食品：情感叙事重构人货场，国牌升级与新渠道协同发力，强者愈强 在情感化、拟人化驱动的新消费叙事下，信任建立与专业背书是品牌赢得消费者心智、保持品牌势能的 关键落脚点。同时电商渠道已经进入存量竞争、价值营销时代，品牌商全域运营能力将成为决胜关键。 因此我们认为无限货架虽给国内市场终局带来未知数，但市场终将属于具备供应链自控能力、持续投入 研发并善于传递品牌价值的长期主义者。国内宠食行业或在后半场加速走向"良币驱逐劣币"阶段，优质 品牌商有望穿越周期成为胜者。 医疗：猫狗老龄化激发消费潜力，连锁化有望铸就龙头 1）医院端：国内宠物医疗市场尚年轻，覆盖率、单店流水明显低于海外成熟市场水平。未来在科学养 宠理念和宠物老龄化驱动下，行业存在较大扩容增利空间。同时医院端目前连锁化率低，格局分散，未 来头部连锁宠物医院集团基于供应链、人才和技术等优势，有望持续整合市场份额。（2）药品端：未 来宠物医疗发展有望同步带动上游药品市场扩容。同时国内猫三联、驱虫药等核心大单品国产覆盖率极 低，未来替代空间大。本土头部动保公司产品矩阵目前正快速完善，未来有望持续挑战进口份额。 用品：关注细分赛道机遇和品牌化转型 智通财经APP获悉， ...

Group 1 - The acquisition of 100% equity in Gao Ye Jia by Yi Yi Co., Ltd. was terminated due to changes in the company's operational conditions and failure to reach an agreement on valuation and key commercial terms with the counterparties [1] - Yi Yi Co., Ltd. remains focused on the pet hygiene care products sector, which is experiencing growth in both domestic and international pet ownership rates, indicating significant growth potential for its products [1] - The company plans to continue strategic investments in the pet sector through industry funds or direct investments, exploring opportunities in pet medical care, cat litter, and smart pet products [2] Group 2 - In the third quarter of 2025, Yi Yi Co., Ltd. reported a revenue of 4.18 billion yuan, a year-on-year decrease of 17.0%, while the net profit attributable to shareholders was 545 million yuan, a decline of 2.2% [3] - The company's export business to the United States has largely returned to normal, with domestic production being the primary source for global pet hygiene care products due to limited local capacity in the U.S. [3] - The company's production base in Cambodia has been operational since May 2025, with a capacity of nearly 300 million pet pads per year, and a second factory is under construction to produce 800 million pet pads and 100 million pet pants annually [4]

Group 1: Market Expansion and Strategy - The domestic pet hygiene products market is experiencing rapid growth due to increasing health awareness among pet owners, prompting the company to enhance its promotional investments and expand its market share [3][5]. - The company has increased its focus on self-owned brands such as "HUSHPET" and "Yiping Huafang," utilizing platforms like Douyin and Xiaohongshu for online promotion and participating in various pet industry exhibitions [3][5]. - The company aims to maintain a dual-driven strategy focusing on both domestic and international markets, enhancing its service capabilities through overseas production bases [4][6]. Group 2: Production Capacity and Supply Chain - The Cambodian production base has been operational since May 2025, with an annual capacity of nearly 300 million pet pads, and a second factory is under construction with a target capacity of 800 million pet pads and 100 million pet pants [3][6]. - The company has established strong relationships with suppliers to manage raw material costs through long-term contracts and centralized procurement [6][7]. - Current production capacities include 4.6 billion pet pads and 200 million pet pants annually, with plans to increase capacity utilization through new production lines and technological upgrades if demand rises [6][7]. Group 3: Financial Performance and Challenges - The company has faced challenges in maintaining profit margins due to increased competition in the domestic pet market, but it continues to focus on enhancing customer resources and production scale to drive sustainable growth [4][5]. - The termination of the acquisition of Gaoye Family was due to discrepancies in expected performance and valuation, particularly after changes in sales strategies and increased investments in new products [11][12]. - The company has implemented measures to mitigate the impact of currency fluctuations on profits, maintaining a "currency risk-neutral" principle and engaging in foreign exchange hedging [11][12]. Group 4: Future Outlook and Strategic Focus - The company plans to continue focusing on its core business of pet hygiene products while exploring opportunities in pet health, medical, and food sectors [11][12]. - There is an ongoing commitment to strategic investments in the pet industry through funds or direct investments, aiming to cultivate new growth projects and enhance market presence [11][12]. - The company remains open to exploring acquisitions in the pet food sector while prioritizing its existing strengths in hygiene products [11][12].

