炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici "非洲纸尿裤之王"乐舒适有限公司（以下简称"乐舒适"）的港股IPO之路并非一帆风顺。2025年1月，乐 舒适首次向港交所递交招股书，但六个月内未通过聆讯，招股书于7月底失效。8月12日，公司再度递 表，但其面临的业绩增速放缓、低价策略可持续性、IPO前大手笔分红募资必要性存疑、社保公积金欠 缴金额不减反增等多重难关仍未消除，乐舒适二闯港交所的胜算几何？ IPO前现大比例分红、多数流入沈延昌杨艳娟夫妇口袋 社保及住房公积金欠缴金额不减反增 2004年，沈延昌创建森大集团以开展对非洲的贸易，2009年，乐舒适作为森大集团的内部业务分部，开 始通过集团渠道向非洲销售卫生用品。随着业务扩张，2022年乐舒适进行了重组，从森大集团中分拆出 来独立运营。IPO前，沈延昌、杨艳娟间接控制Century BVI控制乐舒适66.35%的股权。 值得关注得是，乐舒适在递交上市前，于2024年进行了两笔派息。2024年1月，乐舒适附属公司Softcare 肯尼亚向Century BVI派付中期股息35 ...

恒安国际 20251009 摘要 恒安国际预计 2025 年全年销售和利润与 2024 年持平，上半年虽有 2- 3%的下跌，但期望下半年改善以保持全年稳定。现金流充裕，维持每股 1.4 元的年度派息。 生活用纸板块 ASP 已现拐点，预计下半年至少维持上半年近 3%的增长， 高端产品占比提升亦有助益。促销费用控制将正面影响毛利率，第三季 度毛利率已扩张。 木浆成本虽有上涨压力，但影响有限，库存周期维持 3 个月，预计下半 年纸巾业务毛利率将继续改善。公司关注木浆供应商提价动向，但认为 大幅上涨可能性不大。 卫生巾市场竞争激烈，尤其线上市场，国内品牌通过电商平台争夺份额。 恒安国际将平衡线上线下发展，线下渠道仍是重要优势，线上占比预计 接近 30%。 恒安国际卫生巾线下销售占比约 51%，尤其在三四五线城市渗透率高。 未来将进一步渗透传统小店、校园店等渠道，并拓展即时零售、社区团 购等新模式。 Q&A 请介绍一下恒安国际在 2025 年下半年的经营情况以及未来展望。 2025 年上半年，尽管行业竞争激烈，恒安国际依然保持了相对稳定的发展。 具体来看，纸巾业务在上半年实现了单位数增长，主要得益于销量和平均售价 ...

来源 | 大象IPO 近期，港交所官网披露，乐舒适有限公司（以下简称：乐舒适）二次递表港交所，申请主板上市，由中 金公司、中信证券、广发证券（香港）联合保荐。此前，公司在2025年1月递表已失效，这是失效后的 再一次申请。 这家来自迪拜的公司堪称"非洲纸尿裤之王"，靠着性价比高年销售超过41亿片纸尿裤，年营收已高达32 亿元以上，年归母净利润6.89亿元。 在非洲卖纸尿裤 乐舒适的创始人为沈延昌，他早在20世纪90年代就"下海"至非洲淘金，并积攒了丰富的贸易经验。 2004年，沈延昌在广州创设森大集团，致力于陶瓷制品、卫生洁具、卫生用品、家用日化、个人护理、 五金制品等产品的研发和生产。深耕海外市场二十余载，森大集团已成长为一家集海外工业制造、国际 贸易、实业投资为一体的跨国综合性产业集团，销售覆盖60余个国家和地区。 公开资料显示，2009年起，乐舒适作为森大集团的内部业务分部开始销售快消卫生用品。2022年，乐舒 适独立于森大集团其他业务部门，自行开展业务。目前，乐舒适已发展为一家专注于非洲、拉丁美洲及 中亚等新兴市场的国际卫生用品公司，主要开发、制造及销售婴儿及女性卫生用品（包括婴儿纸尿裤、 婴儿拉拉裤 ...

