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]

Core Insights - The company reported a revenue of 1.764 billion yuan for the first half of 2025, representing a year-on-year growth of 15.12% [1] - The net profit attributable to shareholders was 188 million yuan, showing a year-on-year increase of 4.64% [1] - The company continues to focus on sanitary napkin products, optimizing its product structure to enhance profitability [1] Financial Performance - Revenue: 1.764 billion yuan, up 15.12% year-on-year [1] - Net Profit: 188 million yuan, up 4.64% year-on-year [1] Strategic Focus - Continued emphasis on sanitary napkin product line [1] - Efforts to optimize product structure for improved profitability [1]