Core Viewpoint - The company, Yiyi Co., Ltd. (依依股份), has announced the termination of its plan to issue shares and pay cash for asset acquisition, along with fundraising activities, due to changes in the operational performance of the target company since the initial planning phase [1][2]. Group 1: Termination Announcement - The company held its fourth board meeting on February 10, 2026, where it approved the termination of the asset acquisition and fundraising plan [1]. - A termination agreement was signed with the counterparties involved in the transaction [1]. Group 2: Reasons for Termination - The company stated that since the announcement of the transaction, it has complied with relevant laws and regulations while actively working with all parties involved [2]. - Changes in the target company's sales model during the 2025 Double Eleven shopping festival and the investment in new cat food products led to a deviation from initial operational expectations, preventing agreement on key commercial terms [2]. - After thorough discussions and considerations, the company decided to terminate the transaction to protect the long-term interests of the company and its investors [2]. Group 3: Previous Transaction Details - The initial plan involved acquiring 100% equity of Hangzhou Gaoye Family Pet Food Co., Ltd. from 19 counterparties through a combination of share issuance and cash payment [3]. - The transaction price was to be determined based on an asset appraisal report, which had not been completed at the time of the announcement [3]. Group 4: Fundraising Plan - The company intended to raise funds from no more than 35 qualified investors through a targeted share issuance, with the total amount not exceeding 100% of the transaction price [4]. - The net proceeds from the fundraising were planned to cover cash payments for the transaction, intermediary fees, and related taxes, with specific amounts to be disclosed in the restructuring report [4]. - Following the announcement, the company's stock price experienced a significant drop, reaching a low of 31.37 yuan, a decrease of 9.99% during trading [4].

Core Viewpoint - Yiyi Co., Ltd. has terminated its plan to acquire 100% equity of Hangzhou Gaoye Family, a pet food brand, after four months of negotiations due to changes in the target company's operating conditions in 2025 [2][3] Group 1: Acquisition Termination - The decision to terminate the acquisition was made during the fourth board meeting held on February 10, 2026, where the company approved the termination of the asset purchase and related fundraising [2] - The reason for the termination was attributed to changes in the target company's 2025 operating conditions compared to initial expectations, particularly adjustments in sales strategies during the "Double Eleven" shopping festival [3] Group 2: Business Performance - Yiyi Co., Ltd.'s main business focuses on the research, production, and sales of disposable hygiene products, with over 90% of revenue coming from these products, including pet hygiene items [3] - Hangzhou Gaoye Family reported a revenue of 302 million yuan in 2023, with a net profit of 3.08 million yuan, resulting in a net profit margin of only 1%. In 2024, revenue increased to 460 million yuan, with a net profit of 18.30 million yuan and a net profit margin of 4% [6] Group 3: Market Dynamics - The company has seen significant growth in online sales, with "Gaoye Family" and "Xu Cuihua" brands achieving over 120% year-on-year growth during the "Double Eleven" festival, with specific platform growth rates of 120% on Tmall, 60% on JD, 50% on Pinduoduo, and 40% on Douyin [4][6] - Despite high sales volumes and premium pricing, the company faces challenges with profit margins due to competitive pricing pressures and the introduction of new sales models that may increase costs [6][7]

Core Viewpoint - Yiyi Co., Ltd. has terminated its plan to acquire 100% equity of Hangzhou Gaoye Family, a pet food brand, after four months of negotiations due to changes in the target company's operating conditions in 2025 [1][2]. Group 1: Acquisition Termination - The decision to terminate the acquisition was made during the fourth board meeting held on February 10, 2026, where the company signed a termination agreement with the transaction counterpart [1]. - The reason for the termination was attributed to changes in the operating conditions of the target company, particularly adjustments in the sales model for cat litter during the 2025 Double Eleven shopping festival [2]. Group 2: Business Performance - Yiyi Co., Ltd.'s main business focuses on the research, production, and sales of disposable hygiene products, with over 90% of revenue coming from pet hygiene and personal hygiene products [2]. - Hangzhou Gaoye Family reported a revenue of 302 million yuan in 2023, with a net profit of 3.08 million yuan, resulting in a net profit margin of only 1%. In 2024, revenue increased to 460 million yuan, with a net profit of 18.30 million yuan and a net profit margin of 4% [6]. Group 3: Market Dynamics - The company has seen significant growth in online sales, with over 120% year-on-year growth during the Double Eleven festival, particularly on platforms like Tmall and JD [3][5]. - Despite high sales volumes, the company faces pressure from price wars, leading to adjustments in sales strategies, such as introducing subscription-like sales models for cat litter [6].

