Summary of Conference Call for Haoyue Care Industry Overview - The childcare subsidy policy, although limited to 3,600 yuan annually, is expected to positively impact birth rates across the country, particularly in populous provinces like Henan, Jiangsu, Zhejiang, Shanghai, and Guangdong, where there is a higher willingness among migrant populations to have newborns [2][3] - The competition in the baby diaper and sanitary napkin markets is intensifying, with new entrants such as internet celebrities and companies like Three Squirrels and Dongfang Zhenxuan increasing their presence, leading to a general rise in terminal sales expenses [2][5] Company Insights - The company has not observed a significant increase in newborn numbers in 2025, contrasting with the order pressure experienced in early 2024 [3] - The introduction of the new product "Jieting" has seen increased promotion on platforms like Douyin, achieving some sales but with a lower ROI conversion rate compared to the previous year due to heightened market competition [6][8] - The company has leveraged its supply chain advantages to ensure wood pulp supply and reduce costs, enabling the rapid launch of new products by the Sibao team [7] Product Development and Market Strategy - New products are focusing on material and process innovations, with higher gross margins and average prices compared to traditional products, leading to a significant increase in order volumes [4][14] - The company has invested heavily in marketing and promotional activities to attract consumers and institutions for product trials, while also updating and integrating production equipment to enhance efficiency [8][9] - The management structure post-acquisition of "Jieting" remains stable, with the original team continuing to oversee operations, ensuring continuity and stability in business operations [10] Financial Performance and Market Trends - The overseas business is expected to maintain good growth, particularly in markets like Thailand, Japan, India, Singapore, Vietnam, Canada, and the United States, with a notable increase in self-owned brand sales [11][12] - The company is focusing on offline sales, which still dominate despite the rise in online sales, and is implementing new strategies for product promotion in physical stores [15] Management and Operational Enhancements - Post-acquisition, the company has shifted its performance evaluation criteria to emphasize sales and market expansion rather than just net profit, aiming to enhance team motivation and overall performance [16]

二、其他说明 公司回购股份的时间、回购股份的数量、回购股份价格及集中竞价交易的委托时间段均符合《回购指 引》的相关规定。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 天津市依依卫生用品股份有限公司（以下简称"公司"）于2025年4月11日召开第三届董事会第十九次会 议，逐项审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回 购公司发行的人民币普通股（A股）用于股权激励或员工持股计划。本次回购资金总额上限为4,000万元 （含），回购资金总额下限为2,000万元（含）。回购股份的价格为不超过人民币26.00元/股，若按照回 购股份价格上限26.00元/股测算，本次回购股份数量区间为769,230股至1,538,461股，占公司目前总股本 比例的区间为0.4160%至0.8321%。具体回购数量以回购期满或回购完成时实际回购的股份数量为准。 回购股份实施期限为自公司董事会审议通过本次回购股份方案之日起12个月内。具体内容详见公司于 2025年4月12日在指定信息披露媒体及巨潮资讯 ...

Core Viewpoint - The sanitary napkin industry is undergoing significant changes due to new regulations and the entry of various new players, raising concerns about product safety and quality [1][5][7]. Industry Overview - The sanitary napkin market has seen an influx of new brands, including those launched by celebrities and influencers, indicating a growing consumer base and market potential [2][3]. - The introduction of the new national standard for sanitary products, effective July 1, 2023, is expected to accelerate industry consolidation and push non-compliant companies out of the market [1][7]. Market Dynamics - The production of disposable sanitary products in China reached 1.20 million tons in 2023, a year-on-year increase of 15.6%, with sales revenue hitting 1.8 trillion yuan, up 18.2% [3]. - The market share of low-priced sanitary napkins has increased, with sales in the under 40 yuan segment rising from 67% to 75% [4]. Regulatory Changes - The new national standard prohibits the use of recycled materials and mandates stricter labeling requirements, which will impact the production and marketing of sanitary napkins [7][9]. - The new regulations are designed to eliminate substandard products and ensure consumer safety, particularly concerning harmful substances like sulfur urea [8][9]. Brand Strategies - Many brands, including established players, are adopting a private label model, while some, like Huang Zitao's brand, are investing heavily in production facilities to ensure quality control [5][6]. - The industry is witnessing a shift towards technology-driven product development, moving away from marketing-driven strategies [1][7]. Consumer Trends - There is a growing consumer demand for high-quality sanitary products, which is driving market prices upward and encouraging brands to innovate [3][4]. - New product concepts, such as probiotic and herbal sanitary napkins, are gaining traction, although their actual benefits may be minimal [3][8]. Quality Control Issues - Reports of product quality issues, such as the presence of black spots in sanitary napkins, highlight the need for improved manufacturing processes and quality control measures [11][12]. - The industry is facing challenges in maintaining product integrity due to inadequate foreign object control technologies [11][13].

