证券代码：001206 证券简称：依依股份 公告编号：2025-007 天津市依依卫生用品股份有限公司 关于召开2025年第一次临时股东大会通知的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 经天津市依依卫生用品股份有限公司（以下简称"公司"）第三届董事会第十八次 会议审议通过，公司将于2025年3月3日（星期一）召开2025年第一次临时股东大会，现 将有关事项通知如下： 一、会议召开和出席情况 1、股东大会届次：2025年第一次临时股东大会 2、股东大会的召集人：公司董事会 公司第三届董事会第十八次会议审议通过《关于提请召开2025年第一次临时股东 大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法规、部 门规章、规范性文件、深圳证券交易所业务规则和《天津市依依卫生用品股份有限公 司章程》等的规定。 4、会议召开的日期、时间： 现场会议召开时间：2025年3月3日（星期一）14:00 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年3月3日 9:15-9:25，9:30-11:30和 ...

证券代码：001206 证券简称：依依股份 公告编号：2025-003 天津市依依卫生用品股份有限公司 第三届监事会第十八次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 天津市依依卫生用品股份有限公司（以下简称"公司"）第三届监事会第十 八次会议通知已于 2025 年 2 月 8 日通过电话、邮件方式送达。会议于 2025 年 2 月 11 日以现场表决方式在公司会议室召开。本次会议由监事会主席张健主持， 会议应参与表决监事 3 名，实际参与表决监事 3 名，公司董事会秘书列席会议。 本次会议参与表决人数及召集程序符合《中华人民共和国公司法》和《天津市依 依卫生用品股份有限公司章程》（以下简称"《公司章程》"）的有关规定。 二、监事会会议审议情况 1、审议通过《关于公司及全资子公司开展外汇衍生品套期保值业务的议案》 （1）议案内容： 经审议，监事会认为：公司及全资子公司开展外汇衍生品套期保值业务，有 利于增强公司及全资子公司的财务稳健性，有利于进一步提高公司及全资子公司 应对外汇波动风险的能力，不存在损害公司及中小股东利 ...

证券代码：001206 证券简称：依依股份 公告编号：2025-002 天津市依依卫生用品股份有限公司 第三届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 天津市依依卫生用品股份有限公司（以下简称"公司"）第三届董事会第十 八次会议通知已于 2025 年 2 月 8 日通过电话、邮件方式送达。会议于 2025 年 2 月 11 日以现场表决的方式在公司会议室召开。本次会议应出席董事 12 名，实际 出席董事 12 名。会议由董事长高福忠先生主持，公司全部监事、高级管理人员 列席了会议。本次会议的召开和表决程序符合《中华人民共和国公司法》等法律、 法规、规范性文件和《天津市依依卫生用品股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，会议合法、有效。 二、董事会会议审议情况 1、审议通过《关于公司及全资子公司开展外汇衍生品套期保值业务的议案》 （1）议案内容： 经审议，董事会认为公司及全资子公司开展外汇衍生品套期保值业务，有利 于增强公司及全资子公司的财务稳健性，有利于进一步提高公司及全资子公司应 ...

