[Table_Title2] 若羽臣(003010) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 003010 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 54.0/10.03 | | 目标价格： | | 总市值(亿) | 84.31 | | 最新收盘价： | 51.4 | 自由流通市值(亿) | 62.16 | | | | 自由流通股数(百万) | 120.93 | 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 25 日 [Table_Title] 自有品牌高增长，业绩持续释放 [Table_Summary] 事件概述： 公司发布 2024 年年报以及 2025 年一季报。2024 年公司实现总营业收入 17.66 亿元，同比增长 29.26%；利润 总额达到 1.28 亿元，同比增长 125.87%；实现归母净利润 1.06 亿元，同比增长 94.58%。2025 年一季度公司实 现总营业收入 5.74 亿元，同比增长 54.16%；利润总额达到 0.27 亿元，同比增长 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on significant revenue and profit growth [1]. Core Insights - The company reported a revenue of 1.766 billion yuan in 2024, representing a year-on-year increase of 29.26%, with a net profit of 106 million yuan, up 94.58% [1]. - In Q1 2025, the company achieved a revenue of 574 million yuan, a 54.16% increase year-on-year, and a net profit of 27 million yuan, up 113.88% [1]. - The company plans to distribute a cash dividend of 0.5 yuan per share and a stock dividend of 0.4 shares per share, with a total cash dividend amounting to 79 million yuan, resulting in a dividend payout ratio of 75.09% [1]. Summary by Sections Self-Owned Brand Performance - The self-owned brand business generated revenue of 500 million yuan in 2024, a 90.28% increase, accounting for 28.37% of total revenue [2]. - The brand "Zhanjia" achieved revenue of 484 million yuan in 2024, with a year-on-year growth of 90.09%, and saw significant sales growth across multiple channels [2]. - The brand "Feicui" launched in September 2024, generated 12 million yuan in revenue in 2024, and continued to grow rapidly in Q1 2025 [2]. Brand Management Business - The brand management business reported revenue of 501 million yuan in 2024, a substantial increase of 212.24% [3]. - The brand "Kangwang" saw a 283% increase in sales across all channels in 2024, with significant growth on platforms like Tmall and Douyin [3]. - Strategic partnerships with international brands were established to enhance the company's presence in the health and personal care sectors [4]. Gross Margin Improvement - The overall gross margin for the company improved to 44.57% in 2024, an increase of 4.33 percentage points year-on-year [4]. - The gross margin for the self-owned brand "Zhanjia" reached 66.92%, reflecting a 4.2 percentage point increase [4]. - In Q1 2025, the company's gross margin further increased to 53.94% [4].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on significant revenue and profit growth. Core Insights - The company reported a revenue of 1.766 billion yuan in 2024, representing a year-on-year increase of 29.26%, with a net profit of 106 million yuan, up 94.58% year-on-year. In Q1 2025, revenue reached 574 million yuan, a 54.16% increase, and net profit was 27 million yuan, up 113.88% year-on-year [1][2]. - The self-owned brand business showed remarkable performance, with revenue of 500 million yuan in 2024, a 90.28% increase, accounting for 28.37% of total revenue. The brand "Zhanjia" achieved a revenue of 484 million yuan, with a 90.09% increase, and significant growth in various sales channels [2][3]. - The brand management business also demonstrated strong growth, with revenue of 501 million yuan in 2024, a 212.24% increase. Notable brands like "Kangwang" and "Aiwei Nuo" saw substantial sales growth across multiple platforms [3][4]. - The overall gross margin for the company improved to 44.57% in 2024, an increase of 4.33 percentage points year-on-year, with specific margins for different business segments showing varied performance [4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.766 billion yuan, with a net profit of 106 million yuan, and in Q1 2025, revenue was 574 million yuan with a net profit of 27 million yuan [1]. - The proposed dividend for 2024 is 0.5 yuan per share, with a total cash dividend of 79 million yuan, resulting in a dividend payout ratio of 75.09% [1]. Brand Performance - The self-owned brand "Zhanjia" launched a strategic product and achieved significant sales growth, ranking first in Tmall's new brand sales during the Double Eleven shopping festival [2]. - The brand "Feicui" also showed rapid sales growth since its launch, ranking highly on various e-commerce platforms [2]. Business Segments - The brand management segment reported a revenue increase of 212.24% in 2024, with notable contributions from brands like "Kangwang" and "Aiwei Nuo" [3]. - Strategic partnerships with international brands were established to enhance the company's presence in the health and personal care sectors [4].

