集团抓紧消费渠道多元化的庞大机遇，持续加大力度发展电商业务及新零售市场，除了于传统大型电商 平台推广品牌，亦加强渗透其他新兴渠道。期内，集团的电商及新零售销售占比进一步上升至约34.4% (2024年上半年：31.8%)，销售收入同比增长约7.9%。另外，集团于期内亦持续促进传统渠道的销售及 发展其新的增长点，全渠道销售策略稳步推进。 同时，随着国内对个性化、具附加值及细分功能的升级卫生用品需求日增，集团积极研发新技术，推动 产品高端化并丰富产品组合，提升品牌形象，为长远发展注入新动力。各重点高端产品包括卫生巾系 列"天山绒棉"、"绒立方"纸巾系列等，高端纸尿裤"Q MO"系列于期内持续深受消费者青睐，保持强劲 的销售势头，加上本年新推出的"蔓越莓A+"有机纯棉卫生巾新品及"向野而生"高端系列纸巾，皆有助 持续提高高端产品在销售额中的占比，同时提升品牌形象及产品口碑。 回顾期内，尽管纸巾毛利有所改善，高端产品占比也持续上升，但由于卫生用品的销售下跌及其促销费 用的增加，加上原材料绒毛浆成本上涨，致集团整体毛利与去年同比略有下跌。2025年上半年，集团整 体毛利下跌约3.2%至约人民币38.12亿元(2024年 ...

Core Viewpoint - The company reported stable revenue performance in the first half of 2025, supported by growth in tissue sales and an increase in market share, despite intense price competition in the sanitary products sector [1] Group 1: Financial Performance - The company's overall revenue slightly decreased by 0.2% year-on-year to approximately RMB 11.808 billion [1] - Overall gross profit fell by about 3.2% to approximately RMB 3.812 billion, with a gross margin declining to around 32.3% [1] - Operating profit decreased by 7.3% to approximately RMB 1.757 billion [1] - Profit attributable to equity holders decreased by approximately 2.6% to around RMB 1.372 billion, with basic earnings per share at RMB 1.206 [1] - The board declared an interim dividend of RMB 0.70 per share [1] Group 2: Sales and Market Strategy - The steady increase in tissue sales is expected to support overall revenue stability in the second half of 2025, driven by multi-channel sales, product personalization, and stable pricing strategies [1] - The company is seizing opportunities in diversified consumer channels, increasing efforts in e-commerce and new retail markets, with e-commerce and new retail sales accounting for approximately 34.4% of total sales, showing a year-on-year growth of about 7.9% [1] - The company continues to promote sales through traditional channels and develop new growth points, with a steady advancement of its multi-channel sales strategy [1] Group 3: Product Development and Brand Enhancement - The company is actively developing new technologies to enhance product high-end features and diversify its product portfolio, responding to the growing demand for personalized and value-added sanitary products [2] - Key high-end products include the "Tianshan Velvet Cotton" sanitary napkin series and the "Q • MO" series of high-end diapers, which have maintained strong sales momentum [2] - New product launches, such as the "Cranberry A+" organic cotton sanitary napkin and the "Towards the Wild" high-end tissue series, are expected to increase the proportion of high-end products in sales and enhance brand image and product reputation [2]