证券研究报告 | 朝闻国盛 gszqdatemark 2025 10 30 年 月 日 朝闻国盛 估值整改压力下理财规模再创新高——2025 年理财三季报点评 今日概览 ◼ 重磅研报 【固定收益】估值整改压力下理财规模再创新高——2025 年理财三季报 点评——20251029 【家用电器】望圆科技：泳池清洁机器人龙头，有望进入快速增长通道 ——20251029 ◼ 研究视点 【海外】小鹏汽车-W（ 09868.HK）-关注小鹏科技日，将宣布物理 AI 重 大突破——20251029 【家用电器】比依股份 603215.SH）-收入增速有所放缓，盈利水平有 待恢复——20251029 【建筑材料】东方雨虹 002271.SZ）-Q3 收入同比转正，利润率拐点临 近——20251029 【传媒】神州泰岳 300002.SZ）-新游《Stellar Sanctuary》美区上线， 推出多个 AI 应用新产品——20251029 【机械】奥比中光-UW（ 688322.SH）-25Q3 业绩超预期，"机器人之眼" 未来成长可期——20251029 【商贸零售】若羽臣 003010.SZ）-25Q3 延续高增，自有品 ...

Wind数据显示，10月30日，26家公司共发布27个股票回购相关进展。其中，16家公司首次披露股票回 购预案，2家公司回购方案获股东大会通过，2家公司披露股票回购实施进展，6家公司回购方案已实施 完毕。从首次披露回购预案来看，当日共6家公司股票回购预案金额超千万。禾迈股份、三力士、民生 健康回购预案金额最高，分别拟回购不超2.0亿元、6000.0万元、5054.4万元。从股东大会通过回购预案 来看，大禹生物、新威凌回购金额最高，分别拟回购不超559.6万元、2.02万元。从回购实施进展来看， 古越龙山、嘉益股份回购金额最高，分别回购1.86亿元、9902.46万元。从已完成回购来看，当日共5家 公司回购金额超千万。华发股份、神州数码、若羽臣已完成回购金额最高，分别回购3.1亿元、2.03亿 元、2.0亿元。截至10月30日，今年以来已有1711个回购方案已实施完毕，涉及1281家公司，其中330家 公司已完成回购金额超亿元。其中贵州茅台、牧原股份、中远海控回购金额居前，分别已完成回购 60.00亿元、30.01亿元、21.46亿元。 ...

（编辑 楚丽君） 证券日报网讯 10月29日晚间，若羽臣发布公告称，2025年9月29日至2025年10月29日期间，公司通过股 份回购专用证券账户，以集中竞价方式累计回购公司股份4，786，738股，占公司目前总股本的 1.54%。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广州若羽臣科技股份有限公司（以下简称"公司"）于2025年8月18日召开 第四届董事会第十次会议，审议通过了《关于2025年度第二期回购公司股份方案 的议案》。公司将使用自有资金和股票回购专项贷款资金通过深圳证券交易所股 票交易系统以集中竞价交易方式回购部分公司发行的人民币普通股（A股）股票。 本次回购股份的资金总额将不低于人民币10,000万元（含），且不超过人民币 20,000万元（含），回购价格不超过76.80元/股（含）。本次回购股份实施期限 为自董事会审议通过回购股份方案之日起12个月内。具体内容详见公司刊登在 《上海证券报》《证券日报》《证券时报》《中国证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上的《关于2025年度第二期回购公司股份方案的 公告》（公告编号：2025-078）、《回购报告书》（公告编号：2025-079）。 因实施2025年半年度权益分派，公司按照中国证监会及深圳证券交易所的相 关规定相应调整回购股份价格上限，权益分派实施完成后，本次回购股份价格上 限 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7][5]. Core Views - The company achieved a revenue of 819 million RMB in Q3 2025, representing a year-on-year increase of 123.4%, driven by the growth of its proprietary brands [1][7]. - The company continues to show strong growth potential in the high-end household cleaning and functional health products sectors, with a focus on its proprietary brand expansion [1][5]. Revenue Performance - In Q3 2025, the company recorded a revenue of 2.27 billion RMB for the brand "Zhanjia," marking a year-on-year increase of 118.9% [2]. - The health supplement brand "Feicui" achieved a revenue of 203 million RMB in Q3 2025, with a quarter-on-quarter growth of 98.8% [3]. Profitability Metrics - The gross margin for Q3 2025 was reported at 61.0%, an increase of 12.4 percentage points year-on-year, attributed to the higher proportion of high-margin proprietary brand sales [4]. - The net profit attributable to the parent company for Q3 2025 was 33 million RMB, reflecting a year-on-year increase of 73.2% [4]. Future Earnings Forecast - The revenue forecasts for 2025 to 2027 have been adjusted upwards to 32.08 billion RMB, 49.62 billion RMB, and 67.31 billion RMB, respectively [5]. - The target market capitalization for the company is set at 162.2 billion RMB, with a target price of 52.13 RMB per share [5][12].