Group 1 - The company Yiyi Co., Ltd. announced the termination of its plan to acquire 100% equity of Hangzhou Gaoye Family Pet Food Co., Ltd. through the issuance of shares and cash payment [1] - The planned transaction was not expected to constitute a related party transaction or a significant asset restructuring [1] - The decision to terminate the transaction was influenced by changes in Gaoye Family's sales model for cat litter during the 2025 Double Eleven event and the initial investment in promoting new cat food products [1] Group 2 - The company and the transaction counterpart were unable to reach an agreement on key commercial terms, including valuation, leading to the termination of the agreement [1] - A termination agreement was signed between the company and the transaction counterpart following discussions and evaluations [1]

Group 1 - The company planned to acquire 100% equity of Hangzhou Gao Ye Jia You Duo Mao Pet Food Co., Ltd. through a combination of issuing shares and cash payments to 19 transaction parties [1] - The company intended to raise supporting funds by issuing shares to no more than 35 qualified specific objects [1] Group 2 - Since the announcement of the transaction, the company has been actively organizing the transaction work in accordance with relevant laws and regulations [2] - Various intermediary institutions have been engaged to conduct due diligence, preliminary audits, legal compliance checks, and initial valuation assessments of the target company [2] - Due to changes in the target company's sales model for cat litter and the initial investment in promoting new cat food, the company's operational situation in 2025 deviated from initial expectations, leading to a failure to reach consensus on core commercial terms with the transaction parties [2] - As a result of careful consideration and negotiations, the company decided to terminate the transaction and signed a termination agreement with the transaction parties [2]

Core Viewpoint - The company has decided to terminate the acquisition of 100% equity in Hangzhou Gao Ye Jia You Hao Duo Mao Pet Food Co., Ltd due to changes in the target company's business performance and failure to reach an agreement on key commercial terms with the transaction counterpart [1] Group 1 - The company held its sixth meeting of the fourth board of directors on February 10, 2026, where the decision to terminate the acquisition was made [1] - The target company adjusted its sales model for cat litter during the 2025 Double Eleven event, which impacted its business performance [1] - The company and the transaction counterpart could not agree on the valuation and other core commercial terms, leading to the termination of the transaction [1]

Summary of Pet Food Industry Conference Call Industry Overview - The pet food market is experiencing sluggish overall growth, with leading OEM companies facing performance pressures due to a slowdown in pet consumption in China and major brands building their own supply chains, resulting in reduced OEM orders. The number of new brands entering the market is also declining [1][3][5]. - The concentration of domestic pet food brands is increasing, with the CR5 market share surpassing 30% and CR10 approaching 50%. This high concentration is raising the barriers for new brands entering the market, leading to diminishing opportunities [1][4][5]. Market Dynamics - Online channels such as Taotian, JD.com, and Pinduoduo dominate the market, accounting for approximately 70% of sales. In contrast, traditional offline channels are seeing a decline in sales, with their share dropping below 7% [1][6]. - Supermarkets and convenience stores are experiencing faster growth, although their absolute sales figures remain low. For example, the supermarket sector grew by about 5% compared to 2024 [1][6]. - Douyin (TikTok) as a sales channel has a dual nature; brands with strong content can acquire customers at a low cost, but traditional omnichannel brands struggle to achieve profitability on this platform [1][7]. Future Outlook - The pet food industry is expected to face destocking, defoaming, and a cooling off in 2026, leading to intense competition. Small enterprises will face significant challenges, while large channels like department stores and supermarkets are expected to grow [1][8]. - The industry is likely to see increased consolidation and mergers, particularly among supply chain companies with revenues of 200-500 million and brand companies with revenues of 100-300 million. New opportunities are anticipated in the medical field and functional products, such as prescription food for senior dogs [1][9]. Growth Drivers - The primary growth driver for the pet food market over the next three to five years will be volume growth, with an expected annual growth rate of 10%-15%. However, due to intense price competition, overall consumption growth is not expected to exceed 10% [2][16]. Competitive Landscape - The competition among high-end cat food brands during the 2025 Double Eleven shopping festival is expected to be fierce, with no significant decline in advertising spending anticipated in 2026 [12][13]. - Domestic brands have a competitive advantage in the prescription food sector, with the potential for both volume and price growth as new medical needs arise [17]. International Expansion - Chinese pet food brands face challenges in international markets, particularly in Southeast Asia, which has significant potential due to high pet ownership rates. However, they must overcome local market policies and competition from established Western brands [10][12][11]. E-commerce and Retail Trends - Alibaba's platforms, including Taobao, remain the most critical online channels for businesses. The application of AR systems to enhance customer service and operational efficiency is also seen as a key growth strategy [18]. - The instant retail sector is rapidly developing, with Meituan and other players capturing significant market shares. The scale of instant retail is expected to reach 4-4.5 billion yuan, with a year-on-year growth of 30%-40% [19][20]. Conclusion - The pet food industry is at a critical juncture, with increasing concentration, evolving consumer preferences, and the need for brands to adapt to a competitive landscape. Companies must focus on cost efficiency and explore new market opportunities to sustain growth in a challenging environment [1][8][9].