证券代码：003006 证券简称：百亚股份 公告编号：2025-032 重庆百亚卫生用品股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 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、 2025年4月11日分别召开的第四届董事会第四次会议和2024年年度股东大会审议 通过了《关于变更公司注册资本、修订<公司章程>并办理工商变更登记的议案》， 并授权公司管理层负责办理工商变更登记等相关工作。具体内容详见公司于2025 年3月22日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于变更公司注册资 本、修订<公司章程>并办理工商变更登记的公告》（公告编号：2025-013）。 近日，公司已完成工商变更登记，并取得了重庆市市场监督管理局换发的《营 业执照》，现将相关情况公告如下： 一、换发的《营业执照》基本信息 名称：重庆百亚卫生用品股份有限公司 统一社会信用代码：9150011356560918XH 注册资本：42,928.539万人民币元整 类型：股份有限公司（港澳台投资 ...

证券代码：003006 证券简称：百亚股份 公告编号：2025-031 重庆百亚卫生用品股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 重要内容提示： 1、投资种类：包括但不限于银行、证券公司、资产管理公司等合规金融机构发布的安 全性高、流动性好、中低风险的理财产品。 2、投资金额：不超过人民币 50,000 万元（含本数）的闲置自有资金。 3、特别风险提示：现金管理的主要风险包括市场风险、流动性风险及相关人员操作和 道德的风险等。现金管理的实际收益存在不确定性。敬请广大投资者注意投资风险。 重庆百亚卫生用品股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日召 开的第四届董事会第六次会议和第四届监事会第六次会议分别审议通过了《关于 使用闲置自有资金进行现金管理的议案》，同意公司在确保正常生产经营及有效 控制风险的前提下，使用总额度不超过人民币 50,000 万元（含本数）的闲置自有 资金进行现金管理。具体情况公告如下： 一、使用闲置自有资金进行现金管理的基本情况 1、投资目的 为提高资金的使用 ...

证券代码：003006 证券简称：百亚股份 公告编号：2025-030 重庆百亚卫生用品股份有限公司 1、审议通过了《关于使用闲置自有资金进行现金管理的议案》 经审核，监事会认为：公司拟使用总额度不超过人民币 50,000 万元（含本 数）的闲置自有资金进行现金管理，是在确保公司正常生产经营及有效控制风险 的前提下进行的，有利于提高公司自有资金使用效率和收益水平，不会影响公司 的业务开展，不存在损害公司及全体股东，特别是中小股东利益的情形。因此， 监事会同意公司使用闲置自有资金进行现金管理。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于使 用闲置自有资金进行现金管理的公告》（公告编号：2025-031）。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 第四届监事会第六次会议决议公告 本公司及监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。 一、监事会会议召开情况 重庆百亚卫生用品股份有限公司（以下简称"公司"）第四届监事会第六次 会议于 2025 年 7 月 7 日在公司会议室以现场结合通讯的方式召开。会议通知于 2025 ...

证券代码：003006 证券简称：百亚股份 公告编号：2025-029 重庆百亚卫生用品股份有限公司 第四届董事会第六次会议决议公告 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。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 三、备查文件 1、第四届董事会第六次会议决议。 特此公告。 一、董事会会议召开情况 重庆百亚卫生用品股份有限公司（以下简称"公司"）第四届董事会第六次 会议于 2025 年 7 月 7 日在公司会议室以现场结合通讯的方式召开。会议通知于 2025 年 6 月 30 日以电话和邮件等电子方式发出，会议应到董事 9 人，实到董事 9 人，其中董事谢秋林先生、金铭先生、梅莹鹏先生、江积海先生、郝颖先生以 及马赟先生以通讯方式出席会议。会议由董事长冯永林先生召集并主持，公司监 事、高级管理人员列席了会议。本次会议的召集及召开程序符合《公司法》和《公 司章程》等法律法规、规章制度的有关规定。 二、董事会会议审议情况 经全体董事认真审议，通过了以下议案： 1、审议通过了《关于使用闲置自有资金进行现金管理的议案》 为了提高公司自有资金使用效率 ...

