Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.306 billion CNY, a decrease of 0.72% compared to the same period last year [2] - In Q3 2025, revenue was 418 million CNY, showing a quarter-on-quarter growth of 3.67% but a year-on-year decline of 16.98% [3] - The net profit attributable to shareholders in Q3 2025 was 54.4972 million CNY, a quarter-on-quarter increase of 13.27% but a year-on-year decrease of 2.23% [3] - The comprehensive gross profit margin for Q3 2025 reached 22.57%, up 1.90 percentage points year-on-year and 3.46 percentage points quarter-on-quarter [3] Strategic Acquisitions - The acquisition of Hangzhou Gao Ye Jia focuses on high-quality pet hygiene products and food, with significant growth in sales for its brands [4] - The "Xu Cui Hua" cat litter brand ranked first in sales on Tmall during the 2025 "618" shopping festival [4] - The acquisition aims to achieve category complementarity and enhance the company's competitive edge in the pet hygiene market [5] Market Expansion - The company successfully expanded its customer base by acquiring over 20 new clients in non-US markets during the first three quarters of 2025 [6] - The dual-driven model of "pet hygiene products + adult hygiene products" is being implemented, focusing on customized needs in the Spanish market [6] Production and Operations - The Cambodia production base began operations in May 2025, with initial orders from small clients and some large clients transitioning orders to this facility [7] - The company is optimizing its product structure, with significant growth in high-margin core products like pet diapers [6] Brand Development - The company's own brands, "HUSHPET" and "Yi Ping Hua Fang," are targeting the aging pet population and the younger pet owner demographic, with a notable increase in sales [8] - The company plans to leverage the online operational experience of Hangzhou Gao Ye Jia to further develop its own brands [8] Investment Strategy - The investment in Rui Pai Pet Hospital aims to strengthen the company's position in the pet medical field and enhance synergies with existing product lines [9] - The company has maintained a stable dividend policy, with a payout ratio of 74% of net profit in the previous year [10]

（编辑 姚尧） 证券日报网讯 依依股份9月17日在互动平台回答投资者提问时表示，公司持续关注"宠物卫生护理"赛道 的最新消费动向，积极探索宠物卫生护理用品的市场空间和产品维度。公司具备专业化的产品研发团 队，一方面持续投入技术创新，围绕宠物健康、使用场景、环保需求等方向，先后研发并成功向市场推 介出具有固定贴、防滑、湿度显示、速干、竹炭、抗菌、防撕咬、添加除臭剂、诱导剂、超柔透气、安 抚情绪等多项具备专属性、功能性的宠物卫生护理用品；另一方面，主动与客户建立"调研一研发一试 产一市场反馈一产品正式推介"的联动机制——通过调研国际连锁零售商、专业宠物渠道商的市场洞 察，结合不同区域消费者的养宠习惯，向客户推介具备差异化竞争力的创新产品，实现从"被动供 货"到"主动引导需求"的角色升级，既帮助客户提升终端市场竞争力，也进一步巩固了自身在产业链中 的核心价值地位。 ...