Market Overview - The personal care products sector experienced a decline of 1.01% on October 13, with Yanjiang Co. leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the personal care sector included: - Beijiajie (603059) with a closing price of 36.07, up 2.53% [1] - Dengkang Oral (001328) at 38.76, up 1.84% [1] - Yiyi Co. (001206) at 34.85, up 1.54% [1] - Major decliners included: - Yanjiang Co. (300658) at 9.16, down 3.68% [2] - Runben Co. (603193) at 27.25, down 2.71% [2] - Baia Co. (003006) at 24.68, down 2.64% [2] Capital Flow Analysis - The personal care products sector saw a net outflow of 30.35 million yuan from institutional investors, while retail investors had a net inflow of 54.37 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Zhongshun Jiesang (002511) had a net inflow of 11.76 million yuan from institutional investors [3] - Mengyue Nursing (605009) saw a net inflow of 8.81 million yuan from institutional investors [3] - Baia Co. (003006) had a net outflow of 7.67 million yuan from institutional investors [3]

证券日报网讯洁雅股份（301108）10月10日在互动平台回答投资者提问时表示，截至9月30日公司股东 人数为7718户。 ...

Group 1 - The beauty care sector experienced a significant rally in the afternoon, with Yi Yi Co., Ltd. hitting the daily limit up [1] - Shui Yang Co., Ltd. saw an increase of over 8%, indicating strong market interest [1] - Other companies such as Jia Heng Jia Hua, Jie Ya Co., Ltd., La Fang Jia Hua, and Hao Yue Care also followed the upward trend [1]

Group 1 - The pet economy concept stocks in the A-share market are experiencing a counter-trend rise, with notable increases in stock prices for several companies [1] - Yiyi Co., Ltd. reached a 10% limit up, while Babi Food increased by 6%, and other companies like Yuanfei Pet and Jieya Co. saw rises exceeding 5% [1] - The overall trend indicates a positive sentiment in the pet industry, as reflected by the MACD golden cross signal formation [1] Group 2 - Yiyi Co., Ltd. has a total market value of 6.346 billion and a year-to-date increase of 113.23% [2] - Babi Food has a market capitalization of 5.776 billion with a year-to-date increase of 45.81% [2] - Yuanfei Pet has a market value of 4.620 billion and a year-to-date increase of 54.05% [2] - Jieya Co. has a market capitalization of 3.847 billion and a year-to-date increase of 87.03% [2] - Petty Co. has a market value of 4.693 billion with a year-to-date increase of 8.49% [2] - Other companies like Biological Co. and Lusi Co. also showed significant increases in their stock prices and market values [2]

Group 1 - The A-share market's pet economy concept stocks are experiencing a counter-trend rise, indicating strong investor interest in this sector [1] - Yiyi Co., Ltd. has reached a 10% daily limit increase, showcasing significant market confidence [1] - Other notable performers include Babi Foods with a 6% increase, and Yuanfei Pet, Jeya Co., Ltd. with over 5% gains [1] Group 2 - Peti Co., Ltd., Bio Co., Ltd., Lusi Co., Ltd., and Shuangta Foods have all seen increases of over 4%, reflecting a broad positive sentiment in the pet industry [1] - Meino Biological, Haoyue Nursing, Ruipu Biological, and Chuangyuan Co., Ltd. have also reported gains exceeding 3%, further indicating the sector's resilience [1]

Core Insights - The personal care products sector experienced a 0.58% increase on October 9, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance Summary - Beijia (603059) closed at 34.19, up 2.80% with a trading volume of 26,600 and a transaction value of 90.90 million [1] - Yiyi Co. (001206) closed at 31.20, up 2.70% with a trading volume of 49,000 and a transaction value of 150 million [1] - Yanjing Co. (300658) closed at 9.32, up 2.42% with a trading volume of 241,600 and a transaction value of 229 million [1] - Reliable Co. (301009) closed at 13.63, up 2.10% with a trading volume of 31,700 and a transaction value of 42.76 million [1] - Stable Medical (300888) closed at 38.81, up 1.33% with a trading volume of 45,700 and a transaction value of 176 million [1] - Other notable stocks include Liangmian Needle (600249) at 5.91, up 0.85%, and Runben Co. (603193) at 28.03, up 0.07% [1] Capital Flow Analysis - The personal care products sector saw a net inflow of 22.62 million from institutional investors, while retail investors experienced a net outflow of 19.11 million [2] - Major stocks with significant net inflows include Stable Medical (300888) with 10.81 million and Dengkang Oral (001328) with 8.52 million [3] - Conversely, stocks like Beijia (603059) and Liangmian Needle (600249) experienced net outflows of 4.81 million and 0.25 million respectively [3]

