Financial Performance - Company reported total revenue of 888 million yuan for the first half of 2025, a year-on-year increase of 9.34% [1] - Net profit attributable to shareholders reached 102 million yuan, up 7.37% year-on-year [1] - In Q2 2025, total revenue was 403 million yuan, a decline of 6.05% compared to the same period last year [1] - Q2 net profit attributable to shareholders was 48.11 million yuan, down 9.09% year-on-year [1] - Gross margin was 18.97%, an increase of 0.46% year-on-year, while net margin was 11.5%, a decrease of 1.81% [1] - Total operating expenses were 34.30 million yuan, accounting for 3.86% of revenue, an increase of 10.51% year-on-year [1] - Earnings per share increased to 0.55 yuan, up 7.84% year-on-year [1] Cash Flow and Assets - Operating cash flow per share surged to 1.03 yuan, a dramatic increase of 4763.93% year-on-year [1] - Cash and cash equivalents increased by 186.42%, attributed to higher cash receipts from sales [4] - Accounts receivable accounted for 148.6% of net profit, indicating a significant amount of outstanding payments [1][4] Market and Industry Insights - The company is focusing on expanding its market presence in non-US regions such as Europe and Southeast Asia to mitigate risks from tariff policies [5] - The domestic market for pet hygiene products is expected to grow due to increasing pet ownership among younger generations and the aging pet population [7][8] - The company plans to enhance its self-owned brands and expand its market share through a combination of online and offline strategies [9] Future Strategy - The company aims to implement a dual-circulation strategy focusing on both domestic and overseas markets, as well as a dual-engine approach combining ODM/OEM and self-owned brands [10] - Future investments will target essential pet products, including cat litter, pet food, and medical vaccines, to capitalize on market opportunities [10]

增持（维持） 上半年业绩实现增长 加大国内自主品牌投入 公 司 点 依依股份（001206）2025 年中报点评 分析师：魏红梅 SAC 执业证书编号： 事件：公司发布了2025年中报。公司2025年上半年实现营业总收入8.88亿元， 同比增长9.34%；实现归母净利润1.02亿元，同比增长7.37%。业绩符合预期。 评 S0340513040002 点评： 2025 年 8 月 22 日 投资要点： | 证 | | | | | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | 27.01 | 总市值（亿元） | 49.94 | | | | 券 | | | | | | | 总股本（百万股） | 184.89 | 研 | 流通股本（百万股） | 106.32 | | | 究 | | | | | | | ROE(TTM) | 11.92% | 报 | 12 | 月最高价（元） | 27.52 | | 12 | 月最低价（元） | 10.92 | 告 | | | | 股价走势 | | | | | | | 资料来源：iFinD，东莞证券研究所 | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Viewpoints - The company is focusing on enhancing its competitive edge by leveraging its domestic and international production capabilities to seize opportunities in the pet hygiene and care products market [1][2] - The Chinese pet products market is experiencing robust growth, with a projected penetration rate of 80.2% for pet supplies by 2024, indicating a strong consumer shift towards pet care [2] - The company has adjusted its profit forecasts, expecting net profits of 267.35 million, 322.58 million, and 382 million yuan for the years 2025 to 2027, respectively, with corresponding P/E ratios of 17, 14, and 12 [4] Summary by Sections Company Strategy - The company is advancing a dual strategy of "overseas + domestic" and "ODM/OEM + proprietary brands" to strengthen its market position [1] - It is investing in various pet-related sectors, including cat litter, pet food, smart pet products, and veterinary vaccines, to prepare for future expansion [1] Market Analysis - The report highlights that the global production capacity for pet hygiene products is primarily concentrated in China, which provides a competitive advantage due to lower costs compared to other regions [3] - The company is actively expanding its market presence in non-US regions such as Europe and Southeast Asia to mitigate risks associated with tariffs [3] Financial Projections - The company anticipates significant revenue growth, with projected revenues of 1.34 billion, 1.80 billion, and 2.18 billion yuan for 2023, 2024, and 2025, respectively, reflecting growth rates of -11.80%, 34.41%, and 21.48% [10] - The EBITDA is expected to increase from 190.94 million yuan in 2023 to 392.38 million yuan in 2025, indicating a positive trend in operational efficiency [10]

