证券代码：001206 证券简称：依依股份 天津市依依卫生用品股份有限公司 2025 年 4 月 29 日投资者关系活动记录表 编号：2025-004 投 资 者 关 系 活 动 类 别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参 与 单 位 名 称 及 人 员姓名 投资者网上提问 时间 2025 年 4 月 29 日（周二）下午 15:00-17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远程 的方式召开业绩说明会 上 市 公 司 参 与 人 员 姓名 1、董事长兼总经理高福忠先生 2、董事、董事会秘书兼财务总监周丽娜女士 3、独立董事阎鹏先生 投 资 者 关 系 活 动 主 要 内 容 介 绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： Q1：请问公司目前的财务结构在开阔国内市场时有哪些优势，在面对 外部不确定风险时有哪些支撑？ 您好，公司始终坚守"稳健经营、高质量发展"的理念，财务安全边际 较高，凭借低负债杠杆以及充足的现金流，为市场渠道建设、品牌营销、产 品研发、储 ...

据东航工作人员介绍，携带宠物一起乘飞机的旅客，可于航班起飞前24小时，通过东方航空APP/小程 序官方途径申请并购买"宠物进客舱"服务，享受人宠同行、宠物专属服务柜台、宠物客舱运输、定制化 宠物行李牌等服务项目。建议提前2小时抵达机场办理专属值机，以便工作人员协助做好宠物安置引 导，最大限度降低对其他旅客的影响。 转自：贝壳财经 近期，高铁托运宠物在京沪高铁试点引关注，争抢"毛孩子"的风还是刮到了出行市场。 4月29日，中国东方航空股份有限公司宣布在上海至青岛往返航线推出"宠物进客舱"服务。贝壳财经记 者了解到，"宠物进客舱"服务限定于经济舱指定区域，宠物需全程安置于前排座椅下方的固定位置，且 每个航班最多承运2只宠物（每名旅客限携1只），以控制客舱内宠物数量。所有登机宠物须由年满18周 岁的旅客全程看管，运输过程中需佩戴口套、穿戴纸尿裤，确保无异味、无噪音干扰。出行前，携宠旅 客需要准备好《动物检疫合格证明》及小动物疫苗注射证明，还需准备好尺寸合规的宠物箱及必备的宠 物用品。 贝壳财经记者注意到，在收费方面，东航收费每只宠物每航段1288元，南航收费每只宠物每航段1299元 而海航收费则为每只宠物每航段13 ...

2025.04. 29 具体来看，PEEK材料概念持续爆发，聚赛龙、新瀚新材、中欣氟材涨停，中研股份、同益股份、会 通股份等跟涨。 电力股全线调整，韶能股份、乐山电力、西昌电力等多股跌停。 【资金流向】 作者 | 一财资讯 4月29日，A股三大指数窄幅震荡，截至收盘，上证指数跌0.05%，深证成指跌0.05%，创业板指跌 0.13%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Vinglar | 3286.65 | -1.76 | -0.05% | | 399001 | 深证成指 | mpm | 9849.80 | -5.39 | -0.05% | | 399006 | 创业板指 | my | 1931.94 | -2.52 | -0.13% | 盘面上，电力股大幅调整；大消费走弱，零售、白酒、旅游跌幅靠前，统一大市场、离境退税题材下 跌。PEEK材料、宠物经济、化学环保、算力、人形机器人概念股活跃。全市场超3500只个股上涨。 主力资金全天净流入机械设备、计算机、基础化工 ...

电力股大幅调整；大消费走弱，零售、白酒、旅游跌幅靠前，统一大市场、离境退税题材下跌。PEEK 材料、宠物经济、化学环保、算力、人形机器人概念股活跃。 4月29日，A股三大指数窄幅震荡，截至收盘，上证指数跌0.05%，深证成指跌0.05%，创业板指跌 0.13%。 | 代码 | 名称 | 两日图 | | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 3286.65 | | -1.76 | -0.05% | | 399001 | 深证成指 | | 9849.80 | | -5.39 | -0.05% | | 399006 | 创业板指 | | 1931.94 | | -2.52 | -0.13% | | | | 两市近5日成交额 | | | (单位:亿元) | | | 12297 | | 11090 | 11135 | | | | | | | | | 10563 | 10221 | | | 4月23日 | | 4月24日 | 4月25日 | 4月28日 | 4月29日 | | 盘面上，电力股大幅调整； ...

