Haoyue Care(SH:605009) Xin Lang Cai Jing·2025-12-26 15:41Core Viewpoint - The acquisition of Sibao Care by Haoyue Care has seen a significant price reduction from 360 million yuan to 260 million yuan due to changes in market conditions and the actual operating status of the target company [1][2] Company Summary - Haoyue Care primarily generates revenue from OEM business, with over 70% of its revenue coming from baby hygiene products. However, the global aging population is putting pressure on the overall market size for baby hygiene products, prompting manufacturers to shift towards emerging sectors such as adult incontinence products and pet hygiene products [1] - The company has been launching multiple proprietary brands in response to market changes [1] Industry Summary - The female personal care market is relatively stable but highly competitive, with numerous domestic and international brands. Haoyue Care plans to enter this field through the acquisition of established brands [2] - Sibao Care owns well-known brands such as "Jieting," "Quanyinai," and "Meiyuejian," with "Jieting" being a pioneer domestic sanitary napkin brand established in 1997 [2] - The significant reduction in transaction price indicates that Sibao Care's operating conditions may not be optimistic. Industry leader Baiya Co., which focuses on female personal care products, has also seen a slowdown in growth this year [2] - Domestic personal care manufacturers are increasingly seeking multi-category layouts and attempting to transition from OEM to proprietary brands, leading to a noticeable overlap in business among manufacturers [2]