公司报告 | 半年报点评 25Q2 营收 8 亿，同增 26%，归母净利 0.6 亿，同减 47%，扣非后归母 净利 0.6 亿，同减 48%。 25H1 公司营收 18 亿，同增 34%，归母净利 1.5 亿，同减 23%，扣非后 归母净利 1.5 亿，同减 24%。公司营收增长系湖北丝宝纳入合并范围。 25H1 公司婴儿卫生用品收入 9.31 亿，占总营收 52.9%；成人卫生用品 6.39 亿，占总营收 36.31%；其他产品 1.90 亿，占总营收 10.79%。 聚焦主业，持续提升经营质效 公司将聚焦资源持续加大线上推广投入，促进自主品牌发展，优化产品结 构，研发迭代新产品，持续与大客户开展深度合作，以婴儿护理用品、成 人护理用品等产品为重点，拓宽合作区域。 豪悦护理（605009） 证券研究报告 逐步深化洁婷整合 公司发布半年报 公司依托对市场深入了解及工艺技术创新，为消费者增加新产品选择，研 发的结构完全创新的易穿脱经期裤、超透气新型材料等产品，已经推向市 场。同时，公司及时抓住消费新需求，新增湿巾类系列产品品类，加大自 有品牌推广投入，提升销售量。 持续迭代产品能力及客户资源优势突出 通过对消 ...

Group 1 - The beauty care sector experienced a significant rally in the afternoon, with Yi Yi Co., Ltd. hitting the daily limit up [1] - Shui Yang Co., Ltd. saw an increase of over 8%, indicating strong market interest [1] - Other companies such as Jia Heng Jia Hua, Jie Ya Co., Ltd., La Fang Jia Hua, and Hao Yue Care also followed the upward trend [1]

Group 1 - The pet economy concept stocks in the A-share market are experiencing a counter-trend rise, with notable increases in stock prices for several companies [1] - Yiyi Co., Ltd. reached a 10% limit up, while Babi Food increased by 6%, and other companies like Yuanfei Pet and Jieya Co. saw rises exceeding 5% [1] - The overall trend indicates a positive sentiment in the pet industry, as reflected by the MACD golden cross signal formation [1] Group 2 - Yiyi Co., Ltd. has a total market value of 6.346 billion and a year-to-date increase of 113.23% [2] - Babi Food has a market capitalization of 5.776 billion with a year-to-date increase of 45.81% [2] - Yuanfei Pet has a market value of 4.620 billion and a year-to-date increase of 54.05% [2] - Jieya Co. has a market capitalization of 3.847 billion and a year-to-date increase of 87.03% [2] - Petty Co. has a market value of 4.693 billion with a year-to-date increase of 8.49% [2] - Other companies like Biological Co. and Lusi Co. also showed significant increases in their stock prices and market values [2]

Group 1 - The A-share market's pet economy concept stocks are experiencing a counter-trend rise, indicating strong investor interest in this sector [1] - Yiyi Co., Ltd. has reached a 10% daily limit increase, showcasing significant market confidence [1] - Other notable performers include Babi Foods with a 6% increase, and Yuanfei Pet, Jeya Co., Ltd. with over 5% gains [1] Group 2 - Peti Co., Ltd., Bio Co., Ltd., Lusi Co., Ltd., and Shuangta Foods have all seen increases of over 4%, reflecting a broad positive sentiment in the pet industry [1] - Meino Biological, Haoyue Nursing, Ruipu Biological, and Chuangyuan Co., Ltd. have also reported gains exceeding 3%, further indicating the sector's resilience [1]

Core Insights - The personal care products sector experienced a 0.58% increase on October 9, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance Summary - Beijia (603059) closed at 34.19, up 2.80% with a trading volume of 26,600 and a transaction value of 90.90 million [1] - Yiyi Co. (001206) closed at 31.20, up 2.70% with a trading volume of 49,000 and a transaction value of 150 million [1] - Yanjing Co. (300658) closed at 9.32, up 2.42% with a trading volume of 241,600 and a transaction value of 229 million [1] - Reliable Co. (301009) closed at 13.63, up 2.10% with a trading volume of 31,700 and a transaction value of 42.76 million [1] - Stable Medical (300888) closed at 38.81, up 1.33% with a trading volume of 45,700 and a transaction value of 176 million [1] - Other notable stocks include Liangmian Needle (600249) at 5.91, up 0.85%, and Runben Co. (603193) at 28.03, up 0.07% [1] Capital Flow Analysis - The personal care products sector saw a net inflow of 22.62 million from institutional investors, while retail investors experienced a net outflow of 19.11 million [2] - Major stocks with significant net inflows include Stable Medical (300888) with 10.81 million and Dengkang Oral (001328) with 8.52 million [3] - Conversely, stocks like Beijia (603059) and Liangmian Needle (600249) experienced net outflows of 4.81 million and 0.25 million respectively [3]

Market Overview - The personal care products sector experienced a decline of 0.45% on September 26, with Beijiajie leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jeya Co. rising by 2.20% to a closing price of 31.18, while Beijiajie fell by 3.31% to 34.21 [1][2] - Other notable performances include: - Dengkang Oral at 39.28, up 1.42% - Yanjing Co. at 8.23, up 0.61% - Stable Medical at 37.65, down 0.50% [1][2] Capital Flow - The personal care products sector saw a net outflow of 14.44 million yuan from institutional investors and 12.17 million yuan from retail investors, while individual investors contributed a net inflow of 26.61 million yuan [2] - Detailed capital flow for specific stocks indicates: - Yanjing Co. had a net outflow of 6.26 million yuan from institutional investors [3] - Reliable Co. saw a net inflow of 6.14 million yuan from institutional investors [3] - Dengkang Oral experienced a net inflow of 5.26 million yuan from institutional investors [3]