以下文章来源于凤凰生活报告 ，作者凤凰WEEKLY 凤凰生活报告 . 是衣食住行，也是时尚与商业。 最近的打工生活里，有一条新闻让我破防了： 上海一家宠物生鲜店开了宠物麻辣烫，自选肉菜，上海人买爆了。 放眼望去，取餐柜花花绿绿，食材码放得齐齐整整，俨然长得和张X、杨国X一模一样； 来源丨凤凰生活报告（PhoenixLifestyleRpt） 作者 | yumi 编辑 | 杜都督 图源丨Midjourney 仔细一看，没有人造肉、和成丸子、科技狠活……甚至旁边的甜点还是动物奶油做的。 再看价格：一斤24.9元……和我吃的麻辣烫一个价。 据说，这麻辣烫其实是一家宠物生鲜店，人送外号"狗界盒马"。 虽然给猫猫狗狗花钱的大军里，上海人总是走在前列。 但这是我第一次挠头沉吟： "大城市的狗，和大城市的牛马，到底谁的待遇更好？" 中产养宠，到底有多离谱？ 这里，是两亿人一亿狗的徐汇西岸。 有人给柯基配备高级滑板玩路冲，有人给灵缇量体裁衣remake世上只有一套的时尚look。 图源：小红书博主 王馍馍 光怪陆离的魔都，每天为宠物花钱的人，可以贡献无数让人惊呼"世界真奇妙"的细节。 对于养狗派来说，氪金的重点领域在于"出门 ...

Core Viewpoint - The company reported strong financial performance in 2024, with significant revenue and profit growth, but faced profit pressure in Q1 2025 due to rising costs and changes in product structure [1][5]. Financial Performance - In 2024, the company achieved revenue of 1.31 billion yuan, a year-on-year increase of 32.2%, and a net profit attributable to shareholders of 160 million yuan, up 30.2% [1]. - The basic EPS for 2024 was 0.87 yuan, with a proposed cash dividend of 0.15 yuan per share (tax included) [1]. - For Q1 2025, the company reported revenue of 330 million yuan, a year-on-year increase of 36.3%, but a net profit of 25.37 million yuan, down 30.6% [1]. Product Segmentation - In 2024, revenue from pet snacks, pet leashes, and other pet products accounted for 46.3%, 34.8%, and 15.0% of total revenue, respectively, with year-on-year growth rates of 28.2%, 23.2%, and 60.2% [2]. - The company’s revenue from overseas markets grew by 27.2%, while domestic revenue surged by 73.4% [3]. Regional and Channel Analysis - In 2024, overseas revenue accounted for 85.8% of total revenue, with a year-on-year increase of 27.2%, while domestic revenue made up 14.2% with a growth of 73.4% [3]. - The company’s revenue from overseas OEM, domestic online, and domestic offline sales accounted for 85.8%, 10.8%, and 3.4% of total revenue, respectively [3]. Cost and Margin Analysis - The gross margin for 2024 increased by 0.7 percentage points to 22.9%, with pet snacks, pet leashes, and other pet products having gross margins of 16.4%, 35.6%, and 11.7%, respectively [3]. - The company’s expense ratio increased by 1.4 percentage points to 6.1% in 2024, with sales, management, R&D, and financial expense ratios showing varied changes [4]. Cash Flow and Inventory Management - By the end of 2024, inventory increased by 62.4% to 290 million yuan, and accounts receivable rose by 56.0% to 270 million yuan [4]. - The operating net cash flow for 2024 was -1.44 million yuan, indicating a net outflow, primarily due to increased cash payments for goods and services [4]. Future Outlook - Despite strong performance in 2024, the company anticipates challenges in 2025 due to rising costs and external trade environment impacts, leading to a downward revision of profit forecasts for 2025-2026 [5]. - The company’s projected net profits for 2025, 2026, and 2027 are 168 million, 195 million, and 225 million yuan, respectively, with corresponding EPS of 0.88, 1.02, and 1.18 yuan [5].

