从抽纸、洗脸巾到湿厕纸，Z世代正以健康理念重塑校园生活用纸消费格局，校园宿舍成为品质升级的 前沿阵地。 湿厕纸的普及率在校园快速提升，其选购也需格外谨慎。市面上存在用含酒精香精的普通湿巾冒充专业 湿厕纸的情况，或配方刺激性强、堵塞马桶的产品，都是选购时需要避开的"陷阱"。 在即将到来的开学季，洁柔也为大学生提炼核心选购建议，如考虑宿舍共享或外出携带场景，可选择设 计巧妙、独立包装的分享式手帕纸，兼顾实用与社交趣味。此外，针对洗脸巾，选购时重点查看三项： 是否为天然材质（如100%棉、100%植物纤维等）、是否通过医护级安全认证、是否有皮肤无刺激测试 报告。厚度和韧性（如耐拉扯不掉絮）也是舒适体验的关键。 南方+记者 郜小平 对于Z世代而言，产品品质（如吸水性、柔韧性、安全性等）是不可动摇的基石。调研显示，超过50% 的大学新生在选购纸品时，会优先考虑"100%原生木浆"和"柔软性"这两大关键因素。 回收浆可能残留的粉尘刺激风险，使得"100%原生木浆"成为基础清洁类纸巾（如抽纸、手帕纸）的第 一选购原则。 在精致护理领域，传统毛巾易滋生细菌的痛点，促使超过60%的大学生转向使用一次性洗脸巾。选购洗 脸巾时，年 ...

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]

Group 1: Core Insights - The core viewpoint of the articles highlights the recognition of the "Deyou" brand as a leading consumer product in China, being included in the first batch of "Chinese Consumer Famous Brands" alongside other notable brands like Moutai and Haier [1][2] - The selection process for the "Chinese Consumer Famous Brands" involved a comprehensive evaluation based on product innovation, market competitiveness, brand influence, and cultural value, indicating the high standards and authority of the list [2][3] Group 2: Market Position and Strategy - Deyou has identified a significant market opportunity in the wet toilet paper segment, which offers a cleaner and more convenient alternative to traditional products, capitalizing on consumer demand for higher quality and practicality [3][5] - The brand has achieved remarkable sales, with over 600 million packages sold nationwide, establishing itself as a market leader in the wet toilet paper category [5][6] Group 3: Product Quality and Innovation - Deyou emphasizes strict quality standards, having established a "three no standards" policy to guide industry quality improvements, and has invested in advanced manufacturing and R&D capabilities [5][6] - The production process for Deyou's wet toilet paper involves 118 steps, ensuring high quality and consumer satisfaction, reflecting the brand's commitment to innovation and excellence [6][7] Group 4: Brand Development and Vision - The founder of Deyou embodies the entrepreneurial spirit of modern Chinese entrepreneurs, focusing on long-term development and quality innovation while adhering to national strategies for enhancing product quality [7] - Deyou's growth story illustrates the transition from "Made in China" to "Created in China," showcasing the brand's impact on consumer habits and its role in the broader context of China's economic development [7]

Group 1 - The article highlights the emergence of a new consumer landscape in China, showcasing the "Henan phenomenon" where 10 brands from Henan province made it to the top 1000 brands, ranking 11th among mainland provinces [1][3] - The CBI500 list, developed by Peking University and supported by Alibaba's Taotian Group, will be updated quarterly to reflect real-time quality consumption trends in China [1][9] - The index indicates a stable growth trend in Chinese online consumer brands, with the average score increasing from 59.42 in Q1 2023 to 63.38 in Q1 2025, suggesting an improvement in consumer purchasing quality [9][10] Group 2 - Henan's brands, including Deyou, Bai Xiang, and Shuanghui, dominate the food category, reflecting the province's status as a major grain production area, contributing about 10% of the national grain output [3][4] - The article emphasizes the innovative strategies of brands like Shuanghui and Wei Long, which have successfully transformed local snacks into nationally recognized products through standardization and branding [4][5] - The rise of local brands in Henan is attributed to their ability to adapt to consumer trends and leverage e-commerce platforms for broader market reach [6][8] Group 3 - The introduction of the "new sharpness" metric in the CBI500 list highlights the growth potential of local brands, with Deyou achieving a score of 72.87 and a significant increase in young consumer engagement [6][10] - Brands like Yunyima and Tiankongshu have successfully targeted niche markets, demonstrating the diverse innovation landscape in Henan beyond the food industry [7][8] - The article concludes that the combination of innovation, data utilization, and market diversification is driving the growth of Henan's brands, positioning them for both national and international success [6][10]

