2025 年 06 月 05 日 百亚股份 (003006) ——多重增长逻辑持续兑现，中长期成长动能充沛 上 市 公 司 美容护理 报告原因：有新的信息需要补充 买入（维持） | 市场数据： 2025 年 06 月 04 日 | | | --- | --- | | 收盘价（元） | 31.84 | | 一年内最高/最低（元） | 34.99/19.97 | | 市净率 | 8.7 | | 股息率%（分红/股价） | 1.73 | | 流通 A 股市值（百万元） | 13,646 | | 上证指数/深证成指 3,376.20/10,144.58 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.68 | | 资产负债率% | 29.47 | | 总股本/流通 A 股（百万） | 430/429 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-04 07-04 08-04 09-04 10-04 11-04 12-04 01-04 02-04 03 ...

百亚股份 20250603 摘要 百亚股份通过增加费用投入和调整营销策略，使各平台数据恢复到疫情 前水平，抖音稳居第一，天猫回到第二，拼多多接近第一。公司计划通 过 618 活动消除疫情影响，恢复电商业务常态。 线下业务受疫情影响较小，运营平稳，并按既定节奏推进全国拓展。一 季度受三八节影响表现较好，但三八节与 315 舆情事件重合，对终端经 销商库存产生一定影响，目前库存已逐步恢复常态。 电商平台囤货式购买减少，线下按需购买需求稳定。公司通过抖音拉新 和广告推广，天猫、京东、拼多多承接销售，线下渠道是核心，电商数 据覆盖区域需同步跟进线下推广。 卫生巾市场竞争激烈，部分品牌退出，新品牌进入，公司已预估到竞争 加剧，并调低电商整体增速预期。消费者粘性强，新品牌推广难度大， 短期内不担心其他行业进入。 公司产品差异化体现在技术指标和附加价值上，如益生菌产品、有机纯 棉和敏感肌系列。公司持续迭代现有产品，每年推出新品，通过电商获 取消费者需求。 Q&A 今年（2025 年）百亚股份在 618 活动中的产品规划、营销节奏和目标是怎样 的？ 今年（2025 年）百亚股份在 618 活动中的产品规划主要集中于女性卫生用 ...

财通资管价值成长混合A基金经理为姜永明。 简历显示，姜永明先生:中国国籍,基金经理,清华大学工商管理硕士。2009年7月加入平安资产管理有限责任公司,历任行业研究员、股票投资经理、股票投资 部负责人、股票投决会委员;2018年12月加入财通证券资产管理有限公司,任公司总经理助理兼权益投资总监;2019年4月18日起任财通资管价值成长混合型证 券投资基金基金经理;2020年3月23日起任财通资管价值发现混合型证券投资基金基金经理;2020年7月10日至2024年05月08日任财通资管科技创新一年定期开 放混合型证券投资基金基金经理;2020年11月23日至2024年05月08日任财通资管均衡价值一年持有期混合型证券投资基金基金经理。2021年1月20日起任财通 资管宸瑞一年持有期混合型证券投资基金基金经理。 | ○ 基金经理:姜永明 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姜永明 | 累计任职时间：6年又43天 任职起始日期：2019-04-18 现任基金公司:财通证券资产管理有限公司 现任基金资产 ...

关于 2021 年股票期权与限制性股票激励计划 证券代码：003006 证券简称：百亚股份 公告编号：2025-027 重庆百亚卫生用品股份有限公司 第三个行权期行权结果暨股份上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、本次行权的股票期权简称：百亚 JLC1，期权代码：037210； 2、本次股票期权行权价格：15.68 元/份（调整后）； 3、本次行权的股票期权数量：362,400 份，占行权前公司总股本的比例为 0.0844%； 4、本次行权的激励对象人数：310 人； 5、本次行权股票上市流通时间为：2025 年 5 月 16 日； 6、本次行权采用集中行权方式，股份来源为公司向激励对象定向发行公司 A 股普通股 股票，行权后公司股权分布仍具备上市条件。 重庆百亚卫生用品股份有限公司（以下简称"公司"）于 2025 年 3 月 21 日 召开的第四届董事会第四次会议和第四届监事会第四次会议分别审议通过了《关 于 2021 年股票期权与限制性股票激励计划第三个行权期行权条件成就的议案》， 具体内容详见公司于 2025 年 3 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.57 CNY, maintaining the rating [4][8]. Core Views - The company has shown strong revenue growth, achieving 9.95 billion CNY in Q1 2025, a year-on-year increase of 30.10%, and a net profit of 1.31 billion CNY, up 27.27% year-on-year [1][4]. - The company is focusing on expanding its market share through product structure optimization and channel expansion, particularly in e-commerce [4][8]. - The company’s gross margin slightly decreased to 53.32%, while the net margin was 13.12%, reflecting a minor decline [3][4]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 9.95 billion CNY, a 30.10% increase year-on-year, and a net profit of 1.31 billion CNY, which is a 27.27% increase year-on-year [1]. - The company’s gross margin was 53.32%, down 1.04 percentage points year-on-year, and the net margin was 13.12%, down 0.29 percentage points year-on-year [3]. Channel Performance - The e-commerce channel generated 3.22 billion CNY in revenue in Q1 2025, growing 8.6% year-on-year, while core provinces saw a 26.7% increase and peripheral provinces experienced a remarkable 125.1% growth [2]. - The company is shifting its marketing strategy to a multi-channel approach, increasing investments in platforms like Tmall, Pinduoduo, and Xiaohongshu, in addition to Douyin [2]. Future Projections - The company is projected to achieve revenues of 43.20 billion CNY, 55.09 billion CNY, and 70.31 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.76%, 27.51%, and 27.62% [4][9]. - Net profits are expected to reach 3.72 billion CNY, 4.74 billion CNY, and 6.45 billion CNY for the same years, with growth rates of 29.46%, 27.14%, and 36.02% [4][9].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 33.7 CNY per share [2][7]. Core Insights - The company reported a revenue of 1.0 billion CNY in Q1 2025, representing a year-on-year increase of 30.1%. The net profit attributable to the parent company was 130 million CNY, up 27.3% year-on-year, while the net profit excluding non-recurring items was also 130 million CNY, reflecting a 32.4% increase year-on-year [2][7]. - The company continues to optimize its product structure, focusing on the hygiene product series, with the probiotic product line expected to be a key growth driver in 2025 [7]. - The impact of public sentiment on sales is gradually diminishing, with online sales growing by 8.6% year-on-year to 320 million CNY in Q1 