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润本股份: 审计委员会工作细则
Zheng Quan Zhi Xing· 2025-08-18 10:19
《润本生物技术股份有限公司章程》(以下简称《公司章程》)、《上海证券交 易所上市公司自律监管指引第1号——规范运作》及其他有关规定,公司董事会 设立审计委员会(以下简称"审计委员会"),并制定本细则。 第二条 审计委员会是董事会按照股东会决议设立的专门工作机构,行使 《公司法》规定的监事会职权,依据《公司章程》的规定对公司内部控制、财务 信息及其披露和内外部审计等进行监督、检查和评价等。。 第二章 人员组成 第三条 审计委员会由三名董事组成,审计委员会成员应当为不在公司担任 高级管理人员的董事,其中独立董事2名,并由独立董事中会计专业人士担任召 集人。 第四条 审计委员会成员由公司董事长、过半数独立董事或者全体董事的三 分之一以上(包括三分之一)提名,并由董事会选举产生。 审计委员会成员应当具备胜任工作职责的专业知识、工作经验和良好的职业 操守,保证足够的时间和精力履行委员会的工作职责,勤勉尽责,切实有效地监 督、评估公司内外部审计工作,促进公司建立有效的内部控制并提供真实、准确、 完整的财务报告。 润本生物技术股份有限公司 第一章 总则 第一条 为强化润本生物技术股份有限公司(以下简称"公司")董事会决策 ...
润本股份: 关联交易管理制度
Zheng Quan Zhi Xing· 2025-08-18 10:19
第一条 为了规范润本生物技术股份有限公司(以下简称"公司")与关联 方之间的关联交易行为,确保公司的关联交易行为不损害公司和非关联股东的合 法权益,保护广大投资者特别是中小投资者的利益,根据《中华人民共和国公司 法》(以下简称"《公司法》")《中华人民共和国证券法》(以下简称"《证 券法》")《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交 易》等法律、法规、规范性文件及《润本生物技术股份有限公司章程》(以下简 称"《公司章程》")等有关规定,制定本制度。 (四)公司董事会或股东会审议关联交易事项时,关联董事和关联股东回避 表决; 润本生物技术股份有限公司 第一章 总则 第二条 公司在确认关联关系和处理关联交易时,应遵循以下原则: (一)尽量避免或减少与关联人之间的关联交易; (二)确定关联交易价格时,应遵循"公平、公正、公开、等价有偿"的原则, 原则上不偏离市场独立第三方的标准,对于难以比较市场价格或订价受到限制的 关联交易的,应以成本加合理利润的标准来确定关联交易的价格; (三)公司与关联人之间的交易应当签订书面协议,明确交易双方的权利义 务及法律责任; (五)必要时可聘请独立财务顾问或专业 ...
润本股份: 会计师事务所选聘制度
Zheng Quan Zhi Xing· 2025-08-18 10:19
润本生物技术股份有限公司 第一章 总 则 第一条 为规范润本生物技术股份有限公司(以下简称"公司")选聘(含续 聘、改聘,下同)执行年报审计业务的会计师事务所的有关行为,提高财务信息 质量,切实维护股东利益,根据《中华人民共和国公司法》、《中华人民共和国证 券法》、《国有企业、上市公司选聘会计师事务所管理办法》等法律法规及《公司章程》 的有关规定,特制定本制度。 第二条 公司选聘执行会计报表审计业务的会计师事务所相关行为,应当遵 照本制度,履行选聘程序,披露相关信息。选聘其他专项审计业务的会计师事务 所,视重要性程度可参照本制度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会(以下简称"审计 委员会")审议同意后,提交董事会审议,并由股东会决定。公司不得在董事 会、股东会审议批准前聘请会计师事务所开展审计业务。 第四条 持有公司 5%以上股份的股东、实际控制人不得在公司董事会、股东 会审议前,向公司指定会计师事务所,也不得干预审计委员会独立履行审核职责。 第二章 会计师事务所执业质量要求 第五条 公司选聘的会计师事务所应当具备以下资格: (一) 具有独立的法人资格; (二) 具有固定的工作场所、健全 ...
润本股份:2025年半年度净利润约1.88亿元,同比增加4.16%
Mei Ri Jing Ji Xin Wen· 2025-08-18 09:54
润本股份8月18日晚间发布半年度业绩报告称,2025年上半年营业收入约8.95亿元,同比增加20.31%; 归属于上市公司股东的净利润约1.88亿元,同比增加4.16%;基本每股收益0.46元,同比增加4.55%。 (文章来源:每日经济新闻) ...
