本报讯(记者邬霁霞见习记者王楠)7月8日，杭州豪悦护理（605009）用品股份有限公司(以下简称"豪悦 护理")发布公告称，公司全资子公司南通佰俪安护理用品有限公司已与大王(南通)生活用品有限公司(以 下简称"南通大王")完成相关资产的交割，其中包括土地使用权、厂房及部分设备，交易总价为2.66亿 元。目前，项目公司已正式取得两份不动产权证。 南通大王旗下品牌GOO.N婴儿纸尿裤在中国享有较高知名度。本次交易完成后，南通大王通过将婴儿 纸尿裤业务委托给包括豪悦护理在内的外部公司生产的方式继续进行销售。 与此同时，豪悦护理持续加大自主品牌"希望宝宝""sunny baby"的建设力度，重点依托抖音、小红书等 新兴线上渠道，结合公司业务规模，逐步加大广告投入和推广力度，努力提升品牌知名度和市场占有 率。2024年，公司实现营业收入29.29亿元，其中婴儿卫生用品收入20.60亿元，占公司营业收入 70.32%。 袁帅表示，豪悦护理通过"品牌+代工"双轮驱动模式，提升了产能利用率并稳定了现金流。面对日趋激 烈的市场竞争，企业未来将聚焦产品创新，拓展国内外市场，同时加强品牌建设。通过优化供应链管理 和提升生产效率，豪 ...

生活用纸 2025 年 07 月 07 日 豪悦护理（605009.SH） 制造强者品牌启新章 投资要点： ➢ 吸收性卫生用品制造龙头，自主品牌加快布局。公司是国内个人卫生 护理用品领域领先的制造商，产品涵盖婴儿纸尿裤、成人纸尿裤、经期裤、 卫生巾、湿巾等一次性卫生用品。公司以 ODM 起家，多年沉淀研发制造优 势领先，成功绑定 Babycare 等优质客户，在婴儿纸尿裤领域较早研发新型 无木浆多维复合芯体、也是行业内较早实现经期裤规模化生产和销售的企 业。近年加快自主品牌布局，目前拥有纸尿裤、成人纸尿裤、湿巾自主品 牌，2024 年公告收购湖北丝宝集团、旗下拥有洁婷卫生巾品牌，正式进军 国内卫生巾自主品牌领域。2024 年，公司实现营收 29.29 亿元、同比+6.25%， 归母净利 3.88 亿元、同比-11.65%，25Q1 营收、归母净利分别同比+42.42%、 +5.67%。 ➢ 纸尿裤行业价升驱动为主，25 年公司主业经营有望回暖。据欧睿，2024 年中国纸尿裤行业零售规模约 411 亿元，同比-6.9%，其中销售量下滑 6.9%、 均价基本持平；欧睿预计未来 5 年中国纸尿裤行业 CAGR 约- ...

证券研究报告 美容护理 | 个护用品 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 13 日 百亚股份(003006.SZ) 投资评级： 买入（首次） ——国内优质卫生巾品牌 大单品持续放量 投资要点： 风险提示：市场竞争日益加剧的风险；原材料价格波动的风险；营销网络拓展的风险。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com | 基本数据 | | 年 | 11 | 日 | | | | 06 | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 29.21 | | | | | | | | | 一 年 最 低 | 高 | | | | 内 | 最 | / | | | | | （元） | | | | | | | | | 34.99/19.97 | | | 总市值（百万元） | | | | | | | | | 12,551.12 | | | 流通市值（百 ...

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].

