Investment Rating - The report maintains an "Overweight" rating for the pet industry, indicating that the industry index is expected to outperform the market index by over 10% in the next six months [4]. Core Insights - The pet industry in China is projected to continue its rapid growth, with the urban pet consumption market expected to increase from 170.8 billion yuan in 2018 to 300.2 billion yuan by 2024, reflecting a CAGR of approximately 9.9% [3]. - The pet food market is anticipated to grow from 89.1 billion yuan to 158.5 billion yuan during the same period, with a CAGR of about 10.1% [3]. - The pet healthcare market, including vaccines and medications, is expected to see significant growth, with a projected increase from 8.54 billion yuan to 37.22 billion yuan, representing a CAGR of 27.8% [3]. - The report highlights that the pet ownership penetration rate in China is still relatively low compared to mature markets, indicating substantial room for growth [3]. Market Dynamics - The pet ownership demographic is shifting towards younger generations, with post-90s pet owners constituting 41.2% and post-00s pet owners rising to 25.6% [3]. - The report notes that the pet industry in China is characterized by a low concentration of market players, with the top three companies holding only 3.6% of the market share [3]. - The competitive landscape is fragmented, with numerous small and medium-sized enterprises alongside established brands like Guai Bao Pet and Zhong Chong Co [3]. Investment Recommendations - The report suggests focusing on key players in the pet industry, including Guai Bao Pet (301498), Zhong Chong Co (002891), Yi Yi Co (001206), Yuan Fei Pet (001222), Tian Yuan Pet (301335), and Pu Lai Ke (603566) [3].

Market Overview - The Shanghai Composite Index decreased by 0.32% as of 10:28 AM, with a trading volume of 657.44 million shares and a transaction value of 851.29 billion yuan, an increase of 1.41% compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Building Materials: Increased by 2.00% with a transaction value of 197.98 billion yuan, led by Hanjian Heshan, which rose by 10.08% [1]. - Beauty Care: Increased by 0.85% with a transaction value of 39.64 billion yuan, led by Yiyi Co., which rose by 9.99% [1]. - Building Decoration: Increased by 0.64% with a transaction value of 222.97 billion yuan, led by Zhubo Design, which rose by 20.02% [1]. - The sectors with the largest declines included: - Banks: Decreased by 1.38% with a transaction value of 180.32 billion yuan, led by Xiamen Bank, which fell by 3.53% [2]. - Non-Bank Financials: Decreased by 1.20% with a transaction value of 324.12 billion yuan, led by Hualin Securities, which fell by 5.42% [2]. - Computers: Decreased by 1.05% with a transaction value of 642.92 billion yuan, led by Zhongyuan Haike, which fell by 5.29% [2]. Summary of Trading Data - A total of 1,488 stocks rose, with 71 hitting the daily limit up, while 3,779 stocks fell, with 6 hitting the daily limit down [1]. - The overall market sentiment showed a mixed performance across various sectors, with significant activity in building materials and beauty care, while banking and non-bank financial sectors faced declines [1][2].

Group 1 - The beauty care sector experienced a significant rise at the beginning of trading, with Jeya Co., Ltd. (301108) increasing by over 10% [1] - Yiyi Co., Ltd. (001206) approached the daily limit increase, indicating strong market interest [1] - Aimeike (300896) saw an increase of over 4%, reflecting positive sentiment in the industry [1] Group 2 - Other companies such as Shuiyang Co., Ltd. (300740) and Shanghai Jahwa United Co., Ltd. (600315) also experienced upward movement, suggesting a broader trend in the beauty care sector [1]