Core Viewpoint - The recent announcement by Baiya Co., Ltd. regarding shareholder reduction of shares highlights the impact of public sentiment on the company's online sales, despite its stock price performing strongly and reaching historical highs [1][6]. Company Performance - Baiya Co., Ltd. specializes in the research, production, and sales of disposable personal hygiene products, including sanitary napkins, baby diapers, and adult incontinence products [3]. - The company has shown a significant revenue growth from 1.251 billion yuan in 2020 to 3.254 billion yuan in 2024, while net profit increased from 183 million yuan to 288 million yuan during the same period [3]. - The company's gross margin improved from 42.66% to 53.19% from 2020 to 2024, while net margin declined from 14.56% to 8.84% [3]. Recent Financial Results - In the first half of 2025, Baiya Co., Ltd. reported a revenue of 1.764 billion yuan, a year-on-year increase of 15.12%, and a net profit of 188 million yuan, up 4.64% [5]. - The second quarter of 2025 saw a significant slowdown, with revenue growth of only 0.18% and a net profit decline of 25.50% [4]. Sales Channels and Market Impact - The company's e-commerce channel faced a 9.4% decline in revenue, amounting to approximately 592 million yuan, largely due to negative public sentiment following a scandal involving a competitor [4][6]. - Despite challenges in online sales, Baiya Co., Ltd. experienced a 39.8% increase in offline sales, generating 1.133 billion yuan in the first half of 2025 [6]. Shareholder Actions - Baiya Co., Ltd. announced that its major shareholders plan to reduce their holdings by up to 2%, primarily due to personal financial needs [1][8]. - The shareholders involved hold approximately 8.15% of the company's total shares, and the potential cashing out could exceed 222 million yuan based on the current share price [8][9].

Core Viewpoint - The recent announcement by Baiya Co., Ltd. regarding shareholder reduction of shares highlights the impact of public sentiment on the company's online sales, which have seen a decline, while the stock price remains strong, reaching historical highs [2][3][7]. Group 1: Company Performance - Baiya Co., Ltd. specializes in the research, production, and sales of disposable personal hygiene products, including sanitary napkins and baby diapers, with a strong brand presence [3]. - The company's net profit decreased by 17.83% in 2022 due to factors like the pandemic and rising raw material costs, but revenue still grew by 10.19% [3]. - From 2020 to 2024, Baiya's revenue is projected to grow from 1.251 billion to 3.254 billion yuan, while net profit is expected to rise from 183 million to 288 million yuan [3]. - The gross margin increased from 42.66% to 53.19% from 2020 to 2024, while the net margin decreased from 14.56% to 8.84% during the same period [3]. Group 2: Recent Financial Results - In the first half of 2025, Baiya achieved revenue of 1.764 billion yuan, a year-on-year increase of 15.12%, with net profit reaching 188 million yuan, up 4.64% [5]. - The e-commerce channel revenue was approximately 592 million yuan, down 9.4% year-on-year, significantly impacted by public sentiment [4][5]. - The company expects to return to normal growth rates in the e-commerce channel by the fourth quarter of 2025 [6]. Group 3: Stock Performance and Shareholder Actions - Baiya's stock price has shown strong performance, reaching a high of 34.99 yuan in May 2025, representing an increase of over 400% from its low of 6.95 yuan in October 2022 [7]. - The company announced that its major shareholders plan to reduce their holdings by up to 2%, primarily due to personal financial needs [8]. - As of September 26, 2025, Baiya's stock price was 25.85 yuan, with a market capitalization of 11.11 billion yuan [12].

天眼查App显示，近日，山东她初卫生用品有限公司成立，法定代表人为郝书壮，注册资本300万人民 币，经营范围为一般项目：个人卫生用品销售；卫生用品和一次性使用医疗用品销售；纸制品销售；针 纺织品及原料销售；日用百货销售；化妆品批发；母婴用品销售；日用品销售；第一类医疗器械销售； 病媒生物防制服务；成人情趣用品销售（不含药品、医疗器械）；保健食品（预包装）销售；食品销售 （仅销售预包装食品）；互联网销售（ 除销售需要许可的商品）；日用杂品销售。（ 除依法须经批准 的项目外，凭营业执照依法自主开展经营活动）。 ...

证券日报网讯洁雅股份（301108）9月24日在互动平台回答投资者提问时表示，公司生产的消毒湿巾可 以用于手足表面消毒，减少病菌通过手足接触传染的风险。 ...

