金信核心竞争力混合A（009317）成立日期2020年5月9日，最新规模913.82万。今年以来收益17.8%， 同类排名3818/8209；近一年收益12.28%，同类排名4569/8129；成立以来收益147.02%。 金信核心竞争力混合A（009317）基金经理为谭佳俊。 11月24日，依依股份跌5.1%，截至发稿，报31.44元/股，成交8662.59万元，换手率2.53%，总市值58.13 亿元。 资料显示，天津市依依卫生用品股份有限公司位于天津市西青区张家窝镇工业区，成立日期1990年5月 10日，上市日期2021年5月18日，公司主营业务涉及一次性卫生护理用品及无纺布的研发、生产和销 售。主营业务收入构成为：宠物一次性卫生护理用品93.91%，无纺布4.85%，个人一次性卫生护理用品 1.01%，其他(补充)0.24%。 从基金十大重仓股角度 数据显示，金信基金旗下1只基金重仓依依股份。金信核心竞争力混合A（009317）三季度持有股数1.45 万股，占基金净值比例为4.82%，位居第五大重仓股。根据测算，今日浮亏损失约2.45万元。 截至发稿，谭佳俊累计任职时间1年37天，现任基金资产总规模6 ...

Group 1 - The core viewpoint of the news is that Yiyi Co., Ltd. has seen a significant increase in its stock price, with a rise of 5.02% to 33.66 CNY per share, and a total market capitalization of 6.224 billion CNY [1] - Yiyi Co., Ltd. specializes in the research, production, and sales of disposable hygiene products and non-woven fabrics, with 93.91% of its revenue coming from pet disposable hygiene products [1] - The company was established on May 10, 1990, and was listed on May 18, 2021 [1] Group 2 - According to data, Jin Xin Fund has a significant holding in Yiyi Co., Ltd., with its Jin Xin Core Competitiveness Mixed A Fund (009317) holding 14,500 shares, representing 4.82% of the fund's net value [2] - The Jin Xin Core Competitiveness Mixed A Fund has achieved a year-to-date return of 21.86% and a one-year return of 19.6% [2] - The fund manager, Tan Jiajun, has been in charge for 1 year and 32 days, with the best fund return during his tenure being 32.38% [3]

Core Viewpoint - Yiyi Co., Ltd. experienced a 5.02% decline in stock price, trading at 29.14 CNY per share, with a total market capitalization of 5.388 billion CNY as of the report date [1]. Company Overview - Yiyi Co., Ltd. is located in the Zhangjiawo Industrial Zone of Xiqing District, Tianjin, and was established on May 10, 1990. The company was listed on May 18, 2021. Its main business involves the research, production, and sale of disposable hygiene products and non-woven fabrics [1]. - The revenue composition of Yiyi Co., Ltd. is as follows: 93.91% from pet disposable hygiene products, 4.85% from non-woven fabrics, 1.01% from personal disposable hygiene products, and 0.24% from other sources [1]. Fund Holdings - According to data, the Tongtai Fund has a significant holding in Yiyi Co., Ltd. The Tongtai Huize Mixed A Fund (008050) held 47,800 shares in the third quarter, accounting for 8.49% of the fund's net value, making it the fourth-largest holding [2]. - The Tongtai Huize Mixed A Fund was established on November 20, 2019, with a current size of 9.852 million CNY. Year-to-date returns are 2.43%, ranking 7560 out of 8223 in its category; over the past year, returns are 7.93%, ranking 6354 out of 8115; since inception, the fund has experienced a loss of 33.44% [2]. - The fund managers, Ma Yi and Mai Jianpei, have tenures of 11 years and 176 days, respectively. Ma Yi manages assets totaling 2.718 billion CNY, with the best return during his tenure being 43.7% and the worst being -0.63%. Mai Jianpei manages 231 million CNY, with the best return of 22.27% and the worst of -0.55% [2].

