公司报告 | 半年报点评 依依股份（001206） 证券研究报告 全球供应优势逐步显现 公司发布 2025 年中期报告 25Q2 公司实现收入 4.0 亿元，同比-6.1%；归母净利润 0.5 亿元，同比-9.1%； 扣非归母净利润 0.4 亿元，同比-15.2%； 25H1 公司实现收入 8.9 亿元，同比+9.3%；归母净利润 1.0 亿元，同比+7.4%； 扣非归母净利润 0.9 亿元，同比+9.1%。 目前我国宠物行业正处于高速发展期，养宠人数逐渐增多，宠物主消费意 愿和消费能力进一步提升，我们认为公司自有品牌布局有望享受行业红利。 调整盈利预测，维持"买入"评级 上半年受到关税政策影响对美暂缓出货，目前公司订单情况稳定，生产有 序进行，对美业务已经恢复正常，此外公司大力拓展非美地区，如欧洲、 东南亚等地区，努力降低市场风险。 25Q2 毛利率 19.1%，同比-0.4pct，归母净利率 11.9%，同比-0.4pct，盈利 能力保持稳定。 25H1 分配现金股利 0.44 亿元，分红比例 43%。 25H1 分品类来看，宠物垫收入 7.6 亿，同比+7.3%，毛利率 17.5%，同比 -0.6pct ...

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].

Core Viewpoint - The company reported a significant increase in "other main revenue" for the first half of 2025, indicating strong growth in new product categories and market segments [1] Group 1 - The "other main revenue" for the first half of 2025 reached 1.138 billion, representing a year-on-year growth of 46.97% [1] - The revenue growth is attributed to new product lines including non-woven fabrics, Hongshi emulsion, silk nanomembrane, pipe industry products, and adhesives [1] - The company emphasized the resilience of growth in new categories and market segments, supported by brand and channel synergies [1]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.569 billion CNY, with a net profit attributable to shareholders of 564 million CNY, showing a decline compared to the same period last year [2] - The second quarter showed significant improvement, with a notable reduction in the year-on-year decline in revenue compared to the first quarter [2][3] - Overseas revenue grew by over 40% in the first half of 2025, alleviating some pressure on overall revenue [2] Profitability Metrics - The gross margin for the second quarter was 26.71%, reflecting a 3% increase from the first quarter, driven by improved revenue scale and stable pricing [3] - The company’s retail business segment experienced growth, positively impacting the overall gross margin [3] Cash Flow and Operational Quality - The net cash flow from operating activities increased by 70.18% year-on-year in the first half of 2025, with the second quarter's cash flow exceeding the net profit for the period [4] - The company has successfully transitioned from a direct sales model to a retail and engineering channel model, with revenue from these channels reaching 11.406 billion CNY, accounting for 84.06% of total revenue [4] Cost Management - The company has implemented cost control measures, resulting in a decrease in sales and management expenses compared to the previous year [8] - Organizational restructuring and optimization have led to improved management efficiency and reduced personnel costs [8] New Revenue Streams - Other main revenue, including non-woven fabrics and new product categories, reached 1.138 billion CNY, a year-on-year increase of 46.97% [9] - The sand powder business achieved sales of 5.57 million tons, with revenue of 1.996 billion CNY, despite a slight decline in average price due to product mix changes [10] Strategic Acquisitions and International Expansion - The acquisition of Construmart in Chile is underway, aimed at leveraging local market channels to enhance competitiveness and profitability [11] - The company’s overseas business generated 576 million CNY in revenue, a year-on-year increase of 42.16%, indicating the effectiveness of its overseas strategy [12] Dividend Policy - The company plans to implement a mid-term cash dividend, reflecting confidence in its operational performance and commitment to shareholder returns [13][14] - The cash dividend will not impact the company’s operational funding needs, as the business model has shifted to reduce working capital requirements [14][15]

