华源证券8月18日发布研报称，给予百亚股份（003006.SZ）买入评级。评级理由主要包括：1）持续聚 焦卫生巾系列，提升中高端产品占比以优化盈利水平；2）深耕核心优势地区，加快电商渠道建设，有 序拓展全国市场；3）25H1公司加大品牌广宣力度，销售费用率小幅提升。风险提示：市场竞争日益加 剧的风险；原材料价格波动的风险；营销网络拓展的风险。 （文章来源：每日经济新闻） ...

Core Insights - The company reported a revenue of 1.764 billion yuan for the first half of 2025, representing a year-on-year growth of 15.1% [1] - The net profit attributable to the parent company reached 188 million yuan, an increase of 4.6% compared to the same period last year [1] Revenue Breakdown - The sanitary napkin segment generated revenue of 1.688 billion yuan, showing a year-on-year increase of 19.93% [1] - The diaper segment reported revenue of 38 million yuan, reflecting a decline of 34.03% year-on-year [1] - The ODM (Original Design Manufacturer) segment achieved revenue of 39 million yuan, down 43.08% compared to the previous year [1] Brand Portfolio - The company owns several brands including "Free Point" for sanitary napkins, "Good" for baby diapers, and "Danning" for adult incontinence products, all positioned in the mid-to-high-end market [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 1.764 billion yuan in the first half of 2025, representing a year-on-year growth of 15.1%, with a net profit attributable to shareholders of 188 million yuan, up 4.6% year-on-year [6] - The company focuses on enhancing the proportion of mid-to-high-end products in its sanitary napkin series to optimize profitability, with significant growth in its health product series [6] - The company is expanding its market presence by deepening its core advantages in key regions and accelerating e-commerce channel development [6] - The company has increased its brand promotion efforts, leading to a slight rise in sales expense ratio [6] - Future growth is expected as the company continues to innovate and expand its product matrix, particularly in the health product category [6] Financial Summary - Revenue projections for the company are as follows: 2,144 million yuan in 2023, 3,254 million yuan in 2024, 4,079 million yuan in 2025, 5,012 million yuan in 2026, and 6,026 million yuan in 2027, with respective growth rates of 33.0%, 51.77%, 25.35%, 22.88%, and 20.22% [5] - Net profit attributable to shareholders is projected to be 238 million yuan in 2023, 288 million yuan in 2024, 373 million yuan in 2025, 485 million yuan in 2026, and 622 million yuan in 2027, with growth rates of 27.21%, 20.74%, 29.78%, 29.88%, and 28.25% respectively [5] - The company's earnings per share (EPS) are expected to increase from 0.55 yuan in 2023 to 1.45 yuan in 2027 [5] - The return on equity (ROE) is projected to rise from 17.18% in 2023 to 36.55% in 2027 [5]

Group 1 - A-shares entered a concentrated disclosure period for mid-term reports, with public fund research enthusiasm rising significantly, as 139 public fund institutions participated in A-share research activities last week, covering 66 stocks across 20 Shenwan primary industries, with a total of 729 research instances, representing a week-on-week increase of 46.39% [1][2] - The leading stock in the beauty and personal care sector, Baiya Co., was the most researched, with 53 instances of public fund research, attracting over 30% of public fund institutions including Bosera Fund, Harvest Fund, and China Merchants Fund [1][2] - The pharmaceutical and biological sector received high attention from public fund institutions, with three stocks making the top ten in research instances: Nanwei Medical (46 times), Anjiasi (32 times), and Anke Biological (32 times) [1][2] Group 2 - The computer industry also saw significant interest, with two stocks in the top ten: Desai Xiwai (46 times) and Jinchengzi (45 times) [1][2] - The pharmaceutical and biological sector was the most favored by public fund research, with a total of 10 stocks receiving attention, accumulating 151 research instances, leading other industries in both the number of researched stocks and research instances [2] - Other industries such as electronics, electric equipment, basic chemicals, and beauty care also received attention, with each being researched at least 50 times, ranking in the top ten [3] Group 3 - Among institutions, Penghua Fund led with 20 research instances covering 19 stocks across 11 industries, with a relatively high proportion in electric equipment, electronics, and basic chemicals [3] - Guotai Fund and Southern Fund both ranked second with 14 research instances each, focusing on different sectors, with Guotai Fund emphasizing pharmaceutical and biological stocks, while Southern Fund covered a broader range including electronics, computers, electric equipment, and basic chemicals [3]

