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：宠物垫86.05%，宠物尿裤7.42%，无纺布4.85%，护理垫0.84%，其他宠物一 次性卫生护理用品0.43%，其他(补充)0.24%，其他个人一次性卫生护理用品0.17%。 9月12日，依依股份盘中上涨3.40%，截至09:35，报29.21元/股，成交3191.49万元，换手率1.04%，总市 值54.01亿元。 依依股份所属申万行业为：美容护理-个护用品-生活用纸。所属概念板块包括：多胎概念、出海概念、 增持回购、小盘、宠物经济等。 资金流向方面，主力资金净流入98.27万元，大单买入419.99万元，占比13.16%，卖出321.72万元，占比 10.08%。 截至9月10日，依依股份股东户数1.92万，较上期增加2.18%；人均流通股5544股，较上期减少2.13%。 2025年1月-6月，依依股份实现营业收入8.88亿元，同比增长9.34%；归母净利润1.02亿元，同比增长 7. ...

投资者关注宠物业务核心指标 在业绩说明会上，投资者对依依股份宠物垫板块表现出浓厚兴趣。公司透露，2025年上半年核心产品宠 物垫营收同比增长7.28%，增速基本与行业持平。对于高毛利产品线占比提升对毛利率改善的贡献度， 公司暂未披露具体数据。 在行业竞争加剧的背景下，依依股份通过差异化产品策略提升客户留存率。公司针对国内宠物主年轻 化、首批宠物老龄化精准定位，采用品牌多场景产品矩阵策略，满足不同养宠人群需求，有效提升用户 复购率。在海外市场，凭借二十余年行业经验及多方面优势，与大型客户保持长期稳定合作，2025年上 半年公司产品在海关同类产品出口中占比接近40%。 净利润与营收增速差异及原因 2025年上半年，依依股份实现营业收入8.88亿元，同比增长9.34%；归属于上市公司股东的净利润为 1.02亿元，同比增长7.37%，毛利率水平保持稳定。公司表示，净利润增速高于营收增速主要得益于产 品结构优化与生产效率提升。核心产品宠物垫在关税扰动下保持稳定增长，同比增速7.28%，宠物尿裤 产品因使用场景增多保持高速增长，同比增长40.58%。 依依股份于2025年9月11日通过全景网"投资者关系互动平台"以网络远 ...

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 9 月 11 日投资者关系活动记录表 编号：2025-007 投 资 者 关 系 活 动 类 别 特定对象调研 媒体采访 新闻发布会 现场参观 分析师会议 业绩说明会 路演活动 其他 参 与 单 位 名 称 及 人 员姓名 投资者网上提问 时间 2025 年 9 月 11 日（周四）下午 13:30~17:00 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、独立董事刘颖女士 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：宠物垫板块作为核心业务，2025 年上半年营收增速是否超过行业 平均水平？高毛利产品线占比提升对毛利率改善的具体贡献度能否披露？ 您好，核心产品宠物垫上半年营收同比增长 7.28%，增速水平基本在行 业平均水平之内，公司核心产品增 ...

Core Viewpoint - The pet economy in China is experiencing significant growth, with leading companies reporting impressive financial results and expanding their overseas markets, indicating a robust future for the industry [2][3][6]. Company Performance - Zhongchong Co., Ltd. reported a 42.56% year-on-year increase in net profit and a 24.32% increase in revenue for the first half of 2025, with its main grain business revenue soaring by 85.79% [2]. - Guobao Pet's revenue reached 3.221 billion yuan, a 32.72% increase year-on-year, with a net profit of 378 million yuan, up 22.55% [2]. - Yiyi Co. achieved a remarkable 108.34% growth in net profit for 2024, reflecting the positive outlook for the pet industry in China [2]. International Expansion - Leading pet companies have a high proportion of revenue from overseas markets, with Zhongchong's overseas revenue accounting for 64.75% of total revenue, while other companies like Xinbao and Peiti have even higher percentages at over 78% and around 93.47%, respectively [3][5]. - Zhongchong has established over 22 modern production bases globally and has been actively acquiring overseas brands to enhance its market presence [4]. Market Trends - The Chinese pet market is diversifying, with a growing trend towards premium products and services, as pet owners increasingly view pets as family members [6][7]. - The average annual spending per pet is rising, with the urban pet consumption market expected to grow by 7.5% in 2024, reaching 300.2 billion yuan [6]. - Companies are expanding their product offerings beyond basic necessities to include high-margin items like pet snacks, toys, and smart devices, indicating a shift towards more diversified revenue streams [7][8]. Industry Dynamics - The pet economy is characterized by a low concentration of leading companies, with many new entrants from various sectors, including technology and consumer goods, looking to capitalize on the growing market [8]. - Major brands from different industries, such as Adidas and Xiaomi, are entering the pet market, suggesting a trend of cross-industry collaboration and innovation [8].

