Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][16]. Core Views - The impact of public sentiment is expected to gradually fade, with continued rapid growth in offline peripheral markets [1]. - The company's brand momentum is driving rapid growth in offline channels, with Q1 2025 revenue reaching 999.5 million, a year-on-year increase of 30.10% [1][9]. - Despite the impact of public sentiment events in December and March, the company has effectively responded through marketing and strong product capabilities, leading to significant overall performance growth [1][9]. Revenue and Profitability - In Q1 2025, the company achieved a net profit of 131 million, up 27.27% year-on-year, and a non-recurring net profit of 129 million, up 32.40% year-on-year [1][9]. - The revenue from the "Free Point" product line reached 952 million, growing 35.8% year-on-year, with mid-to-high-end health products accounting for nearly 60% of the revenue [2][9]. - The offline channel performed strongly, generating 650 million in revenue, a year-on-year increase of 49.0% [2][9]. Channel Performance - The core five provinces saw a year-on-year growth of 26.7%, while the peripheral market achieved a remarkable revenue growth of 125.1% [2][9]. - The e-commerce channel faced significant short-term impacts from public sentiment events, with Q1 revenue of 322 million, growing only 8.6% year-on-year [2][9]. Profitability Metrics - The gross margin and net margin for Q1 2025 were 53.32% and 13.12%, respectively, with slight year-on-year declines of 1.04 and 0.29 percentage points [3][10]. - The company has optimized its product structure, leading to a year-on-year increase of approximately 7% in average transaction value [2][9]. Financial Forecasts - The company has revised its net profit forecasts for 2025-2027 to 368 million, 483 million, and 627 million, respectively, with corresponding P/E ratios of 31, 24, and 18 [4][16]. - Projected revenue for 2025 is 4,366 million, reflecting a growth rate of 34.1% [5][19].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and future projections [1][5]. Core Insights - The company reported a revenue of 999.5 million yuan in Q1 2025, representing a year-on-year increase of 30.1%, and a net profit attributable to the parent company of 131 million yuan, up 27.3% year-on-year, indicating better-than-expected profit performance [1]. - The company is expected to see a gradual improvement in its business model as the impact of public opinion diminishes, with a focus on enhancing online and offline integration and brand strength [1][2]. - The offline channel revenue reached 650 million yuan in Q1 2025, a significant increase of 49.0% year-on-year, with the core five provinces showing strong growth, particularly in the Sichuan-Chongqing market [2]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 53.3%, and the net profit margin was 13.1%, with operating cash flow netting 7 million yuan, reflecting a healthy overall financial status despite some short-term fluctuations [3]. - The company forecasts net profits of 380 million yuan, 490 million yuan, and 640 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 30.7X, 23.6X, and 18.1X [3][4]. Market Dynamics - The company has regained its top position in the sanitary napkin category on Douyin as of April 2025, despite a slight decline in GMV across major e-commerce platforms [2]. - The strategic partnerships with platforms like Tmall and the diversification of sales channels are expected to enhance market presence and customer engagement [2]. Growth Projections - The company anticipates total revenue growth rates of 32.0%, 31.2%, and 33.5% for the years 2025, 2026, and 2027 respectively, with a projected gross margin increase to 56.6% by 2027 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown strong revenue growth, achieving a revenue of 999.5 million yuan in Q1 2025, representing a year-on-year increase of 30.1%. The net profit attributable to the parent company reached 131 million yuan, up 27.27% year-on-year [5][6] - The company continues to focus on enhancing brand strength and product quality while expanding its market presence, particularly in e-commerce and emerging channels [6] - The product structure is being optimized, with a significant increase in revenue from high-end product lines, contributing to a gross margin of 53.32% [6] Revenue and Profitability - In Q1 2025, the company's revenue from sanitary napkin products was 952 million yuan, reflecting a 35.8% year-on-year growth. The revenue from offline channels was 650 million yuan, up 49.0%, while e-commerce revenue was 322 million yuan, increasing by 8.6% [6] - The company maintains a good cost control ability, with a sales expense ratio of 33.99%, a management expense ratio of 2.45%, and a research and development expense ratio of 1.52% [6] Financial Forecast - The company is expected to achieve revenues of 4.309 billion yuan, 5.358 billion yuan, and 6.459 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 375 million yuan, 474 million yuan, and 571 million yuan for the same years [6][8]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, representing a year-on-year increase of 30.1%, and a net profit attributable to the parent company of 131 million yuan, up 27.3% year-on-year [1] - The company maintains its established development strategy, focusing on leveraging its strengths to enhance brand and product power while expanding its national market presence [1][4] - The increase in revenue is primarily attributed to significant growth in the offline market in peripheral provinces, with high-end product sales continuing to rise [1][2] Financial Performance - In Q1 2025, the company's gross margin was 53.32%, a decrease of 1.04 percentage points year-on-year, while the net profit margin was 13.1%, down 0.29 percentage points [1] - The company achieved a revenue of 6.50 billion yuan from offline channels, a 49.0% increase year-on-year, with peripheral provinces seeing a remarkable 125.1% growth [2] - The e-commerce channel generated 3.22 billion yuan in revenue, reflecting an 8.6% year-on-year increase [2] Brand and Market Strategy - The company is intensifying its brand-building efforts, with sales expenses reaching 338 million yuan in Q1 2025, a 28.5% increase year-on-year [3] - The company is actively addressing the impact of public sentiment from the 315 incident by enhancing transparency and communication with consumers and distributors [3] - The company is expected to continue improving its research and development capabilities and expanding its product line while optimizing its marketing network [3] Profit Forecast - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 370 million yuan, 480 million yuan, and 590 million yuan for the years 2025, 2026, and 2027, respectively [4] - Corresponding price-to-earnings ratios (PE) are projected to be 31X, 24X, and 19X for the same years [4] Financial Data Summary - The company’s total revenue is projected to grow from 2.14 billion yuan in 2023 to 6.43 billion yuan in 2027, with a compound annual growth rate (CAGR) of 21.45% [9] - The net profit is expected to increase from 238 million yuan in 2023 to 594 million yuan in 2027, with a CAGR of 23.28% [9] - The company’s earnings per share (EPS) is forecasted to rise from 0.55 yuan in 2023 to 1.38 yuan in 2027 [9]