Core Viewpoint - The rise of the "pet economy" has led to increased investor interest in pet-related stocks, with significant price increases observed in leading companies like Zhongchong Co. and Guobao Pet [1][8]. Group 1: Company Performance - Zhongchong Co. reported a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [2]. - Guobao Pet achieved total revenue of 5.245 billion yuan in 2024, reflecting a 21.22% year-on-year growth, and a net profit of 625 million yuan, which is a 45.68% increase [4]. - Yiyi Co., specializing in pet hygiene products, reported a revenue of 1.798 billion yuan, a 34.41% increase, and a net profit of 215 million yuan, up 108.34% [4]. Group 2: Market Trends - The average spending on a single dog is approaching 3,000 yuan, with overall pet consumption on platforms like Taobao and Tmall exceeding 50 billion yuan [4]. - The Chinese pet food market reached approximately 14 billion USD in 2023, with expectations to surpass 20 billion USD by 2025, indicating a compound annual growth rate (CAGR) of 12.5% [9]. - The market for pet food in China is still in its early stages, with significant growth potential as the market concentration remains low [11]. Group 3: Investor Interest - There has been a surge in institutional interest in pet stocks, with over 200 institutions attending Zhongchong Co.'s earnings briefing [5]. - Guobao Pet has also attracted attention from major investment firms, indicating a shift in focus towards the pet sector [6][7]. - The increasing attention from capital markets, combined with strong performance metrics, has led to soaring stock prices for both Zhongchong Co. and Guobao Pet [8].

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 04 月 28 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com ——北交所消费服务产业跟踪第十二期（20250427） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 城镇宠物消费规模稳步增长，路斯股份是北交所宠物食品产业核心标的。中国宠物 行业构建了一条完整的产业链，涵盖多个环节与领域。从消费结构视角审视 2024 年 的宠物市场，宠物食品市场依旧占据主导地位，以 52.8%的市场份额稳居榜首。在 这一板块中，主粮和营养品的市场占比实现了小幅上扬，而零食的份额则稍有下降。 紧随其后的是宠物医疗市场，占据 28.0%的市场份额。其中，疫苗和体检业务表现 稳定，而药品和诊疗服务的市场份额则出现了小幅下滑。宠物用品市场和宠物服务 市场虽然目前的市场份额相对较低，分别为 12.4%和 6. ...

Core Viewpoint - 2024 is projected to be the most challenging year in the past decade for the industry, with significant difficulties anticipated for small and medium enterprises [1][99]. Group 1: Industry Overview - The consensus among entrepreneurs is that 2024 will be particularly tough, with many small businesses struggling to survive [2][99]. - Approximately 90% of small and medium enterprises in China do not survive beyond three years, highlighting the challenges faced by new businesses [4]. Group 2: Market Dynamics - The pet food industry has a compound annual growth rate (CAGR) that ranks second among consumer goods, indicating substantial growth potential as pet ownership increases in China [17]. - The industry concentration ratio (CR10) for the pet food sector was only 24% in 2022, suggesting a relatively low level of market maturity compared to other sectors like infant formula, which has a CR10 of 70% [20][19]. - The best entry window for new players in the pet food market was identified as 2017-2021, with 2021 being the last optimal time for non-resource-based entrepreneurs to enter [23]. Group 3: Business Challenges - The COVID-19 pandemic significantly impacted business operations, with supply chain disruptions and cash flow issues arising from lockdowns [36][37]. - The company faced challenges in logistics and inventory management during the pandemic, leading to a need for adaptive strategies [40]. Group 4: Product Development and Strategy - The company focuses on high-quality, functional pet food products, emphasizing transparency in ingredient sourcing and quality control [53][56]. - The development of a weight management cat food product was driven by a commitment to pet health, despite market trends favoring weight gain products [58]. Group 5: Marketing and Customer Acquisition - The company has relied on guerrilla marketing tactics to acquire customers, particularly through social media platforms like Douyin and Xiaohongshu [63][71]. - The shift in platform dynamics, particularly on Douyin, has necessitated a reevaluation of marketing strategies, with a focus on building relationships with pet influencers [73]. Group 6: Financial Performance and Future Outlook - The cost of acquiring new customers has doubled from 2022 to 2024, indicating increased competition and market pressures [62]. - The company has maintained a break-even point early in its operations, but this cautious approach may have limited growth opportunities during a critical market expansion phase [92].

2025 年 4 月 27 日 公司研究 24 年业绩亮眼、25Q1 利润承压，关注外部贸易环境影响 ——源飞宠物（001222.SZ）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：14.81 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 1.91 | | --- | --- | | 总市值(亿元)： | 28.27 | | 一年最低/最高(元)： | 9.82/19.09 | | 近 3 月换手率： | 128.34% | 股价相对走势 -21% -3% 14% 32% 50% 04/24 07/24 10/24 01/25 源飞宠物 沪深300 源飞宠物发布 2024 年年报及 2025 年一季报。公司 2024 年实现营业收入 13.1 亿元， 同比增长 32.2% ...