Group 1: General Information - The research object is Yiyi Co., Ltd., which belongs to the beauty and care industry. The reception time was July 4, 2025, and the company's reception staff included the board secretary, CFO Zhou Lina, and securities affairs specialist Yang Yimu [16] - The institutions participating in the research are Shenwan Hongyuan Securities, Huaxia Fund, China Life Pension, Great Wall Fund, etc. [2] Group 2: Core Views - The company's current order situation is stable, and production is in an orderly manner. The US business that was postponed due to tariff policies has returned to normal, and the company is expanding non - US markets such as Europe and Southeast Asia [24] - The company's products are daily necessities for pet - keeping, and the downstream demand is relatively stable. The impact of tariff policies is mainly reflected in the customer's order - placing rhythm, sea - freight planning, and inventory management [24] - The Cambodian factory has an annual production capacity of approximately 300 million pet pads and will expand production capacity flexibly according to the situation [25] - The domestic market for pet disposable hygiene and care products has broad development potential, driven by factors such as the younger pet - owner population, pet aging, and the expansion of pet - friendly scenarios [25] - The company is increasing the promotion of its domestic self - owned brands "HUSHPET" and "One Acre Flower House" through an omni - channel layout [27] - The company will continue to implement the "overseas + domestic" dual - cycle and "ODM/OEM + self - owned brand" dual - engine drive strategy, and is also making strategic layouts in the pet track through industrial funds [27] Group 3: Summary by Directory 01. Research Basic Situation - The research object is Yiyi Co., Ltd. in the beauty and care industry, with a reception time of July 4, 2025, and specific reception staff [16] 02. Detailed Research Institutions - The participating institutions include Shenwan Hongyuan Securities (represented by Zhang Haitao), Huaxia Fund (represented by Lin Yao and Fan Linjun), China Life Pension (represented by Gao Yuanyuan), and Great Wall Fund (represented by Chai Chengsen) [17] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - **Order and Market Situation**: The company's orders are stable, and the US business has recovered. It is expanding non - US markets to reduce risks [24] - **Impact of Tariffs**: Tariffs mainly affect the customer's order - placing rhythm, sea - freight planning, and inventory management. The Cambodian factory has a certain production capacity and may expand it [24][25] - **Domestic Market Potential**: The domestic market for pet disposable hygiene and care products has great potential, driven by young pet - owners, pet aging, and pet - friendly scenarios [25] - **Brand Planning**: The company is promoting its self - owned brands "HUSHPET" and "One Acre Flower House" through an omni - channel layout [27] - **Development Strategy**: The company will continue the dual - cycle and dual - engine drive strategy and make strategic layouts in the pet track through industrial funds [27]

Group 1: Company Performance and Market Adaptation - The company's order situation is stable, with production proceeding normally after recovering from previous tariff impacts on U.S. business [2] - The company is actively expanding into non-U.S. markets such as Europe and Southeast Asia to mitigate market risks [2] - The Cambodian factory has an annual production capacity of approximately 300 million pet pads, with plans to flexibly expand capacity based on specific circumstances [3] Group 2: Market Potential for Pet Hygiene Products - The domestic market for disposable pet hygiene products has significant development potential, driven by increasing pet ownership and changing consumer attitudes [3][4] - The percentage of pet owners born in the 1990s is 41.2%, while those born in the 2000s account for 25.6%, indicating a shift towards younger pet owners [4] - The aging pet population in China is creating a stable demand for incontinence care products, such as pet diapers and pads [4] Group 3: Brand Development and Strategic Planning - The company is increasing investment in promoting its own brands, "HUSHPET" and "Yiping Huafang," through a combination of online and offline channels [4] - Future strategies include a dual-circulation model focusing on both domestic and international markets, as well as a dual-driven approach combining ODM/OEM and proprietary brands [5] - The company is strategically investing in the pet industry through an industrial fund, targeting areas such as cat litter, pet food, and smart pet products [5]