今日早参 2025 年 10 月 29 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 吕若晨 必选消费联席首席研究员 邮箱：lvruochen@htsc.com 樊俊豪 金控研究部负责人暨可选消费首席研 究员 邮箱：fanjunhao@htsc.com 今日深度 宏观：联储独立性受损如何改变宏观叙事？ 8 月底特朗普提出解雇联储理事库克以来，对联储独立性的担忧快速升温， 金价上升斜率明显加大。本次上任以来，特朗普对联储政策和人事的干预力 度、频率、及渠道都与以往不可同日而语。美联储独立性是美元估值非常重 要的"锚"，而市场已经开始定价美元公信力结构性下降——今年金价、数 字货币、核心股权资产等估值区间明显上移即是例证。本文系统性复盘联储 独立性的法律基础及历史演变，推演白宫对联储强势干预的潜在影响。 风险提示：政治施压加剧，市场波动可能进一步放大。 研报发布日期：2025-10-29 研究员 易峘 SAC:S0570520100005 SFC:AMH263 重点公司 立高食品（300973 CH,买入）：费用控制与成本压力对冲下盈利 保持平稳 25Q1-3 公 司 实 现 营 收 / 归 母 ...

Summary of Key Points Core Viewpoint - Ruoyuchen (003010.SZ) reported its Q3 2025 results, highlighting significant institutional investor activity and changes in shareholding patterns. Institutional Investor Holdings - As of October 28, 2025, 58 institutional investors disclosed holdings in Ruoyuchen A-shares, totaling 76.16 million shares, which represents 24.49% of the total share capital [1] - The top ten institutional investors collectively hold 20.16% of the shares, with a decrease of 0.68 percentage points compared to the previous quarter [1] Public Fund Activity - In the current period, 24 public funds increased their holdings, accounting for a 2.43% increase, with notable funds including Dongfanghong Qiheng Mixed A and Caitong Asset Management Quality Consumption Mixed Initiation A [2] - Conversely, 11 public funds reduced their holdings, representing a 0.50% decrease, including Huazhong New Consumption Mixed A and Chang'an XinYue Consumption Mixed A [2] - There were 19 newly disclosed public funds this period, while 237 public funds were not disclosed compared to the previous quarter [2] Foreign Investment - One new foreign institutional investor disclosed holdings this period, namely Hong Kong Central Clearing Limited [3]

收入结构变化带来销售费用率提升。25Q3，销售费用率同增18.8pct至54.5%，我们认为主要是投流费用 和收入确认错期，及自有品牌业务收入占比提升且销售费用率较高所致，管理费用率同减4.1pct 至 3.4%，研发费用率同减0.4pct 至0.8%，财务费用率同增0.4pct 至0.6%。 盈利预测与投资评级：25Q3 自有品牌表现靓丽，品牌管理业务亦翻倍式增长。看好自有品牌持续发 力，带来业绩增量，上调25~27 年归母净利润预测至1.81/2.60/3.53 亿元， 当前股价对应PE 估值为 52x/36x/27x，维持"买入"评级。 风险提示：电商竞争加剧，投流效率下降；产品推新、品牌推新不及预期；消费力疲软。 点评： 自有品牌表现靓丽。25Q3，自有品牌业务收入4.5 亿元、同增345%，绽家、斐萃两大品牌持续高增， 新品牌纽益倍快速实现规模放量。其中绽家收入2.27 亿元、同增119%，斐萃收入2.03 亿元、环比增长 超98.8%；纽益倍于今年6 月底正式上线销售，截至9 月实现收入1213万元，8、9 月全渠道GMV 增速环 比连续实现三倍以上增长。 品牌管理业务翻倍式增长，代运营业务略有下 ...

Core Viewpoint - Ruoyuchen (SZ 003010) announced that it will accept an investor survey on October 28, 2025, with participation from key executives including the Vice General Manager, Board Secretary, and CFO, Luo Zhiqing [1] Company Summary - For the first half of 2025, Ruoyuchen's revenue composition is entirely from the e-commerce service sector, accounting for 100.0% [1] - As of the report date, Ruoyuchen's market capitalization stands at 13.2 billion yuan [1]

Group 1: Financial Performance - In Q3 2025, the company's proprietary brand business achieved revenue of 451 million CNY, a year-on-year increase of 344.5%, accounting for 55.1% of total revenue [5] - The brand "Zhenjia" generated revenue of 227 million CNY in Q3, with a year-on-year growth of 118.9%. From January to September, it accumulated 680 million CNY in revenue, up 148.6% [5] - The brand "Feicui" saw explosive growth, with Q3 revenue reaching 203 million CNY, a quarter-on-quarter increase of over 98.8%. For the first nine months, it achieved 362 million CNY in revenue [5] - The brand "Niuyibei," launched in June 2025, generated 12.126 million CNY in revenue by September [5] - The brand management business recorded revenue of 204 million CNY in Q3, a year-on-year increase of 114.1%, and 539 million CNY for the first nine months, up 71.1% [6] Group 2: Strategic Initiatives - The company plans to focus on proprietary brand development while maintaining steady growth in brand management and e-commerce operations [6] - "Zhenjia" is expanding its product line to cover all categories in home cleaning and care, with a new liquid Marseille soap product topping sales charts [6] - The company aims to enter Southeast Asia and the Middle East markets for international expansion, leveraging its New Zealand origins [6][7] - Future brand acquisitions will focus on high-quality brands in health and personal care, potentially acquiring overseas brands to leverage their market presence [8] Group 3: Operational Efficiency - The company emphasizes organizational flexibility to avoid a "spreading thin" approach, balancing centralized control with distributed innovation [8] - Resource allocation for new brand incubation is managed by a project team led by the chairman, ensuring rapid decision-making and expertise across various functions [8] - Regular sharing of best practices among business units is encouraged to replicate successful strategies across projects [8] Group 4: Market Positioning - The company adopts a global brand mindset, understanding local market needs through past experiences with overseas brands entering China [7] - The company is progressing with its application for listing H-shares on the Hong Kong Stock Exchange, submitted on September 19, 2025 [9]