Investment Rating - The report does not explicitly state an investment rating for Baiya Corporation Core Insights - Baiya Corporation's e-commerce business faced significant impacts from public sentiment in Q2 2025, while offline channels showed strong growth. The company's total revenue for H1 2025 reached 1.76 billion yuan, a year-on-year increase of 15.1%. In Q2 alone, revenue was 770 million yuan, up 0.2% year-on-year. E-commerce revenue for H1 2025 was 592 million yuan, down 9.4% year-on-year, with Q2 e-commerce revenue declining by over 20% year-on-year. Offline channel revenue totaled 1.13 billion yuan, up 39.8% year-on-year, aligning with the company's expectations [2][9][10]. Summary by Sections Revenue Performance - Baiya Corporation achieved H1 2025 revenue of 1.76 billion yuan, a 15.1% increase year-on-year. Q2 revenue was 770 million yuan, reflecting a 0.2% increase year-on-year. E-commerce revenue for H1 was 592 million yuan, down 9.4% year-on-year, with Q2 showing a decline of over 20%. Offline revenue reached 1.13 billion yuan, up 39.8% year-on-year, meeting initial expectations [2][9][10]. Marketing and Profitability - In response to public sentiment, Baiya increased marketing investments in Q2 2025, leading to a profit performance that fell short of expectations. Sales expenses for H1 were 640 million yuan, an 18.8% increase year-on-year, with a sales expense ratio of 36.4%. Marketing expenses were 460 million yuan, up 26.1% year-on-year. The attributable net profit for H1 was 190 million yuan, a 4.6% increase year-on-year, while Q2 net profit was 60 million yuan, down 25.5% year-on-year [3][10]. E-commerce Strategy - The Douyin platform maintained over 50% of Baiya's e-commerce sales. The company anticipates growth from three major platforms: Douyin, Tmall, and Pinduoduo. Despite overall losses in e-commerce for H1, profitability is expected to return in the second half of the year. The e-commerce strategy is shifting from reliance on Douyin to a balanced approach across all three platforms [4][11]. New Product Development - Baiya has not yet launched new products on a large scale but has established a dedicated department for instant retail. New products are currently in the testing phase, with a focus on sanitary napkins. The expected gross margin for new products is not lower than existing products, and the overall gross margin is stable and trending upward [12]. Equity Incentive Plan - In H1 2025, Baiya implemented an equity incentive plan, lifting restrictions on 639,000 shares and increasing share capital to 429.68 million shares. The company plans to continue equity incentives, although specific plans for H2 2025 have not been determined [5][13].
百亚股份（003006）：25Q2电商业务受舆情冲击，线下渠道增长强劲