百亚股份（003006）：中报业绩短期承压，线下渠道铸就中长期竞争力

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's mid-year performance is under pressure, with H1 2025 revenue at 1.764 billion yuan, a year-on-year increase of 15.12%, and net profit attributable to the parent company at 188 million yuan, a year-on-year increase of 4.64% [7] - The company is accelerating its offline national expansion, and e-commerce is expected to recover in the second half of the year, supported by an aggressive management team, indicating strong long-term growth potential [7] - E-commerce revenue faced short-term pressure, but internal operational strategy adjustments are expected to lead to recovery in the second half of 2025 [7] - Offline performance is strong, with steady growth in core provinces and accelerated national expansion, particularly in peripheral markets [7] - The product structure is continuously optimized and upgraded, focusing on health-related series, which is driving sales growth [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.990 billion yuan, with a year-on-year growth rate of 22.6% [6] - Net profit attributable to the parent company for 2025 is projected at 365 million yuan, with a year-on-year growth rate of 26.9% [6] - Earnings per share for 2025 is expected to be 0.85 yuan [6] - The gross margin is projected to remain stable around 53.2% [6] - The return on equity (ROE) is expected to increase to 20.7% in 2025 [6] Performance Comparison - The company's stock price closed at 29.68 yuan, with a market capitalization of 12.72 billion yuan [2] - The stock has a price-to-earnings (PE) ratio of 35 for 2025, which is expected to decrease to 20 by 2027 [9]