Core Viewpoint - The stock price of Yiyi Co., Ltd. (001206) experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from May 19 to May 21, 2025 [1] Company Summary - The company conducted a self-examination and inquired with its controlling shareholders and actual controllers, confirming that there is no need to supplement or correct previously disclosed information [1] - The recent operational situation of the company is normal, and there have been no significant changes in the internal and external operating environment [1] - During the period of abnormal fluctuation, neither the company nor its controlling shareholders engaged in buying or selling the company's stock [1] - The board of directors confirmed that there are no undisclosed significant matters [1]

Core Insights - The pet economy in China has surpassed 500 billion yuan, maintaining over 20% growth for five consecutive years, driven by social changes, evolving consumer attitudes, and technological advancements [1][4]. Group 1: Observations on the Pet Economy - The pet product consumption is experiencing a refined upgrade, with functional cat food and high-end products growing over 50%, and smart pet products expanding at an annual rate of 35% [4][5]. - The pet service sector has developed a dual-layer consumption structure, with basic services like pet grooming seeing a 180% increase in search volume, and pet insurance adoption rates quadrupling over three years [5]. Group 2: Driving Factors Behind Pet Economy Growth - Social changes, such as aging and declining birth rates, have redefined family structures, with pets providing emotional support for lonely individuals [6]. - There is a shift in consumer perception, with younger generations viewing pets as family members, leading to increased spending on pet-related products and services [7]. - Technological innovations, including IoT and AI, are reshaping the pet industry, enhancing efficiency and standardization [8]. Group 3: Challenges and Concerns in the Industry - The pet market faces issues such as fraudulent practices in live pet trading and a lack of standards in pet food, leading to a 120% increase in consumer complaints in 2024 [10]. - Intense competition has emerged due to significant capital influx, resulting in a "price war" among brands, particularly in the pet supplies sector [11]. - Regulatory frameworks are lagging, with a lack of unified standards in emerging areas like pet insurance and veterinary services [12]. Group 4: Future Trends in the Pet Economy - The industry is expected to see a parallel growth in smart and health-focused products, with health-related spending projected to exceed 40% of total pet expenditures [13]. - Professionalization and standardization of services are anticipated, with leading companies enhancing service quality through brand and chain development [14]. - Cross-industry integration is likely to create new business models, such as pet-themed hotels and training courses, expanding the consumption landscape [15]. Group 5: Benefiting Companies - Guobao Pet is projected to generate 5.244 billion yuan in revenue in 2024, leading the domestic pet business sector, with a 34.82% year-on-year increase in Q1 2025 revenue [16]. - Zhongchong Co. is expected to achieve 4.464 billion yuan in revenue in 2024, ranking second, with a 25.41% year-on-year increase in Q1 2025 revenue [16]. - Tianyuan Pet is anticipated to reach 2.764 billion yuan in revenue in 2024, ranking third among domestic pet companies [16]. - Yuanfei Pet, a leading global pet leash manufacturer, has over 90% of its products exported, with a significant portion of high-margin products [17]. - Ruipu Bio is collaborating with veterinary hospitals to enhance its pet medical services, projecting 690 million yuan in revenue for 2024 [17]. - Yiyi Co. is focusing on disposable pet hygiene products, with a projected revenue of 1.798 billion yuan in 2024 [19].

Market Overview - The Shanghai Composite Index rose by 0.38% on May 20, with 27 out of the 28 sectors experiencing gains, led by the beauty and personal care sector, which increased by 2.50% [2] - The defense and military industry and coal sector were the only sectors to decline, with decreases of 0.50% and 0.33% respectively [2] Capital Flow Analysis - The main capital flow showed a net outflow of 1.037 billion yuan across the two markets, with 18 sectors seeing net inflows [2] - The electronics sector had the highest net inflow, amounting to 2.673 billion yuan, and it rose by 0.71% [2] - The pharmaceutical and biotechnology sector also performed well, with a daily increase of 1.64% and a net inflow of 1.555 billion yuan [2] Beauty and Personal Care Sector - The beauty and personal care sector saw a daily increase of 2.50%, with a net inflow of 268 million yuan [3] - Out of 31 stocks in this sector, 24 stocks rose, including 2 that hit the daily limit, while 6 stocks declined [3] - The top three stocks by net inflow were: - Reliable Co., with a net inflow of 115 million yuan and a price increase of 12.14% [3] - Yiyi Co., with a net inflow of 101 million yuan and a price increase of 10.02% [3] - Aimeike, with a net inflow of 78.9 million yuan and a price increase of 3.93% [3] Notable Stocks in Beauty and Personal Care Sector - The following stocks had significant capital flows: - Reliable Co. (12.14% increase, 31.85% turnover, 114.57 million yuan inflow) [4] - Yiyi Co. (10.02% increase, 17.90% turnover, 100.68 million yuan inflow) [4] - Aimeike (3.93% increase, 2.81% turnover, 78.90 million yuan inflow) [4] - Conversely, the stocks with the highest net outflows included: - Qingdao King (5.23% decrease, 27.12% turnover, 162.54 million yuan outflow) [4] - Qingsong Co. (1.50% decrease, 24.11% turnover, 54.19 million yuan outflow) [4] - Fulejia (10.77% increase, 16.50% turnover, 20.36 million yuan outflow) [4]

