Core Viewpoint - The legal opinion letter from Tianjin Jinnuo Law Firm confirms the legality and validity of the procedures, qualifications, and voting results of the 2024 annual shareholders' meeting of Tianjin Yiyi Hygiene Products Co., Ltd. [1][15] Group 1: Meeting Procedures - The shareholders' meeting was convened on May 13, 2025, in accordance with the resolutions of the company's board of directors and relevant regulations [3][4] - The meeting was held at the company's conference room, and the actual time and location matched the announced details [4] - The network voting was conducted through the Shenzhen Stock Exchange system on the same day, from 9:15 AM to 3:00 PM [4] Group 2: Attendance and Representation - A total of 179 participants attended the meeting, representing 106,003,151 shares, which is 57.2234% of the total voting shares [5][6] - The meeting included company directors, supervisors, and senior management, all of whom were present or attended legally [6] Group 3: Voting Procedures and Results - The voting process adhered to the company's articles of association, and no objections were raised regarding the voting results [6] - The resolutions passed included 105,965,051 shares in favor, representing a significant majority of the voting rights [7][8] - Among minority investors, 96.9075% voted in favor, while 2.5811% opposed, indicating strong support for the resolutions [8][10]

Meeting Attendance - The total number of shareholders and representatives attending the meeting was 179, representing 106,003,151 shares, which is 57.5280% of the total voting shares [2] - On-site attendance included 15 shareholders and representatives, representing 105,441,819 shares, or 57.2234% of the voting shares [2] - Online voting included 164 shareholders, representing 561,332 shares, accounting for 0.3046% of the voting shares [2] - Among the attendees, 171 were small investors, representing 1,232,020 shares, or 0.6686% of the voting shares [2] Voting Results - The meeting adopted a combination of on-site and online voting, with 105,965,051 shares voting in favor, representing 99.9641% of the valid votes [3] - The opposition totaled 31,800 shares, accounting for 0.0300%, while 6,300 shares were abstained [3] - Small investors voted 1,193,920 shares in favor, which is 96.9075% of their valid votes [4] - The voting results for another proposal showed 105,963,351 shares in favor, 33,500 against, and 6,300 abstained [5][6] Legal Compliance - The legal opinion confirmed that the meeting's organization, attendance, voting procedures, and results complied with laws, regulations, and the company's articles of association [11]

天津金诺律师事务所 关于天津市依依卫生用品股份有限公司 2024 年年度股东大会 律师见证法律意见书 Tel：86-22-23133590 Fax：86-22-23133597 目 录 | 一、本次股东大会的召集、召开程序 2 | | --- | | 二、出席本次股东大会人员资格 2 | | 三、本次股东大会的表决程序和表决结果 3 | | 四、结论意见 7 | http://www.winlawfirm.com 二〇二五年五月 天津市区：中国·天津和平区徐州道 12 号万通中心 23 层 邮编 300042 滨海新区：中国·天津市滨海新区新城西路 5 号周大福金融中心 2204-2205 邮编 300450 天津金诺律师事务所 关于天津市依依卫生用品股份有限公司 2024 年年度股东大会 律师见证法律意见书 致：天津市依依卫生用品股份有限公司 天津金诺律师事务所（以下简称"本所"）接受天津市依依卫生用品股份有 限公司（以下简称"公司"）的委托，指派本所律师对公司 2025 年 5 月 13 日召 开的 2024 年年度股东大会进行见证并出具法律意见书。本所指派律师通过现场 方式对本次股东大会进行见证。 为出 ...

证券代码：001206 证券简称：依依股份 公告编号：2025-026 天津市依依卫生用品股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 2、本次股东大会不涉及变更以往股东大会已通过决议的情况。 一、会议召开和出席的情况 1、会议召开时间： （1）现场会议召开时间：2025年5月13日下午14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025年5月13日上午9:15-9:25，9:30-11:30，下午13:00-15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2025年5月13日9:15-15:00期间的任 意时间。 2、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 3、会议召开地点：天津市西青区张家窝镇工业园天津市依依卫生用品股份 有限公司会议室。 4、会议召集人：公司第三届董事会。 5、会议主持人：公司董事长高福忠先生。 1、本次股东大会没有出现否决议案的情况； 6、本次会议的召集、召开符合有关法律、行政法规、部门规章、规 ...

