Xin Lang Cai Jing·2025-09-10 03:05Core Viewpoint - In the first half of 2025, Yiyi Hygiene Products Co., Ltd. demonstrated strong operational performance with significant revenue growth and a focus on expanding its market presence both domestically and internationally [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 888 million yuan, representing a year-on-year increase of 9.34% [1]. - Overseas revenue reached 830 million yuan, up 9.43% year-on-year, while domestic revenue was 58.01 million yuan, growing by 8.03% [1]. - The net cash flow from operating activities was 190 million yuan, showing a remarkable increase of 4435.10% year-on-year, attributed to increased sales and stable customer payments [1]. Group 2: Product Performance - Pet pad products saw a year-on-year growth of 7.28%, while pet diapers experienced a significant increase of 40.58% [1]. - Non-woven fabric products grew by 14.57% year-on-year [1]. Group 3: Market Strategy - The company has resumed its business with U.S. clients after previous delays due to tariff policies and is actively expanding its customer base in non-U.S. regions [1]. - In the first half of 2025, the company successfully opened nearly 10 new clients in key regions such as Brazil, the UK, and Spain, and established deep cooperation with a well-known supermarket chain in Spain [2]. Group 4: Gross Margin and Cost Management - The gross margin for the first half of 2025 was 18.97%, an increase of 0.09 percentage points year-on-year, with the second quarter showing a gross margin of 19.11%, up 0.26 percentage points quarter-on-quarter [2]. - The stability in gross margin is attributed to price reductions for certain U.S. clients, passing tariff costs upstream, and a slight decrease in raw material procurement prices due to weak market demand [2]. Group 5: Dividend Policy - The company emphasizes investor returns and has maintained a stable dividend policy, committing to at least two dividends per year [3]. - A floating dividend mechanism linked to performance has been established as part of the shareholder return plan for 2023-2025 [3].