内容概要：随着国民生活水平的提高和消费观念的转变，对便捷、卫生的一次性内裤需求不断增加，尤 其是随着"懒人经济"的崛起，越来越多的消费者愿意为了节省时间和精力选择一次性内裤，同时，旅 游、出差等活动的频繁开展，也为一次性内裤提供了广阔的市场空间，此外，产妇、孕妇、术后患者等 需要卫生护理的群体对一次性内裤的需求也较为稳定，据统计，2024年我国一次性内裤需求量达15.27 亿条，市场规模达62.96亿元。 上市企业：浪莎股份（600137）、稳健医疗（300888） 相关企业：嫚熙控股（广州）有限公司、浙江施俞儿实业有限公司、上海舒芙生物科技有限公司、杭州 白贝壳实业股份有限公司、河南逸祥卫生科技有限公司、武汉猫人服饰股份有限公司、厦门悠派新生活 科技有限公司、长沙巴迪高品牌管理有限公司、洁丽雅家居股份有限公司 关键词：一次性内裤行业发展历程、一次性内裤产业链、一次性内裤产销现状、一次性内裤市场规模、 一次性内裤竞争格局、一次性内裤发展趋势 一、概述 一次性内裤是采用一次性材料制作，针对短期使用场景设计的贴身衣物，一次性内裤专为单次使用设 计，使用后无需洗涤，直接丢弃即可，主打便捷性、卫生性和实用性。按材质不 ...

Core Points - The stock price of Baiya Co., Ltd. has declined for five consecutive days, with a total drop of 6.41% during this period, currently trading at 22.18 yuan per share [1] - Baiya Co., Ltd. is a well-known comprehensive enterprise in the disposable hygiene products industry in China, with its main business revenue composition being 95.67% from sanitary napkins, 2.20% from ODM, and 2.13% from diapers [1] Shareholder Analysis - Xingsheng Global Fund's fund, Xingsheng Global Xinyue Mixed A (017826), is among the top ten circulating shareholders of Baiya Co., Ltd., having increased its holdings by 1.1026 million shares in the third quarter, now holding 6.9154 million shares, accounting for 1.61% of circulating shares [2] - The fund has incurred a floating loss of approximately 1.2448 million yuan today and a total floating loss of 10.5113 million yuan during the five-day decline [2] Fund Performance - Xingsheng Global Xinyue Mixed A (017826) has Baiya Co., Ltd. as its third-largest heavy stock, with 8.17% of the fund's net value invested in it [3] - The fund was established on March 17, 2023, with a current scale of 1.869 billion yuan, and has achieved a year-to-date return of 7.94% [2]

Group 1 - The core point of the article is that Yanjiang Co., Ltd. (SZ 300658) announced the convening of its fourth board meeting on October 22, 2025, to review the proposal for the 2025 Q3 report [1] - For the year 2024, the company's revenue composition is entirely from disposable sanitary products, accounting for 100.0% [1] - As of the report date, Yanjiang Co., Ltd. has a market capitalization of 2.8 billion yuan [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company is a leading brand in the probiotic series, focusing on health products, and is well-positioned for market expansion [3][6]. - The company has implemented a marketing strategy that emphasizes deepening its presence in core markets while expanding into other provinces and enhancing e-commerce capabilities [6][24]. - The company has a stable shareholding structure and an experienced management team, which contributes to its operational stability [9][38]. - The company is committed to product innovation, focusing on health-related products that address consumer pain points [44][45]. - The e-commerce channel is expected to recover to normal growth rates after a temporary adjustment period [46]. Financial Forecast - The company is projected to achieve revenues of 39.54 billion, 50.06 billion, and 64.55 billion yuan from 2025 to 2027, with year-on-year growth rates of 21.50%, 26.61%, and 28.96% respectively [5][77]. - The net profit attributable to shareholders is expected to be 3.57 billion, 4.81 billion, and 6.62 billion yuan for the same period, with growth rates of 24.15%, 34.74%, and 37.62% respectively [5][77]. - The current market valuation corresponds to P/E ratios of 31.0, 23.0, and 16.7 for 2025 to 2027 [5][77]. Industry Overview - The market for absorbent hygiene products in China is projected to reach 132.13 billion yuan in 2024, with a year-on-year growth of 13.8% [57]. - The female hygiene products market is expected to grow significantly, with a market size of 86.71 billion yuan in 2024, reflecting a growth of 23.3% [57]. - The industry is experiencing a trend of consumption upgrading, with increasing demand for high-end products [55][57].

Core Viewpoint - The ongoing conflict between the actual controller of Kela Co., Ltd. (301009.SZ), Jin Liwei, and his ex-wife, Bao Jia, continues to impact the company's governance and decision-making processes, as evidenced by Bao's opposition to several board resolutions [2][10]. Group 1: Board Meeting Outcomes - At the recent board meeting, Bao Jia opposed three out of four resolutions, including the approval of the 2025 semi-annual report, citing ongoing investigations into related party transactions and management negligence [3][10]. - The voting results for the semi-annual report showed 6 votes in favor and 1 against, with no abstentions [3]. Group 2: Shareholding Structure - As of June 2025, Bao Jia holds 29.13% of Kela's shares, making her the second-largest shareholder, while Jin Liwei holds 30.13% [6]. - Following their divorce in February 2024, Jin Liwei transferred approximately 79 million shares (29.13% of total shares, valued at around 600 million yuan) to Bao Jia as part of the asset division [12]. Group 3: Management Changes and Criticism - The newly appointed Secretary of the Board, Wang Xiangting, faced immediate criticism from Bao Jia for his lack of familiarity with public company regulations and for errors in board documents [7][9]. - Bao Jia expressed concerns that Wang's actions were obstructing the board's ability to fulfill its duties and that he was prioritizing the chairman's personal needs over compliance and governance [9][10]. Group 4: Company Performance - Kela Co., Ltd. reported a revenue of 549 million yuan for the reporting period, reflecting a year-on-year growth of 5.39%, and a net profit attributable to shareholders of 28.28 million yuan, up 21.81% [13]. - The net cash flow from operating activities reached 41.38 million yuan, marking a significant increase of 157.71% compared to the previous year [13]. Group 5: Historical Context - Kela Co., Ltd. was established in 2001 and specializes in the design, research, production, and sales of disposable hygiene products, including baby care, adult incontinence, and pet hygiene products [11]. - The company has experienced significant turnover in its management, with nearly ten executives changing in two years, attributed to conflicts between short-term personal demands and long-term compliance needs [9][10].