Company Overview - Yiyi Co., Ltd. is located in the Zhangjiawo Industrial Zone, 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 sales of disposable hygiene products and non-woven fabrics [2]. Financial Performance - As of August 20, 2023, Yiyi Co., Ltd. reported a total revenue of 888 million yuan for the first half of 2025, representing a year-on-year growth of 9.34%. The net profit attributable to the parent company was 102 million yuan, with a year-on-year increase of 7.37% [2]. - The company has distributed a total of 487 million yuan in dividends since its A-share listing, with 345 million yuan distributed over the past three years [3]. Stock Performance - Yiyi Co., Ltd.'s stock price has increased by 56.49% year-to-date, but it has seen a decline of 3.40% over the last five trading days and a slight decrease of 0.75% over the past 20 days. In contrast, the stock rose by 13.00% over the last 60 days [2]. - As of August 27, 2023, the stock was trading at 25.29 yuan per share, with a market capitalization of 4.676 billion yuan. The trading volume was 90.9382 million yuan, with a turnover rate of 3.43% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yiyi Co., Ltd. was 18,100, a decrease of 2.09% from the previous period. The average number of circulating shares per person increased by 2.13% to 5,870 shares [2][3]. - The company has appeared on the stock market's "Dragon and Tiger List" once this year, with the most recent occurrence on May 21 [2]. Business Segmentation - The main revenue sources for Yiyi Co., Ltd. include pet pads (86.05%), pet diapers (7.42%), non-woven fabrics (4.85%), and other disposable hygiene products [2]. - The company operates within the beauty and personal care industry, specifically in the personal care and household paper segment, and is associated with concepts such as small-cap stocks, multi-child concepts, pet economy, share buybacks, and cross-border e-commerce [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Yiyi Co., Ltd. saw the exit of Yinhua Value Preferred Mixed Fund (519001) from the list [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company has demonstrated a stable performance with a revenue of 400 million yuan in Q2 2025, a year-on-year decrease of 6.1%, and a net profit of 50 million yuan, down 9.1% year-on-year. However, for the first half of 2025, revenue increased by 9.3% to 890 million yuan, and net profit rose by 7.4% to 100 million yuan [1]. - The company is expanding its market presence in non-US regions such as Europe and Southeast Asia to mitigate market risks, while its operations in the US have returned to normal [1][2]. - The gross margin for Q2 2025 was 19.1%, a slight decrease of 0.4 percentage points year-on-year, indicating stable profitability [1]. Financial Performance - In the first half of 2025, the company distributed cash dividends amounting to 44 million yuan, with a dividend payout ratio of 43% [1]. - The revenue breakdown for the first half of 2025 shows pet pads generating 760 million yuan (up 7.3% year-on-year), pet diapers at 70 million yuan (up 40.6%), and non-woven fabric at 40 million yuan (up 14.6%) [1]. - The company has established a significant production capacity, with annual production of 4.6 billion pet pads and 200 million pet diapers domestically, alongside a new overseas capacity in Cambodia [2]. Market Position and Strategy - The company has become a key supplier for several well-known multinational companies, leveraging its scale, product quality, and production management capabilities [2]. - The domestic market for pet hygiene products is rapidly growing, and the company is actively building its own brands to capitalize on this trend [3]. - The report highlights the company's long-term advantages in customer and channel development, supported by its overseas production base and domestic brand growth [4].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for the second half of the year, suggesting potential for improvement in performance [1][2]. Core Views - The company reported a revenue of 888 million yuan in H1 2025, representing a year-on-year increase of 9.3%, and a net profit attributable to the parent company of 102 million yuan, up 7.4% [1]. - In Q2 2025, the company experienced a revenue decline of 6.1% to 403 million yuan and a net profit decrease of 9.1% to 48 million yuan, attributed to tariff impacts [1][2]. - The company maintains a strong customer base with high entry barriers for suppliers, leading to strong customer retention and stable growth in the U.S. market despite tariff disruptions [2]. - The company’s production capacity has expanded significantly, with domestic pet pad capacity reaching 4.6 billion pieces and overseas capacity in Cambodia expected to improve exports to the U.S. in H2 2025 [2]. Financial Performance Summary - For H1 2025, the company's main product, pet pads, generated revenue of 764 million yuan, a year-on-year increase of 7.3% [2]. - The gross margin for Q2 2025 was 19.1%, with a net profit margin of 11.9%, indicating stable profitability despite slight declines [3]. - The company’s operating cash flow for Q2 2025 was 118 million yuan, showing strong cash flow performance [3]. - Profit forecasts for 2025-2027 estimate net profits of 240 million, 290 million, and 350 million yuan, respectively, with corresponding P/E ratios of 20.2X, 16.3X, and 13.4X [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][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 [3]. - The company's disposable hygiene products for pets continue to grow rapidly, with revenue from these products reaching 834 million yuan, a year-on-year increase of 9.31%. Specifically, pet pads generated 764 million yuan (up 7.28%), while pet diapers saw a significant increase of 40.58% to 66 million yuan [4]. - The company is increasing its investment in domestic self-owned brands, utilizing a multi-channel approach to expand market share in the domestic pet industry [4]. - The gross margin slightly improved to 18.97%, while the net margin experienced a slight decline to 11.5% due to increased asset impairment losses [4]. - The company is expected to continue its "overseas + domestic" dual circulation and "ODM/OEM + self-owned brand" dual-drive strategy, focusing on enhancing competitiveness [4]. Financial Summary - The company forecasts total revenues of 2,073 million yuan for 2025, 2,435 million yuan for 2026, and 2,836 million yuan for 2027, with corresponding net profits of 248 million yuan, 295 million yuan, and 349 million yuan respectively [5]. - The diluted earnings per share (EPS) are projected to be 1.34 yuan for 2025 and 1.60 yuan for 2026, with price-to-earnings (PE) ratios of 20.1 and 16.9 respectively [6].

