Group 1: Company Overview - Yiyi Co., Ltd. plans to acquire 100% equity of Hangzhou Gaoye Family Pet Food Co., Ltd. through a combination of issuing shares and cash payment, marking its entry into the pet food sector [2] - The acquisition aims to create a dual-driven model of "pet supplies + food" for Yiyi Co., Ltd., which primarily focuses on pet hygiene products [2] - Gaoye Family, established in late 2018, has shown strong market performance with its core brands "Xucuihua" cat litter and "Gaoye Family" cat food, achieving significant sales milestones [2] Group 2: Financial Performance - Gaoye Family reported a revenue of 302 million yuan and a net profit of 3.08 million yuan in 2023, with projected revenue growth to 460 million yuan and net profit of 18.30 million yuan in 2024, resulting in a net profit margin of approximately 4% [3] - Yiyi Co., Ltd. has a high reliance on overseas revenue, accounting for 93%, and has faced a 16.98% year-on-year revenue decline in Q3 2025, highlighting vulnerabilities in its business model [3] Group 3: Strategic Implications - The acquisition reflects Yiyi Co., Ltd.'s strategic response to growth bottlenecks in its core business and its determination to transform [3] - This acquisition is part of a broader strategy, as Yiyi Co., Ltd. also announced an investment in Ruipai Pet Hospital, aiming to establish a comprehensive ecosystem in the pet industry encompassing "supplies + food + medical" [3] Group 4: Industry Trends - The pet industry is experiencing increased merger and acquisition activity, indicating a trend towards higher industry concentration [4] - The Chinese urban pet consumption market is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5%, and is expected to grow to 1.15 trillion yuan by 2028, presenting significant opportunities for companies [4] Group 5: Integration Challenges - Despite the strategic significance of the acquisition, the integration effectiveness remains to be tested in the market, as the two companies have distinct business models [5] - Yiyi Co., Ltd. excels in manufacturing and supply chain management, while Gaoye Family specializes in brand marketing and online operations, raising questions about the potential for successful integration [5]
拟全资收购高爷家 依依股份跨界布局食品赛道谋求新增长