重庆百亚卫生用品股份有限公司 章 程 二〇二四年八月 1 第一章 总则 第一条 为维护重庆百亚卫生用品股份有限公司（"公司"或"本公司"）、股 东和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （"公司法"）、《中华人民共和国证券法》（"证券法"）和其他有关规定，制订 本章程。 第二条 公司系依照公司法和其他有关规定成立的股份有限公司。 公司系由重庆百亚卫生用品有限公司整体变更发起设立的股份有限公司，由 重庆市对外贸易经济委员会批准设立，并在重庆市工商行政管理局注册登记，取 得营业执照，营业执照号/统一社会信用代码 9150011356560918XH。 第三条 公司于 2020 年 4 月 17 日经中国证券监督管理委员会（"中国证监 会"）核准，首次向社会公众发行人民币普通股 4,277.78 万股并于 2020 年 9 月 21 日在深圳证券交易所上市。 第四条 公司中文名称：重庆百亚卫生用品股份有限公司 公司英文名称：Chongqing Baiya Sanitary Products Co., Ltd. 第五条 公司住所：重庆市巴南区麻柳沿江开发区百亚国际产业园，邮政编 码：4 ...

证券研究报告 | 公司研究 2024 年 08 月 04 日 百亚股份（003006.SZ） 风物长宜放眼量，个护品牌成长提速 本次再发深度，主要在于梳理公司三大核心逻辑：1）份额加速提升，2）盈利环 比提升，3）消费者品牌认知提升；同时着眼于公司中期逻辑、业务拆解以及估值 体系对标，深度分析公司中期市值空间。 镜鉴美日：优质个护龙头应享有估值溢价。女性人口增速放缓趋势下预期中国女 性用品市场空间增量有限，中期维度（3-5 年）本土二线品牌依靠渠道拓展抢夺存 量市场；参考美日个护龙头，PE 多维持 26X 左右，其中更加聚焦个护的尤妮佳 PE 维持 30X 以上。百亚聚焦高毛利卫生巾业务，增速快、成长逻辑清晰，应有一定 估值溢价。 卫生巾 VS 护肤品：商业模式相似，国产替代进行时。国产替代&产品迭代升级带 动的均价提升为共同逻辑，共性驱动因素为悦己消费&理念科学化，国产品牌份额 均处提升期，卫生巾品牌集中度更高。产品端：以消费者需求为导向的研发+大单 品为护肤品和卫生巾行业共同竞争要素，护肤品迭代更快、研发要求更高，卫生 巾单价更低&消费频次更高、提价能力更强；渠道端：护肤品线上化率更高、打法 迭代快，卫生 ...

证券代码：003006 证券简称：百亚股份 公告编号：2024-031 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2024年3月22日、 2024年4月12日分别召开的第三届董事会第十五次会议和2023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2024年3月23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：2024-015）。 类型：股份有限公司（港澳台投资、上市） 成立日期：2010年11月29日 法定代表人：冯永林 经营范围：一般项目：生产和销售：卫生巾、卫生护垫、尿裤、尿布（垫、 纸），第一类医疗器械销售（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动） 住所：重庆市巴南区麻柳沿江开发区百亚国际产业园 经营 ...