Core Viewpoint - The article discusses the recent controversy surrounding the sanitary napkin brand "Cotton Password" created by influencer Xinba, which has been accused of containing harmful substances, leading to a broader trust crisis in the sanitary products market [3][6]. Industry Overview - The sanitary products market in China is projected to reach a scale of 703.4 billion yuan in 2023, with e-commerce sales of sanitary napkins expected to exceed 18 billion yuan in 2024. The market is anticipated to maintain a compound annual growth rate of 5%-8%, potentially exceeding 105 billion yuan by 2025 [19]. - The sanitary napkin industry is characterized by high profit margins, with brands like Baiya and Hengan International reporting gross margins of 55.8% and 63.7%, respectively [24][21]. Recent Events - Xinba's brand "Cotton Password" faced scrutiny after a report revealed that 7 out of 10 samples tested contained high levels of thiourea, a compound classified as a potential carcinogen by the International Agency for Research on Cancer [7][8]. - Following the controversy, the Shantou market supervision authority stated that products sold before July 2023 complied with old national standards, but could not be produced under new regulations that ban thiourea [10][9]. Consumer Sentiment - There is significant consumer backlash regarding the safety of sanitary products, with reports of health issues linked to the use of "Cotton Password" sanitary napkins, including thyroid cancer and other skin-related conditions [13][18]. - A survey indicated that over 30 individuals reported thyroid cancer after using "Cotton Password," with many families sharing the product among underage daughters [13][15]. Market Dynamics - The rise of influencer-driven brands in the sanitary napkin market has led to increased competition, with many traditional brands losing market share to new entrants [25]. - The article highlights that despite high profit margins, many brands focus more on marketing gimmicks rather than product safety and research, which has led to several scandals in the industry [22][26].

Core Viewpoint - The controversy surrounding the sanitary napkin brand "Mian Mima" created by influencer Xinba has led to a significant trust crisis in the sanitary napkin industry, particularly after allegations of carcinogenic substances were raised [2][4]. Industry Overview - The sanitary napkin market in China is projected to reach a scale of 703.4 billion yuan in 2023, with e-commerce sales expected to exceed 18 billion yuan in 2024. The market is anticipated to maintain a compound annual growth rate of 5%-8%, potentially exceeding 105 billion yuan by 2025 [21]. - The sanitary napkin category is characterized by high profit margins, largely due to low production barriers and product homogeneity, leading brands to focus more on marketing rather than research and development [23][24]. Company Insights - "Mian Mima" has reported cumulative sales of 3.33 billion yuan over eight years, with annual sales nearing 600 million yuan. The brand achieved a peak sales figure of nearly 900 million yuan in 2022 and ranked among the top seven in the industry during the 2023 618 shopping festival [27]. - The brand's marketing strategy included claims of having one million users and selling between 500 million to 1 billion packages annually, showcasing the significant market presence it has established [27]. Product Safety Concerns - Investigations revealed that 7 out of 10 samples of "Mian Mima" sanitary napkins contained high levels of thiourea, a compound classified as a possible carcinogen, raising serious health concerns among consumers [4][5][6]. - The recent controversy has led to a broader discussion about the safety standards of sanitary products, especially in light of new national standards set to take effect in July 2025, which will prohibit the use of thiourea [10][11]. Market Dynamics - The rise of influencer-driven brands in the sanitary napkin market has disrupted traditional brand dynamics, with online channels becoming increasingly important for brand competition [28]. - Established brands are adjusting their strategies in response to the growing influence of online sales and the emergence of new competitors, indicating a shift in market share dynamics [31].

