Group 1 - The company, Guangzhou Ruoyuchen Technology Co., Ltd., has approved a share repurchase plan with a total fund amounting to no less than 100 million yuan and no more than 200 million yuan [1] - The maximum repurchase price is set at 76.80 yuan per share, which has been adjusted to 54.64 yuan per share due to the semi-annual equity distribution [1] - The repurchase will be conducted through the Shenzhen Stock Exchange's trading system within 12 months from the board's approval [1] Group 2 - The company has initiated the share repurchase on September 29, using its own funds and special loans, in compliance with relevant regulations [1] - The company assures that the timing, quantity, price, and trading periods of the repurchase comply with the Shenzhen Stock Exchange's self-regulatory guidelines [1] - The company will continue to advance the repurchase plan based on market conditions and will disclose information in a timely manner [1]

关于原持股 5%以上股东股份减持计划实施完成的公告 原持股 5%以上的股东朗姿股份有限公司保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：003010 证券简称：若羽臣 公告编号：2025-092 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公告内容与信息披露义务人提供的信息一致。 动的公告》（公告编号：2025-057）。 2025年7月19日，公司于巨潮资讯网（http://www.cninfo.com.cn）披露了 《关于持股5%以上股东权益变动后持股比例触及1%整数倍的公告》（公告编号： 2025-060），朗姿股份于2025年7月1日至2025年7月17日期间通过集中竞价交易 方式累计减持公司股份886,298股，通过大宗交易方式累计减持公司股份93,000 股，合计减持979,298股，占公司当时总股本比例0.45%，权益变动后，朗姿股份 持有公司股份15,264,510股，占公司当时总股本比例6.98%。 2025年8月15日，公司于巨潮资讯网（http://www.cninfo.com.cn）披露了 《关于持股5%以上股东权益变动后持股比 ...

证券代码：003010 证券简称：若羽臣 公告编号：2025-093 广州若羽臣科技股份有限公司 关于首次回购公司股份的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 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）。 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 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Mindray Medical, Huichuan Technology, United Imaging Healthcare, Shenzhen South Circuit, and Aibo Medical [11][13] - In the last five days, the most popular companies for institutional research include Jepu Tech, Ganli Pharmaceutical, Shiji Information, Guangri Co., and Nenghui Technology [11][12] - Among the top twenty companies in the past 30 days, 12 companies had 10 or more rating agencies involved, with significant profit growth expected for Lankai Technology, Huichuan Technology, and Sanhua Intelligent Control in their 2025 mid-year reports compared to 2024 [11][12] Group 2: Shareholder Increase and Buyback Strategies - From September 22 to September 26, 2025, four listed companies announced significant shareholder increases [18] - A total of 71 companies announced buyback progress during the same period, with 22 of them having 10 or more rating agencies involved [24] - From January 1 to September 26, 2025, 274 companies announced shareholder increases, with 86 of them having 10 or more rating agencies involved [20] Group 3: Buyback Situation - From January 1 to September 26, 2025, 1,747 companies announced buyback progress, with 414 of them having 10 or more rating agencies involved [26] - Among these, 108 companies had a buyback amount that exceeded 1% of their market value on the announcement date [26][27] - Specific companies in the buyback phase include Chengde Lulu, Liugong, Shantui, Huaming Equipment, Jian Sheng Group, Ruoyu Chen, and China Jushi [27]