Group 1 - Hainan Xinlong Nonwoven Co., Ltd. successfully exported a batch of polyester spunlace fabric to the mainland market, marking the first time the processing value-added 30% goods sales tax exemption policy benefits the textile industry in Hainan Free Trade Port [1] - Nonwoven fabric is a new material widely used in medical, hygiene, and home textile fields, becoming an important component of the textile industry [1] - The company imports polyester short fibers as raw materials and processes them into nonwoven fabric through weaving, winding, and cutting, enhancing the competitiveness of its textile products due to the tax exemption policy [1] Group 2 - In the first five months of this year, Haikou Customs supervised processing value-added domestic sales worth approximately 2.3 billion, a year-on-year increase of 430% [2] - Tax reductions amounted to about 180 million, reflecting a year-on-year increase of 450% [2] - Haikou Customs aims to support textile industry enterprises in developing processing value-added businesses and will provide tailored policy guidance to continuously release policy dividends for high-quality industrial development [2]

Core Viewpoint - Mitsui Chemicals is strategically divesting its 50% stake in Sinopec Mitsui Chemicals Co., Ltd. (SSMC) to Shanghai Gaoqiao Petrochemical Co., Ltd. as part of its global strategy adjustment, focusing on green chemicals and high-performance materials due to declining domestic demand and increasing overseas competition [2][3]. Group 1: Company Actions - The divestment of SSMC is a response to the continuous decline in performance, with a projected loss of 10.6 billion yen for the fiscal year 2025 [3]. - Mitsui Chemicals is considering restructuring its core business units related to basic and green materials, including phenols, industrial chemicals, and sustainable raw materials [2]. Group 2: Industry Context - The domestic phenol production capacity in China has reached 6.39 million tons, with increasing industry concentration, including major players like Zhejiang Petrochemical and Wanhua Chemical [5]. - The industry is facing an oversupply situation, with an expected additional capacity of 995,000 tons in 2025 from various companies [5]. - Recently, INEOS Phenol, the world's largest producer of phenol and acetone, announced plans to permanently cease production in Germany, indicating broader challenges in the chemical sector [4]. Group 3: Remaining Operations in China - Mitsui Chemicals maintains several significant operations in China, including: - Shanghai Sinopec Mitsui Elastomers Co., Ltd., producing ethylene-propylene-diene monomer (EPDM) with an annual capacity of 75,000 tons [6]. - Tianjin Mitsui Nonwoven Fabrics Co., Ltd., producing nonwoven fabrics with an annual capacity of 15,000 tons [7]. - Foshan Mitsui Chemical Isocyanate Co., Ltd., focusing on polyurethane products for the automotive industry [8]. - Zhangjiagang Free Trade Zone Mitsui Yuntuo Composite Materials Co., Ltd., producing high-performance polymer composites [8]. - Plans to expand production capacity in Shanghai for thermoplastic elastomers and adhesive polyolefins by 2026 [8].

Core Viewpoint - The legal opinion issued by Anhui Chengyi Law Firm confirms that Anhui Jinchun Nonwoven Fabric Co., Ltd. is qualified to implement its 2025 Employee Stock Ownership Plan (ESOP) in compliance with relevant laws and regulations [1][3][11] Group 1: Company Qualifications - Anhui Jinchun Nonwoven Fabric Co., Ltd. is a legally established and validly existing company listed on the Shenzhen Stock Exchange, meeting the qualifications required to implement the ESOP [3][4] - The company has not encountered any circumstances that would necessitate its dissolution or termination, such as bankruptcy or revocation of its business license [3][4] Group 2: Legality and Compliance of the ESOP - The ESOP has been designed in accordance with the "Guidance on Pilot Implementation of Employee Stock Ownership Plans by Listed Companies" and other relevant regulations [4][5] - The plan ensures voluntary participation by employees, with no coercion or forced distribution of shares [4][5] - Employees participating in the ESOP will bear their own risks, ensuring equal rights with other investors [4][5] Group 3: Plan Details - The ESOP will involve a maximum of 161 employees, including directors, supervisors, senior management, and key personnel [5][6] - The total amount of funds to be raised through the ESOP will not exceed RMB 28.785 million, with a maximum of 3.662 million shares to be allocated [6][7] - The plan will have a duration of 36 months, starting from the date of approval by the shareholders' meeting [6][7] Group 4: Management and Governance - The ESOP will be managed internally, with a management committee overseeing daily operations and representing the interests of the participants [7][8] - The company has conducted a representative employee meeting to gather opinions on the ESOP, fulfilling the requirement for employee consultation [8][9] Group 5: Legal Procedures and Information Disclosure - The company has completed the necessary internal decision-making processes and is required to hold a shareholders' meeting for final approval of the ESOP [10][11] - The company has fulfilled its current legal obligations for information disclosure regarding the ESOP and will continue to do so as the plan progresses [11][12]