Core Viewpoint - The article discusses the contrasting reputations of various brands in the sanitary napkin market, highlighting the trust crisis in the industry, particularly focusing on the controversies surrounding Xinba's brand "Mian Mima" and the successful market entries of other brands like Dongfang Zhenxuan and Duowei [2][4][23]. Group 1: Industry Overview - The sanitary napkin market in China is facing a trust crisis, exemplified by Xinba's "Mian Mima" brand being found to contain high levels of carcinogenic substances [3][10]. - The average price of sanitary napkins in 2023 is reported to be 0.9 yuan per piece, with a compound annual growth rate of 4.79% [16]. - The sanitary napkin industry has an average gross margin of 45%, but due to high marketing and channel costs, the net profit margin is only between 7% and 11% [24]. Group 2: Brand Performance - Xinba's "Mian Mima" brand reportedly achieved sales of 3.33 billion yuan over eight years and claims to have one million users [4]. - In contrast, Dongfang Zhenxuan's sanitary napkin launched in June sold 180,000 units within two days, generating an estimated sales revenue of 18 million yuan [7]. - Huang Zitao's Duowei brand sold 1.2 billion pieces within a month, with sales revenue around 80 million yuan [7]. Group 3: Product Quality and Safety - "Mian Mima" sanitary napkins were found to contain sulfur urea, a substance linked to thyroid issues, with one batch showing a sulfur urea content of 16,653.4679 μg/g [10][11]. - Despite the controversy, Xinba claims that their products are compliant with safety standards, presenting a testing report that shows no sulfur urea detected [13][15]. - Industry experts suggest that the presence of sulfur urea may be related to cost-cutting measures, as it is cheaper than other antioxidants [16]. Group 4: Market Dynamics and Strategy - The entry of entrepreneurs like Yu Minhong and Huang Zitao into the sanitary napkin market reflects a shift towards product-oriented strategies, moving away from the low-price competition exemplified by Xinba [9][40]. - Dongfang Zhenxuan emphasizes product quality, conducting extensive testing and optimizing product features to address safety concerns [38]. - Huang Zitao has invested 275 million yuan in acquiring factories and improving production lines, aiming for transparency in the manufacturing process [39].

Core Viewpoint - The sanitary napkin industry is facing a trust crisis, highlighted by the controversy surrounding Xinba's brand "Mian Mima," which has been found to contain high levels of carcinogenic substances, while other brands like those promoted by Yu Minhong and Huang Zitao are gaining popularity for their quality and marketing strategies [1][2][4]. Group 1: Industry Overview - The sanitary napkin market in China is significant, impacting the health of approximately 700 million women, and there is a strong demand for reform and quality assurance in the industry [25]. - The average gross margin in the sanitary napkin industry is reported to be around 45%, but due to high marketing and channel costs, the net profit margin is only between 7% and 11% [27]. - Recent sales data indicates that new entrants like Dongfang Zhenxuan and Huang Zitao's brands have achieved impressive sales figures, with Dongfang Zhenxuan's sanitary napkin sales reaching approximately 18 million units in just two days [5][26]. Group 2: Company-Specific Insights - Xinba's "Mian Mima" brand has generated sales of 3.33 billion yuan over eight years and claims to have 10 million users, but it is now under scrutiny due to health concerns [3][9]. - In contrast, Dongfang Zhenxuan has successfully leveraged its existing customer base and marketing strategies to enhance brand trust and sales, with a reported stock price increase of 53% since July [31]. - Huang Zitao has invested 275 million yuan into acquiring factories and innovating production lines for his brand, emphasizing transparency and quality in response to market demands [42]. Group 3: Product Quality and Safety Concerns - Reports indicate that multiple batches of "Mian Mima" sanitary napkins have been found to contain excessive levels of thiourea, a substance classified as a potential carcinogen [10][11]. - Despite the controversy, Xinba's representatives claim that their products are compliant with safety standards, presenting testing reports that show no thiourea presence in recent samples [13][14]. - Industry experts suggest that the presence of thiourea may be linked to cost-cutting measures, as it is cheaper than other antioxidants [19]. Group 4: Marketing and Consumer Trust - The recent sanitary napkin crisis reflects a broader consumer demand for product quality over low pricing, as seen in the contrasting strategies of Xinba and other emerging brands [4][44]. - Influencers like Yu Minhong and Huang Zitao are capitalizing on their reputations to build trust and drive sales, focusing on product quality rather than solely on price [7][43]. - The success of these brands in the sanitary napkin market illustrates a shift towards a product-centric approach, which is essential for long-term sustainability in the industry [51].