证券代码：001206 证券简称：依依股份 公告编号：2025-025 天津市依依卫生用品股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第三 届董事会第十九次会议，逐项审议通过了《关于回购公司股份方案的议案》，同意公司使用 自有资金以集中竞价交易方式回购公司发行的人民币普通股（A 股）用于股权激励或员工 持股计划。本次回购资金总额上限为 4,000 万元（含），回购资金总额下限为 2,000 万元（含）。 回购股份的价格为不超过人民币 26.00 元/股，若按照回购股份价格上限 26.00 元/股测算， 本次回购股份数量区间为769,230股至1,538,461股，占公司目前总股本比例的区间为0.4160% 至 0.8321%。具体回购数量以回购期满或回购完成时实际回购的股份数量为准。回购股份 实施期限为自公司董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司 于 2025 年 4 月 12 日在指定信息披露媒体及巨潮资讯网（http://www.cninfo.com.cn）披露的 《第三届董事会第十九次会议决议公告》（公告编号：2025-011）、《关于回购公司股份 ...

智通财经5月6日电，依依股份在互动平台表示，受关税政策影响暂缓出货的对美业务目前正逐步恢复出 货，公司的生产经营一切正常。 依依股份：对美业务正逐步恢复出货 ...

Core Viewpoint - The company reported strong financial performance for Q4 2024 and Q1 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational health and market position [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.798 billion yuan, a year-on-year increase of 34.4%, and a net profit of 215 million yuan, up 108.3% [1]. - For Q4 2024, revenue was 482 million yuan, reflecting a 37.2% year-on-year growth, with net profit soaring to 64 million yuan, a 304.4% increase [1]. - In Q1 2025, revenue reached 485 million yuan, a 26.6% year-on-year increase, and net profit was 54 million yuan, up 28.0% [1]. Market Position and Growth Potential - The company maintains a leading position in the pet pad product market, with 2024 revenue from this segment at 1.577 billion yuan, a 35.7% increase, and a gross margin of 18.7%, up 3.0 percentage points [1]. - The company has a production capacity of 4.6 billion pieces annually and has consistently captured over 30% of the domestic export market for similar products [1]. - The customer base includes long-term partnerships with major retailers such as Amazon, PetSmart, and Walmart, with successful expansion into Costco and growth in clients from Japan and South Korea [1]. Global Expansion and Shareholder Returns - The company is accelerating its global expansion by establishing a wholly-owned subsidiary in Cambodia, with production expected to commence by the end of April 2025, which is anticipated to support U.S. orders [2]. - The company has implemented three cash dividend distributions totaling 165 million yuan in 2024, achieving a high dividend payout ratio of 76.7%, and initiated a share buyback program in early 2025, reflecting confidence in long-term growth [2]. Profitability and Operational Efficiency - In Q1 2025, the company reported a gross margin of 18.9% and a net profit margin of 11.1%, with slight year-on-year improvements [2]. - The company’s operating expenses as a percentage of sales were 1.9% for sales, 2.4% for management, and 0.9% for R&D, showing a stable cost structure [2]. - As of Q1 2025, inventory turnover days were 42, accounts receivable turnover days were 70, and accounts payable turnover days were 37, indicating healthy operational efficiency [2]. Profit Forecast - The company is projected to achieve net profits of 220 million yuan, 260 million yuan, and 310 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 11 times [3].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance and growth expectations [1][2]. Core Views - The company has shown robust revenue growth, with a reported revenue of 1.798 billion yuan in 2024, reflecting a year-on-year increase of 34.4%. The net profit attributable to the parent company reached 215 million yuan, up 108.3% year-on-year [1]. - The company is expected to face short-term fluctuations in revenue and profit due to tariff impacts on U.S. orders, but long-term growth prospects remain optimistic with new production capacity in Cambodia expected to support U.S. orders [1][2]. - The company has a strong market position in the pet pad product segment, achieving a revenue of 1.577 billion yuan in 2024, with a gross margin of 18.7% [2]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 485 million yuan, a year-on-year increase of 26.6%, and a net profit of 54 million yuan, up 28.0% year-on-year [1]. - The gross margin for Q1 2025 was reported at 18.9%, with a net profit margin of 11.1% [3]. - The company is projected to achieve net profits of 220 million yuan, 260 million yuan, and 310 million yuan for the years 2025, 2026, and 2027, respectively [3]. Market Position and Growth Potential - The company maintains a leading position in the domestic market, accounting for over 30% of the total export volume of similar products [2]. - The customer base includes major retailers such as Amazon, PetSmart, and Walmart, with successful expansion into Costco and other Asian markets [2]. - The company has initiated a share buyback plan and has a high dividend payout ratio of 76.7%, indicating confidence in long-term growth [2]. Operational Efficiency - The company has shown healthy operational metrics, with inventory turnover days at 42, accounts receivable turnover days at 70, and accounts payable turnover days at 37 as of Q1 2025 [3]. - The net operating cash flow for Q1 2025 was reported at 72 million yuan, reflecting an improvement of 38 million yuan year-on-year [3].

