证券研究报告 | 公司点评 | 个护用品 线上承压、线下外围优异，中期壁垒仍深厚 ——百亚股份 2025Q3 业绩点评报告 投资要点 ❑ 百亚股份披露 2025Q3 业绩 2025Q1-Q3 公司实现营业收入 26 亿元，同比+13%，实现归母净利润 2.4 亿元， 同比+2.5%；其中 25Q3 单季公司实现营业收入 8.6 亿元，同比+8%，实现归母净 利润 0.57 亿元，同比-4%，实现扣非后归母净利润 0.55 亿元，同比+2%。线上渠 道受平台流量政策变化、双十一费用前置、ROI 下滑等因素影响为主要拖累项。 百亚股份(003006) 报告日期：2025 年 10 月 24 日 投资评级: 买入(维持) 分析师：史凡可 执业证书号：S1230520080008 shifanke@stocke.com.cn ❑ 线下外围省份增长亮眼，线上渠道仍承压 ❑ 毛利率基本平稳，销售费用率受线上 ROI 下滑等影响进一步提升 利润率&费用率：2025Q3 单季公司毛利率为 55.55%，同比-0.25pct，基本保持平 稳。2025Q3 单季公司销售/管理+研发/财务费用率分别为 42.43%/ 4.64%/ ...

调研基本情况 2025年10月21日，重庆百亚卫生用品股份有限公司（以下简称"重庆百亚"）以电话会议形式召开投资者 电话会议，接待了包括中国银河证券、嘉实基金、易方达基金等在内的190家机构调研。公司董事长冯 永林，营销总曹业林，董事会秘书、财务总张黎，供应链总梅莹鹏，电商总朱慧出席会议，就2025年三 季度业绩表现、渠道拓展、产品战略及电商平台策略等核心问题与投资者交流。 前三季度业绩回顾：线下外围市场爆发 大健康产品高增 整体业绩：营收同比增12.8% 净利润微增2.5% 2025年前三季度，公司实现营业收入26.2亿元，同比增长12.8%；净利润2.4亿元，同比增长2.5%。其 中，第三季度单季营业收入8.6亿元，同比增长8.3%；净利润0.6亿元，同比下降3.9%，主要受电商渠道 短期调整影响。 渠道端：线下外围市场高速扩张 即时零售成新引擎 分渠道看，线下渠道表现亮眼。前三季度线下渠道实现营业收入16.2亿元，同比增长35.7%，其中外围 省份（非核心市场）营收同比激增113.4%；第三季度单季线下渠道营收同比增长27.2%，外围省份同比 增长94.0%。公司表示，未来将继续加大外围省份资源投入，推 ...

Group 1 - Minsheng Health (SZ 301507, closing price: 15.52 CNY) announced on August 19 that its subsidiary, Minsheng Zhongke Jiayi (Shandong) Bioengineering Co., Ltd., received an invention patent certificate from the National Intellectual Property Administration for a strain of Lactobacillus curvatus JYLU-88 that promotes EGF and EGFR expression [2] - For the fiscal year 2024, Minsheng Health's revenue composition is as follows: vitamin and mineral supplements account for 96.91%, other health products for 1.93%, probiotics for 0.66%, other businesses for 0.39%, and therapeutic drugs for 0.11% [2]

Summary of Baia Co., Ltd. Conference Call Company Overview - **Company**: Baia Co., Ltd. - **Industry**: Sanitary products, specifically focusing on women's hygiene products Key Points and Arguments 1. **Recovery in Revenue and Profit**: The most competitive period for online channels has passed, with expectations for revenue and profit to recover, primarily benefiting from L2 strategy optimization and policy restrictions on irrational traffic investments. The months of May and June are seen as clear low points, with July and August showing recovery in GMV on Douyin [2][5] 2. **Dominance of Offline Channels**: Offline channels remain the primary driver for Baia, with the Free Point brand expanding rapidly in peripheral provinces. The first half of the year is expected to see a doubling in growth, and as fixed costs are amortized, profit increases will be non-linear, with key provinces likely to reach profitability inflection points [2][6] 3. **Emergence of Instant Retail**: Baia has positioned itself early in the instant retail space, offering competitive pricing and higher delivery efficiency compared to Douyin. The recovery in e-commerce data combined with strong performance in offline peripheral provinces should be closely monitored for future growth [2][6] 4. **Shift in Growth Strategy**: The company is transitioning from rapid market share growth to enhancing operational quality, leveraging online L2 strategy optimization and new instant retail channels to drive performance growth. The growth cycle of the company is expected to continue [2][7] 5. **Product Strategy and Impact**: In May 2023, Baia launched a probiotic series priced at 1 to 1.2 yuan, which significantly boosted performance and initiated a cycle of large single products. This followed the introduction of a health series in late 2022, which had mixed results due to higher pricing [2][7] 6. **Financial Performance**: Since the second half of 2022, Baia has seen a turning point in performance, with revenue growth of 33% in 2023 and projected 52% in 2024. Despite increased advertising and fixed costs, profit growth remains above 20%. ROE is expected to rise from 15% in 2022 to 20% in 2024, with gross margin increasing from 45% to 53% [4][8] 7. **Regional Market Performance**: Baia holds over 40% market share in the Sichuan-Chongqing region, with stable growth in Yunnan, Guizhou, and Shaanxi. Significant revenue growth is expected in peripheral provinces starting in the second half of 2024, continuing into the first half of 2025 [4][9] 8. **E-commerce and Offline Channel Dynamics**: E-commerce channels have achieved significant results through Douyin and Tmall, but future growth may stabilize at a reasonable range of 20%-30%. The importance of offline channels is increasing, with fixed costs being amortized as scale expands, gradually releasing profit potential [10] 9. **Competitive Advantages**: Baia's local brands, such as Free Point, have stronger offline management capabilities compared to foreign brands, which rely heavily on online channels. The company maintains a close ratio of distributors to sales personnel, enhancing control over terminal sales points and market share [11] 10. **Future Growth Prospects**: As the potential of probiotic products is realized, high-margin products will enhance distributor performance, attracting more distributors. After crossing the breakeven point in various provinces, profit margins are expected to rise rapidly, with projections for continued revenue and profit growth [12]

Core Viewpoint - Minsheng Health announced a share buyback plan, having repurchased approximately 1.33 million shares, representing 0.37% of the total share capital, with a total expenditure of around 17.26 million yuan [2] Summary by Category Share Buyback - As of July 31, 2025, Minsheng Health has repurchased about 1.33 million shares through a special securities account via centralized bidding, with a maximum transaction price of 13.82 yuan per share and a minimum transaction price of 11.83 yuan per share [2] Revenue Composition - For the year 2024, the revenue composition of Minsheng Health is as follows: - Vitamin and mineral supplements account for 96.91% - Other health products account for 1.93% - Probiotics account for 0.66% - Other businesses account for 0.39% - Therapeutic drugs account for 0.11% [2]