Core Viewpoint - The report by Huayuan Securities on Baiya Co., Ltd. highlights the company's strong position in the domestic disposable hygiene products market, particularly in sanitary napkins, and assigns a "Buy" rating for the stock [1][4]. Company Overview - Baiya Co., Ltd. was established in 2010 and specializes in the research, production, and sales of disposable personal hygiene products, including sanitary napkins, baby diapers, and adult incontinence products. The company owns well-known brands such as "Free Point," "Good," and "Danning." It primarily sells through distributors, key accounts, and e-commerce channels, focusing on a multi-brand strategy to cater to consumers of all ages [2][3]. Competitive Advantages - **Channel Strategy**: The company is expanding its market presence through a focused marketing strategy in key regions, particularly in the Sichuan-Chongqing area, while also enhancing its e-commerce and emerging channel capabilities. It has a strong market share in key provinces, ranking first in Chongqing, Sichuan, and Yunnan, and second in Guizhou and Shaanxi [3]. - **Brand Development**: Baiya is concentrating on health-oriented product lines, continuously upgrading its offerings to enhance brand strength. The introduction of the Pro series of probiotics is aimed at younger consumers and professionals, which has received positive market feedback [3]. - **Research and Development**: The company is increasing its R&D investments to maintain its industry-leading position. It focuses on high-end products and has expanded its product matrix to include various innovative offerings, which has contributed to the growth of its sanitary napkin sales [3]. Financial Projections - Baiya's revenue is projected to reach 4.48 billion, 5.50 billion, and 6.57 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 37.5%, 23.0%, and 19.3%. The net profit is expected to be 380 million, 500 million, and 610 million yuan for the same years, with growth rates of 33.8%, 28.9%, and 23.0% [4]. - The current price-to-earnings (PE) ratios are projected to be 33, 25, and 21 for the years 2025, 2026, and 2027, respectively. Comparatively, similar companies in the personal care sector have a PE ratio of 63 for 2025 [4]. Market Position - Baiya Co., Ltd. is recognized as a leading domestic brand in the sanitary napkin market, with a significant market share and a strong competitive edge in key provinces. The company's focus on e-commerce and health-oriented products is expected to drive future growth [2][4].

2025年5月，中国卫生巾市场被一位"新兵"投下了一颗深水炸弹——朵薇卫生巾。在产能尚处于 紧张爬坡的初始阶段，其线上销量仅用14天便强势冲入行业TOP3，将盘踞市场多年的国际巨头 苏菲、护舒宝甩在身后。 "如果产能能够跟上，登顶TOP1毫无悬念。"一位行业观察者的断言，点破了这个近乎奇迹的 崛 起 速 度 背 后 的 深 层 驱 动 力 ： 极 致 的 透 明 化 与 绝 对 的 生 产 自 主 权 。 当 市 场 仍 在 热 议 " 朵 薇 现 象"时，一个更值得关注的问题已然浮现：朵薇之后，卫生巾市场正经历着怎样深刻的变化？ 答案指向的是一场由信任重构驱动的静默革命。 一、朵薇的"硬核"基因： 透明工厂与自建产能的双螺旋 朵薇的颠覆性崛起，根植于其从诞生伊始就确立的两大核心战略：构建透明工厂与坚持1 0 0% 自建产能。这两者相互支撑，形成了其独特的竞争壁垒。 透明工厂： 信任的可视化基石。 朵薇将"透明"从口号变为可触摸的现实。原料供应商信息、 核心材料批次溯源、生产车间（尤其是关键无菌环境）的实时监控画面、完整的生产流程记 录——这些传统制造领域视为核心机密的信息，在朵薇的体系中，用户通过手机即可随 ...

Core Viewpoint - Shubao International (02569) has gained significant attention in the Hong Kong capital market, with its stock price rising 110% from the IPO price of HKD 0.51 to HKD 1.07, resulting in a market capitalization of approximately HKD 1.07 billion [2] Group 1: Stock Performance - The stock experienced a "four rises and four falls" pattern since its listing, indicating volatility in its trading performance [3] - In the first phase from March 27 to April 24, the stock achieved a 48.98% increase over 18 trading days, with a peak rise of over 56% on the first trading day [4][5] - The second phase from April 28 to May 15 saw a 25.71% increase over 12 trading days, with signs of increased control by mainstream funds as the average daily trading volume decreased [7] - The third phase from May 16 to May 28 showed no net change in stock price despite fluctuations, indicating a strategy to attract new investments while maintaining control [9] - The fourth phase from May 29 to June 9 resulted in a 28.41% increase, with a further decrease in trading volume and turnover rate, suggesting deeper control by mainstream funds [11] Group 2: Company Overview - Shubao International, established in 2010 and headquartered in Fujian, specializes in the research, production, and sales of disposable hygiene products, focusing on baby care, women's care, and adult incontinence [14] - The company is the second-largest exporter of disposable baby care products to Russia, holding a market share of approximately 3.7% in 2023 [14] - In 2024, Shubao International reported revenue of approximately CNY 753 million, a year-on-year increase of 15.01%, although growth has slowed compared to previous years [14] - The baby care segment remains the primary revenue driver, contributing CNY 468 million in 2023, with over CNY 300 million from the Russian market [14] Group 3: Market Potential - The women's care segment is showing growth potential, with the company targeting lower-tier markets through platforms like Pinduoduo and Douyin, achieving a 37% repurchase rate for its menstrual pants [15] - The global women's hygiene products market is projected to reach approximately USD 89.29 billion by 2033, with a compound annual growth rate of about 7.8% from 2024 to 2033 [15] - The adult incontinence market presents significant opportunities, with over 42 million individuals aged 60 and above in China affected, yet the market penetration remains below 5% [16] - Shubao International's strategic focus on emerging consumer segments aligns with current market preferences for high-growth stocks in the Hong Kong market [16]