Company Overview - Yiyi Co., Ltd. specializes in the research, development, production, and sales of pet hygiene care products, including pet pads and pet diapers [1] - The company is a significant player in the domestic pet hygiene care products industry and exports its products to various countries and regions [1] Stock Performance - On July 29, Yiyi's stock closed at 25.36 yuan, down 0.66 yuan, representing a decline of 2.54% from the previous trading day [1] - The stock opened at 26.37 yuan, reached a high of 26.66 yuan, and a low of 25.02 yuan, with an intraday volatility of 6.30% [1] - The trading volume for the day was 67,553 hands, with a total transaction value of 172 million yuan, resulting in a turnover rate of 6.35% [1] Market Activity - On July 29, there was a net outflow of 15.935 million yuan in the main funds, accounting for 0.59% of the circulating market value [1] - The stock experienced a rapid pullback during the trading session, with a drop of over 2% within the first five minutes, reaching a low of 25.84 yuan [1]

一、行情 4月24日早盘，宠物经济概念股持续走强，中宠股份、天元宠物等封板，乖宝宠物、北鼎股份大涨超10%。 | 股票名称 | 最新价 = | 涨跌幅 ◆ | 换手率令 | 流通市值令 | | --- | --- | --- | --- | --- | | 中宠股份 002891.SZ | | 首板 | | | | 全球宠物食品行业的领跑者：公司专注于宠物食品的研发、生产、销售和营销业务，产品 | 53.44 | +10.00% | 3.91% | 157.7亿 | | 包括：宠物干粮、宠物湿粮、宠物零食 | | 10:05 涨停 | | | | 天元宠物 301335.SZ | | 首板 | | | | 公司以宠物用品的设计开发、生产和销售业务为基础,积极拓展宠物食品销售业务,产品 | 25.40 | +19.98% | 20.62% | 12.7亿 | | 涵盖了宠物窝垫、猫爬架、宠物食品、宠物玩具、宠物服饰、电子用品等多系列、全品类 | | 10:30 涨停 | | | | 宠物产品 | | | | | | 依依股份 001206.SZ 密集调研 | | 首板 | | | | 公司专注于宠物卫生护理用品 ...