百亚股份(003006)：电商阶段性承压、非核心区域成为重要增长极 期待后续新品表现

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]