登录新浪财经APP 搜索【信披】查看更多考评等级 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。 特别提示： 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议：2026年2月24日（周二）14:30 （2）网络投票：2026年2月24日，其中通过深圳证券交易所交易系统进行网络投票的具体时间为：2026 年2月24日9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票系统 （http://wltp.cninfo.com.cn）投票的具体时间为：2026年2月24日9:15-15:00期间的任意时间。 2、现场会议召开地点：广东省广州市海珠区鼎新路8号欢聚大厦38楼会议室 3、会议召集人：广州若羽臣科技股份有限公司董事会 4、投票方式：本次会议采取现场投票与网络投票相结合的方式召开。本次股东会通过深圳证券交易所 交易系统和互联网投票系统向社会公众股股东提供网络形式的投票平台。 5、会议主持人：董事长王玉先生 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议 ...

证券代码：003010 证券简称：若羽臣 公告编号：2026-008 广州若羽臣科技股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议：2026 年 2 月 24 日（周二）14:30 （2）网络投票：2026 年 2 月 24 日，其中通过深圳证券交易所交易系统进行网 络投票的具体时间为：2026 年 2 月 24 日 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票的具体 时间为：2026 年 2 月 24 日 9:15-15:00 期间的任意时间。 2、现场会议召开地点：广东省广州市海珠区鼎新路 8 号欢聚大厦 38 楼会议室 3、会议召集人：广州若羽臣科技股份有限公司董事会 通过网络投票的股东共 314 人，代表股份 ...

北京市中伦（广州）律师事务所 关于广州若羽臣科技股份有限公司 2026 年第一次临时股东会的 法律意见书 致：广州若羽臣科技股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广州若羽臣科技股份有 限公司（以下简称"公司"）委托，指派本所律师邵芳、叶可安（以下简称"本所律 师"）出席公司 2026 年第一次临时股东会（以下简称"本次股东会"）。本所律师根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》 等有关法律、法规、规范性文件及《广州若羽臣科技股份有限公司章程》（以下 简称"《公司章程》"）的规定，对公司本次股东会进行见证并出具法律意见。 经核查，公司本次股东会由第四届董事会召集，具体情况如下： 为出具本法律意见书，本所律师审查了公司本次股东会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为作为出具本法律意见书 所必需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、 准确、完整的要求，有关副本、复印件等材料与原始材料一致。 在本法律意见书中，本所律师仅对本次股东会的召集、召开程序、出席本次 股东会人员和召集人的资格、会议表决 ...

美妆代运营正在挣扎"上岸" 开年以来，丽人丽妆、凯淳股份、壹网壹创、若羽臣、青木科技五大美妆代运营商先后发布了2025年业绩预告。 与前三季度集体承压、财报惨淡，仅有寥寥两家维持增长的景象不同，年末却意外迎来业绩回暖信号，多家企业预告业绩改善。 但这份"暖意"并未普照整个行业，曾经依附美妆品牌成长、赚足流量红利的代运营商，如今正经历前所未有的生存考验，"日子不好过"已成为行业普遍现 象。 只是，有人"浮沉"，也有人开始有人陆续"上岸"了。 01 整体有所增长 但仍难言乐观 过去一年，美妆代运营行业被冠以"集体寒冬"的标签。 从第一季度到第三季度，多数企业的财报都难言乐观，仅有若羽臣、青木股份等少数公司保持增长态势。然而，到了年底的年终业绩预告，行业似乎出现 了一丝回暖的迹象。 | 公司名称 | 预计归母净利润 | 预计同比 | | --- | --- | --- | | 若羽臣 | 1.76亿元 - 2.00亿元 | +67% 至 +89% | | 青木科技 | 1.18亿元 - 1.36亿元 | +30% 至 +50% | | 壹网壹创 | 9203万元 - 1.196亿元 | +21.10% 至 +57. ...

Core Viewpoint - The company emphasizes its commitment to technological innovation as a core driving force and actively explores the application of new technologies in its business operations [1] Group 1 - The company will strictly adhere to relevant laws and regulations regarding technology-related developments and will disclose information in periodic reports as required [1]

Investment Rating - The report indicates a positive investment rating for the home cleaning and health supplement sectors, highlighting strong growth potential in proprietary brands and market expansion opportunities [4][9]. Core Insights - The report emphasizes the rapid growth of proprietary brands in home cleaning and health supplements, with a focus on expanding brand matrices and capturing market share [4][9]. - The home cleaning market in China exceeds 150 billion yuan, with fabric care being the largest category, driven by rising quality demands and emotional consumption trends [16][21]. - The dietary supplement market is projected to grow significantly, driven by increasing health awareness, an aging population, and the penetration of Generation Z consumers [34][35]. Summary by Sections Company Overview - The company has transitioned from an operational agency to a leading player in high-end home cleaning and health supplement proprietary brands, with a focus on brand management and operational efficiency [4][5]. Business Structure - The business model consists of three main segments: operational agency, brand management, and proprietary brands, with a notable increase in the share of proprietary brands [7][9]. Financial Performance - Revenue from proprietary brands reached 5.01 billion yuan in 2024, accounting for 28.37% of total revenue, with a gross margin of 66.92% [8][10]. - The company has seen significant revenue growth in its proprietary brands, with notable increases in sales for brands like VitaOcean and NUIBAY [11][12]. Industry Trends - The home cleaning industry is experiencing a shift towards premiumization, with consumers willing to pay a premium for quality and fragrance [21][30]. - The dietary supplement market is rapidly evolving, with a focus on beauty-related supplements and innovative functional ingredients gaining traction [34][38]. Market Dynamics - The report highlights the increasing online penetration of sales channels, particularly through content-driven e-commerce platforms like Douyin [24][26]. - The competitive landscape shows stable market shares among leading brands, with opportunities for new entrants in high-end segments [28][32].

