Investment Rating - The report maintains a rating of "Add" for the company [2][6][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 [4][6] - The company continues to expand its market presence, with significant growth in its pet disposable hygiene products, generating 834 million yuan in revenue, a 9.31% increase year-on-year [6] - The company is increasing its investment in domestic self-owned brands, utilizing a multi-channel approach to enhance market share [6] Financial Performance Summary - The company's gross margin slightly increased by 0.09 percentage points to 18.97%, while the net margin decreased by 0.22 percentage points to 11.5% due to increased asset impairment losses [6] - The overseas market revenue reached 830 million yuan, growing by 9.43% year-on-year, while domestic market revenue was 58 million yuan, reflecting an 8.03% increase [6] - The company forecasts earnings per share (EPS) of 1.34 yuan and 1.60 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 20 times and 17 times [6][7]
依依股份(001206):上半年业绩实现增长加大国内自主品牌投入