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 | | | | | | ...

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]