Group 1 - Company Yiyi Co., Ltd. announced a share buyback of approximately 510,000 shares, representing 0.28% of its total share capital, with a total transaction amount of about 10.39 million yuan [1] - The highest transaction price during the buyback was 25.49 yuan per share, while the lowest was 16.59 yuan per share [1] - As of the report date, Yiyi Co., Ltd. has a market capitalization of 5.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Yiyi Co., Ltd. is as follows: disposable pet hygiene products accounted for 93.91%, non-woven fabrics 4.85%, personal disposable hygiene products 1.01%, and other businesses 0.24% [1]

Core Viewpoint - The company, Yiyi Co., aims to expand its overseas market presence, particularly in Europe and emerging markets in Southeast Asia and South America, leveraging its R&D and production capabilities through ODM/OEM partnerships [1] Group 1: Overseas Market Expansion - The chairman and general manager of Yiyi Co., Gao Fuzhong, highlighted the company's strategy to target overseas markets through bidding, participation in major pet exhibitions, and referrals from existing customers [1] - The European market is identified as a key focus area, where the company plans to collaborate with large channel partners [1] - In Southeast Asia, the company is primarily expanding through its own brand, with positive growth trends, and is considering new sales models to deepen its market penetration [1] Group 2: Company Mission and Vision - Yiyi Co. has been dedicated to the pet hygiene products sector for many years, with a mission to be a leader in pet hygiene care products [1] - The company aims to create perfect pet hygiene care products, aligning its development vision with market trends and customer needs [1] - Yiyi Co. is committed to enhancing its production capacity and product quality, striving to build a comprehensive supply chain from product R&D to sales in the pet products market [1]

Group 1 - The company, Yiyi Co., Ltd. (SZ 001206), announced a share buyback of approximately 480,000 shares, representing 0.26% of its total share capital, with a total transaction amount of about 9.61 million yuan [1] - The highest transaction price during the buyback was 25.49 yuan per share, while the lowest was 16.59 yuan per share [1] - As of the report, Yiyi Co., Ltd. has a market capitalization of 4.8 billion yuan [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: disposable pet hygiene products accounted for 93.91%, non-woven fabrics for 4.85%, personal disposable hygiene products for 1.01%, and other businesses for 0.24% [1]

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]

Investment Rating - The report maintains a rating of "Add" for the company [2][6][4] Core Views - The company achieved a total revenue of 888 million yuan in the first half of 2025, representing a year-on-year growth of 9.34%, and a net profit attributable to shareholders of 102 million yuan, up 7.37% year-on-year, which aligns with expectations [4][6] - The company continues to expand its market presence, with significant growth in its pet disposable hygiene products, generating 834 million yuan in revenue, a 9.31% increase year-on-year [6] - The company is increasing its investment in domestic self-owned brands, utilizing a multi-channel approach to enhance market share [6] Financial Performance Summary - The company's gross margin slightly increased by 0.09 percentage points to 18.97%, while the net margin decreased by 0.22 percentage points to 11.5% due to increased asset impairment losses [6] - The overseas market revenue reached 830 million yuan, growing by 9.43% year-on-year, while domestic market revenue was 58 million yuan, reflecting an 8.03% increase [6] - The company forecasts earnings per share (EPS) of 1.34 yuan and 1.60 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 20 times and 17 times [6][7]

Core Viewpoint - The company focuses on the pet disposable hygiene care products sector, implementing a dual-circulation strategy and a dual-driven approach to maintain steady growth in performance despite complex international trade conditions [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 888 million yuan, representing a year-on-year increase of 9.34% [4]. - The net profit attributable to shareholders was 102 million yuan, with a year-on-year growth of 7.37% [4]. - The company plans to distribute a cash dividend of 2.40 yuan per 10 shares, totaling approximately 44.2 million yuan [4]. Group 2: Market Strategy - The company's revenue is primarily derived from overseas markets, with a stable partnership established through ODM/OEM models with international retailers and e-commerce platforms, exporting to nearly 40 countries [1]. - The domestic market sales reached 58.01 million yuan, showing an 8.03% year-on-year growth [2]. - The company is increasing investment in its own brand to enhance market share domestically, focusing on product innovation and a multi-channel marketing strategy [1][2]. Group 3: Future Outlook - The company aims to continue its dual-driven strategy to enhance competitiveness and leverage domestic and international production capacities [2]. - It plans to expand into essential pet product sectors through strategic investments in the pet industry chain, including pharmaceuticals, cat litter, pet food, and smart products [2].

Group 1 - The company Yiyi Co., Ltd. announced a share buyback of approximately 370,000 shares, representing 0.2% of its total share capital, with a total transaction amount of about 6.78 million yuan [2] - The highest transaction price during the buyback was 22.2 yuan per share, while the lowest was 16.59 yuan per share [2] - For the year 2024, the company's revenue composition is as follows: 94.02% from pet disposable hygiene products, 4.65% from non-woven fabrics, 1.13% from personal disposable hygiene products, and 0.2% from other businesses [2]