Core Viewpoint - The article highlights the trend of decreasing shareholder accounts among several companies, indicating a concentration of shares and potential investment opportunities in those stocks [1][2]. Group 1: Shareholder Account Trends - A total of 94 companies reported their latest shareholder account numbers as of July 20, with 16 companies experiencing a continuous decline for more than three periods, and one company, Guoyuan Securities, seeing a decrease for 12 consecutive periods, with a cumulative decline of 7.13% [1]. - Zhongyuan Media has also seen a significant decline, with its shareholder accounts dropping for 9 consecutive periods, resulting in a cumulative decline of 29.57% [1]. - Other companies with notable declines in shareholder accounts include Jiemai Technology, Xiyu Co., and Shuangxiang Co. [1]. Group 2: Market Performance - Among the companies with decreasing shareholder accounts, 14 have seen their stock prices rise, while only 2 have experienced declines, with Xiyu Co., Haixia Co., and Jiangsu Shentong showing high cumulative gains of 25.89%, 22.93%, and 16.93%, respectively [2]. - 12 of these companies outperformed the Shanghai Composite Index, with excess returns of 19.55%, 16.98%, and 11.76% for Xiyu Co., Haixia Co., and Jiangsu Shentong, respectively [2]. Group 3: Institutional Interest - In the past month, 5 companies with decreasing shareholder accounts have been subject to institutional research, with Jiangsu Shentong and Haixia Co. being the most frequently researched, each receiving 3 inquiries [2]. - The number of institutions involved in research is highest for Jiangsu Shentong (23 institutions), followed by Haixia Co. (8 institutions) and AVIC High-Tech (4 institutions) [2]. Group 4: Performance Forecasts - One company has released its half-year performance report, with Guoyuan Securities showing a net profit increase of 40.44% [3]. - Seven companies have issued performance forecasts, with five expecting profit increases and one predicting a profit [3]. - Hai De Control is projected to have the highest median net profit increase of 251.80%, with an expected net profit of 12.50 million [3].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [45][46]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 0.74% from July 4 to July 17, 2025, lagging behind the index by approximately 0.93 percentage points [11][14]. - Most sub-sectors recorded positive returns during the same period, with animal health, agricultural product processing, breeding, and planting sectors increasing by 8.71%, 2.56%, 1.42%, and 0.46% respectively, while the fishery and feed sectors saw declines of 1.8% and 4.2% [14][15]. - The overall price-to-book (PB) ratio for the industry is approximately 2.66 times, indicating a slight recovery, but still remains at a historical low, around 59.2% of the valuation center since 2006 [21][22]. Industry Key Data - **Pig Farming**: - The average price of external three yuan pigs decreased from 15.31 CNY/kg to 14.37 CNY/kg between July 4 and July 17, 2025 [24]. - As of June 2025, the breeding sow inventory reached 40.43 million heads, slightly up by 0.02% from the previous month, which is 103.7% of the normal holding capacity of 39 million heads [24]. - The profit from self-breeding pigs is 90.89 CNY/head, while the profit from purchased piglets is -18.66 CNY/head, both showing a decline compared to the previous week [29]. - **Poultry Farming**: - The average price of broiler chicks in major production areas was 1.37 CNY/chick, showing a slight increase, while the average price of layer chicks was 3.88 CNY/chick, which slightly decreased [31]. - The average price of white feather broilers was 6.4 CNY/kg, which has also decreased, with a profit of -2.93 CNY/chick, showing a slight recovery compared to the previous week [34]. - **Feed Costs**: - The spot price of corn was 2409.12 CNY/ton, showing a decline, while soybean meal prices were 2952 CNY/ton, which fluctuated in the last two weeks [26]. Industry Outlook - The report anticipates an overall increase in pig production capacity this year, which may suppress pig prices. The breeding sow inventory has some room for reduction [45]. - The poultry sector continues to face pressure on profitability, with opportunities for marginal improvement [45]. - In the feed sector, there are opportunities arising from increased concentration among leading companies, cost reduction, and overseas expansion [45]. - The domestic pet market is expected to maintain rapid growth, with leading domestic brands likely to see significant growth [45]. Recommended Stocks - Key stocks to focus on include: - Muyuan Foods (002714) - Wens Foodstuff Group (300498) - Shennong Development (002299) - Haida Group (002311) - Bio-Stock (600201) - Zhongchong Co., Ltd. (002891) - Yiyi Co., Ltd. (001206) [46].

