Core Viewpoint - Yiyi Co., Ltd. has terminated its plan to acquire 100% equity of Hangzhou Gaoye Family, a pet food brand, after four months of negotiations due to changes in the target company's operating conditions in 2025 [1][2]. Group 1: Acquisition Termination - The decision to terminate the acquisition was made during the fourth board meeting held on February 10, 2026, where the company signed a termination agreement with the transaction counterpart [1]. - The reason for the termination was attributed to changes in the operating conditions of the target company, particularly adjustments in the sales model for cat litter during the 2025 Double Eleven shopping festival [2]. Group 2: Business Performance - Yiyi Co., Ltd.'s main business focuses on the research, production, and sales of disposable hygiene products, with over 90% of revenue coming from pet hygiene and personal hygiene products [2]. - Hangzhou Gaoye Family reported a revenue of 302 million yuan in 2023, with a net profit of 3.08 million yuan, resulting in a net profit margin of only 1%. In 2024, revenue increased to 460 million yuan, with a net profit of 18.30 million yuan and a net profit margin of 4% [6]. Group 3: Market Dynamics - The company has seen significant growth in online sales, with over 120% year-on-year growth during the Double Eleven festival, particularly on platforms like Tmall and JD [3][5]. - Despite high sales volumes, the company faces pressure from price wars, leading to adjustments in sales strategies, such as introducing subscription-like sales models for cat litter [6].
001206，跨界并购终止！