Market Overview - The personal care products sector experienced a decline of 0.77% on September 24, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the personal care sector included: - Yiyi Co., Ltd. (依依股份) with a closing price of 29.81, up 6.12% [1] - Zhongshun Jiesang (中顺洁桑) at 8.29, up 2.09% [1] - Liangmian Needle (两面针) at 5.99, up 1.70% [1] - Conversely, Baiya Co., Ltd. (百亚股份) saw a decline of 2.61%, closing at 26.90 [2] Trading Volume and Capital Flow - The personal care products sector had a net outflow of 15.49 million yuan from institutional investors and 16.54 million yuan from retail investors, while there was a net inflow of 32.04 million yuan from individual investors [2] - The trading volume for Yiyi Co., Ltd. reached 73,000 hands with a transaction value of 214 million yuan [1] Capital Flow Analysis - Key capital flow insights include: - Yiyi Co., Ltd. had a net inflow of 6.27 million yuan from institutional investors, while retail investors saw a net outflow of 9.08 million yuan [3] - Reliable Co., Ltd. (可靠股份) experienced a net inflow of 6.14 million yuan from institutional investors but a net outflow of 4.62 million yuan from retail investors [3] - Zhongshun Jiesang faced a significant net outflow of 7.42 million yuan from institutional investors, while individual investors contributed a net inflow of 18.98 million yuan [3]

Market Overview - The personal care products sector increased by 0.82% on September 19, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Beijia (603059) closed at 34.19, up 2.46% with a trading volume of 70,200 shares and a turnover of 239 million yuan [1] - Baiya Co. (003006) closed at 28.83, up 2.13% with a trading volume of 29,500 shares and a turnover of 85.02 million yuan [1] - Zhongshun Jierou (002511) closed at 8.52, up 1.79% with a trading volume of 164,400 shares and a turnover of 140 million yuan [1] - Liangmian Needle (600249) closed at 6.19, up 1.14% with a trading volume of 241,200 shares and a turnover of 148 million yuan [1] - Other notable stocks include Dengkang Oral (001328) at 39.11, up 0.51%, and Yiyi Co. (001206) at 28.89, up 0.45% [1] Capital Flow - The personal care products sector experienced a net outflow of 31.20 million yuan from institutional investors, while retail investors saw a net inflow of 22.65 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Liangmian Needle (600249) had a net inflow of 11.98 million yuan from institutional investors, while retail investors had a net outflow of 16.54 million yuan [3] - Beijia (603059) saw a net inflow of 1.61 million yuan from institutional investors, with retail investors experiencing a net outflow of 7.37 million yuan [3] - Zhongshun Jierou (002511) had a net outflow of 2.91 million yuan from institutional investors, while retail investors had a net inflow of 3.65 million yuan [3]

Market Overview - The personal care products sector experienced a significant increase of 28.19% on September 17, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Beijia (603059) closed at 32.96, with a rise of 2.33% and a trading volume of 52,600 shares, resulting in a transaction value of 173 million yuan [1] - Baiya Co. (003006) closed at 29.20, up 1.81%, with a trading volume of 30,300 shares and a transaction value of 88.45 million yuan [1] - Dengkang Oral (001328) closed at 40.62, increasing by 1.32%, with a trading volume of 23,600 shares and a transaction value of 96.33 million yuan [1] - Zhongshun Jierou (002511) closed at 8.48, up 0.71%, with a trading volume of 136,300 shares and a transaction value of 115 million yuan [1] - Stable Medical (300888) closed at 39.74, with a slight increase of 0.23%, trading 78,700 shares for a total value of 316 million yuan [1] Capital Flow - The personal care products sector saw a net outflow of 8.42 million yuan from institutional investors and 13.61 million yuan from speculative funds, while retail investors contributed a net inflow of 22.03 million yuan [2] - The capital flow data indicates that the sector is experiencing mixed investor sentiment, with institutional and speculative funds withdrawing while retail investors are increasing their positions [2][3] Individual Stock Capital Flow - For Yanjing Co. (300658), there was a net inflow of 27.24 million yuan from institutional investors, while speculative funds saw a net outflow of 14.17 million yuan [3] - Beijia (603059) had a net inflow of 4.35 million yuan from institutional investors, with speculative funds contributing a net inflow of 10.65 million yuan [3] - Dengkang Oral (001328) experienced a net inflow of 1.30 million yuan from institutional investors, while retail investors contributed a net inflow of 2.24 million yuan [3]

Market Overview - The personal care products sector experienced a decline of 0.66% on September 15, with Runben Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jieya Co. rising by 3.95% to a closing price of 35.01 [1] - Other notable performers included Yiyi Co. with a 1.58% increase and Stable Medical with a 0.92% increase [1] - Conversely, Runben Co. fell by 2.62% to a closing price of 28.25, marking the largest decline in the sector [2] Trading Volume and Capital Flow - The personal care products sector saw a net outflow of 64.90 million yuan from institutional investors, while retail investors contributed a net inflow of 75.99 million yuan [2][3] - The trading volume for Jieya Co. reached 39,500 shares, with a transaction value of approximately 134 million yuan [1] Individual Stock Analysis - Jieya Co. had a net inflow of 6.89 million yuan from institutional investors, while retail investors showed a net outflow of 1.39 million yuan [3] - Stable Medical also experienced a net inflow of 22.62 million yuan from institutional investors, despite a net outflow from retail investors [3] - Runben Co. faced a significant net outflow of 9.70 million yuan from institutional investors, indicating weaker institutional interest [3]