Group 1 - The company held its second extraordinary general meeting of shareholders and the first employee representative meeting of 2025 on July 11, 2025, where the fourth board of directors was elected [1] - The meeting was attended by all 14 directors, and the procedures complied with relevant laws and regulations [1][2] - The board unanimously elected non-independent director Gao Fuzhong as the chairman of the fourth board of directors, with a term starting from the approval date until the board's term ends [2] Group 2 - The board approved the election of members for various specialized committees, including the Strategy Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee, with all votes in favor [3][4] - Gao Fuzhong was appointed as the chairman of the Strategy Committee, while Liu Ying was appointed as the chairman of the Audit Committee [3] - The board also approved the appointment of Gao Fuzhong as the general manager and several other executives, including Lu Junmei and Gao Jian as deputy general managers [4] Group 3 - The board appointed Zhou Lina as the financial director and also approved the appointment of Zhou Lina as the board secretary and Zhang Beibei as the securities affairs representative [5] - All appointments are effective from the date of approval until the end of the fourth board's term [4][5]

Group 1 - The core opinion of the article is that the legal opinion letter issued by Tianjin Jinnuo Law Firm confirms the legality and validity of the procedures, qualifications, and results of the second extraordinary general meeting of shareholders of Tianjin Yiyi Hygiene Products Co., Ltd. held on July 11, 2025 [2][4][16] Group 2 - The meeting was convened in accordance with the resolutions of the company's board of directors and relevant provisions of the company's articles of association, with a notice published on June 26, 2025 [2][3] - The meeting took place at 14:00 on July 11, 2025, at the company's conference room, and the actual time and location matched the notice [3] - The network voting for the meeting was conducted through the Shenzhen Stock Exchange trading system from 9:15 to 15:00 on the same day [3] Group 3 - A total of 140 participants attended the meeting, representing 105,108,799 shares, which accounted for 57.0577% of the total voting shares [5] - The meeting included attendance from the company's directors, supervisors, and senior management, and the law firm was also present [5] Group 4 - The voting procedures and results were consistent with the meeting notice, with no new proposals or modifications made during the meeting [6] - The resolutions passed included significant support from shareholders, with 105,060,523 shares in favor, representing a substantial majority [6][7] - The resolutions required a two-thirds majority to pass, which was achieved with 105,062,703 shares voting in favor [6][10] Group 5 - The election of the fourth board of directors was conducted through cumulative voting, with several candidates successfully elected for a three-year term [12][15] - The voting results indicated a strong majority support from minority investors, with percentages of approval ranging from approximately 85.7% to 86.3% for various resolutions [9][10][14]

Meeting Attendance - The meeting was attended by a total of 140 shareholders and representatives, representing 105,108,799 shares, which is 57.0577% of the total voting shares [2] - On-site attendance included 11 shareholders and representatives, representing 104,792,031 shares, or 56.8857% of the total voting shares [2] - Online voting involved 129 shareholders, representing 316,768 shares, accounting for 0.1720% of the total voting shares [2] - Small investors present included 3 individuals on-site, representing 20,900 shares, which is 0.0113% of the total voting shares [2] Voting Results - The meeting adopted a combination of on-site and online voting, with the following results for the proposals: - Proposal 1: 105,060,523 shares in favor (99.9541%), 45,832 shares against (0.0436%), and 2,444 shares abstained (0.0023%) [2] - Small investors' votes for Proposal 1: 289,392 shares in favor (85.7031%), 45,832 shares against (13.5731%), and 2,444 shares abstained (0.7238%) [3] - Proposal 2: 105,062,703 shares in favor (99.9561%), 44,632 shares against (0.0425%), and 1,464 shares abstained (0.0014%) [3] - Small investors' votes for Proposal 2: 291,572 shares in favor (86.3487%), 44,632 shares against (13.2177%), and 1,464 shares abstained (0.4336%) [3] - Proposal 3: 105,061,503 shares in favor (99.9550%), 47,096 shares against (0.0448%), and 200 shares abstained (0.0002%) [5] - Small investors' votes for Proposal 3: 290,372 shares in favor (85.9933%), 47,096 shares against (13.9474%), and 200 shares abstained (0.0592%) [5] Board Elections - The election of the fourth board of directors included non-independent directors, with the following results: - High Fuzhong, Lu Junmei, Gao Jian, Gao Bin, Yang Bingfa, Zhou Lina, Hao Yanlin, and Cui Lianrong were elected for a term of three years [12] - The voting results for the election of independent directors included He Yongjun, Wei Yi, Liu Ya, Xiao Heyong, and Liu Ying, also for a term of three years [15] - The voting results for the independent directors showed that 104,797,912 shares were in favor, representing a significant majority [15] Legal Opinions - The legal opinions confirmed that the qualifications of attendees, voting procedures, and results complied with legal and regulatory requirements, making the resolutions of the shareholders' meeting valid [15]

