全球消费市场正在经历一场深层变化。 从宏观层面看，消费整体增速正在放缓，但放缓并不意味着全面收缩。Euromonitor International《2025 全球消费者趋势报告》指出，经济不确定性正在重 塑消费规范，消费者更倾向于"战略性购物"。 在这一背景下，那些能够提供情绪价值、差异化创新、体验升级的高端产品，反而在部分细分品类中跑赢大众市场。 也正是在这样的拐点上，一批中国品牌逐渐跑出了逆势增长的出海曲线：5000 美元定价的 Yarbo 扫雪机器人持续进入亚马逊品类畅销榜；Why Worry 成 人护理用品定价高出跨国品牌 20–30%，核心产品稳居亚马逊畅销榜前 20 名；花知晓美妆登陆海外后价格加倍，并连续多日霸榜亚马逊日榜。 进入更高的价格区间，并未成为这些新锐品牌增长的阻力。相反，它们反而更快在全球市场建立起清晰的用户认知与稳定的销售节奏。 这种"高价快跑"的现象背后，也折射着出海进程的新一轮转向：当品牌能提供具有足够说服力的"差异化价值"时，全球消费者正表现出更强的消费意愿。 那么，在消费逻辑全面转向"价值导向"的当下，中国品牌该如何重塑自身的表达？又该如何通过有效的路径，将这些价值精准传 ...

Core Viewpoint - The report from Tianfeng Securities indicates that Haoyue Care's net profit attributable to shareholders for the first half of 2025 is 150 million, a decrease of 23% year-on-year, with Q2 net profit at 60 million, down 47% year-on-year [1] Group 1: Financial Performance - Haoyue Care's net profit for H1 2025 is 150 million, reflecting a 23% decrease compared to the previous year [1] - The company's Q2 net profit is 60 million, showing a significant decline of 47% year-on-year [1] Group 2: Strategic Focus - The company plans to focus resources on increasing online promotion efforts to enhance the development of its own brand and optimize product structure [1] - Haoyue Care aims to develop new products through research and innovation, with a focus on baby care and adult care products [1] Group 3: Product Development and Innovation - The company is responding to new consumer demands by introducing a series of wet wipes and increasing investment in its own brand promotion to boost sales [1] - New product lines include easy-to-wear menstrual pants and baby pull-ups, as well as differentiated light incontinence adult pull-ups [1] - The company is advancing the application of new materials such as online embossed composite materials and ultra-breathable materials in its products [1] Group 4: Partnerships and Market Position - Haoyue Care collaborates with renowned multinational companies like Unicharm and Kao, as well as emerging domestic brands in the maternal and infant sector [1] - The company is increasing its investment in its own brand e-commerce in response to market competition [1] Group 5: Earnings Forecast - Based on the performance in H1 2025, the earnings forecast has been adjusted, but the "Buy" rating is maintained [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company reported a revenue of 800 million in Q2 2025, representing a 26% year-on-year increase, while the net profit attributable to the parent company was 60 million, down 47% year-on-year [1] - For the first half of 2025, the company achieved a revenue of 1.8 billion, up 34% year-on-year, with a net profit of 150 million, down 23% year-on-year [1] - The revenue growth is attributed to the consolidation of Hubei Sibao [1] - The company's product revenue breakdown shows that infant hygiene products accounted for 52.9% of total revenue, adult hygiene products 36.31%, and other products 10.79% [1] Financial Performance and Forecast - The report adjusts the profit forecast for the company, expecting net profits for 2025-2027 to be 350 million, 410 million, and 470 million respectively, with corresponding P/E ratios of 20X, 17X, and 15X [4] - The financial data indicates a projected revenue growth rate of 32.44% for 2025, followed by 10.08% and 10.73% in subsequent years [4] - The company’s EBITDA is forecasted to be 514.52 million in 2025, with a slight decline in net profit margins over the forecast period [4] Business Strategy - The company plans to focus resources on increasing online promotion efforts, enhancing its own brand development, and optimizing product structure [2] - New product innovations include easy-to-wear menstrual pants and ultra-breathable materials, which have already been launched in the market [3] - The company has established deep collaborations with major clients, including global brands and emerging domestic brands, which is expected to enhance its market presence [3]