Group 1: Core Insights - The report highlights the rise of emotional consumption in the IP derivative products sector, driven by the increasing willingness to pay for emotional value and the rapid spread of modern media [7][26][32] - The new tobacco trend is gaining momentum, with companies like Philip Morris International leading the transition towards a "smokeless future," indicating a global shift in the tobacco industry [8] - Innovations in supply and channel transformations are providing new opportunities for domestic brands in the personal care sector, with companies like Baiya and Dengkang leveraging differentiated products to enhance brand growth [9] Group 2: Industry Summaries - The home furnishing sector is expected to maintain a weak but stable state, with a focus on high-dividend investments in leading companies as supply gradually exits the market [10] - The paper industry is anticipated to see a gradual balance between supply and demand, with a potential recovery in the cycle as new supply pressures ease [11] - In the packaging industry, high-dividend stocks like Yutong Technology and Yongxin Co. are favored, with expectations of improved profitability in the metal packaging sector due to industry consolidation [12] Group 3: Electric Two-Wheelers and Exports - The electric two-wheeler market is projected to experience significant short-term growth, with companies like Yadi Holdings expected to see a net profit increase of over 55% in the first half of 2025 [13] - Despite uncertainties in tariff policies, there are opportunities for growth in the export sector, particularly for labor-intensive light industrial products that are unlikely to return to the U.S. market [14]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Viewpoints - The report addresses three main questions regarding market concerns, concluding that the company's growth logic remains unchanged and the outlook is positive [5][6][8]. - The recent stock price decline does not reflect a change in the company's long-term growth trajectory [5]. Summary by Relevant Sections Question 1: Is competition in the sanitary napkin industry intensifying? - Increased investment by some brands on Douyin does not indicate a comprehensive intensification of industry competition, and the company is gradually reducing its reliance on the Douyin channel [6][14]. Question 2: Are there low barriers to entry in the product segment? - High regret cost categories present challenges for overall quality control, and new entrants must prove themselves. The strong brand loyalty in sanitary napkin products is crucial, and recent innovations focus on health and user experience, appealing particularly to younger consumers [7][14]. Question 3: Is the company's profit improvement pace disrupted? - The expected changes in channel profitability trends that contribute to the company's profits and future flexibility are not significant. The growth logic of the company remains intact, and the outlook for profitability improvement is stable [8][14]. Financial Projections - The company is projected to achieve a net profit of 3.8 billion yuan in 2025 and 5.1 billion yuan in 2026, with corresponding P/E ratios of 31x and 23x [14]. - The company is expected to maintain a high dividend payout ratio of 82% in 2024 [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on brand strength and long-term growth potential, with a shift in expenditure from traffic costs to brand-building efforts [6] - The company is accelerating its offline national expansion and expects continued recovery in e-commerce, supported by a proactive management team [6] - The company has effectively responded to public sentiment issues and is on a path to operational recovery [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 3,254 million in 2024 to 7,145 million by 2027, with a compound annual growth rate (CAGR) of approximately 28% [5] - Net profit attributable to the parent company is expected to increase from 288 million in 2024 to 709 million by 2027, reflecting a CAGR of around 31.9% [5] - Earnings per share (EPS) is forecasted to rise from 0.67 in 2024 to 1.65 by 2027 [5] - The company maintains a gross margin of around 53% to 54% over the forecast period [5] Market Expansion and E-commerce Recovery - The company is expanding into peripheral markets such as Guangdong, Hunan, Hubei, Jiangsu, and Hebei, leveraging its probiotic product offerings [6] - E-commerce platforms like Douyin and Tmall are expected to contribute significantly to revenue growth, with a focus on brand promotion and consumer trust recovery [6] - The company has implemented measures to enhance waste management and prevent the illegal recycling of defective products, demonstrating a commitment to consumer protection [9]

证券代码：003006 证券简称：百亚股份 公告编号：2025-028 重庆百亚卫生用品股份有限公司 关于 2021 年股票期权与限制性股票激励计划部分限制 性股票回购注销完成的公告 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、根据公司 2021 年股票期权与限制性股票激励计划的相关规定，对因离职而不具备 激励对象资格的 3 名激励对象所持有的尚未解除限售的限制性股票实施回购注销，涉及股 份数量 38,000 股，占回购注销前公司总股本的 0.0088%。 2、截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公司办理完成 本次部分限制性股票的回购注销事宜。本次回购注销完成后，公司总股本由 429,685,790 股 变更为 429,647,790 股。 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，2025 年 4 月 11 日 召开的 2024 年年度股东大会分别审议通过了《关于回购注销 2021 年股票期权与 限制性股票激励计划部分限 ...

Group 1: Market and Performance Review - The light industry and textile apparel sectors have outperformed the CSI 300 index, with textile apparel rising by 2.05% and light industry by 2.43% as of June 24, 2025 [21][22] - In Q1 2025, the light industry saw a revenue decline of 0.78% year-on-year, while the textile apparel sector experienced a 13.33% decline in revenue [25][29] - The light industry’s net profit decreased by 18.85% year-on-year in Q1 2025, while the textile apparel sector's net profit fell by 5.56% [25][29] Group 2: Home and Electric Two-Wheeler Industries - The home and electric two-wheeler sectors are expected to benefit from the deepening of the old-for-new policy, which is anticipated to improve demand and sales [37][44] - In the first five months of 2025, the retail sales of furniture increased by 21.40% year-on-year, significantly boosted by the old-for-new policy [43][44] - The electric two-wheeler industry faced challenges, with a projected 10.55% decline in sales for 2024, but the old-for-new policy is expected to support sales recovery [59][65] Group 3: New Consumption Trends - The "谷子" economy, driven by Z generation consumers who value emotional and self-satisfying purchases, is projected to reach a market size of 1,689 billion yuan in 2024, growing by 40.63% year-on-year [7][79] - The pet food market is expected to grow to 3,002 billion yuan by 2024, with a significant increase in consumer preference for domestic brands [97][105] - The sanitary products market is also evolving, with non-leading domestic brands showing potential for growth due to the rise of e-commerce and consumer preferences for single products [7][105]

证券研究报告 美容护理 | 个护用品 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 13 日 百亚股份(003006.SZ) 投资评级： 买入（首次） ——国内优质卫生巾品牌 大单品持续放量 投资要点： 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。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com | 基本数据 | | 年 | 11 | 日 | | | | 06 | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 29.21 | | | | | | | | | 一 年 最 低 | 高 | | | | 内 | 最 | / | | | | | （元） | | | | | | | | | 34.99/19.97 | | | 总市值（百万元） | | | | | | | | | 12,551.12 | | | 流通市值（百 ...