2025, while offline sales surged by 49.0% year-on-year to 650 million CNY [7]. - The company's gross margin stood at 53.3%, with a slight year-on-year decrease of 1.0 percentage points, but an increase of 4.4 percentage points compared to the previous quarter [7]. - The report forecasts that the company will achieve net profits of 370 million CNY, 500 million CNY, and 630 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 26, and 20 [7]. Financial Summary - The total revenue is projected to grow from 3.254 billion CNY in 2024 to 6.523 billion CNY by 2027, with year-on-year growth rates of 51.8%, 32.8%, 26.6%, and 19.2% respectively [2][8]. - The net profit attributable to the parent company is expected to increase from 288 million CNY in 2024 to 627 million CNY in 2027, with growth rates of 20.7%, 29.8%, 33.0%, and 26.3% respectively [2][8]. - The company’s total assets are projected to rise from 2.151 billion CNY in 2024 to 3.160 billion CNY in 2027 [8].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, despite facing challenges from public sentiment issues and cash flow disruptions due to promotional activities [1][4]. Financial Performance - The company achieved revenue of 9.95 billion, a year-on-year increase of 30.10% - The net profit attributable to shareholders was 1.31 billion, up 27.27% year-on-year - The net profit after deducting non-recurring items was 1.29 billion, reflecting a 32.40% increase year-on-year [1]. Product and Market Performance - The company focused on sanitary napkin products, with revenue from the Freedom Point sanitary napkin line reaching 9.52 billion, a 35.8% increase year-on-year - High-end product revenue share continued to rise, while offline channel revenue grew by 49.0% to 6.50 billion, with outer provinces seeing a 125.1% increase [2]. - E-commerce channel revenue was 3.22 billion, reflecting an 8.6% year-on-year growth [2]. Cost and Profitability Analysis - The overall gross margin decreased by 1.04 percentage points to 53.32% due to changes in channel and product structure - Sales expenses increased by 28.5% year-on-year, but the sales expense ratio was diluted due to rapid revenue growth, with net profit margin at 13.12%, down 0.29 percentage points [3]. Cash Flow and Operational Insights - Operating cash flow net amount was 0.07 billion, down 92.92% year-on-year, primarily due to increased accounts receivable from promotional activities - The company is managing the aftermath of the public sentiment issue and is expected to recover its reputation over time, which may lead to a more standardized development in the sanitary napkin industry [4]. Future Outlook - The company anticipates continued growth in the probiotic series, which is expected to drive e-commerce and outer market expansion - Revenue projections for 2025-2027 are 42.30 billion, 54.02 billion, and 67.39 billion, with year-on-year growth rates of 29.99%, 27.71%, and 24.74% respectively - Net profit forecasts for the same period are 3.68 billion, 4.52 billion, and 5.58 billion, with corresponding growth rates of 28.02%, 22.67%, and 23.47% [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q1 2025, the company achieved revenue of 999.5 million, net profit attributable to shareholders of 131 million, and net profit excluding non-recurring items of 129 million, representing year-on-year growth of 30%, 27%, and 32% respectively. The strong growth is attributed to high growth in core provinces and continued acceleration in peripheral provinces [2][6]. - The company's growth logic continues, with an emphasis on the potential for profit elasticity following brand momentum enhancement, and mid-term profit release is expected to accelerate [2][11]. Summary by Sections Revenue and Profit Performance - Q1 2025 revenue and profit figures exceeded expectations, driven by high growth in core provinces and a significant increase in peripheral provinces [2][6]. - The company reported a 30% increase in revenue, with the "Free Point" brand growing by 36% [11]. Channel and Market Growth - Core provinces saw a 27% increase in revenue, with a notable improvement in the Sichuan-Chongqing region. Peripheral provinces experienced a remarkable 125% growth [11]. - E-commerce channels grew by 9%, recovering from previous disruptions, with significant growth observed on platforms like Douyin [11]. Product and Profitability Insights - The product structure continues to improve, with the health product