图片来源：视觉中国 蓝鲸新闻6月9日讯（记者 徐晓春）2024年2月，可靠股份实控人金利伟、鲍佳夫妇离婚，鲍佳分得可靠股份约29.13%的股份，当时对应市值约 13亿元。与此同时，金利伟重新掌握经营管理权，接替鲍佳任职可靠股份总经理，离职后鲍佳仅为上市公司董事。 由此，二人之间的纷争以董事会为"战场"悄然拉开帷幕。离婚一年多的时间，鲍佳至少对10项董事会议案投出过弃权或者反对票，对金利伟等 管理层的质疑包括投资不谨慎、违规关联交易等诸多事项。今年4月，鲍佳对可靠股份与杭港公司超2000万元未经董事会审议关联交易再度提 出质疑。6月3日，鲍佳提请董事会，要求召开临时股东会审议关联交易相关议案，遭到否决后，6月8日晚，鲍佳再向监事会提出申请，离婚案 后的纷争仍没有走到终局。 鲍佳再次要求提请股东会审议关联交易 6月6日，可靠股份董事会会议否决了董事长金利伟前妻鲍佳提请召开临时股东会的议案，表决结果显示，7位董事中仅鲍佳投出1票同意票，独 立董事景乃权投出弃权票，其余5位董事均投出反对票。 6月8日晚，可靠股份公告称，鲍佳转而提请监事会召开临时股东大会，审议关于可靠股份2025年日常关联交易的预案，其中包括与侨治公 ...

黄子韬参与创办的朵薇卫生巾开售近20天以来，一直处于供不应求的状态。 据第三方平台蝉魔方数据，于5月18日开售的朵薇卫生巾，在整个抖音平台5月卫生巾销量榜单中登上第3名，累计销售额达5458万元，超 越了老品牌苏菲和护舒宝。 朵薇品牌工厂负责人韦乐平告诉九派财经记者，"朵薇卫生巾上线近20天以来，生产设备均在满负荷运转。为了满足市场越来越高的需求 量，我们刚刚增加了一条新产线，在6月6日上午初步完成了入厂，预计产能将提升30%。" 对于朵薇这一"新品牌"的热销，消费分析师杨怀玉告诉九派财经记者：作为知名艺人，黄子韬拥有庞大的粉丝基础，能保障新品牌的迅 速推广；同时明星创业本身也能吸引媒体和公众的关注，进一步扩大品牌影响力。而且与MCN机构遥望科技合作，利用其丰富的电商运 营经验以及销售渠道资源，能够有效提升品牌的市场竞争力。 作为"直播电商第一股"的遥望科技，一直在探索增长点。此前签下贾乃亮、张柏芝等50余位明星后，遥望公司营收从2022年的39亿元， 增长至2024年的48亿元，但在佣金模式下，2024年遥望社交电商业务毛利率仅为2.08%，加上在元宇宙、短剧、AI领域等领域投入大量 成本，遥望净亏损扩大至 ...

上 市 公 司 美容护理 相关研究 证券分析师 2025 年 06 月 04 日 豪悦护理 (605009) ——婴裤主业修复+洁婷品牌发力，打开成长空间 报告原因：有新的信息需要补充 买入（维持） | 市场数据： | 2025 年 06 月 03 日 | | --- | --- | | 收盘价（元） | 65.25 | | 一年内最高/最低（元） | 71.96/31.39 | | 市净率 | 3.0 | | 股息率%（分红/股价） | 2.61 | | 流通 A 股市值（百万元） | 10,049 | | 上证指数/深证成指 | 3,361.98/10,057.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 21.99 | | 资产负债率% | 34.41 | | 总股本/流通 A 股（百万） | 154/154 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-03 07-03 08-03 09-03 10-03 11-03 12-03 01 ...