5月20日，宠物经济板块迎来进一步走强。源飞宠物、天元宠物（20CM）双双2连板，依依股份涨停，路斯股份、创源股份、瑞普生物、佩蒂股份等集体大 涨。 一、行情 二、事件：行业持续升温+产业规模冲刺万亿 1）2025年第五届上海它博会TOPS于5月8-11日在上海世博展览馆举办。数据显示，本次它博会参展人数、成交金额均突破历史。 宠物板块上市公司陆续发出24年报及25年一季报，整体业绩实现了超预期增长，宠物经济仍在高速发展。中美关税战影响较为有限，且长期来看利好高端国 产品牌发展。在行业扩容与国产替代双轮驱动下，国内具备研发及生产能力的大型优质宠食企业市占率有望持续提升。（方正证券） *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 2）2025年第27届上海亚洲宠物展览会将于8月20-24日在上海新国际博览中心隆重举行。 3）艾媒咨询《2024-2025年中国宠物行业运行状况及消费市场监测报告》中预测，今年国内宠物产业规模将达到8114亿元，两年后这一数字有望突破1万亿 元。 三、机构解读 目前线上平台纷纷加码宠物板块，淘天宠物超5亿高投入，包含商家激励、新品&内容&品牌激励以 ...

智通财经5月20日电，大消费股再度走强，美容护理、宠物经济、三胎等多股方向表现活跃，拉芳家 化、贝因美、友阿股份、丽人丽妆、浪莎股份涨停，源飞宠物、依依股份、华业香料、一鸣食品、上海 家化等多股跌超5%。消息面上，国家统计局昨日发布数据显示，4月份社会消费品零售总额37174亿 元，同比增长5.1%。 大消费股再度走强 拉芳家化等多股涨停 ...

Summary of Conference Call Records Industry and Companies Involved - **Industry**: Artificial Turf and Pet Hygiene Products - **Companies**: Gongchuang Turf (共创草坪) and Yiyi Co., Ltd. (依依股份) Key Points and Arguments Gongchuang Turf 1. **Market Position**: Gongchuang Turf leads the artificial turf industry with a global market share of 16.7%, benefiting from high tariffs that allow it to capture market share from competitors [1][4]. 2. **Production Efficiency**: The company's factory in Vietnam has production efficiency close to domestic levels, with higher profitability due to product structure [1][4]. 3. **Revenue Stability**: Despite external market fluctuations, Gongchuang Turf has maintained revenue and order growth, with historical data showing a growth rate of 10% to 20% [1][6]. 4. **Pricing Power**: The company has strong bargaining power, allowing it to pass on tariff costs to customers, thus maintaining stable gross and net profit margins [1][7]. 5. **Valuation**: Currently, the company's valuation is at historical lows, with market expectations for profits around 620 million yuan in 2025, indicating a price-to-earnings ratio of about 4 times [1][8]. Yiyi Co., Ltd. 1. **Market Share**: Yiyi Co., Ltd. holds over one-third of the market share in pet hygiene products, significantly outperforming competitors [1][9]. 2. **Client Relationships**: The company has established strong relationships with major clients like Amazon, Walmart, and Costco, which enhances its market position and customer loyalty [1][9]. 3. **Response to Tariffs**: Yiyi Co. has adapted to tariff changes by establishing a factory in Cambodia, with clients absorbing new tariff costs, reflecting their demand for supplier stability [1][10]. 4. **Profitability Outlook**: The company is expected to achieve a profit of approximately 250 million yuan for the year, with a low valuation of around 14 times earnings [2][14]. 5. **Growth Potential**: If the second quarter stabilizes, Yiyi Co. anticipates growth rates exceeding 15% in the latter half of the year, supported by increasing market penetration in the U.S. [15]. Additional Insights 1. **Resilience of Leading Companies**: Leading companies like Gongchuang Turf and Yiyi Co. demonstrate strong resilience against external risks, with their ability to maintain customer relationships and adapt to market changes [3][16]. 2. **Market Diversification**: Gongchuang Turf's broad market distribution across regions such as the Americas, Europe, and the Middle East helps mitigate risks from market-specific shocks [1][6]. 3. **Tariff Impact**: The impact of tariffs on profitability is limited, with clients absorbing most of the costs, allowing both companies to maintain stable earnings [12][13]. This summary encapsulates the essential insights from the conference call, highlighting the strengths and strategies of Gongchuang Turf and Yiyi Co. in navigating the current market landscape.

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 ...