Its interim revenue of FY2019 increased by 6.3% y.o.y., mainly driven by tissue paper
and the other businesses. The sanitary napkin business was down 4.6% due to the impact
of traditional channel reform, which is in line with our expectations. Traditional channel
accounted for over 60% of sanitary napkin revenue. During the period, the company
increased its efforts to transform the traditional sales channels, encourage small sales
team to sell products directly to retailers and provide upgraded and premium products.