投资者关系活动记录表 编号：2025-004 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | ☑其他（投资者电话会议） | | 参与单位名称 | 具体名单详见附件，排名不分先后 | | 及人员姓名 | | | 时间 | 2025 年 4 月 18 日 | | 地点 | 电话会议 | | 上市公司接待人员姓名 | 董事长冯永林先生，营销总曹业林先生，董事会秘书、财务总张黎先 | | | 生，供应链总梅莹鹏先生，电商总朱慧女士 | | | 一、 介绍公司 2025 年第一季度业绩基本情况 | | | 2025 年 1 季度，公司实现营业收入 9.95 亿元，同比增长 30.1%， | | | 归属于上市股东的净利润 亿元，同比增长 年 季度 1.31 27.3%。2025 1 | | | 公司整体业绩表现优于预期，实现了 25 年开门红。 | | | 季度公司自由点卫生巾实现营业收入 亿元， 从产品端来看，1 9.51 | | | 同比增长 35.8%，高于公司整体 ...

业绩简评 4 月 18 日公司发布 2025 年一季报，25Q1 公司实现营收 9.95 亿 元，同比+30.1%，归母净利润 1.31 亿元，同比+27.3%，扣非归母 净利润 1.29 亿元，同比+32.4%，Q1 业绩超出市场预期。 经营分析 外围省份收入增速创新高，核心区域深耕份额进一步提升，电商 受舆情影响增速短期波动。 1）分渠道：25Q1 线下/电商渠道营收 6.50/3.22 亿元（同比 +49.0%/+8.6%），外围市场受益于渠道下沉+存量门店动销提升延 续爆发式增长,Q1+125.1%，核心区域受低基数效应、产品结构优 化，市占率持续攀升，电商渠道受 315 舆情短期扰动阶段性增速 放缓，近期抖音品类榜单排名恢复显著，未来线上盈利弹性有望逐 步释放；2）分产品：25Q1 公司持续聚焦卫生巾系列产品升级，自 由点营收 9.52 亿元（同比+35.8%），预计大健康系列占比持续提 升，裤型产品增速有加快，品类优化、产品升级持续推进。 大健康占比提升，后续关注费效比改善，带动盈利进入弹性释放 通道。25Q1 综合毛利率为 53.3%(同比-1.0pct)，主因会计准则调 整影响（电商物流相关费 ...

经营分析 外围省份收入增速创新高，核心区域深耕份额进一步提升，电商 受舆情影响增速短期波动。 业绩简评 4 月 18 日公司发布 2025 年一季报，25Q1 公司实现营收 9.95 亿 元，同比+30.1%，归母净利润 1.31 亿元，同比+27.3%，扣非归母 净利润 1.29 亿元，同比+32.4%，Q1 业绩超出市场预期。 1）分渠道：25Q1 线下/电商渠道营收 6.50/3.22 亿元（同比 +49.0%/+8.6%），外围市场受益于渠道下沉+存量门店动销提升延 续爆发式增长,Q1+125.1%，核心区域受低基数效应、产品结构优 化，市占率持续攀升，电商渠道受 315 舆情短期扰动阶段性增速 放缓，近期抖音品类榜单排名恢复显著，未来线上盈利弹性有望逐 步释放；2）分产品：25Q1 公司持续聚焦卫生巾系列产品升级，自 由点营收 9.52 亿元（同比+35.8%），预计大健康系列占比持续提 升，裤型产品增速有加快，品类优化、产品升级持续推进。 大健康占比提升，后续关注费效比改善，带动盈利进入弹性释放 通道。25Q1 综合毛利率为 53.3%(同比-1.0pct)，主因会计准则调 整影响（电商物流相关费 ...