Group 1 - The company maintains a dual-driven strategy focusing on both domestic and international markets for growth [1][2] - In the overseas market, the company plans to develop new international markets and customer resources through bidding, participation in pet exhibitions, and referrals from existing clients, targeting regions like Europe, Southeast Asia, and South America [1] - The European market is a key focus area due to its high pet ownership penetration and scientific pet care awareness, with the company leveraging its core advantages in pet hygiene product R&D and production through ODM/OEM partnerships with major retailers and e-commerce platforms [1] Group 2 - The domestic market is expected to see rapid growth in demand for pet hygiene products, driven by the flourishing pet industry and increasing awareness of pet health care among owners [2] - The company has increased investment in promoting its own brand domestically, optimizing its sales team, and enhancing new product promotion and advertising to gradually increase market share [2]

Financial Performance - In 2024, the company achieved a revenue of 1.798 billion yuan, a year-on-year increase of 34.41% [5] - The net profit attributable to shareholders reached 215 million yuan, up 108.34% year-on-year; the net profit after deducting non-recurring gains and losses was 191 million yuan, an increase of 75.09% [5] - Cumulative cash dividends and share repurchases will total 517 million yuan, accounting for 88.61% of the cumulative net profit attributable to shareholders [8] Market Strategy - The company plans to enhance its domestic market presence by increasing investment in brand promotion and optimizing sales teams [2][10] - The company aims to expand into emerging markets, particularly in Southeast Asia and South America, while maintaining a focus on the European market [10] Industry Outlook - The pet hygiene care products market is expected to grow significantly, driven by increasing consumer demand and the industry's overall expansion [3][4] - The U.S. pet industry is projected to reach $151.9 billion in 2024, with a year-on-year growth of 3.33% [3] - The Japanese pet market is expected to reach 1.9026 trillion yen in 2024, growing by 2.13% from the previous year [3] Financial Structure and Risk Management - The company maintains a low debt leverage and sufficient cash flow, providing a strong financial foundation for market expansion and risk management [2] - The company employs foreign exchange hedging to mitigate currency fluctuation risks [2] Sales and Marketing Expenses - In 2024, sales expenses amounted to 31.6028 million yuan, reflecting a year-on-year increase of 16.72% [2] - The increase in sales expenses is attributed to participation in major pet exhibitions and enhanced domestic brand promotion efforts [2] Production and Export Strategy - The company has established its first overseas production base in Cambodia, expected to produce nearly 300 million pet pads annually, enhancing global operational efficiency [6] - The company exports primarily under the FOB model, with recent tariff changes impacting costs [6][7] Shareholder Engagement - The company emphasizes long-term value creation and has a three-year shareholder return plan to ensure consistent profit distribution [8]