strengths in hygiene products [11][12].

Group 1 - The company has terminated the acquisition of 100% equity in Hangzhou Gaoye Family, which will impact market sentiment and strategic layout in the short term [1] - The company stated that this decision will not have a significant adverse effect on its production operations and financial status, as its core business remains solid [1][4] - The company will continue to collaborate with Gaoye Family through an industrial fund, maintaining a partnership in product development and channel expansion [4] Group 2 - Following the announcement, the stock price experienced a slight increase on the day of the announcement but fell significantly the next day, indicating increased short-term capital divergence [2] - The acquisition aimed to enter the pet food sector for business diversification; however, the termination will lead the company to focus on its existing pet hygiene product business in the short term [3] - The company has committed to not planning any major asset restructuring for one month, indicating a slowdown in expansion pace [3] Group 3 - The pet industry is facing intensified competition, with price wars in niche segments eroding profitability [5] - The company is stabilizing market confidence through overseas production bases and share repurchase plans, while still potentially expanding its pet food layout through partnerships or internal incubation in the long term [5] - The termination of the acquisition may delay the company's progress in expanding its domestic C-end market [5]

Core Viewpoint - The company, Yiyi Co., Ltd. (依依股份), has announced the termination of its plan to issue shares and pay cash for asset acquisition, along with fundraising activities, due to changes in the operational performance of the target company since the initial planning phase [1][2]. Group 1: Termination Announcement - The company held its fourth board meeting on February 10, 2026, where it approved the termination of the asset acquisition and fundraising plan [1]. - A termination agreement was signed with the counterparties involved in the transaction [1]. Group 2: Reasons for Termination - The company stated that since the announcement of the transaction, it has complied with relevant laws and regulations while actively working with all parties involved [2]. - Changes in the target company's sales model during the 2025 Double Eleven shopping festival and the investment in new cat food products led to a deviation from initial operational expectations, preventing agreement on key commercial terms [2]. - After thorough discussions and considerations, the company decided to terminate the transaction to protect the long-term interests of the company and its investors [2]. Group 3: Previous Transaction Details - The initial plan involved acquiring 100% equity of Hangzhou Gaoye Family Pet Food Co., Ltd. from 19 counterparties through a combination of share issuance and cash payment [3]. - The transaction price was to be determined based on an asset appraisal report, which had not been completed at the time of the announcement [3]. Group 4: Fundraising Plan - The company intended to raise funds from no more than 35 qualified investors through a targeted share issuance, with the total amount not exceeding 100% of the transaction price [4]. - The net proceeds from the fundraising were planned to cover cash payments for the transaction, intermediary fees, and related taxes, with specific amounts to be disclosed in the restructuring report [4]. - Following the announcement, the company's stock price experienced a significant drop, reaching a low of 31.37 yuan, a decrease of 9.99% during trading [4].

Core Viewpoint - Yiyi Co., Ltd. has terminated its acquisition of the pet food brand "Xu Cuihua" and "Gao Ye Jia" after four months of negotiations due to changes in the target company's 2025 operational performance and failure to reach agreement on key commercial terms [1][2] Group 1: Acquisition Details - Yiyi Co. planned to acquire 100% equity of Hangzhou Gao Ye Jia to enter the pet food market and strengthen its leading position in the pet hygiene sector [1] - The termination was officially announced on February 10, 2026, during the fourth board meeting [1] Group 2: Reasons for Termination - The target company's operational performance in 2025 deviated from initial expectations due to adjustments in sales strategies during the "Double Eleven" shopping festival and increased upfront investments in new cat food products [2] - The parties could not agree on valuation and other core commercial terms, leading to a cautious decision to terminate the transaction [2] Group 3: Market Performance - Hangzhou Gao Ye Jia reported significant online sales growth during the "Double Eleven" festival, with over 120% increase in sales, including 120% on Tmall and 60% on JD [3][5] - The brand "Xu Cuihua" became the first pet product brand on Tmall to surpass 100 million in sales during the "Double Eleven" event [5] Group 4: Financial Performance - In 2023, Hangzhou Gao Ye Jia generated revenue of 302 million yuan with a net profit of 3.08 million yuan, resulting in a net profit margin of only 1% [6] - Revenue is projected to increase to 460 million yuan in 2024, with net profit rising to 18.30 million yuan and a net profit margin of 4% [6] Group 5: Pricing Strategy and Market Challenges - Despite high sales volumes, the company faces challenges with profitability due to a price war and new sales models that may increase costs and reduce margins [6] - The introduction of "subscription-like" sales models for cat litter has gained popularity but may lead to higher costs and pricing pressures [6]