series showing strong growth and an increasing share of probiotics [11]. - Despite external pressures, the company maintained stable profit margins, with a slight increase in net profit margin by 0.2 percentage points [11]. Cash Flow and Financial Health - Q1 cash flow was impacted by seasonal factors, but the overall financial condition remains stable, with expectations for cash recovery in Q2 [11]. - The company is expected to see accelerated profit release in the medium term, driven by product structure optimization and market expansion [11]. Future Outlook - The company is viewed as a high-growth target in the sanitary products industry, with significant potential for profit improvement in the medium term [11]. - Projected net profits for 2025 and 2026 are 400 million and 540 million respectively, with corresponding price-to-earnings ratios of 29 and 22 [11].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 33.00 RMB [7][8]. Core Views - The company reported a strong first-quarter performance with revenue of 999.5 million RMB, a year-on-year increase of 30.1%, and a net profit of 131 million RMB, up 27.3% year-on-year, driven by offline growth [1][2]. - The company is expected to strengthen its competitive advantage in key provinces, with refined operations and product structure optimization likely to support a stable increase in net profit margin [1][4]. - The e-commerce channel is anticipated to regain growth momentum as operational strategies are optimized [1][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the company's revenue from offline channels reached 650 million RMB, a 49% increase year-on-year, with significant growth in provinces outside the core areas, which saw a 125.1% increase [2]. - The overall gross margin for Q1 2025 was 53.3%, a decrease of 1 percentage point year-on-year, primarily due to changes in cost allocation for e-commerce logistics [3]. - The net profit margin for Q1 2025 was 13.1%, down 0.3 percentage points year-on-year [3]. Financial Forecasts - The company’s projected net profits for 2025-2027 are 372 million RMB, 487 million RMB, and 657 million RMB, with year-on-year growth rates of 29%, 31%, and 35% respectively [4]. - The estimated revenue for 2025 is 4,469 million RMB, reflecting a growth rate of 37.32% [6]. Valuation - The company is assigned a PE ratio of 38 times for 2025, with a target price of 33 RMB, reflecting its growth potential in the southwestern market and nationwide expansion [4][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3] Core Views - The company's Q1 performance exceeded expectations with a revenue growth of 30% and a net profit growth of 27% year-on-year [1][6] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 42.85 billion, 54.13 billion, and 66.04 billion for 2025, 2026, and 2027 respectively [1][6] - The report highlights the company's successful expansion into peripheral markets, with a remarkable 125% year-on-year revenue growth in these regions [1][6] - The company is focusing on high-end product offerings, which are increasingly contributing to its revenue [1][6] Financial Performance - In Q1 2025, the company reported total revenue of 9.95 billion and a net profit of 1.31 billion, reflecting a year-on-year increase of 30.1% and 27.27% respectively [1][6] - The gross margin for Q1 2025 was 53.32%, showing a slight decline of 1.04 percentage points year-on-year due to changes in channel structure and revenue mix [1][6] - The company’s operating cash flow showed a significant decline, with a net cash flow of 6.91 million, down 92.92% year-on-year, attributed to factors such as downstream payment terms and expense timing [1][6] Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be 3.65 billion, 4.73 billion, and 5.93 billion respectively, with corresponding PE ratios of 32, 24, and 20 [1][2][6] - The company’s total revenue is projected to grow at rates of 33%, 52%, 32%, 26%, and 22% from 2023 to 2027 [2][9] - The report indicates a steady improvement in the company's return on equity (ROE), expected to rise from 20% in 2024 to 29.3% in 2027 [3][9] Market Position - The company has successfully regained its position as the leading brand in the sanitary napkin category on Douyin, indicating effective brand management and marketing strategies [1][6] - The report emphasizes the company's commitment to nationwide expansion and product innovation as key drivers for increasing market share [1][6]