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

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 1.764 billion yuan in H1 2025, representing a year-on-year increase of 15.1%, with a net profit attributable to the parent company of 188 million yuan, up 4.6% year-on-year [1] - The company's offline channels continue to show strong growth, particularly in non-core regions, while online sales are experiencing temporary pressure due to public sentiment [2] - The e-commerce segment faced challenges, with revenue declining by 9.4% year-on-year in H1 2025, but recovery is expected in H2 2025 as the company optimizes its e-commerce strategy [3] - New product launches are expected to enhance product structure and improve gross margins, with significant growth anticipated in the instant retail channel [3] Financial Performance Summary - In H1 2025, offline channel revenue reached 1.133 billion yuan, a year-on-year increase of 39.8%, while the core five provinces generated 704 million yuan, up 13.7% year-on-year [2] - The company’s gross margin for Q2 2025 was 53.14%, with a net profit margin of 7.47%, reflecting a slight decline compared to the previous year [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 350 million, 460 million, and 590 million yuan, respectively, with corresponding P/E ratios of 36.5X, 27.8X, and 21.6X [4][7]