百亚股份（003006）：线下市场开拓顺利，看好线上渠道修复提效

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully expanded its offline market while showing optimism for the recovery and efficiency improvement of its online channels [3] - The company reported a revenue of 1.764 billion yuan for H1 2025, a year-on-year increase of 15.12%, and a net profit attributable to shareholders of 188 million yuan, up 4.64% year-on-year [6] - The company is focusing on optimizing its product structure and expanding its e-commerce and emerging channels to enhance its market presence [7] Summary by Sections Recent Performance - For H1 2025, the company achieved a gross margin of 53.24%, down 1.16 percentage points year-on-year, and a net profit margin of 10.66%, down 1.07 percentage points year-on-year [7] - The offline channel revenue grew steadily, while the online channel faced a decline due to short-term public sentiment issues [7] Product and Channel Development - The company is focusing on its sanitary napkin product line and optimizing its product structure to improve profitability [7] - The revenue from the sanitary napkin products reached a gross margin of 55.06%, despite a decrease of 2.31 percentage points year-on-year [7] Future Projections - The company is expected to achieve revenues of 4.134 billion yuan, 5.127 billion yuan, and 6.185 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 350 million yuan, 442 million yuan, and 531 million yuan [10] - The projected PE ratios for 2025, 2026, and 2027 are 36, 29, and 24 respectively [10]