Group 1 - The stock price of Baiya Co., Ltd. closed at 26.97 yuan on July 29, 2025, down 1.21% from the previous trading day [1] - The trading volume for the day was 74,800 lots, with a transaction amount of 203 million yuan, and the price fluctuation was 5.20% [1] - Baiya Co., Ltd. primarily engages in the research, development, production, and sales of personal hygiene care products, including sanitary napkins and diapers [1] Group 2 - The company owns well-known brands such as "Free Point" and has a business presence across multiple regions in the country [1] - Recently, the company indicated on its investor interaction platform that it has a small amount of export business and will focus on leveraging its advantages to deepen its core market [1] - The company emphasized that consumer health and safety are its top priorities, and product quality strictly adheres to national standards [1] Group 3 - On July 29, Baiya Co., Ltd. experienced a net outflow of main funds amounting to 3.8974 million yuan, accounting for 0.03% of its circulating market value [1]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [60]. Core Viewpoints - The company is a leading manufacturer in the personal hygiene care products sector in China, with a focus on disposable hygiene products such as baby diapers, adult diapers, menstrual pants, sanitary napkins, and wet wipes. It has accelerated its layout of proprietary brands and is expanding into the sanitary napkin market through the acquisition of Hubei Sibao Group [1][13]. - The diaper industry is expected to recover in 2025, driven by price increases, despite a projected decline in retail scale for 2024. The company is well-positioned to benefit from the recovery in newborn numbers and the expansion of production capacity [2][29]. - The sanitary napkin market is experiencing growth, with the company leveraging its newly acquired brand, Jieting, to drive sales through e-commerce channels and new product launches [3][47]. Summary by Sections Company Overview - The company has established itself as a leader in the manufacturing of personal hygiene products, with a strong focus on research and development. It has successfully partnered with high-quality clients and is expanding its proprietary brand portfolio [1][13]. Diaper Industry Outlook - The Chinese diaper market is projected to have a retail scale of approximately 41.1 billion yuan in 2024, with a decline in sales volume but stable average prices. The company is expected to benefit from a recovery in newborn numbers and the expansion of its production capacity [2][29]. Sanitary Napkin Market Dynamics - The sanitary napkin market is projected to grow, with a retail scale of about 99.5 billion yuan in 2024. The company is focusing on e-commerce and new product launches to enhance its market position [3][43]. Financial Forecast and Investment Recommendations - The company is expected to achieve a net profit of 4.6 billion yuan in 2025, with growth rates of 17.5%, 18.5%, and 20.0% for the following years. The current stock price reflects a lower PE ratio compared to peers, indicating potential for valuation improvement [4][60].