润本股份上半年营收同比增长20.31%
Ge Long Hui A P P· 2025-08-18 09:39
格隆汇8月18日|润本股份:公司上半年实现营业收入8.95亿元,同比增长20.31%;归属于上市公司股 东的净利润1.88亿元,上年同期1.8亿元,同比增长4.16%;基本每股收益0.46元。 ...
研报掘金丨华西证券:维持百亚股份“买入”评级,Q2外围市场高速开拓,看好后续拐点上扬
Ge Long Hui A P P· 2025-08-18 08:07
Core Viewpoint - Baiya Co., Ltd. is expected to see a net profit attributable to shareholders of 188 million yuan in the first half of 2025, representing a year-on-year growth of 4.64%, although the net profit for Q2 2025 is projected to decline by 25.50% year-on-year to 57 million yuan [1] Financial Performance - The net cash flow from operating activities for the first half of 2025 is estimated at 68 million yuan [1] - The company is focusing on optimizing its product structure, particularly in the sanitary napkin segment [1] Market Strategy - The increase in sales expense ratio is attributed to the company's ongoing efforts in brand building and channel expansion, which includes enhanced market promotion and brand advertising to boost brand influence [1] - Baiya Co., Ltd. has a significant online competitive advantage with its "Free Point" brand, which is experiencing rapid growth in the core sanitary napkin category [1] Future Outlook - Given the company's position as a leader in personal care and the current effectiveness of channel reforms, there is potential for faster earnings growth, leading to a maintained "Buy" rating [1]
百亚股份(003006):线下渠道稳增,电商有望重回较快增长
HTSC· 2025-08-18 07:57
Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company reported a revenue of 1.764 billion RMB for the first half of 2025, representing a year-on-year increase of 15.1%. The net profit attributable to the parent company was 188 million RMB, up 4.6% year-on-year. The second quarter revenue was 768 million RMB, with a slight increase of 0.2% year-on-year, while net profit decreased by 25.5% due to short-term public sentiment affecting online channel revenue and operating profit [1][2]. - The company is focusing on optimizing its online channel operations, which are expected to return to a growth trajectory starting in the third quarter. Offline performance remains robust, with a steady national expansion and improving profitability [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue from sanitary napkins was 1.687 billion RMB, a year-on-year increase of 20.5%. The product structure is continuously optimized, with health series products expected to account for over 50% of revenue, up more than 8 percentage points year-on-year. Revenue from diapers and ODM decreased by 34.0% and 43.1% respectively [2]. - Offline revenue increased by 39.8% in the first half of 2025, with significant growth in regions such as Sichuan, Chongqing, and surrounding provinces [2]. Profitability and Cost Management - The company's gross margin for the first half of 2025 was 53.2%, a decrease of 1.2 percentage points year-on-year, primarily due to logistics and packaging costs being included in the e-commerce channel. The operating expense ratio was 40.7%, up 0.5 percentage points year-on-year, with sales expenses increasing due to heightened marketing efforts in response to public sentiment [3]. - The net profit margin for the first half of 2025 was 10.7%, down 1.0 percentage points year-on-year. However, with a lower base for net profit margin in the second half of the year, a faster growth in net profit is anticipated [3]. Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 372 million RMB, 487 million RMB, and 657 million RMB, with year-on-year growth rates of 29%, 31%, and 35% respectively. The corresponding EPS estimates are 0.87 RMB, 1.13 RMB, and 1.53 RMB [4]. - The target price is set at 34.80 RMB, based on a 40 times PE ratio for 2025, reflecting the company's strong competitive advantage in offline channels and the expected recovery of online sales [4].