Market Overview - The personal care products sector increased by 0.86% on August 18, with Baiya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with notable gainers including: - Ziya Co., Ltd. (003006) at 30.23, up 1.85% with a trading volume of 88,300 shares and a turnover of 263 million yuan [1] - Dengkang Oral (001328) at 44.40, up 1.72% with a trading volume of 32,300 shares and a turnover of 143 million yuan [1] - Stable Medical (300888) at 41.42, up 1.40% with a trading volume of 90,500 shares and a turnover of 374 million yuan [1] Capital Flow - The personal care products sector experienced a net outflow of 70.33 million yuan from institutional investors, while retail investors saw a net inflow of 102 million yuan [2] - The capital flow data indicates that: - Yanjing Co., Ltd. (300658) had a net inflow of 13.68 million yuan from institutional investors [3] - Zhongshun Jierou (002511) had a net inflow of 11.00 million yuan from institutional investors [3] - However, several stocks like Reliable Co., Ltd. (301009) and Baijia Co., Ltd. (605009) faced significant net outflows from institutional investors [3]

Core Viewpoint - Baiya Co., Ltd. reported a year-on-year revenue increase of 15.1% in the first half of 2025, reaching 1.764 billion yuan, while net profit attributable to shareholders rose by 4.6% to 188 million yuan. The company faced challenges in the second quarter due to negative public sentiment affecting online sales, but it is expected to recover in the third quarter as operational strategies are optimized [1][2]. Revenue Performance - The company's revenue for the first half of 2025 was 1.764 billion yuan, with a year-on-year increase of 15.1%. The second quarter revenue was 768 million yuan, showing a slight increase of 0.2% year-on-year [1][2]. - The revenue from the "Free Point" sanitary napkin product line reached 1.687 billion yuan in the first half of 2025, reflecting a year-on-year growth of 20.5%. The health product series, including probiotics and organic cotton, is expected to account for over 50% of total revenue, up more than 8 percentage points year-on-year [2]. Channel Performance - Offline sales showed robust growth, with a year-on-year increase of 39.8% in the first half of 2025. Specific regions such as Sichuan-Chongqing, Yunnan-Guizhou-Shaanxi, and surrounding provinces saw revenue growth of 13.1%, 14.7%, and 124.2%, respectively [2]. - Online sales were negatively impacted by public sentiment, resulting in a year-on-year decline of 9.4% in the first half of 2025. However, data indicates that the decline in GMV on platforms like Tmall, JD, and Douyin has narrowed in July, suggesting a potential recovery in the third quarter [2]. Profitability and Cost Management - The company's gross profit margin for the first half of 2025 was 53.2%, a decrease of 1.2 percentage points year-on-year, primarily due to increased logistics and packaging costs in the e-commerce channel. Adjusting for accounting impacts, the gross margin is expected to remain stable year-on-year [3]. - The operating expense ratio for the first half of 2025 was 40.7%, an increase of 0.5 percentage points year-on-year. The sales expense ratio rose by 1.1 percentage points to 36.4%, driven by increased marketing expenditures due to public sentiment challenges [3]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025-2027, projecting net profits of 372 million, 487 million, and 657 million yuan, with year-on-year growth rates of 29%, 31%, and 35%, respectively. Corresponding EPS estimates are 0.87, 1.13, and 1.53 yuan [4]. - Based on a competitive analysis, the company is assigned a target price of 34.8 yuan for 2025, reflecting a 40 times PE ratio, supported by its strong offline channel and anticipated recovery in online sales [4].