Market Trends - The pet ownership rate is increasing both domestically and internationally, with a growing per capita consumption of pet products, indicating significant growth potential for essential pet care products [2][3] - The U.S. is the largest and fastest-growing market for pet products, with the penetration rate of disposable pet hygiene products expected to continue rising [2] - The Japanese market is maturing, showing stable single-digit growth, while the European market is also growing steadily despite some consumer downgrading due to international circumstances [2][3] Domestic Market Insights - The domestic market for disposable pet hygiene products is still in its infancy, influenced by pet ownership perceptions, consumption levels, and environmental awareness [2][3] - The company’s self-owned brands, such as "HUSHPET" and "Yiping Huafang," are primarily sold through distributors and online platforms, with significant growth in sales expenses for team optimization and marketing [3] Competitive Advantages - The company’s core competitive advantages include stable customer resources, scalable production capacity, rapid supply response, high-quality product assurance, and refined management practices [4] - The company emphasizes a customer-first approach and quality assurance, viewing employees as vital assets and providing comprehensive development opportunities [4] Performance Growth Drivers - Continuous demand for disposable pet hygiene products, with strong orders from established clients like PetSmart and Amazon, contributes to sustained performance growth [5] - The company has successfully expanded its customer base, including new clients like Costco, and improved production efficiency to lower fixed costs [5] - The current gross margin for pet pads is between 17% and 23%, with expectations for stable net profit margins in 2024 [5][6] Future Strategies - The company plans to focus on enhancing its core product line in disposable pet hygiene products without immediate plans to diversify into new categories [7] - Investments in the pet sector through an industry fund are being made to prepare for future strategic projects [7] Market Statistics - According to the 2025 China Pet Industry White Paper, there are approximately 76.89 million urban pet owners in 2024, with 52.58 million dogs and 71.53 million cats, indicating a growing trend towards cat ownership [8] - In the U.S., 82 million households own pets, with 58 million households having at least one dog, reflecting a 44% penetration rate for dog ownership [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is expected to achieve a significant increase in net profit, with forecasts for 2024 indicating a growth of 92-118% year-on-year, reaching a net profit of 2.0-2.3 billion [1]. - The growth is attributed to strong order growth from existing customers, contributions from new customers, stable raw material prices, and improved production capacity utilization [1][2]. - The company anticipates continued high growth in the North American market, with the European market following and stable growth in Japan and South Korea [1]. Summary by Sections Performance Forecast - The company expects a net profit of 0.5-0.8 billion for Q4 2024, representing a year-on-year increase of 200-369% [1]. - For 2024, the expected net profit is 2.0-2.3 billion, with a non-GAAP net profit of 1.8-2.0 billion, reflecting a growth of 60-85% [1]. Product Performance - In the first three quarters of 2024, the main product categories showed strong growth: pet pads increased by 35.6%, pet diapers by 24%, and non-woven fabrics by 35.74% [2]. - The company is actively expanding its customer base in pet products, which is expected to enhance profitability in the non-woven fabric segment as market supply and demand balance [2]. Market Strategy - The company is well-positioned to handle tariff risks, as its pet hygiene products are considered essential in the U.S. market, leading to strong consumer loyalty [3]. - The company has established stable relationships with overseas clients due to its cost and scale advantages over local U.S. manufacturers [3]. - The company has conducted overseas research and is prepared to build production capacity abroad if tariffs on exports to the U.S. increase significantly [3]. R&D and Product Development - The company focuses on enhancing the living environment for pets and their owners through continuous product improvement based on market research and consumer feedback [4]. - It has developed over a thousand specialized pet hygiene products with various features, establishing a comprehensive application system for pet hygiene products [4]. Financial Data - The company’s projected net profits for 2024-2026 are 2.3 billion, 2.7 billion, and 3.3 billion respectively, with corresponding EPS of 1.22, 1.47, and 1.81 [5][10]. - The total market capitalization is approximately 3.91 billion, with a circulating market value of about 2.25 billion [6].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook with expectations of significant profit growth in the coming years [1]. Core Views - The company is expected to achieve a net profit attributable to the parent company of 198-225 million yuan in 2024, representing a year-on-year increase of 91.8-117.9%. The fourth quarter of 2024 is projected to see a net profit of 47-74 million yuan, with a median of 61 million yuan, indicating a substantial year-on-year growth of 196.6-366.7% [1][3]. - The company has a strong order backlog and is experiencing good growth in both new and existing customers, with a solid market position in North America and expanding presence in Europe and Asia [3]. - Manufacturing optimization is ongoing, with a capacity utilization rate exceeding 90%, and the company is well-positioned to manage tariff risks associated with exports to the U.S. [3]. Summary by Sections Financial Performance - Total revenue for 2022 was 1,516 million yuan, with a projected increase to 1,763 million yuan in 2024, reflecting a growth rate of 31.8%. The net profit attributable to the parent company is expected to rise from 151 million yuan in 2022 to 207 million yuan in 2024, marking a growth of 100.5% [4]. - The gross margin is projected to improve from 13.7% in 2022 to 19.6% in 2024, indicating enhanced profitability [4]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 2.1 billion yuan, 2.6 billion yuan, and 3.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18.9X, 15.3X, and 12.8X [3][4]. Market Position - The company has established deep ties with major global clients such as Amazon, PetSmart, and Walmart, and has captured over 35% of the domestic customs export market for similar products [3].

Investment Rating - The report upgrades the company's rating to "Buy" based on its strong performance and growth prospects [6] Core Views - The company's 2024 performance exceeded expectations, driven by both existing and new customers, leading to significant revenue growth and improved profitability [1][6] - Revenue growth is supported by the recovery of core customers and the addition of new clients such as Costco, contributing to a 33.3% year-over-year increase in 2024E revenue [6] - Profitability improved due to lower raw material costs, enhanced cost control, and increased capacity utilization, with 2024E net profit expected to grow by 104.3% year-over-year [6] - The company's global market position in pet hygiene care products remains strong, with exports accounting for over 30% of China's total exports in this category [6] - Employee stock ownership and insider buying demonstrate confidence in the company's future growth [6] Financial Data and Forecasts - Revenue is projected to grow from 1,337 million RMB in 2023 to 2,566 million RMB in 2026, with a CAGR of 19.6% [2][8] - Net profit attributable to shareholders is expected to increase from 103 million RMB in 2023 to 303 million RMB in 2026, with a CAGR of 19.6% [2][8] - Gross margin is forecasted to improve from 17.0% in 2023 to 21.5% in 2026, reflecting better cost management and operational efficiency [2][8] - ROE is expected to rise from 5.8% in 2023 to 14.0% in 2026, indicating stronger profitability and capital efficiency [2][8] Market Data - The company's stock price closed at 20.56 RMB on January 16, 2025, with a P/E ratio of 18 for 2024E [3] - The dividend yield is 4.38%, based on the most recent annual dividend [3] - The company's market capitalization is 2,186 million RMB, with a P/B ratio of 2.1 [3] Industry Outlook - The global pet industry is experiencing robust growth, with the pet hygiene care segment in a penetration growth phase [6] - The company benefits from its strong production, R&D, and supply chain capabilities, as well as its partnerships with major global clients such as PetSmart, Amazon, and Walmart [6]