8月21日，国内个人卫生用品龙头企业恒安国际（01044.HK，股价24.54港元，市值284.87亿港元）交出 一份营收微降、利润收缩的中期成绩单。财报显示，2025年上半年，公司实现营业收入118.08亿元，同 比略降0.2%；公司权益持有人应占利润约13.73亿元，同比减少2.6%；毛利率由去年同期的33.3%下滑至 32.3%。 中期财报显示，恒安国际三大业务表现分化明显：纸巾业务收入为71.74亿元，同比增长3.2%，占比提 升至60.8%；卫生用品（含卫生巾和纸尿裤）收入为33.04亿元，同比下滑14.4%，占比降至28.0%；其他 业务（含原材料贸易、家居用品及国际业务）收入为13.31亿元，同比增长29.6%。 在当日举行的业绩发布会现场，恒安国际执行董事兼行政总裁许清流在回答《每日经济新闻》记者关于 公司未来增长品类的提问时称，近年随着消费习惯变化，湿厕纸、洗脸巾等品类快速增长，底部抽取式 卫生纸等产品通过优化使用方式打开市场。对此，公司已推出含乳酸的洗脸巾等创新产品。未来恒安国 际会将趋势品、明星品单列分类跟踪市场走势。 许清流表示："像纸巾、卫生巾、湿巾这类传统产品，在材料工艺、使用方法 ...

Core Viewpoint - The financial report of Hengan International shows a slight decline in revenue and profit for the first half of 2025, indicating challenges in the personal hygiene products market, particularly in the sanitary products segment. Financial Performance - For the first half of 2025, Hengan International reported revenue of 11.808 billion yuan, a slight decrease of 0.2% year-on-year [1] - The profit attributable to equity holders was approximately 1.373 billion yuan, down 2.6% year-on-year [1] - The gross profit margin decreased from 33.3% in the same period last year to 32.3% [1] Business Segment Performance - The tissue paper segment generated revenue of 7.174 billion yuan, an increase of 3.2% year-on-year, accounting for 60.8% of total revenue [1] - The sanitary products segment, including sanitary napkins and diapers, saw revenue decline to 3.304 billion yuan, down 14.4% year-on-year, with its share dropping to 28.0% [1] - Other businesses, including raw material trading and home products, achieved revenue of 1.331 billion yuan, a significant increase of 29.6% [1] Market Trends and Innovations - The company is focusing on innovative products such as wet toilet paper and facial wipes to adapt to changing consumer habits [1][2] - Hengan International plans to track market trends for emerging and star products separately [1] Competitive Landscape - The sanitary products segment faced challenges due to new brand entries, reduced foot traffic in traditional channels, and competitive promotions on e-commerce platforms [5] - The adult incontinence products market is growing, with a 1% increase in adult diaper sales [6] E-commerce and New Retail - E-commerce and new retail channels accounted for 34.4% of total sales, with a year-on-year growth of 7.9% [7] - The company anticipates continued growth in these channels, particularly in "instant retail" [7] Cost and Margin Analysis - The gross margin for the tissue paper segment improved from 19.6% to 21.9%, while the gross margin for sanitary napkins decreased from 59.5% to 57.3% [7] - Overall gross margin declined by 1 percentage point due to rising raw material costs [7] Safety and Standards - Hengan International emphasizes the importance of sanitary napkin safety, stating that high gross margins support marketing expenses rather than compromising product safety [8] - The company adheres to strict internal standards that exceed national regulations for sanitary napkin safety [8]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Chongqing Baiya Sanitary Products Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit despite challenges in cash flow and market competition. Financial Performance - The company reported a revenue of CNY 1,763,899,831, representing a 15.12% increase compared to CNY 1,532,255,704 in the same period last year [2] - Net profit attributable to shareholders was CNY 188,037,757, a 4.64% increase from CNY 179,706,570 [2] - The net cash flow from operating activities decreased by 64.55% to CNY 67,681,434 from CNY 190,939,304 [2] - Total assets decreased by 11.82% to CNY 1,896,547,793 from CNY 2,150,862,064 at the end of the previous year [2] Business Overview - The company specializes in the research, production, and sales of disposable personal hygiene products, including sanitary napkins, baby diapers, and adult incontinence products [3][5] - Major brands include "Free Point," "Good," and "Danning," which are positioned in the mid-to-high-end market segment [3][11] - The company employs a multi-brand and differentiated development strategy, focusing on the Sichuan-Chongqing market while expanding nationally and enhancing e-commerce capabilities [6][12] Market Trends - The disposable hygiene products market in China is projected to reach CNY 132.13 billion in 2024, with a growth rate of 13.8% from 2023 [7] - The female hygiene products market is expected to grow by 23.3%, while the baby hygiene products market is projected to decline by 1.7% [7] - There is a trend towards high-end, diversified, and personalized products as consumer health awareness increases [8] Competitive Position - The company has established a strong brand image in the domestic market, with "Free Point" ranked second among local sanitary napkin brands in terms of market share [10] - The company has received multiple awards for product quality and innovation, including recognition as a "Chinese Famous Trademark" [9][10] - The company maintains a competitive edge through advanced production technology, a robust supply chain management system, and a focus on research and development [14][15]