Group 1 - Hengfa Hygiene Products Co., Ltd. has launched the "Beijing University of Science and Technology - Anke New Smart Brand Innovation Research Center" to leverage academic resources for innovation [1] - The company has achieved a 30% annual sales growth rate through digital marketing and a three-tier transformation involving "machine replacement - digital empowerment - smart innovation" [1] - In 2023, the company plans to develop biodegradable sanitary materials in collaboration with Shandong universities and will introduce an AI quality inspection system in 2024, aiming for a product quality rate of 99.6% [1] Group 2 - The government has organized over 20 industry-university-research cooperation activities, facilitating direct exchanges between enterprises and top institutions [2] - More than 30 formal cooperation projects have been established, with 8 joint research projects receiving municipal and higher-level technology plan support, totaling 3 million yuan in funding [2] - The establishment of key laboratories, such as the "Key Laboratory of High-Performance Copper-Based New Materials" and the "Key Laboratory of Major Livestock and Poultry Breeding," has positioned them within the provincial "1313" laboratory system, enhancing competitive advantage in technology [2] Group 3 - The local government aims to strengthen the connection between enterprises and academic institutions, promoting dual innovation in technology and industry to drive high-quality industrial development [3]

Core Viewpoint - The sanitary napkin brand "Mian Mima" created by influencer Xinba is facing quality issues, with reports indicating high levels of thiourea in multiple batches of products, raising health concerns for consumers [1]. Group 1: Product Quality Issues - Multiple batches of "Mian Mima" sanitary napkins, including various types, were found to contain high concentrations of thiourea, with one product showing a thiourea content of 16653.4679 μg/g [1]. - Thiourea is classified as a Group 3 carcinogen by the International Agency for Research on Cancer (IARC) and is associated with potential health risks such as thyroid dysfunction and reproductive system damage [1]. Group 2: Company Response and Compliance - In response to the allegations, Xinba's company stated that they requested inspections from local authorities, and the results indicated that the tested products met national standards, with no thiourea detected [4]. - The brand "Mian Mima" was established in 2017 under Xinba's group, focusing on women's hygiene products, and has sold over 549,000 units with sales exceeding 100 million yuan as of last August [4].

Core Viewpoint - The article highlights the serious health concerns regarding the sanitary napkin brand "Mian Mima," which has been found to contain high levels of the toxic substance thiourea, raising alarms among consumers and health experts [1][4][6]. Group 1: Product Testing Results - Multiple batches of "Mian Mima" sanitary napkins, including the "Tea Oxygen Night" and "Sakura Soothing" variants, have been tested and found to contain dangerously high levels of thiourea, with one sample showing a concentration of 16,653.4679 μg/g [1][4]. - A report from Shanghai Fuda Testing Technology Group indicated that out of 14 samples tested, only one batch did not show thiourea, while the "Sakura Soothing" medical-grade sanitary napkin had a thiourea content of 1,669.1608 μg/g [4][9]. Group 2: Consumer Health Concerns - Reports have emerged from consumers claiming health issues, including over 30 individuals self-reporting thyroid cancer, linking their conditions to the prolonged use of "Mian Mima" sanitary napkins [5][6]. - The article discusses the potential health risks associated with thiourea, which is classified as a possible carcinogen and has been linked to various health issues, including thyroid dysfunction and liver toxicity [16]. Group 3: Company Response and Standards - The company behind "Mian Mima," Xin Xuan Group, claims that their products comply with existing national standards, which do not currently include thiourea testing, and asserts that there is no cancer risk associated with their products [9][11]. - Despite the company's claims of compliance, the article points out a regulatory gray area where products may meet existing standards but still contain harmful substances not included in the testing criteria [14]. Group 4: Industry Insights - Thiourea is suggested to be used as a cheaper alternative to more expensive antioxidants like tea polyphenols in the sanitary napkin manufacturing process, raising concerns about the integrity of product formulations [16]. - The article emphasizes the need for more comprehensive testing and regulation in the sanitary products industry to ensure consumer safety and prevent the use of harmful substances [14][16].