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]

新华财经上海8月18日电 A股进入中报密集披露期，公募调研热情攀升。据公募排排网数据显示，上周 （2025年8月11日-8月17日）共有139家公募机构参与到A股调研活动中，覆盖到20个申万一级行业中的66 只个股，合计调研次数达729次，较前一周环比增幅46.39%。 行业方面，上周医药生物行业最受公募调研青睐，该行业中高达10只个股受到公募调研青睐，合计被调 研次数达151次，无论是被调研个股数量还是调研次数，均明显领先于其余行业。其次是计算机行业，该 行业中有4只个股受到公募调研关注，合计被调研次数达100次。 电子、电力设备、基础化工和美容护理亦受到公募机构调研关注，均被调研不少于50次，排名前十。 机构方面，上周鹏华基金以20次调研居首，覆盖11个行业的19只个股，电力设备、电子及基础化工行业 个股占比相对较高；国泰基金与南方基金均以14次调研并列第二，国泰基金聚焦8个行业的14只个股，医 药生物行业个股数量占优，南方基金则覆盖10个行业的14只个股，电子、计算机、电力设备及基础化工 行业个股相对较多。 （文章来源：新华财经） 个股方面，上周美容护理行业龙头百亚股份被公募机构调研达53次居首，同时也 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company reported a revenue of 1.764 billion RMB for the first half of 2025, representing a year-on-year increase of 15.1%. The net profit attributable to the parent company was 188 million RMB, up 4.6% year-on-year. The second quarter revenue was 768 million RMB, with a slight increase of 0.2% year-on-year, while net profit decreased by 25.5% due to short-term public sentiment affecting online channel revenue and operating profit [1][2]. - The company is focusing on optimizing its online channel operations, which are expected to return to a growth trajectory starting in the third quarter. Offline performance remains robust, with a steady national expansion and improving profitability [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue from sanitary napkins was 1.687 billion RMB, a year-on-year increase of 20.5%. The product structure is continuously optimized, with health series products expected to account for over 50% of revenue, up more than 8 percentage points year-on-year. Revenue from diapers and ODM decreased by 34.0% and 43.1% respectively [2]. - Offline revenue increased by 39.8% in the first half of 2025, with significant growth in regions such as Sichuan, Chongqing, and surrounding provinces [2]. Profitability and Cost Management - The company's gross margin for the first half of 2025 was 53.2%, a decrease of 1.2 percentage points year-on-year, primarily due to logistics and packaging costs being included in the e-commerce channel. The operating expense ratio was 40.7%, up 0.5 percentage points year-on-year, with sales expenses increasing due to heightened marketing efforts in response to public sentiment [3]. - The net profit margin for the first half of 2025 was 10.7%, down 1.0 percentage points year-on-year. However, with a lower base for net profit margin in the second half of the year, a faster growth in net profit is anticipated [3]. Earnings Forecast and Valuation - The company’s net profit forecasts 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. The corresponding EPS estimates are 0.87 RMB, 1.13 RMB, and 1.53 RMB [4]. - The target price is set at 34.80 RMB, based on a 40 times PE ratio for 2025, reflecting the company's strong competitive advantage in offline channels and the expected recovery of online sales [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully expanded its offline market while showing optimism for the recovery and efficiency improvement of its online channels [3] - The company reported a revenue of 1.764 billion yuan for H1 2025, a year-on-year increase of 15.12%, and a net profit attributable to shareholders of 188 million yuan, up 4.64% year-on-year [6] - The company is focusing on optimizing its product structure and expanding its e-commerce and emerging channels to enhance its market presence [7] Summary by Sections Recent Performance - For H1 2025, the company achieved a gross margin of 53.24%, down 1.16 percentage points year-on-year, and a net profit margin of 10.66%, down 1.07 percentage points year-on-year [7] - The offline channel revenue grew steadily, while the online channel faced a decline due to short-term public sentiment issues [7] Product and Channel Development - The company is focusing on its sanitary napkin product line and optimizing its product structure to improve profitability [7] - The revenue from the sanitary napkin products reached a gross margin of 55.06%, despite a decrease of 2.31 percentage points year-on-year [7] Future Projections - The company is expected to achieve revenues of 4.134 billion yuan, 5.127 billion yuan, and 6.185 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 350 million yuan, 442 million yuan, and 531 million yuan [10] - The projected PE ratios for 2025, 2026, and 2027 are 36, 29, and 24 respectively [10]