Company Overview - Jieya Co., Ltd. is a high-quality wet wipe manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipe orders post-pandemic, with projected revenue and net profit of 54.7 million and 1.9 million respectively, resulting in a net profit margin of 3.5% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million, a year-on-year increase of 8.8%, and a net profit of 33 million, up 22.6%, leading to a net profit margin recovery to 10.5% [2][13] Industry Analysis - The global wet wipe market is steadily growing, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In 2024, the top 10 companies in the global wet wipe market hold a combined market share of 41.3%, with Procter & Gamble and Kimberly-Clark being the largest players, holding 13.9% and 11.3% market shares respectively [3][13] - The Chinese wet wipe market is expected to exceed 12.9 billion CNY in 2024, with a year-on-year growth of 4.3%, and the top 10 brands holding a market share of 48.0% [3][13] Company Performance and Strategy - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a net profit margin of 10.5% in the first half of 2025 compared to 4.08% for Hangzhou Guoguang, which reported revenue of 458 million and a net profit of 19 million [4][13] - The company has established strong relationships with international brand clients, with the top five clients accounting for 77.6% of revenue, and foreign sales increasing by 46.2% year-on-year in the first half of 2025 [4][13] - Jieya is expanding its production capacity with a new factory in the United States, which is expected to produce 15 billion wet wipes annually, further enhancing its global market presence [4][13] Financial Projections - The company forecasts net profits of 77 million, 107 million, and 144 million for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]

Company Overview - Jieya Co., Ltd. is a high-quality wet wipes manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipes orders post-pandemic, with projected revenue and net profit of 547 million and 19 million CNY respectively, resulting in a net profit margin of 3.50% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million CNY, a year-on-year increase of 8.8%, and a net profit of 33 million CNY, up 22.6%, leading to a net profit margin recovery to 10.50% [2][13] Industry Analysis - The global wet wipes market is steadily expanding, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In China, the wet wipes market is expected to exceed 12.9 billion CNY in 2024, growing by 4.3% year-on-year, with the top 10 brands holding a market share of 48.0% [3][13] Competitive Position - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a 10.50% margin compared to Hangzhou Guoguang's 4.08% [4][13] - The company’s top five clients accounted for 77.6% of its revenue in 2024, with international brand clients driving a 46.2% increase in foreign revenue in the first half of 2025, raising the foreign revenue share to 60.3% [4][13] - The establishment of a production facility in the United States is expected to enhance the company's global competitiveness, with a projected capacity of 15 billion wet wipes annually [4][13] Financial Projections - Forecasts for Jieya Co., Ltd. indicate net profits of 77 million, 107 million, and 144 million CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion CNY, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]

行业：湿巾市场规模稳步扩容，全球化品牌优势稳固。1）海外：全球湿巾市场规模稳健增长，欧美为 消费主力。2024 年全球湿巾零售市场规模达到 184 亿美元，同比增长2.7%，2024 年全球湿巾公司CR10 为41.3%，其中宝洁、金佰利规模最大，份额分别为13.9%、11.3%。分市场看，2024 年美国、西欧湿巾 零售市场规模分别为67、39 亿美元。2）中国： 湿巾市场规模超百亿，新品牌快速崛起。2024 年中国湿巾零售市场规模达到129 亿元，同比增长 4.3%，2024 年湿巾品牌CR10 为48.0%，德佑等新品牌搭乘电商红利快速崛起。 投资要点： 公司：国际品牌大客户订单充沛，美国工厂打开成长空间。1）产品：湿巾制造为核心主业，2025 年以 来盈利修复显著。与行业内杭州国光公司（诺邦股份收购其51%股权）比，洁雅股份净利率优势明显， 2025H1 杭州国光收入4.58 亿元，净利润为0.19 亿元，净利率为4.08%，而洁雅股份净利率为10.50%。 2）客户：绑定国际品牌大客户，外销业务快速放量。2024 年公司前五大客户收入占比为77.6%，主要 客户可划分为国际品牌客户、国际渠道客户、国 ...

Investment Rating - The report assigns a "Buy" rating for the company, Jeya Co., Ltd. [3][8] Core Viewpoints - Jeya Co., Ltd. is a high-quality wet wipe manufacturer with significant international brand client orders driving a performance turnaround. The company has experienced a recovery in performance since 2025, with a notable increase in overseas orders from major clients [6][7][10]. Financial Data and Profit Forecast - Total revenue is projected to reach 716 million yuan in 2025, with a year-on-year growth rate of 30.8%. By 2027, revenue is expected to grow to 1,137 million yuan, reflecting a 28.0% increase [2]. - The net profit attributable to the parent company is forecasted to be 77 million yuan in 2025, with a staggering year-on-year growth of 297.2%. By 2027, net profit is expected to reach 144 million yuan, with a growth rate of 34.7% [2]. - Earnings per share are projected to increase from 0.40 yuan in 2025 to 1.27 yuan in 2027 [2]. Industry Overview - The global wet wipe market is steadily expanding, with a retail market size of 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7%. The market is primarily driven by North America and Western Europe [37][38]. - In China, the wet wipe market is expected to exceed 12.9 billion yuan in 2024, with a year-on-year growth of 4.3% [39]. Company Analysis - Jeya Co., Ltd. has a robust client base, including major international brands such as Procter & Gamble and Kimberly-Clark. The company’s revenue from its top five clients accounted for 77.6% in 2024 [6][10]. - The company is expanding its production capacity with a new factory in the United States, which is expected to significantly enhance its global competitiveness [10][11]. Profitability and Valuation - The company’s gross margin is projected to improve from 19.6% in 2024 to 25.1% in 2025, with a net margin recovery to 10.5% in the first half of 2025 [2][27]. - The current market capitalization is approximately 3.5 billion yuan, with corresponding price-to-earnings ratios of 45, 33, and 24 for 2025, 2026, and 2027, respectively [8][10].