Group 1 - The core viewpoint of the article highlights the recent stock performance of Shubao International, which closed at HKD 1.490, down 4.49% from the previous trading day, despite reaching a one-year high of HKD 1.680 during the day [1] - The company experienced a net outflow of HKD 34.58 million, with inflows of HKD 7.85665 million and outflows of HKD 8.20240 million on the same day [1] Group 2 - Shubao International Group Limited primarily engages in the development, production, and sales of disposable hygiene products in China, focusing on baby care products in emerging markets in Eurasia [2] - According to a report by Frost & Sullivan, the company is the second-largest exporter of disposable baby care hygiene products from China to Russia, holding approximately 3.7% market share based on export value in 2023 [2] - The company has relied on contract manufacturing to market and sell baby care products abroad, exporting its core products to foreign brand owners, which has significantly contributed to its revenue from emerging markets like Russia and Southeast Asia [2] - The explosive growth of e-commerce in Russia and the development of private labels have benefited the company, which has expanded its production and supply of baby care products to top Russian retailers, enhancing their private label image [2] - The demand shift from international brands to private labels due to the Russia-Ukraine conflict has led to a substantial increase in revenue from the Russian market during the reporting period [2]

Mergers and Acquisitions - Quantum Song Group announced a merger investment cooperation with Letsvan, marking a significant entry into the trendy toy market and setting a record for financing in China's trendy toy industry in 2025 [3] - Letsvan will become a wholly-owned subsidiary of Quantum Song, with its financial data included in the group's consolidated financial statements [3] Financing Activities - Xidian Tea completed a Series A financing round of 30 million yuan, led by Guan Feng Yong Yue, aimed at expanding its smart production base and upgrading its international raw material traceability system [4][5] - Huiyi Technology, an internet home decoration service platform, raised several million yuan in Series A financing, which will be used for product iteration and market expansion [6] Company Intelligence - BaWang Tea Ji submitted an IPO application to the SEC, reporting a GMV of 29.5 billion yuan for 2024, a 173% increase year-on-year, with a net profit of 2.515 billion yuan, up 213.3% [7] - Shubao International, focusing on disposable hygiene products, went public with a share price of 0.51 HKD, raising approximately 86 million HKD [8] Market Trends - Cocoa prices have surged due to adverse weather and supply shortages, with Brazil aiming to establish the world's largest cocoa farm, expecting production to reach 300,000 tons by the end of the year [17] - The price of kale has increased from 0.8 yuan to 3.5 yuan per jin due to its popularity among tea brands, although experts warn about the nutritional claims of related products [22] Brand Developments - Lanvin clarified that its recent store closures in China are part of a strategic adjustment and that it will continue to invest in the Chinese market [11] - The second-hand market for luxury watches, including Rolex, has seen significant price drops, with some models losing nearly half their value [20]

受央视"3·15"晚会曝光影响，A股多家涉事个股遭遇杀跌。 百亚股份盘中跌停，收跌9.36%，稳健 医疗跌近6.12%、浪莎股份跌超1%、九鼎投资跌超3%。 2025年央视"3·15"晚会曝光卫生巾、纸尿裤残次料被翻新"二次销售"乱象，其中提及百亚股份旗 下品牌自由点和好之。深交所对此高度关注，3月16日早间向百亚股份下发了关注函。 3月15日晚间，百亚股份旗下卫生巾品牌自由点发布声明称，坚决打击非法回收、翻新、销售残次 品以及制假售假违法行为，针对此次"3·15"晚会提及的梁山希希纸制品有限公司违法回收自由点 残次料翻新售假行为，已成立专项调查组进行全面调查并将在第一时间向公安机关报案。 长按即可免费加入哦 A股三大指数今日窄幅震荡，截至收盘，沪指涨0.19%，深成指跌0.19%，创业板指跌0.52%。全 市场成交额16209亿元，较上日缩量2200亿元，全市场超3100只个股上涨。 今年以来，中国股市持续回暖，走出了较为独立的行情，而海外市场则出现了明显的波动。在近 期发布的研报中，摩根士丹利上调了中国股票市场评级，认为中国股票市场迎来了结构性机制转 变，并有望持续改善，"我们认为，现在是建议全球投资人增 ...