Core Insights - The company, Ruoyuchen, reported significant revenue and profit growth for 2024 and Q1 2025, with 2024 revenue reaching 1.766 billion yuan, a 29.26% increase year-on-year, and net profit of 106 million yuan, up 94.58% [2] - In Q1 2025, the company achieved revenue of 574 million yuan, a 54.16% increase, and net profit of 27.42 million yuan, a 113.88% increase [2] Revenue Breakdown - The brand management business generated 501 million yuan in revenue for 2024, a remarkable 212.24% increase, accounting for 28.38% of total revenue [2] - The proprietary brand business also showed strong performance with 500 million yuan in revenue, a 90.28% increase, making up 28.37% of total revenue [2] - The agency operation business reported revenue of 764 million yuan, with a significant increase in operating cash flow to 334 million yuan, up 463.55% [2] Strategic Developments - The proprietary brand "Zhanjia" has been a key driver of growth, achieving a doubling of sales since its launch, with over 150% year-on-year growth in Q1 2025 [2][3] - The company has expanded its brand management partnerships, signing strategic agreements with international brands such as Amorepacific's "Meishanxuan" and DHC, enhancing its presence in the health and personal care sectors [3] - The agency operation business has seen significant improvements, with nearly 50 agency stores experiencing notable sales growth during the Double Eleven shopping festival, and several stores achieving double-digit increases in average transaction value [3] Future Outlook - For 2025, the company plans to continue building a multi-brand matrix focusing on personal care, household cleaning, and health sectors, positioning proprietary brands as a core competitive advantage [3] - The company aims to deepen its ecosystem across the supply chain and enhance vertical integration capabilities, while also developing standardized capabilities from demand insight to user conversion [3]

Core Viewpoint - The company Ruyuchen announced its 2024 annual distribution plan, proposing a 10-for-4 stock split and a cash dividend of 5 yuan (including tax), with a total cash distribution amounting to 79.32 million yuan, representing 75.09% of its net profit, resulting in a dividend yield of 2.92% based on the average trading price for the year [2][3]. Company Distribution History - The company has implemented its distribution plan five times since its listing, with the latest plan being a 10-for-4 stock split and a cash dividend of 5 yuan, totaling 79.32 million yuan and a dividend yield of 2.92% [2][3]. - Previous distribution plans include: - 2023: 10-for-4 stock split and a cash dividend of 3 yuan, totaling 34 million yuan, with a yield of 1.40% - 2022: 10-for-2.5 stock split and a cash dividend of 2.5 yuan, totaling 30 million yuan, with a yield of 1.39% - 2021: 10-for-2 stock split and a cash dividend of 2 yuan, totaling 24 million yuan, with a yield of 0.72% - 2020: 10-for-0.8 stock split and a cash dividend of 0.8 yuan, totaling 10 million yuan, with a yield of 0.18% [3]. Financial Performance - For the 2024 fiscal year, the company reported a revenue of 1.766 billion yuan, reflecting a year-on-year growth of 29.26% - The net profit reached 106 million yuan, marking a significant increase of 94.58% - Basic earnings per share were reported at 0.65 yuan, with a weighted average return on equity of 9.62% [3]. Market Activity - The stock experienced a net inflow of 25.86 million yuan from major funds on the day of the announcement, with a total net inflow of 23.31 million yuan over the past five days [4]. - In the broader context of the retail industry, 45 companies have announced their 2024 distribution plans, with China Duty Free Group leading with a cash distribution of 2.172 billion yuan [4].