线下发力驱动收入高增，盈利表现超预期 个护用品 百亚股份（003006.SZ） 证券研究报告/公司点评报告 2025 年 04 月 18 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：郭美鑫 | | 营业收入（百万元） | | 2,144 | 3,254 | 4,330 | 5,606 | 7,009 | | | | 增长率 yoy% | | 33% | 52% | 33% | 29% | 25% | | 执业证书编号：S0740520090002 | | 归母净利润（百万元） | | 238 | 288 | 370 | 500 | 646 | | Email：guomx@zts.com.cn | | 增长率 yoy% | | 27% | 21% | 29% | 35% | 29% | | | | 每股收益（元） | | 0.55 | 0.67 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3000 | 0.2400 | 25 | 0.1900 | | 每股净资产（元） | 3.68 | 3.47 | 6.05 | 3.15 | | 每股公积金(元) | 0.63 | 0.62 | 1.61 | 0.63 | | 每股未分配利润(元) | 1.71 | 1.60 | 6.87 | 1.34 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 9.95 | 7.65 | 30.07 | 5.23 | | 净利润(亿元) | 1.31 | 1.03 | 27.18 | 0.8 | | 净资产收益率(%) | 8.62 | 7.14 | 20.73 | 6.07 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 30878.05万股，累计占流通股比： 72.06%，较上期变化： -354.63万股。 | 名称 | ...

Financial Performance - The company's revenue for Q1 2025 reached ¥995,436,662, representing a 30.10% increase compared to ¥765,153,323 in the same period last year[4] - Net profit attributable to shareholders was ¥130,605,011, up 27.27% from ¥102,619,879 year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥129,134,453, reflecting a 32.40% increase from ¥97,529,910 in the previous year[4] - The basic earnings per share increased by 25.00% to ¥0.30 from ¥0.24 in the same quarter last year[4] - Total operating revenue for the current period reached ¥995,436,662, an increase of 30.0% compared to ¥765,153,323 in the previous period[29] - Net profit for the current period was ¥130,605,011, representing a 27.3% increase from ¥102,619,879 in the previous period[29] - The net profit attributable to the parent company for the current period is 130,605,011.00, an increase from 102,619,879.00 in the previous period, representing a growth of approximately 27.3%[30] - The basic and diluted earnings per share for the current period are both 0.30, compared to 0.24 in the previous period, indicating an increase of 25%[30] Assets and Liabilities - The company's total assets as of March 31, 2025, were ¥2,240,691,629, a 4.18% increase from ¥2,150,862,064 at the end of the previous year[4] - Total assets increased to ¥2,240,691,629, up from ¥2,150,862,064, reflecting a growth of 4.2%[27] - Current assets totaled ¥1,373,565,257, a slight increase of 3.4% from ¥1,327,788,847 at the beginning of the period[26] - Total liabilities decreased to ¥660,441,109, down 5.8% from ¥701,216,555[26] - Total equity attributable to shareholders increased to ¥1,580,250,520, up from ¥1,449,645,509, reflecting an increase of 9.0%[27] Cash Flow - Cash flow from operating activities showed a significant decline of 92.92%, down to ¥6,910,716 from ¥97,574,818 in the previous year[4] - Cash inflow from operating activities totaled 1,024,260,728.00, up from 853,812,049.00 in the previous period, reflecting a growth of approximately 20%[32] - The net cash flow from operating activities decreased to 6,910,716.00 from 97,574,818.00, a decline of about 92.9%[32] - Cash flow from investing activities generated a net inflow of 31,687,418.00, compared to a net outflow of 23,592,966.00 in the previous period[32] - The total cash and cash equivalents at the end of the period increased to 426,766,176.00 from 418,957,951.00, showing a growth of approximately 1.9%[33] Sales and Revenue Channels - In Q1 2025, the company's offline channel revenue reached RMB 650 million, a 49.0% increase year-over-year, with revenue growth in core regions outside the province accelerating to 125.1%[15] - E-commerce channel revenue for Q1 2025 was RMB 322 million, reflecting an 8.6% year-over-year growth[15] - The company's flagship product line, "Free Point," generated RMB 952 million in revenue during Q1 2025, marking a 35.8% increase compared to the same period last year[15] Expenses - The overall gross margin for the company decreased by 1.0% year-over-year, primarily due to changes in channel structure and revenue composition[15] - Sales expenses for Q1 2025 amounted to RMB 338 million, representing a 28.5% increase year-over-year[16] - The company reported a 41.61% increase in income tax expenses to ¥21,356,667, driven by higher pre-tax profits[11] Other Corporate Actions - The company plans to engage in routine related-party transactions with Guangdong Beihua New Materials Co., Ltd., with an estimated total amount not exceeding RMB 60 million for 2025[17] - The company will adjust the exercise price of stock options and the repurchase price of restricted stocks as part of its incentive plan[22] - The company approved the change of registered capital and the revision of its articles of association during the board meeting on March 21, 2025[23]