Core Insights - The company reported a revenue of 1.764 billion yuan for H1 2025, representing a year-on-year increase of 15.1%, with a net profit attributable to shareholders of 188 million yuan, up 4.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 768 million yuan, a slight increase of 0.2% year-on-year, but the net profit attributable to shareholders decreased by 25.5% to 57 million yuan [1] Revenue Breakdown - The core five provinces generated a revenue of 704 million yuan in H1 2025, a year-on-year increase of 13.7%, with Q2 revenue at 300 million yuan, up 3.9% [2] - The peripheral markets saw accelerated growth, with H1 2025 revenue reaching 430 million yuan, a significant increase of 124.2%, and Q2 revenue at 183 million yuan, up 122.9% [2] E-commerce Performance - E-commerce revenue for H1 2025 was 592 million yuan, down 9.4% year-on-year, with Q2 revenue at 269 million yuan, a decline of 23.4% [2] - The company faced short-term performance pressure due to public sentiment affecting the e-commerce channel, particularly on platforms like Tmall, while Douyin maintained the largest share [2] Product and Channel Strategy - The company's health product series accounted for over 50% of revenue in H1 2025, with the new probiotic series contributing to improved unit price and gross margin [3] - The company plans to promote new organic cotton and Vitamin E products in H2 2025, expecting further price increases [3] Profitability and Cash Flow - In Q2 2025, the company reported a gross margin of 53.14% and a net profit margin of 7.47%, with sales, management, and R&D expense ratios showing slight increases [3] - Operating cash flow for Q2 2025 was 61 million yuan, a decrease of 32 million yuan year-on-year [3] Profit Forecast - The company forecasts net profits attributable to shareholders of 350 million yuan, 460 million yuan, and 590 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36.5X, 27.8X, and 21.6X [3]

Market Performance - On August 18, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.85% to 3728.03 points, the Shenzhen Component Index rising by 1.73% to 11835.57 points, and the ChiNext Index climbing by 2.84% to 2606.2 points [1] Fund Manager Changes - In the past 30 days (July 19 to August 18), a total of 510 fund managers have left their positions across various funds, with 52 announcements made on August 18 alone [3] - The reasons for the departures include 10 fund managers leaving due to job changes from 26 funds, 2 due to personal reasons from 14 funds, and 5 due to product expirations from 12 funds [3] Fund Manager Profiles - Zhang Xiaonan, managing assets totaling 35.397 billion yuan, has achieved a return of 126.27% on the Invesco Nasdaq Technology ETF during his tenure of 2 years and 190 days [4] - Zhang Shenyuan, with a total asset management of 41.087 billion yuan, has achieved a return of 369.76% on the Fortune CSI Military Industry Index Fund during his tenure of 1 year and 34 days [5] Fund Research Activity - In the past month, Penghua Fund conducted the most company research, engaging with 50 listed companies, followed by Huaxia Fund and Bosera Fund, each with 46 companies [7] - The most researched industry was specialized equipment, with 183 instances, followed by chemical products with 170 instances [7] Recent Stock Research - The most focused stock in the past month was Defu Technology, with 79 fund management companies participating in its research, followed by Zhongchong Co. and Baiya Co. with 71 and 65 companies, respectively [9] - In the past week (August 11 to August 18), Baiya Co. was the most researched stock, with 65 fund institutions involved [8]

（文章来源：每日经济新闻） 信达证券8月18日发布百亚股份（003006.SZ）研报。主要观点：1）事件：公司发布2025年半年度报 告；2）点评：核心五省份额稳定，外围市场延续高增；3）电商业务受舆情冲击，拖累短期业绩表现； 4）新品助力产品结构升级与毛利提升，积极布局即时零售渠道；5）盈利能力稳定，现金流短期波动。 风险提示：舆情进一步发酵风险，线下扩张不及预期，电商渠道改善不及预期，新品拓展不及预期。 ...

Core Viewpoint - Baiya Co., Ltd. is expected to see a net profit attributable to shareholders of 188 million yuan in the first half of 2025, representing a year-on-year growth of 4.64%, although the net profit for Q2 2025 is projected to decline by 25.50% year-on-year to 57 million yuan [1] Financial Performance - The net cash flow from operating activities for the first half of 2025 is estimated at 68 million yuan [1] - The company is focusing on optimizing its product structure, particularly in the sanitary napkin segment [1] Market Strategy - The increase in sales expense ratio is attributed to the company's ongoing efforts in brand building and channel expansion, which includes enhanced market promotion and brand advertising to boost brand influence [1] - Baiya Co., Ltd. has a significant online competitive advantage with its "Free Point" brand, which is experiencing rapid growth in the core sanitary napkin category [1] Future Outlook - Given the company's position as a leader in personal care and the current effectiveness of channel reforms, there is potential for faster earnings growth, leading to a maintained "Buy" rating [1]