Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported its 2025 mid-year results, which met expectations, with a revenue of 888 million yuan for H1 2025, reflecting a year-on-year increase of 9.3%. The net profit attributable to the parent company was 102 million yuan, up 7.4% year-on-year [7]. - The impact of tariffs on revenue was significant in Q2 2025, but recovery is expected as orders gradually resume. The company has a strong market position, with its pet hygiene products accounting for over 30% of the domestic customs export volume in the same category [7]. - Profitability improved due to declining raw material prices, with a gross margin of 19.1% in Q2 2025, up 0.3 percentage points quarter-on-quarter. The net profit margin also showed resilience, increasing to 11.9% in Q2 2025 [7]. - The company is confident in its future growth, as evidenced by employee stock ownership plans, share buybacks, and insider purchases, which align the interests of management and employees with the company's performance [7]. - The global pet industry is experiencing growth, and the company is well-positioned in the pet hygiene product segment, benefiting from a recovery in raw material prices and increased production capacity [7]. Financial Summary - Total revenue is projected to grow from 1,798 million yuan in 2024 to 1,980 million yuan in 2025, with a year-on-year growth rate of 10.2% [3]. - The net profit attributable to the parent company is expected to increase from 215 million yuan in 2024 to 238 million yuan in 2025, reflecting a growth rate of 10.6% [3]. - The earnings per share (EPS) is forecasted to rise from 1.18 yuan in 2024 to 1.29 yuan in 2025 [3].
依依股份（001206）：关税影响有限，利润率逆势改善，中报分红回报股东