Core Insights - The Chinese nutrition and health industry is experiencing a surge in IPO activities, indicating a shift from local operations to global expansion and a focus on scientific validation [4][5]. IPO Developments - In 2025, several companies in the nutrition and health sector are set to go public, covering the entire supply chain from raw materials to manufacturing and branding [4]. - Dongpeng Beverage plans to list on the Hong Kong Stock Exchange in early 2026, aiming to raise over HKD 10.1 billion, marking the largest IPO in the non-alcoholic beverage sector in Hong Kong history [4]. - Xianle Health is advancing its H-share listing while optimizing its global CDMO platform by divesting non-core assets [4]. - Ruoyuchen has submitted its application to the Hong Kong Stock Exchange, focusing on its proprietary brand FineNutri to transition from a service provider to a brand owner [4]. - Other companies like Jiyuan Group and Hengmei Health are also pursuing listings to enhance their production capacities and market presence [4][5]. Regulatory Updates - The National Market Supervision Administration has released several guidelines and regulations affecting the health and nutrition sector, including the review of special medical formula food production licenses and the management of live-streaming e-commerce [6][7]. - New regulations have been introduced to ensure compliance in the marketing of health products, including a ban on certain food sales in live-streaming environments [6]. Market Trends - There is a notable increase in demand for health supplements, with sales of ginseng and other tonic products rising by 55% year-on-year during the New Year holiday [17]. - The import of medical and health products has also seen significant growth, with a 70.4% increase in imports in Hubei province in 2025 [17]. Industry Insights - The current wave of capital influx is not merely for financing but signals a critical transition in the industry towards scientific validation and global operations [4]. - Companies with genuine research capabilities, compliant product systems, and international perspectives are expected to gain a competitive edge in high-quality development [4].

黄蔓琪 中金公司美护分析师: 午好，欢迎参加若雨宸更新汇报的电话会。我是中金公司的美护研究员黄曼琦。那若雨宸 是我们在美护板块重点推荐的标的之一。公司是国内领先的每户和保健品的代运营商，并 且在这几年，也成功的培育了高端嘉兴品牌战家，女性抗衰保健品品牌翡翠纽依蓓等自由 品牌。那我们也是看好公司的自由品牌在快速的放量。带动公司收入端的快速增长，以及 这个盈利能力的一个显著的提升。那在上周我们也是发布了若羽臣的深度报告，所以在此 也是跟各位领导做一个汇报。 那首先我们先介绍一下若雨辰的一个起家的背景。那公司是做电商代运营起家的，在近几 年开始转型做家清和保健品的自由品牌，从而带动了收入和利润的高增。那公司是在 2011 年在广州成立的。公司的老板是读计算机和商科管理学出身的，所以本身就有相关 的知识背景。老板在 07 年上大学期间，就曾经创业去创办过 B to C 的电商平台。然后老 板在毕业之后，最开始也是来到广州，给国内的这个药妆的小品牌去做操盘，当时的起量 非常快，所以老板曾经也是在业内被称为是这个电商奇才，所以老板本人其实是有比较敏 锐的商业嗅觉。 以及有比较强的电商操盘能力的。那公司是在 2011 年在 ...

Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

Investment Rating - The report assigns an "Accumulate" rating for the cosmetics industry, indicating a positive outlook for selected companies within the sector [5]. Core Insights - The beauty industry is expected to maintain steady growth in 2026, driven by product innovation and the rising trend of domestic brands. The report suggests a bottom-up selection of high-growth products and brands with strong potential, as well as companies that exhibit resilience amid product and channel changes [2][5]. Summary by Sections Industry Overview - The report highlights that the cosmetics sales during the off-peak season have shown marginal improvement. It suggests focusing on products and brands with strong growth momentum and resilience in the face of changing product and channel dynamics [2]. Key Investment Points - The report identifies two main lines of investment: 1. **High-Growth Companies**: Companies like RuYuchen, BeiJiaJie, MaoGePing, LinQingXuan, and ShangMei are expected to perform well due to strong fundamentals and product innovation [5]. 2. **Brands with Strong Asset Value**: Companies such as BeiTaiNi and PoLaiYa are anticipated to see marginal improvements following adjustments in their channels and product structures [5]. Market Performance - According to data from the National Bureau of Statistics, the retail sales of cosmetics in December 2025 grew by 8.8% year-on-year, significantly outpacing the overall retail growth of 0.9%. The annual retail sales for cosmetics in 2025 reached 465.3 billion yuan, reflecting a 5.1% year-on-year increase [5]. Company Valuations - The report provides a valuation table for key companies, indicating their earnings per share (EPS) and price-to-earnings (PE) ratios for 2025E, 2026E, and 2027E. For instance, RuYuchen has an EPS of 0.59 yuan for 2025E with a PE of 60, while BeiTaiNi has an EPS of 1.10 yuan for 2025E with a PE of 43 [7].