证券代码：603059 证券简称：倍加洁 公告编号：2025-023 倍加洁集团股份有限公司 关于 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 倍加洁集团股份有限公司（以下简称"公司"）根据《上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露 第十三号 化工》有关规定，将公司 2025 年第一季度主要经营数据披露如下： | 主要产品 | 产量(万支、万片) | | 销量(万支、万片) | 营业收入（万元） | | --- | --- | --- | --- | --- | | 牙刷 | | 8,203.84 | 9,873.17 | 11,724.47 | | 湿巾 | | 97,737.27 | 107,628.92 | 7,907.41 | 一、2025年第一季度主要产品的产量、销量及收入实现情况 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况 单位：元/支、片 | 主要产品 | 2025 | 年第一季度 | | 2024 | 年第一季度 | | 变动 ...

倍加洁集团股份有限公司（以下简称"公司"）根据《上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露 第十三号 化工》有关规定，将公司 2024 年年度主要经营数据披露如下： 一、2024年年度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量(万支、万片) | 销量(万支、万片) | 营业收入（万元） | | --- | --- | --- | --- | | 牙刷 | 38,597.94 | 42,343.60 | 50,233.41 | | 湿巾 | 521,492.83 | 527,795.12 | 38,779.10 | 二、主要产品和原材料的价格变动情况 证券代码：603059 证券简称：倍加洁 公告编号：2025-012 倍加洁集团股份有限公司 关于 2024 年年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 3、无纺布 （一）主要产品价格波动情况 单位：元/支、片 | 主要产品 | 2024 | 年均价 | | 2023 | 年均价 | 变动幅度（%） | | | -- ...

Financial Performance - In 2024, the company achieved a revenue of 1.798 billion yuan, a year-on-year increase of 34.41% [5] - The net profit attributable to shareholders reached 215 million yuan, up 108.34% year-on-year; the net profit after deducting non-recurring gains and losses was 191 million yuan, an increase of 75.09% [5] - Cumulative cash dividends and share repurchases will total 517 million yuan, accounting for 88.61% of the cumulative net profit attributable to shareholders [8] Market Strategy - The company plans to enhance its domestic market presence by increasing investment in brand promotion and optimizing sales teams [2][10] - The company aims to expand into emerging markets, particularly in Southeast Asia and South America, while maintaining a focus on the European market [10] Industry Outlook - The pet hygiene care products market is expected to grow significantly, driven by increasing consumer demand and the industry's overall expansion [3][4] - The U.S. pet industry is projected to reach $151.9 billion in 2024, with a year-on-year growth of 3.33% [3] - The Japanese pet market is expected to reach 1.9026 trillion yen in 2024, growing by 2.13% from the previous year [3] Financial Structure and Risk Management - The company maintains a low debt leverage and sufficient cash flow, providing a strong financial foundation for market expansion and risk management [2] - The company employs foreign exchange hedging to mitigate currency fluctuation risks [2] Sales and Marketing Expenses - In 2024, sales expenses amounted to 31.6028 million yuan, reflecting a year-on-year increase of 16.72% [2] - The increase in sales expenses is attributed to participation in major pet exhibitions and enhanced domestic brand promotion efforts [2] Production and Export Strategy - The company has established its first overseas production base in Cambodia, expected to produce nearly 300 million pet pads annually, enhancing global operational efficiency [6] - The company exports primarily under the FOB model, with recent tariff changes impacting costs [6][7] Shareholder Engagement - The company emphasizes long-term value creation and has a three-year shareholder return plan to ensure consistent profit distribution [8]