The Zheshang Securities Research Report pointed out that Baiya Co., Ltd. was dragged down by channel repositories, and 26Q2 is under pressure and looking forward to restoration. 2026H1 achieved net profit of 179 million yuan to mother, -4.82% year-on-year. In a single quarter of 26Q2, the company achieved net profit of 35 million yuan, or -38.57% year-on-year. The sanitary napkin industry shrank slightly and channels were diverted during the period. The company was pressured by raw material pressure and storage performance, and is looking forward to subsequent repairs. The five core offline provinces are under pressure, and peripheral provinces continue to grow; online channels have resumed growth, and the quality of operations continues to improve. The company's brand potential is still trending upward, with shares in the five core provinces rising rapidly, and the share share in Guangdong, Jiangsu and other provinces is rising; however, as the industry as a whole enters stock competition and channel management pressure increases, the company reduces pressure on dealers by going to the channel. It is expected that subsequent companies will continue to control channel inventory levels; emerging channels such as instant retail, snacks, and member warehousing are diverted to traditional channels. The requirements for omni-channel operation capabilities are increasing in the context of the fragmented channel pattern. Follow-up attention will be paid to gradually realizing the inflection point of operation under the company's new product leading+channel operation quality improvement+new channel strengthening layout. Still optimistic about the company's brand potential & improvement in business quality. Maintain a “buy” rating.

The Zheshang Securities Research Report pointed out that Baiya Co., Ltd. was dragged down by channel repositories, and 26Q2 is under pressure and looking forward to restoration. 2026H1 achieved net profit of 179 million yuan to mother, -4.82% year-on-year. In a single quarter of 26Q2, the company achieved net profit of 35 million yuan, or -38.57% year-on-year. The sanitary napkin industry shrank slightly and channels were diverted during the period. The company was pressured by raw material pressure and storage performance, and is looking forward to subsequent repairs. The five core offline provinces are under pressure, and peripheral provinces continue to grow; online channels have resumed growth, and the quality of operations continues to improve. The company's brand potential is still trending upward, with shares in the five core provinces rising rapidly, and the share share in Guangdong, Jiangsu and other provinces is rising; however, as the industry as a whole enters stock competition and channel management pressure increases, the company reduces pressure on dealers by going to the channel. It is expected that subsequent companies will continue to control channel inventory levels; emerging channels such as instant retail, snacks, and member warehousing are diverted to traditional channels. The requirements for omni-channel operation capabilities are increasing in the context of the fragmented channel pattern. Follow-up attention will be paid to gradually realizing the inflection point of operation under the company's new product leading+channel operation quality improvement+new channel strengthening layout. Still optimistic about the company's brand potential & improvement in business quality. Maintain a “buy” rating.