Financial Performance - The company reported a basic earnings per share of 0.6500 yuan for 2024, a 96.97% increase compared to 0.3300 yuan in 2023 [1] - The total revenue for 2024 was 17.66 billion yuan, reflecting a 29.28% increase from 13.66 billion yuan in 2023 [1] - The net profit for 2024 reached 1.06 billion yuan, up 96.3% from 0.54 billion yuan in 2023 [1] - The return on equity (ROE) improved to 9.62% in 2024, a significant increase of 92.02% from 5.01% in 2023 [1] - The net asset per share decreased by 24.97% to 6.73 yuan in 2024 from 8.97 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 58.01 million shares, accounting for 47.98% of the circulating shares, with an increase of 6.2039 million shares compared to the previous period [1] - Notable shareholders include Langzi Co., Ltd. holding 1,637.03 million shares (13.54%), and Tianjin Yayi Biotechnology holding 1,344.00 million shares (11.11%) [2] - New entrants among the top shareholders include Xingquan Commercial Model Mixed Fund A with 500.74 million shares (4.14%) and Xingquan New Vision Fund with 259.78 million shares (2.15%) [2] Dividend Distribution - The company announced a dividend distribution plan of 10 shares for every 4 shares held, along with a cash dividend of 5 yuan (including tax) [4]

一、监事会会议召开情况 广州若羽臣科技股份有限公司（以下简称"公司"）第四届监事会第四次会 议于 2025 年 4 月 11 日以电子邮件形式发出会议通知，于 2025 年 4 月 23 日下午 16:00 在广州市海珠区鼎新路 8 号欢聚大厦 38 楼会议室以现场表决的方式召开， 由监事会主席庞小龙先生召集并主持，本次会议应出席监事 3 名，实际出席监事 3 名，董事会秘书列席会议。会议召开符合法律法规、《公司法》及《公司章程》的 规定。 二、监事会会议审议情况 与会监事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： 1、审议通过《公司 2024 年度监事会工作报告》； 2024 年度，公司监事会按照《公司法》等相关法律、法规及《公司章程》的 有关规定认真履行职责。结合 2024 年度的主要工作情况，公司监事会提交了 《2024 年度监事会工作报告》。 证券代码：003010 证券简称：若羽臣 公告编号：2025-030 广州若羽臣科技股份有限公司 第四届监事会第四次会议决议公告 本公司及监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。 具体内容详见公司同 ...

二、董事会会议审议情况 1、审议通过《公司 2024 年度董事会工作报告》； 证券代码：003010 证券简称：若羽臣 公告编号：2025-029 广州若羽臣科技股份有限公司 第四届董事会第七次会议决议公告 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。 一、董事会会议召开情况 广州若羽臣科技股份有限公司（以下简称"公司"）第四届董事会第七次会议于 2025 年 4 月 1 1 日以电子邮件等的形式发出会议通知，于 2025 年 4 月 23 日上午 11:00 在 广州市海珠区鼎新路 8 号欢聚大厦 38 楼会议室以现场结合通讯方式召开。会议应出席 董事 7 名，实际出席 7 名。会议召开符合法律法规、《公司法》及《公司章程》的规定。 会议由董事长王玉先生主持召开，公司监事、高级管理人员和董事会秘书列席了会 议。全体与会董事经认真审议和表决，形成以下决议： 2024 年度，公司董事会严格按照法律法规、规范性文件及《公司章程》的规定，贯 彻落实股东大会的各项决议，认真履行职责，不断规范公司治理。结合 2024 年度的主 要工作情况，公司董事会提交了《2024 ...

关于 2024 年度利润分配及资本公积金转增股本预案的公告 广州若羽臣科技股份有限公司 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。 一、审议程序 证券代码：003010 证券简称：若羽臣 公告编号：2025-034 广州若羽臣科技股份有限公司（以下简称"公司"）于2025年4月23日召开第四 届董事会第七次会议、第四届监事会第四次会议，审议通过了《公司2024年度利润 分配及资本公积金转增股本的预案》，本议案尚需提交公司2024年年度股东大会审 议。 二、利润分配和资本公积金转增股本方案的基本情况 3、公司以现金为对价，采用集中竞价方式实施的股份回购并在本年度完成注销 的金额为88,385,777.94元（不含交易费用），其中包括：公司2022年回购股份方案、 2024年第一期回购股份方案和2024年第二期回购股份方案回购股份数量共计 6,012,807股，共计成交总金额为88,385,777.94元，前述6,012,807股股份已于2024 年11月29日办理完成注销手续，因此公司以现金为对价，采用集中竞价方式实施的 股份回购并在2024年度完成注销的金 ...