调研基本情况 2025年10月21日，重庆百亚卫生用品股份有限公司（以下简称"重庆百亚"）以电话会议形式召开投资者 电话会议，接待了包括中国银河证券、嘉实基金、易方达基金等在内的190家机构调研。公司董事长冯 永林，营销总曹业林，董事会秘书、财务总张黎，供应链总梅莹鹏，电商总朱慧出席会议，就2025年三 季度业绩表现、渠道拓展、产品战略及电商平台策略等核心问题与投资者交流。 前三季度业绩回顾：线下外围市场爆发 大健康产品高增 整体业绩：营收同比增12.8% 净利润微增2.5% 2025年前三季度，公司实现营业收入26.2亿元，同比增长12.8%；净利润2.4亿元，同比增长2.5%。其 中，第三季度单季营业收入8.6亿元，同比增长8.3%；净利润0.6亿元，同比下降3.9%，主要受电商渠道 短期调整影响。 渠道端：线下外围市场高速扩张 即时零售成新引擎 分渠道看，线下渠道表现亮眼。前三季度线下渠道实现营业收入16.2亿元，同比增长35.7%，其中外围 省份（非核心市场）营收同比激增113.4%；第三季度单季线下渠道营收同比增长27.2%，外围省份同比 增长94.0%。公司表示，未来将继续加大外围省份资源投入，推 ...

Summary of the Conference Call for Dengkang Oral Care Company Overview - **Company**: Dengkang Oral Care - **Industry**: Oral Care Products Key Points and Arguments Sales Performance - In Q2, online channel sales decreased month-over-month due to strategic adjustments but still showed year-over-year growth. The offline channel benefited from the promotion of the "7-Day Repair Toothpaste," leading to significant sales growth. The company expects to achieve over 50% channel distribution in Q3 and aims for 90% by year-end [2][5] - The "7-Day Repair Toothpaste" has a gross margin approximately 30% higher than other toothpastes, with a net profit margin improvement of over ten percentage points, targeting sensitive and high-income consumers in major cities [2][8] New Product Launches - The new "Keratin Toothpaste," launched in August 2025, has shown excellent performance within two weeks, with the company aiming to leverage this product to drive e-commerce growth, particularly on platforms like Douyin [6][18] - The company plans to increase the proportion of mid-to-high-end products to enhance profitability, with a target of achieving over 10% market share in 2025 and 15%-20% in 2026 for offline sales [7][11] E-commerce Strategy - The e-commerce strategy focuses on high-quality development, reducing traffic spending on Douyin while maintaining a natural growth rate of 20%-30%. The company emphasizes strengthening warehousing and shelf e-commerce, particularly on profitable platforms like Tmall and JD [13][14] - In H1 2025, the overall e-commerce profitability remained stable compared to the previous year, with Douyin showing slight improvements in net profit margin [16] Market Position and Competition - Dengkang Oral Care aims to become the second-largest player in the industry within three years and to narrow the gap with the market leader within five years, contingent on maintaining growth trends and no significant issues with competitors [3][24] - The company has seen its market share in the offline segment grow from over 8% in 2024 to nearly 10% in 2025, while competitors are experiencing declines [22][25] Future Outlook - The company anticipates a significant improvement in offline profitability by 2026, while online profitability may improve due to adjustments in traffic costs [17] - Dengkang Oral Care plans to focus on promoting the "Keratin Toothpaste" and gradually introduce higher-end products, adapting to market conditions and consumer acceptance [19][20] Financial Metrics - The gross margin for the "Keratin Toothpaste" is estimated to be between 80% and 90%, higher than previous products [21] - Online sales accounted for approximately 35%-36% of total revenue in H1 2025, with expectations to reach around 40% in the following year [28] Additional Insights - The company has launched 15 new products in 2025, with a focus on the "Keratin Toothpaste" and "Huanglian Toothpaste," targeting different market segments [18] - The competitive landscape in e-commerce is challenging, with competitors facing losses, while Dengkang maintains a focus on stable profitability despite slower growth [22] This summary encapsulates the key insights from the conference call, highlighting Dengkang Oral Care's strategic initiatives, market performance, and future outlook in the oral care industry.