Core Viewpoint - The company plans to acquire a 30% stake in Hubei Yongyi Nursing Products Co., Ltd. from Mr. Shi Qiong for 19 million yuan, which will enhance its operational capabilities and profitability [1][2][22]. Summary by Sections 1. Overview of Related Transactions - The company intends to use its own funds of 19 million yuan to purchase a 30% stake in Hubei Yongyi, with the transaction constituting a related party transaction as Mr. Shi Qiong is the actual controller and chairman of the company [2][6]. - The transaction has been approved by the independent directors and the board of directors, and does not require shareholder approval as it does not meet the threshold for such [2][5][24]. 2. Transaction Details - The board meeting on September 23, 2025, saw 6 votes in favor and 1 abstention, with Mr. Shi Qiong recusing himself from the vote [3][24]. - The transaction amount of 19 million yuan represents 1.65% of the company's latest audited net assets [6]. 3. Information on the Transaction Counterparty - Mr. Shi Qiong is not listed as a dishonest executor according to public records [8]. - There are no other existing relationships between the company and Mr. Shi Qiong that could lead to conflicts of interest [7]. 4. Basic Information on the Transaction Target - Hubei Yongyi was established in February 2015 with a registered capital of 50 million yuan, and prior to the transaction, Mr. Chen Yingjun held 70% of the shares while Mr. Shi Qiong held 30% [9]. - The company specializes in the production and sale of hygiene products, including diapers and sanitary pads, and is a supplier for the company's own brand [11][22]. 5. Valuation and Pricing of the Transaction - An independent third-party valuation firm assessed Hubei Yongyi's total equity at 65.3685 million yuan as of March 31, 2025, using the asset-based approach [14]. - The transaction price was negotiated based on this valuation, ensuring fairness and alignment with shareholder interests [14][22]. 6. Impact of the Related Transaction on the Company - The acquisition is expected to enhance the company's brand development strategy and operational efficiency, reducing procurement costs and increasing market competitiveness [22]. - The transaction will not adversely affect the company's financial status or operational results and will not lead to new related transactions or competition [22]. 7. Required Approval Procedures - The transaction does not require further approval from regulatory bodies as it does not constitute a major asset restructuring [5][24].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：003006 证券简称：百亚股份 公告编号：2025-040 重庆百亚卫生用品股份有限公司 关于参加"重庆辖区上市公司2025年投资者网上集体接待日暨半年度业绩说明会活动"的公告 重庆百亚卫生用品股份有限公司 董事会 2025年9月23日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 为加强上市公司与投资者之间的沟通交流，促进上市公司进一步做好投资者关系管理工作，在重庆证监 局指导下，重庆上市公司协会联合深圳市全景网络有限公司举办"重庆辖区上市公司2025年投资者网上 集体接待日暨半年度业绩说明会活动"。活动将于2025年9月25日（星期四）下午15:00-17:00举行，投资 者可以通过"全景路演"平台（http://rs.p5w.net）进入重庆百亚卫生用品股份有限公司（以下简称"公 司"）互动平台参与交流。 届时，公司高级管理人员等将参加本次活动，并通过网络在线交流形式，就投资者所关心的问题，与投 资者进行"一对多"形式的在线沟通与交流。欢迎广大投资者踊跃参与。 特此公告。 ...

Core Insights - The report highlights the emergence of new consumer brands in China, emphasizing the need for innovative marketing strategies to thrive in a rapidly changing competitive landscape [1][2][18] - The PMC (Potential Marketing Communication) theory is introduced as a framework for understanding the growth logic and innovative models of new consumer brands [1][2][18] Group 1: Market Dynamics - The competitive environment has drastically changed, with the rise of new consumer demographics and the advent of new consumerism, leading to the decline of traditional brand marketing methods [1][2][18] - New consumer brands like Gao Fan and Li Du have achieved exponential growth through innovative approaches, such as premium product offerings and immersive consumer experiences [1][2][19][20] Group 2: Brand Growth Characteristics - New consumer brands share common growth characteristics, including a focus on niche markets, preference for high-end positioning, and the use of content marketing over traditional advertising [1][2][19][20] - Successful brands have utilized strategic public relations and new retail channels, such as online short video and live-streaming e-commerce, to reach target audiences effectively [1][2][19][20] Group 3: PMC Marketing Innovation Model - The PMC model encompasses several key elements: market growth positioning, celebrity endorsements from entrepreneurs and KOLs, and the creation of star products that stand out in the market [2][18][46] - The report also analyzes successful case studies of traditional brands that have revitalized their market presence through innovative strategies, such as Yaya's transformation and the collaboration of Da Bai Tu with new brands [2][18][46] Group 4: Case Studies of New Consumer Brands - Gao Fan achieved a sales breakthrough of 1.7 billion yuan in three years, becoming the top brand in high-end down jackets [19] - Li Du transformed its business model, resulting in a 60-fold revenue increase over ten years and becoming the first stock of light bottle liquor in Hong Kong [20][22] - Three Dunsan, with its freeze-dried coffee innovation, reached a valuation of 4.5 billion yuan, outperforming Nestlé in the instant coffee market [28][29] - Lululemon surpassed Adidas in market capitalization, becoming the third-largest sports brand globally, with a revenue growth of over 10 times in a decade [30][32] Group 5: Future Trends - The report emphasizes the importance of emotional and cultural values in brand building, suggesting that brands must create additional benefits to remain competitive in the new commercial era [2][18][46] - The shift from traditional advertising to customer value innovation is identified as a fundamental change in brand-building strategies, with a focus on building brand equity through authentic consumer engagement [46][47]