Core Insights - The company reported stable revenue of 11.808 billion RMB for the first half of 2025, with a net profit attributable to shareholders of 1.373 billion RMB, maintaining a stable interim dividend of 0.70 RMB per share [1] Group 1: Business Performance - The tissue business accounted for approximately 60.8% of total revenue, with sales increasing by about 3.2% year-on-year to 7.174 billion RMB [3] - The sales of wet wipes surged by 34.7% to 797 million RMB, contributing to 11.1% of the tissue business sales, becoming a significant growth driver [3] - The hygiene products segment, including sanitary napkins and diapers, saw a decline of about 14.4% to approximately 3.304 billion RMB, but showed a recovery with a 7.3% increase compared to the second half of the previous year [3] Group 2: E-commerce and New Retail - Sales from e-commerce and new retail channels grew by approximately 7.9% to 4.06 billion RMB, representing about 34.4% of total sales [4] - E-commerce and new retail channels contributed approximately 40.5% and 32.5% to the sales of tissue and hygiene products, respectively [4] Group 3: Safety and Standards - The safety of sanitary napkins has become a focal point, with the company emphasizing its commitment to exceeding national safety standards [5] - The CEO indicated that high gross margins are primarily used to support marketing expenses, which are crucial to avoid price competition [5] Group 4: Market Outlook - The chairman anticipates continued intense competition in the domestic hygiene products market, particularly in the sanitary napkin sector, with ongoing price promotions [6] - The implementation of the "Childcare Subsidy Implementation Plan" is expected to lower childcare costs and expand demand for diapers and related products [6] - The company plans to maintain stable pricing strategies and leverage brand value to capture market opportunities amid industry consolidation [6]