丨证券研究报告丨 行业研究丨行业周报丨家庭装饰品 [Table_Title] 见贤思齐：从百亚看豪悦与源飞的成长路径 报告要点 [Table_Summary] 从百亚股份的案例可以看出，供给侧的创新和渠道变革是国货品牌快速崛起的核心。豪悦护理 和源飞宠物均是由制造转向自主品牌，在代工业务基本面稳健的基础上，自主品牌也处于快速 发展的机遇期，且两公司均拟推出股权激励计划。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 蔡方羿 米雁翔 仲敏丽 应奇航 章颖佳 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490522050001 SAC：S0490524080008 SFC：BUV463 家庭装饰品 cjzqdt11111 [Table_Title2] 见贤思齐：从百亚看豪悦与源飞的成长路径 [Table_Summary2] 复盘百亚股份品牌塑造与扩张案例，梳理豪悦与源飞的成长路径 百亚股份复盘的思考：百亚本轮品牌起势及加速扩张，核心在于以差异化益生菌系列形成大单 品，借助抖音 ...

Core Viewpoint - Jihong Co., Ltd. is set to launch its IPO, offering 67.91 million shares at a price range of HKD 7.48 to 10.68, with H-shares expected to be listed on May 27, 2023. The company is positioned as the first "AI-driven cross-border social e-commerce A+H stock" and is a leader in both the B2C export e-commerce and paper fast-moving consumer goods packaging industries, showcasing significant multi-dimensional value potential [1]. Industry Overview - Jihong Co., Ltd. operates in the B2C export social media e-commerce sector and the paper fast-moving consumer goods packaging industry, both characterized by large market space and high growth potential. The Chinese B2C export e-commerce market is projected to reach USD 927.6 billion by 2029, accounting for 11.4% of the global market, with a compound annual growth rate (CAGR) of 15.2% from 2024 to 2029 [2]. - The Asian segment of the B2C export e-commerce market is expected to grow to USD 458.4 billion by 2029, with a CAGR of 15.8%, outpacing the overall market growth. Social media is identified as the fastest-growing traffic source in this sector, with the Asian market projected to reach USD 69.5 billion by 2029, growing at a CAGR of 19.0% [2]. Company Strategy and Performance - Jihong Co., Ltd. employs an AI-driven approach to enhance operational efficiency in cross-border e-commerce, effectively reshaping the competitive landscape and reducing costs. This strategy allows for improved product selection, marketing, and user experience, transitioning the competition from resource consumption to algorithm evolution [5]. - The company focuses on the Asian market, particularly along the Belt and Road Initiative, which provides stability against fluctuations in Western markets. Over 80% of its cross-border e-commerce revenue comes from Asia, with minimal exposure to the U.S. market [5]. - Jihong Co., Ltd. has a robust long-term strategy that includes AI-driven e-commerce, proprietary brand development, and international expansion of its packaging business. The company has developed the Giikin system to optimize its operations across the supply chain, achieving a low inventory turnover ratio and high return on investment (ROI) compared to industry averages [8][9]. - The company has established several proprietary brands and is leveraging its marketing data to enhance brand influence and sales efficiency. Its packaging business has also expanded into new markets, collaborating with local firms to strengthen its operational capabilities [9][10]. Financial Performance - In 2024, Jihong Co., Ltd. is projected to generate revenue of CNY 3.366 billion from cross-border social e-commerce, accounting for 60.9% of total revenue, while its paper packaging business is expected to contribute CNY 2.099 billion, or 38% [11]. - The company is anticipated to maintain a gross margin of 60.5% for its cross-border e-commerce segment, supporting an overall gross margin of 43.8%. In Q1 2025, Jihong Co., Ltd. reported a revenue of CNY 1.477 billion, a year-on-year increase of 11.55%, with net profit rising by 38.21% [11]. Conclusion - Jihong Co., Ltd.'s upcoming IPO is expected to enhance its market visibility and provide a platform for international expansion, potentially transforming it from a regional leader to a global player. The company's strategic focus on technology and market positioning is likely to drive its value and attract investor interest [12][13].

