Core Viewpoint - The company, Tianjin Yiyi Hygiene Products Co., Ltd., has shown a mixed performance in Q3 2025, with revenue declining year-on-year but improving quarter-on-quarter, while profitability is being supported by cost management and a favorable product mix [2][4]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.306 billion yuan, a year-on-year decrease of 0.72%, with Q3 revenue at 418 million yuan, reflecting a quarter-on-quarter growth of 3.67% but a year-on-year decline of 16.98% [2]. - The net profit attributable to shareholders in Q3 was 54.5 million yuan, a quarter-on-quarter increase of 13.27% but a year-on-year decrease of 2.23%. The non-recurring net profit was 46.8 million yuan, up 18.01% quarter-on-quarter but down 12.08% year-on-year [2]. - The comprehensive gross profit margin in Q3 reached 22.57%, an increase of 1.90 percentage points year-on-year and 3.46 percentage points quarter-on-quarter, indicating enhanced profitability [2][4]. Group 2: Strategic Initiatives - The acquisition of Hangzhou Gaoye Family aims to fill the gap in the high-end cat litter market and enhance the company's dual-wheel drive strategy in pet care products [3]. - The company has successfully expanded its customer base by over 20 new clients in the first three quarters, focusing on non-U.S. markets, which enhances its risk resilience and market competitiveness [5]. - The Cambodian production base has started to release capacity as large client orders have begun to transition to this facility, following successful factory inspections [6]. Group 3: Brand Development and Investments - The company's own brand "HUSHPET" has shown significant sales growth in the first three quarters, driven by optimized sales strategies and increased online investment [8]. - The strategic investment in Ruipai Pet Hospital aims to leverage its network and professional medical team to strengthen synergies in the pet healthcare sector [8].
调研速递|依依股份接待超百家机构调研 三季度毛利率提升至22.57% 并购杭州高爷家强化宠物赛道布局