豪悦护理 20250530 摘要 豪悦护理于 2025 年 1 月正式并表思宝护理，后者旗下拥有洁婷、美月 健、全因爱等品牌，此举旨在拓展公司自主品牌产品矩阵，形成代工与 自主品牌双轮驱动的增长模式。 豪悦护理在婴儿卫生用品、纸尿裤等代工业务方面具有显著优势，通过 与多个品牌合作稳定生产份额，并受益于国产品牌专注于品牌运营和外 资品牌对复合芯体产品需求的增加。 豪悦护理是国内最早一批生产和研发复合芯体纸尿裤及女性裤型卫生巾 的企业，研发投入高于同行，技术优势显著。 豪悦护理通过技术赋能自主品牌洁婷，已推出双优磁悬浮立体护围及吸 引力等定价较高的新品，并在资金支持下加快新品推广速度。 预计 2025 年全年，并表思宝护理将显著提升豪悦护理的表观增速，市 场一致预期估值约为 20 倍 PE，对应利润增速约 25%，具备估值消化能 力。 2026 年后，随着团队磨合加深，总部将在产品技术及生产效率上进一 步赋能洁婷，使其成长性逐步显现，盈利能力有望提升。 洁婷目前盈利基数较低，但成本改善空间充足，新推高端产品也将提升 盈利弹性，即使短期内新消费估值回落，仍维持对豪悦的推荐评级。 Q&A 豪悦护理在过去一年中有哪些重 ...

Core Viewpoint - Baiya Co., Ltd. has experienced a continuous decline in stock price over the past seven trading days, with a cumulative drop of -6.97% [1] Company Overview - Chongqing Baiya Hygiene Products Co., Ltd. specializes in the research, production, and sales of disposable hygiene products and is recognized as a comprehensive enterprise in the domestic disposable hygiene products industry [1] Financial Performance - Baiya Co., Ltd. has seen a year-to-date return of 3.12%, ranking 616 out of 2306 in its category [1][2] - The fund managed by Caitong Asset Management, Caitong Asset Management Value Growth Mixed A, reduced its holdings in Baiya Co., Ltd. during the first quarter of this year [1] Fund Manager Profile - Jiang Yongming, the fund manager of Caitong Asset Management Value Growth Mixed A, has a background in business management from Tsinghua University and has held various positions in asset management since 2009 [3][4] - Jiang has been managing the fund since April 18, 2019, and has accumulated a total management time of 6 years and 43 days [4]

| | A: 目前处在建设期，预计明年可以投产。 | | | --- | --- | --- | | | Q3：金佰利欧洲订单业务情况怎样？ | | | | A: 年 月已开始生产，目前正按计划推进订单交付工 2025 4 | | | | 作。公司持续优化全球供应链管理，以保障客户需求。 | | | | Q4：公司今年固定资产还会计提减值吗？ | | | | A：公司严格按照《企业会计准则》及相关法律法规的规定， | | | | 基于谨慎性原则合理计提资产减值准备。如涉及达到信息披露标 | | | | 准的减值事项，公司将严格按照《上市公司信息披露管理办法》 | | | | 等规定及时履行信息披露义务。 | | | | Q5:公司有考虑做自主品牌吗？ | | | | A: 公司已经通过产业基金投资孵化，主要是靠引流来做营 | | | | 销，营收转化率不高，效果不太理想。 | | | | Q6:能展望下未来的面膜业务吗？ | | | | A: 公司面膜业务目前主要服务于欧莱雅、伽蓝集团等知名 | | | 投资者关系活动 | 客户，并已逐步拓展国内其他品牌客户，现阶段新增客户订单规 | | | 主要内容介绍 | ...

（原标题：一加手机Ace 大使 陈都灵，绿联官宣易烊千玺成为品牌全球代言人｜一周代言人盘点） 一加手机Ace 大使 陈都灵 5月23日，一加手机官宣陈都灵为一加 Ace 大使。5 月 27 日，陈都灵也将作为品牌大使，参与一加 Ace 5 至尊系列新品发布会活动，宣传一加Ace5至尊系列手机。该款产品主打性能芯、触控芯、网络芯"电 竞三芯"，重点对标手游人群。 乐高品牌首席造乐官 绿联官宣易烊千玺成为品牌全球代言人 5月22日，电子配件品牌绿联官宣易烊千玺成为品牌全球代言人，推广品牌"品质数码"形象，并在官宣 微博中写道："他，用最纯粹的态度，探索创作的本质，把握每瞬美好。绿联品牌秉持匠心，深耕专业 3C数码领域，带来高效智能的美好生活。" 凸凸棉 张婧仪 5月25日，凸凸棉正式官宣张婧仪成为品牌代言人，此次合作以"无感蜕变 婧享热爱"为主题，主推产品 为凸凸棉无感Pro系列卫生巾。 查尔斯桃心 王楚然 5月20日，潮流服饰品牌查尔斯桃心官宣王楚然为全球品牌代言人，加深以年轻、休闲为主导的品牌形 象，并在官宣微博中写道："不设限的联结，开启风格新纪元，让舒适成为风格的底色，甜酷、松弛、 年轻、不设限"。 力士 ...