百亚股份半年报:舆情拖累线上收入下滑9.4% 销售费用增长净利仅增4.6%
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-18 03:58
Core Insights - Baiya Co., Ltd. (003006.SZ) reported a revenue of 1.764 billion yuan for the first half of 2025, representing a year-on-year growth of 15.1% [1] - The net profit attributable to shareholders reached 188 million yuan, with a year-on-year increase of 4.6% [1] Product Line Performance - The core product line, Free Point products, showed strong performance with a revenue of 1.687 billion yuan, marking a year-on-year growth of 20.5% [1] - Health products, represented by probiotics and organic cotton series, experienced faster growth and continued to increase their revenue share [1] - Revenue from panty-type sanitary napkin products also saw rapid growth [1] Channel Performance - E-commerce channel revenue was 592 million yuan, reflecting a year-on-year decline of 9.4%, primarily due to short-term public sentiment impacts [1] - Offline channel performance remained robust, achieving a revenue of 1.133 billion yuan, which is a year-on-year increase of 39.8% [1] Expense Analysis - Sales expenses amounted to 642 million yuan, up 18.8% year-on-year, with the growth rate of expenses exceeding overall revenue growth [1] - The increase in expenses was attributed to additional budget allocations for brand and online platform investments due to public sentiment impacts [1]
百亚股份(003006):2025Q2外围市场高速开拓,看好后续拐点上扬
HUAXI Securities· 2025-08-17 14:49
Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a strong revenue growth of 15.12% year-on-year in the first half of 2025, with total revenue reaching 1.764 billion yuan [2] - The net profit attributable to the parent company for the same period was 188 million yuan, reflecting a growth of 4.64% year-on-year [2] - The company is focusing on expanding its product line, particularly in the sanitary napkin segment, which has seen significant growth [3] Financial Performance - In Q2 2025, the company achieved a revenue of 768 million yuan, a slight increase of 0.18% year-on-year, but the net profit decreased by 25.50% to 57 million yuan [2] - The company's cash flow from operating activities for the first half of 2025 was 68 million yuan [2] - The gross margin and net margin for Q2 2025 were 53.24% and 10.66%, respectively, showing a slight decrease in gross margin but an increase in net margin compared to the previous year [4] Product and Market Analysis - The company's flagship product line, the "Free Point" sanitary napkin series, generated 1.687 billion yuan in revenue, marking a year-on-year increase of 20.5% [3] - The revenue from offline channels reached 1.133 billion yuan, up 39.8% year-on-year, with significant growth in regions outside the core areas, showing a 124.2% increase [3] - Online channel revenue was 592 million yuan, experiencing a decline due to short-term market sentiment impacts, but the company is actively addressing these challenges [3] Profitability and Cost Control - The company maintained a relatively stable profitability level, with a cost control strategy reflected in the expense ratio of 40.65% for Q2 2025, a decrease of 0.76 percentage points year-on-year [4] - The increase in sales expense ratio is attributed to enhanced brand building and market promotion efforts [4] Investment Forecast - The company is expected to achieve revenues of 4.359 billion yuan, 5.614 billion yuan, and 7.101 billion yuan for the years 2025, 2026, and 2027, respectively [5] - The projected net profits for the same years are 374 million yuan, 484 million yuan, and 612 million yuan, with corresponding EPS of 0.87 yuan, 1.13 yuan, and 1.42 yuan [5] - The price-to-earnings ratio (PE) is expected to decrease from 34 times in 2025 to 21 times in 2027, indicating a favorable valuation trend [5]
百亚股份(003006):2025H1点评:线下外围拓展超预期,持续看好成长逻辑
Changjiang Securities· 2025-08-17 13:45
Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved revenue of 1.764 billion, net profit attributable to shareholders of 188 million, and net profit excluding non-recurring items of 182 million in H1 2025, representing year-on-year growth of 15%, 5%, and 6% respectively. In Q2 2025, the figures were 768 million, 57 million, and 53 million, showing a year-on-year change of +0.2%, -25%, and -28% respectively. The strong growth in peripheral provinces indicates robust growth potential, while e-commerce and core five provinces faced short-term disruptions. The decline in profitability in Q2 was mainly due to business structure and public sentiment impacts. Looking ahead, the company's fundamentals are expected to improve in H2, maintaining competitiveness in the offline market and benefiting from favorable trends for quality brands across all channels [2][6][12]. Revenue Analysis - In Q2, the core five provinces experienced a year-on-year decline of 2%, primarily due to base effects, while peripheral provinces saw a significant increase of 123%. E-commerce faced a decline of 24% due to short-term public sentiment issues and a weaker overall market during the 618 shopping festival. The product structure continues to improve, with the health product series gaining a larger share [12][12]. Profitability Analysis - The decline in Q2 profitability was mainly due to business structure and public sentiment impacts, with the net profit margin decreasing by 2.6 percentage points. The core five provinces, which contribute significantly to profits, saw a slight revenue decline, leading to an 18 percentage point drop in revenue contribution to 57%. The gross margin decreased by 1.3 percentage points, influenced by increased costs related to e-commerce warehousing. However, the comparable gross margin is expected to improve with ongoing product structure optimization [12][12]. Market Trends - Recent events, such as changes in brand ownership and issues faced by some e-commerce brands, indicate that the sanitary products market favors quality brands. Companies with strong supply chains and multi-channel strategies are expected to benefit [12]. Future Outlook - The fundamentals are expected to improve in H2, with continued competitiveness in the offline market. E-commerce performance is anticipated to recover, particularly on platforms like Douyin and Tmall, with new product launches planned. The core five provinces are expected to return to normal growth rates, and the profitability in peripheral markets is projected to recover. The company remains optimistic about its growth potential and profitability elasticity, with expected net profits of 360 million and 500 million for 2025 and 2026, respectively, corresponding to PE ratios of 35 and 25 times [12][12].