Investment Rating - The report maintains a "Buy" rating for Baiya Co Ltd (003006 SZ) [9] Core Views - The company's "6 18" performance exceeded expectations, with Free Point brand sales on Douyin and Tmall increasing by 290%+ and 120%+ respectively [2] - The company's product strength, brand power, and sales capabilities are resonating upwards [2] - The company's strategy is clear, e-commerce continues to exceed expectations, and the online-to-offline business model is gradually forming [2] - The company is expected to expand from regional to national markets and achieve high-speed growth [2] Financial Performance - Revenue is expected to grow from 2,144 million yuan in 2023 to 4,366 million yuan in 2026, with a CAGR of 26 7% [2] - Net profit is expected to grow from 238 million yuan in 2023 to 529 million yuan in 2026, with a CAGR of 30 4% [2] - EPS is expected to increase from 0 55 yuan in 2023 to 1 23 yuan in 2026 [2] - ROE is expected to increase from 17 2% in 2023 to 24 9% in 2026 [2] Product and Brand Development - The company launched the Pro+ series of probiotic sanitary napkins in Q2 2024, which has higher pricing and enhanced product strength compared to the basic probiotic series [2] - The Free Point brand achieved a gross margin of 57 7% for sanitary napkin products in Q1 2024, an increase of 5 8 percentage points year-on-year [2] - The company's brand exposure reached 1 5 billion+ during the "6 18" period, with a 330%+ increase in brand search volume [2] Market Expansion - The company achieved breakthroughs in potential platforms such as JD com, Tmall Supermarket, and Pinduoduo during the "6 18" period [2] - The Free Point brand ranked first in the new brand list on Tmall Supermarket, with a year-on-year growth of 270%+ [2] - The brand ranked second in the sales of sanitary napkins on Pinduoduo, with a year-on-year growth of 380%+ [2] Valuation - The company's P/E ratio is expected to decrease from 42 4 in 2023 to 19 1 in 2026 [2] - The company's P/B ratio is expected to decrease from 7 3 in 2023 to 4 8 in 2026 [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.54 RMB [3][5] Core Views - The company demonstrated strong growth across multiple platforms during the 618 shopping festival, with significant brand-building success on Douyin (TikTok) [1][3] - Revenue is expected to maintain steady growth in Q2, with potential profit improvement from falling raw material prices and product mix optimization [3] - The company's 2024-2026 EPS forecasts remain unchanged at 0.70/0.81/0.99 RMB [3] Financial Performance - 2024E revenue is projected at 2,675 million RMB, a 24.7% YoY increase [4] - Net profit (attributable to parent company) is forecasted to grow 26.2% YoY to 301 million RMB in 2024E [4] - Gross margin improved by 7.50 percentage points YoY and 1.16 percentage points QoQ in 2024Q1 [3] Product Performance - The probiotic sanitary napkin product sold over 1.4 million sets during the 618 period (May 20 - June 20, 2024) [3] - The company's 5A user base exceeded 210 million, with A3 users surpassing 71 million [3] - Brand search volume increased by 330% YoY, with total exposure exceeding 1.5 billion [3] Platform Performance - Douyin: Maintained top position with over 290% YoY growth during 618 [3] - Tmall: Achieved 120%+ YoY growth, ranking second in personal care sales [3] - Pinduoduo: Recorded 380%+ YoY growth, ranking second in sanitary napkin sales [3] - JD.com: Achieved 230%+ YoY growth, topping the personal care speed ranking twice [3] Regional Expansion - The company is expanding steadily in peripheral provinces, with Guangdong and Jiangsu showing excellent performance [3] - Hunan province is expected to cross the breakeven point, with potential for non-linear profit growth after scale effects are realized [3] Financial Projections - 2024E operating income is projected at 2,675 million RMB, with net profit of 301 million RMB [4] - ROE is expected to increase from 17.2% in 2023A to 20.4% in 2024E [4] - The company's P/E ratio is forecasted to decrease from 43.10 in 2023A to 34.14 in 2024E [4]

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call Core Points and Arguments - The content of the conference call is strictly for internal reference among participants, and any disclosure or external sharing of the information is prohibited [1] - Participants are warned against requesting, leaking, disseminating, or forwarding the conference call minutes, as such actions are considered infringement [1] - The organization reserves the right to pursue legal action against individuals who leak or forward the conference call minutes [1] Other Important but Possibly Overlooked Content - The emphasis on confidentiality indicates a sensitive nature of the information discussed during the call, suggesting potential strategic insights or financial data that could impact stakeholders [1]

Summary of Conference Call Company or Industry Involved - No specific company or industry mentioned in the provided content Core Points and Arguments - No core points or arguments presented in the provided content Other Important but Possibly Overlooked Content - The content only includes a greeting and does not provide any substantial information regarding the company or industry discussed in the conference call No relevant data or insights available for analysis

证券代码：003006 证券简称：百亚股份 公告编号：2024-030 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。 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 7 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 288,750 股，占回购注销前公司总股本的 0.0672%。 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 429,612,140 股 变更为 429,323,390 股。 重庆百亚卫生用品股份有限公司（以下简称"公司"）于 2024 年 3 月 22 日 召开的第三届董事会第十五次会议和第三届监事会第十五次会议，2024 年 4 月 12 日召开的 2023 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制性股票 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 25.6 CNY per share [1]. Core Insights - The company reported a revenue of 2.14 billion CNY and a net profit attributable to shareholders of 240 million CNY for 2023, reflecting year-on-year growth of 33.0% and 27.2% respectively. For Q1 2024, the revenue reached 770 million CNY, with a net profit of 100 million CNY, showing year-on-year increases of 46.4% and 28.1% [1]. - The health product series has seen an increase in revenue contribution, with the e-commerce channel continuing to perform strongly. The sanitary napkin product line achieved a revenue of 1.89 billion CNY in 2023, growing by 41% year-on-year [1]. - The company is focusing on optimizing its product structure and expanding its market presence, particularly in the five core provinces and surrounding areas, with significant growth in e-commerce channels [1]. Financial Performance Summary - For 2023, the company achieved a gross margin of 50.3%, up by 5.2 percentage points year-on-year. The net profit margin was 11.1%, a slight decrease of 0.5 percentage points [1]. - In Q1 2024, the gross margin improved to 54.4%, with a net profit margin of 13.4%, reflecting a year-on-year increase of 7.5 percentage points and a decrease of 1.9 percentage points respectively [1]. - The company expects to achieve net profits of 320 million CNY, 400 million CNY, and 500 million CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 32, 26, and 21 [1][7].

证券代码：003006 证券简称：百亚股份 公告编号：2024-029 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 第二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：16.23 元/份（调整后）； 3、本次行权的股票期权数量：210,840 份，占行权前公司总股本的比例为 0.0491%； 4、本次行权的激励对象人数：236 人； 5、本次行权股票上市流通时间为：2024 年 5 月 23 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 2024 年 3 月 22 日 召开的第三届董事会第十五次会议和第三届监事会第十五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二个行权期行权条件成就的 议案》，具体内容详见公司于 2024 年 ...