Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company achieved a total revenue of 888 million yuan in the first half of 2025, representing a year-on-year growth of 9.34%, and a net profit attributable to shareholders of 102 million yuan, up 7.37% year-on-year, which aligns with expectations [3]. - The company's disposable hygiene products for pets continue to grow rapidly, with revenue from these products reaching 834 million yuan, a year-on-year increase of 9.31%. Specifically, pet pads generated 764 million yuan (up 7.28%), while pet diapers saw a significant increase of 40.58% to 66 million yuan [4]. - The company is increasing its investment in domestic self-owned brands, utilizing a multi-channel approach to expand market share in the domestic pet industry [4]. - The gross margin slightly improved to 18.97%, while the net margin experienced a slight decline to 11.5% due to increased asset impairment losses [4]. - The company is expected to continue its "overseas + domestic" dual circulation and "ODM/OEM + self-owned brand" dual-drive strategy, focusing on enhancing competitiveness [4]. Financial Summary - The company forecasts total revenues of 2,073 million yuan for 2025, 2,435 million yuan for 2026, and 2,836 million yuan for 2027, with corresponding net profits of 248 million yuan, 295 million yuan, and 349 million yuan respectively [5]. - The diluted earnings per share (EPS) are projected to be 1.34 yuan for 2025 and 1.60 yuan for 2026, with price-to-earnings (PE) ratios of 20.1 and 16.9 respectively [6].
依依股份（001206）：2025年中报点评：上半年业绩实现增长，加大国内自主品牌投入