Market Overview - On May 15, A-shares experienced a decline, with the Shanghai Composite Index falling by 0.42% to 3389.75 points, the Shenzhen Component Index down by 1.12%, and the ChiNext Index decreasing by 1.35% [1][2] - The total trading volume for A-shares reached 765.59 billion yuan [1] Economic Indicators - The People's Bank of China conducted a 645 billion yuan reverse repurchase operation with a fixed interest rate of 1.40%, resulting in a net withdrawal of 219.1 billion yuan for the day [2] Industry Insights - The China-U.S. Economic and Trade Cooperation Exchange Conference was successfully held in Washington, emphasizing the long-standing and mutually beneficial trade relationship between the two countries [3] - Despite current challenges, there is significant potential for future cooperation, particularly in maintaining global supply chain stability [3] Sector Performance - Port and shipping stocks saw a resurgence, with notable increases in shares of Nanjing Port, Lianyungang, and Ningbo Maritime [3] - Beauty and personal care stocks also performed well, with companies like Jieya Co. and Furuida reaching their daily limit up [3] - Synthetic biology stocks were active, with companies such as Chuaning Biological, Jindawei, and Hainan Haiya hitting their daily limit up [3] Sector Trends - The synthetic biology sector is expected to grow, with significant applications in various fields, although it currently holds a limited share in the overall chemical market [4] - The international landscape for synthetic biology is primarily dominated by the U.S. and Europe, which may influence domestic policy and development [4] Company Profiles 1. **Chuaning Biological**: Focuses on synthetic biology with products in production and plans to expand into high-value products and efficient strains by 2025 [7] 2. **Jieya Co.**: A leading manufacturer of wet wipes, shifting focus towards wet toilet paper and expanding into medical devices and cosmetics [8] 3. **Furuida**: Aims to build a comprehensive health industry chain, leveraging R&D strengths in cosmetics and pharmaceuticals [8] 4. **Jindawei**: Positioned as a leader in the health supplement market, benefiting from market expansion and stable financial performance [8]

Investment Rating - The report indicates a positive outlook for the fast-moving consumer goods (FMCG) market, with a steady growth trend observed in the first quarter of 2025 [5][69]. Core Insights - The FMCG market in China is experiencing a recovery, with a GDP growth rate of 5.4% and an increase in urban disposable income by 4.9% in the first quarter of 2025 [6][69]. - Consumer purchasing behavior is shifting towards smaller, more frequent purchases, reflecting a trend towards convenience and emotional value in products [11][69]. - Domestic products are gaining traction, while imported products face challenges due to declining prices and changing consumer preferences [70][69]. - The growth of the out-of-home consumption market is notable, particularly during festive periods, indicating a need for brands to focus on specific consumption scenarios [71][69]. Summary by Sections Market Overview - The FMCG market is showing signs of recovery with a growth rate of 4.2% year-on-year as of March 2025 [6][8]. - The overall market sentiment is positive, with food and daily chemical products accelerating in sales compared to the previous quarter [8][69]. Consumer Behavior - There is a notable trend of small-sized product purchases, with a 25.1% increase in small specifications [12][69]. - The frequency of purchases has increased by 6.3%, indicating a shift towards fragmented purchasing channels and diverse consumption scenarios [15][69]. Product Categories - Food and beverage categories are performing well, with food sales up by 4.5% and beverages by 6.1%, while dairy products are under pressure with a decline of 3.0% [11][69]. - The average purchase price for imported products has decreased by 7.6%, leading to a decline in household spending on these items [19][70]. Retail Channels - The modern retail channel is experiencing a bifurcation, with traditional supermarkets and convenience stores adapting to consumer needs [24][71]. - E-commerce continues to grow, with platforms like Douyin leading in penetration rates and purchase frequency [31][69]. Out-of-Home Consumption - The out-of-home consumption market is thriving, with significant growth during the Spring Festival, highlighting the importance of targeting specific consumer scenarios [71][69]. - Brands are encouraged to enhance their presence in various out-of-home settings, such as snack shops and entertainment venues, to effectively reach consumers [43][71]. Demographic Trends - The rise of single-person households is influencing consumption patterns, with a focus on self-enjoyment and convenience [54][71]. - Brands need to adapt their strategies to cater to the unique preferences of single households, emphasizing emotional value and efficient products [71][69].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 61.06 CNY, maintaining the rating [5][12]. Core Views - The company reported a revenue of 2.929 billion CNY for 2024, a year-on-year increase of 6.25%, while the net profit attributable to shareholders was 388 million CNY, a decrease of 11.65% [1]. - The acquisition of Hubei Sibao is expected to enhance the brand value and market share of the company's products, particularly the "Jieting" brand [3]. - The company is focusing on expanding its overseas market presence, particularly in Thailand, through a multi-channel strategy [3]. Financial Performance - In 2024, the company achieved revenues of 2.060 billion CNY from baby hygiene products, 0.552 billion CNY from adult hygiene products, and 0.232 billion CNY from other products, with respective year-on-year growth rates of 4.3%, -0.5%, and 57.6% [2]. - The gross margin for 2024 was 27.91%, an increase of 0.97 percentage points year-on-year, while the net margin was 13.23%, a decrease of 2.68 percentage points [11]. - The company expects revenues to grow to 3.921 billion CNY in 2025, representing a year-on-year growth of 33.84% [12]. Market Strategy - The company plans to leverage its production bases across China to enhance production efficiency and reduce logistics costs [3]. - The strategy includes deepening the local market presence in Thailand and expanding into surrounding countries [3]. Future Projections - The projected net profit for 2025 is 496 million CNY, with a year-on-year growth of 27.95% [12]. - The company anticipates a steady increase in revenue and profit over the next few years, with expected revenues of 4.392 billion CNY in 2026 and 4.969 billion CNY in 2027 [12].