Core Viewpoint - The company Reliable Care Products Co., Ltd. has appointed a new deputy general manager and board secretary, but there are significant dissenting opinions from a board member regarding the company's governance and management practices [1][5][11]. Group 1: Board Meeting Decisions - The 11th meeting of the 5th board of directors was held on August 21, 2025, where the appointment of Wang Xiangting as deputy general manager and board secretary was approved [1]. - Board member Bao Jia voted against three out of four proposals, including the semi-annual report, citing ongoing investigations into related party transactions and management negligence [1][2]. Group 2: Company Background - Reliable Care Products was founded in 2001 and specializes in the design, research, production, and sales of disposable hygiene products, including baby care, adult incontinence, and pet hygiene products [4]. - The company has several well-known brands, such as Kexin and Absorbent Treasure [4]. Group 3: Management Dynamics - Bao Jia, a board member and former general manager, has expressed dissatisfaction with Wang Xiangting's qualifications and performance as the new board secretary, citing a lack of familiarity with stock market regulations [5][6]. - Since the company's IPO in 2021, there has been a high turnover of executives, with nearly ten changes in leadership positions over two years, which Bao Jia attributes to conflicts between short-term and long-term governance needs [8][11]. Group 4: Financial Performance - For the reporting period, the company achieved a revenue of 549 million yuan, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of 28.28 million yuan, up 21.81% [11]. - The net cash flow from operating activities was 41.38 million yuan, reflecting a significant increase of 157.71% year-on-year [11].

Group 1 - The company reported a revenue of 1.764 billion yuan for the first half of the year, representing a year-on-year growth of 15.12% [1] - The net profit attributable to shareholders was 188 million yuan, an increase of 4.64% year-on-year, while the net profit excluding non-recurring items was 182 million yuan, up 6.06% [1] - The core brand "Free Point" contributed 1.687 billion yuan in revenue, showing a significant growth of 20.50% [1] Group 2 - The offline channel achieved a revenue of 1.133 billion yuan, with a remarkable year-on-year growth of 39.80%, and non-core area revenue increased by 124.20% [2] - The company invested 642 million yuan in sales expenses, with marketing promotion expenses reaching 464 million yuan, a year-on-year increase of 26.10% [2] - According to Nielsen, the "Free Point" brand ranked second in market share among domestic sanitary napkin brands, leading in the markets of Chongqing, Sichuan, and Yunnan [2] Group 3 - The company plans to enhance its R&D innovation capabilities, optimize and enrich its product line, expand its marketing network, and improve its talent structure to increase market share and competitiveness [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [5][9][42]. Core Viewpoints - The company is recognized as a leading domestic brand in the disposable hygiene products industry, focusing on the development, production, and sales of personal hygiene products, including sanitary napkins, baby diapers, and adult incontinence products [8][15]. - The company has established a strong market presence, with its "Free Point" brand ranking second among domestic sanitary napkin brands in terms of market share as of 2024 [8][15]. - The report highlights the company's competitive advantages built on a "channel + brand + R&D" strategy, emphasizing its focus on core markets and e-commerce expansion [23][28]. Financial Performance and Forecast - The company’s revenue is projected to grow from 21.44 billion RMB in 2023 to 32.54 billion RMB in 2024, with a year-on-year growth rate of 51.77% [7][42]. - The forecast for 2025 estimates revenue at 44.75 billion RMB, reflecting a growth rate of 37.52% [9][41]. - The net profit attributable to the parent company is expected to increase from 238 million RMB in 2023 to 384.87 million RMB in 2025, with a growth rate of 33.79% [7][42]. Market Strategy - The company employs a multi-channel sales strategy, including distributors, key accounts (KA), and e-commerce platforms, to enhance market penetration [24][25]. - The e-commerce channel is particularly emphasized, with revenue from this segment projected to grow significantly, contributing 46.9% of total revenue by 2024 [25][28]. - The company is actively expanding its market presence in peripheral provinces while maintaining a stronghold in its core markets of Sichuan, Chongqing, and Yunnan [28][29]. Product Development and R&D - The company is committed to continuous product innovation, focusing on high-end product lines and health-oriented series, such as the probiotic series [32][35]. - R&D investment is increasing, with a focus on developing new materials and enhancing product comfort and functionality [35][39]. - The company has introduced several new product lines aimed at improving consumer experience and expanding its market reach [35][36]. Valuation Comparison - The report compares the company with peers in the personal care sector, noting that its projected price-to-earnings (P/E) ratio for 2025 is 32.61, significantly lower than the average P/E of 63 for comparable companies [11][42][43]. - This valuation suggests potential upside for investors, given the company's strong market position and growth prospects [11][42].

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].

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]