Core Viewpoint - The company has completed the election of its fourth board of directors, which consists of 14 members, including 8 non-independent directors, 5 independent directors, and 1 employee representative director [1][2]. Board Composition - The fourth board of directors includes the following members: - Chairman: Mr. Gao Fuzhong (also the legal representative) - Non-independent directors: Mr. Gao Fuzhong, Ms. Lu Junmei, Mr. Gao Jian, Mr. Gao Bin, Mr. Yang Bingfa, Ms. Zhou Lina, Ms. Hao Yanlin, Ms. Cui Lianrong - Independent directors: Mr. He Yongjun, Mr. Wei Yi, Ms. Liu Ya, Mr. Xiao Heyong, Ms. Liu Ying [2][4]. Committees of the Board - The specialized committees of the fourth board of directors are composed as follows: - Strategy Committee: Chairman Mr. Gao Fuzhong, members Mr. He Yongjun, Ms. Lu Junmei - Audit Committee: Chairman Ms. Liu Ying, members Mr. Xiao Heyong, Ms. Cui Lianrong - Nomination Committee: Chairman Mr. He Yongjun, members Mr. Gao Fuzhong, Mr. Wei Yi - Compensation and Assessment Committee: Chairman Mr. Wei Yi, members Ms. Liu Ya, Ms. Zhou Lina [4][5]. Senior Management Appointments - The company has appointed the following senior management: - General Manager: Mr. Gao Fuzhong - Deputy General Managers: Ms. Lu Junmei, Mr. Gao Jian, Mr. Gao Bin, Ms. Hao Yanlin - Chief Financial Officer: Ms. Zhou Lina [5]. Departure of Previous Board Members - Following the election, the following individuals will no longer serve as independent directors or hold any other positions: Mr. Zhang Xiaoyu, Mr. Zhang Min, Mr. Yan Peng, Ms. Han Zhihong. They have not held any shares in the company as of the announcement date [6].

证券代码：001206 证券简称：依依股份 公告编号：2025-049 天津市依依卫生用品股份有限公司 关于聘任董事会秘书和证券事务代表的公告 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7月11日召 开第四届董事会第一次会议，审议通过了《关于聘任公司董事会秘书及证券事务 代表的议案》，同意聘任周丽娜女士为公司董事会秘书（简历详见附件），同意聘 任张贝贝女士为公司证券事务代表（简历详见附件），任期自董事会审议通过之 日起至公司第四届董事会届满之日止。 周丽娜女士和张贝贝女士均已取得深圳证券交易所颁发的董事会秘书资格 证书，具备履行职责所需的专业知识和管理能力，其任职资格符合《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》等有关规定。 公司董事会秘书、证券事务代表联系方式如下： 1、董事会秘书周丽娜女士的联系方式 联系电话：022-87986666 传真号码：022-87987888 电子邮件：zhoulina@tjyiyi.com 联系地址： ...