可靠股份 20250520 摘要 • 中国成人失禁用品市场潜力巨大，渗透率远低于欧美日等发达国家。随着 中国老龄化加速和长期护理险的全国推广，预计未来十年市场渗透率将显 著提升，从不到 10%增长至 50%左右。 • 长期护理险是推动市场发展的关键因素。借鉴日本经验，长期护理险的普 及能显著提高市场渗透率。中国自 2025 年起全国推广长期护理险，预计 将对成人失禁用品市场产生积极影响。 • 可靠股份作为行业龙头，通过自主品牌建设和渠道布局，在电商平台表现 出色。公司战略调整包括渠道转型、用户运营和数字营销投入，已在 2024 年年报中显示出增长效果。 • 成人失禁用品市场 ToC 端特点是使用者和购买者分离，线上渠道占比大， 消费者对品质要求高，品牌认知逐步建立。会员用户运营能提高用户忠诚 度。 • 中国成人纸尿裤市场价格带混乱，存在大量低价劣质产品。随着长期护理 险推进和市场规范化，低端产品将逐步淘汰，市场将向品质化、品牌化方 向发展。 目前中国成人失禁用品市场的渗透率是多少，未来发展潜力如何？ 中国成人失禁用品市场目前处于导入期的末端，爆发期的前端，整体市场渗透 率不足 10%。官方数据显示约为 6%， ...

4月27日晚，可靠股份（301009）(SZ301009，股价11.87元，市值32.27亿元)披露2024年年报、2025年一 季报等公告。然而，在董事会进行审议时，董事鲍佳对17个议案中的3个投了反对票。 针对2024年年报，董事鲍佳列出了7个反对理由，针对2025年一季报，鲍佳提出了4个反对理由，鲍佳还 对一项关联交易预案给出一个反对理由。此外，还有一名独立董事就该关联交易预案投弃权票。 值得一提的是，鲍佳是可靠股份现任董事长金利伟的前妻。2024年2月28日，可靠股份公告，金利伟与 鲍佳已办理解除婚姻关系手续，并就股份分割等事宜做出相关安排。有董事对年报提出7项反对理由 2024年，可靠股份营业收入同比下降0.27%，归母净利润同比增长54.44%。 在对2024年年报议案进行审议时，董事鲍佳投了反对票，反对理由多达7个。 首先是关联交易违规。鲍佳称："在去年本人提出关联交易超过法定比例未审议后，反而变本加厉违 规。" 可靠股份回应称，产业基金投资前已对该项目进行充分的项目论证、投前尽调，有关投资的程序符合法 律法规、公司章程和对外投资制度的规定，合法合规。该投资项目尚处于市场开拓初期，受医疗政策环 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's revenue for Q1 2025 reached 910 million yuan, representing a year-on-year increase of 42.4%, with a net profit attributable to shareholders of 91 million yuan, up 5.7% year-on-year. The growth is driven by the consolidation of the "Jieting" brand and a recovery in the core diaper business [1][2] - The acquisition of Hubei Sibao Care, completed on January 20, 2025, significantly contributed to revenue growth, with the "Jieting" brand showing strong performance on e-commerce platforms [2] - The gross margin improved significantly to 34.67%, up 6.96 percentage points year-on-year, primarily due to the higher gross margin from the Sibao brand compared to the company's traditional OEM business [3] - The company is expanding its production capacity despite market challenges, enhancing its market share and positioning for long-term growth through its own brands [4] - The company is expected to maintain a high dividend payout ratio of approximately 67% in 2024, with projected revenues of 3.744 billion yuan in 2025, reflecting a year-on-year growth of 27.83% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 34.67%, a year-on-year increase of 6.96 percentage points, while the net profit margin decreased to 9.95%, down 3.96 percentage points year-on-year due to increased sales expenses and a decline in interest income [3] - Revenue projections for 2025-2027 are 3.744 billion, 4.203 billion, and 4.664 billion yuan, with corresponding year-on-year growth rates of 27.83%, 12.26%, and 10.95% [5][12] Market Position and Growth Potential - The company is expanding its production capacity through acquisitions and is expected to see significant growth in its own brands, particularly in the Thai market [4] - The "Jieting" brand's performance on e-commerce platforms indicates strong market demand, contributing to the overall revenue growth [2]

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 ...