Core Viewpoint - The company Ruoyuchen is seeking to go public in Hong Kong after its successful IPO in the A-share market, reflecting the trend of Chinese companies pursuing overseas listings amid a competitive e-commerce landscape [1][10]. Company Overview - Ruoyuchen, known as the "first stock of e-commerce agency operation," has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities International and GF Securities as joint sponsors [1]. - The company has experienced significant growth, with a 72% compound annual growth rate in agency operation revenue leading to its A-share listing in 2020 [1]. Stock Performance - As of September 29, 2023, Ruoyuchen's A-share price was 42.81 yuan, with a market capitalization of 13.316 billion yuan, reflecting an increase of over 200% since the beginning of the year [2]. Business Transformation - The company, founded by Wang Yu and Wang Wenhui, initially focused on agency operations but has shifted towards developing its own brands due to the saturation of the agency market [4][5]. - In 2020, Ruoyuchen launched its first proprietary home cleaning brand, "Zhanjia," which faced initial losses but has since seen significant growth, with sales doubling in 2024 [6]. Brand Development - The company has expanded its product offerings, launching additional brands such as "Feicui" and "Niu Yibei," aiming to replicate the success of "Zhanjia" [6]. - By mid-2025, revenue from proprietary brands is expected to account for 45.8% of total revenue, surpassing the 28.8% from agency operations [6]. Investment in Technology - To support brand expansion, Ruoyuchen has invested in AI technology and partnered with companies to enhance product development and brand management [7]. Growth Dependencies - The company's growth heavily relies on OEM partnerships, with the number of collaborating factories increasing from 5 to 26 between 2022 and 2024 [8]. - Marketing expenses have surged, with a 124% year-on-year increase in the first half of 2025, highlighting a significant focus on sales and marketing over research and development [8]. Revenue Concentration Risks - Ruoyuchen's revenue is highly concentrated in online sales, with 67.2% coming from self-operated online stores, primarily on platforms like Douyin [9]. IPO Fund Utilization - The funds raised from the Hong Kong IPO will be used to enhance brand recognition, expand domestic sales networks, and support international expansion [10].

Group 1 - The core point of the news is the decline in the stock price of Ruoyuchen, which fell by 5.15% to 40.50 CNY per share, with a total market capitalization of 12.598 billion CNY [1] - Ruoyuchen Technology Co., Ltd. is based in Guangzhou, China, and was established on May 10, 2011, with its IPO on September 25, 2020. The company specializes in online agency operations, channel distribution, and brand planning [1] - The revenue composition of Ruoyuchen includes 45.75% from its own brands, 28.83% from agency operations, and 25.42% from brand management services [1] Group 2 - From the perspective of major fund holdings, Ping An Fund has a significant position in Ruoyuchen, with the Ping An Xinli Mixed A Fund holding 25,200 shares, representing 4.65% of the fund's net value [2] - The Ping An Xinli Mixed A Fund has a total scale of 1.3101 million CNY and has achieved a year-to-date return of 53.51%, ranking 836 out of 8244 in its category [2] - The fund has also seen a one-year return of 74.14%, ranking 1033 out of 8080 in its category, and a cumulative return of 77.67% since its inception [2]

Market Overview - On September 26, the internet e-commerce sector declined by 1.17% compared to the previous trading day, with Liren Lizhuang leading the decline [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Jihong Co., Ltd. (002803) with a closing price of 20.83, up 9.98% and a trading volume of 236,000 shares, totaling 491 million yuan [1] - Xinghui Co., Ltd. (300464) with a closing price of 6.08, up 7.23% and a trading volume of 501,200 shares, totaling 302 million yuan [1] - Major decliners included: - Liren Lizhuang (605136) with a closing price of 10.80, down 5.51% and a trading volume of 311,600 shares, totaling 341 million yuan [2] - Jiyuan Technology (002315) with a closing price of 46.28, down 4.50% and a trading volume of 82,300 shares, totaling 386 million yuan [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 179 million yuan from institutional investors, while retail investors saw a net inflow of 203 million yuan [2] - The capital flow for specific stocks showed: - Jihong Co., Ltd. had a net outflow of 32.91 million yuan from institutional investors [3] - San Tai Co., Ltd. (301558) had a net inflow of 11.11 million yuan from institutional investors [3] - ST Tongpu (600365) had a net inflow of 1.48 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting the resilience of domestic brands and the impact of new consumption trends [2]. Core Insights - The beauty and personal care sector experienced a robust recovery in H1 2025, with a retail sales growth of 2.9%, reversing the previous decline due to favorable consumption policies and improved income expectations [5][6]. - Domestic brands are gaining market share, with top local brands now competing closely with international counterparts, indicating a significant shift in consumer preferences [10][11]. - The report categorizes companies into three groups based on performance: those with strong brand matrices benefiting from multi-brand strategies, those capitalizing on consumer trends like domestic brands and collagen products, and those showing signs of strategic improvement [20][23]. Summary by Sections Industry Overview - The beauty market is projected to grow steadily, with a forecasted retail sales decline of 1.1% in 2024, followed by a recovery in H2 2025 [5][6]. - The domestic market share is expected to increase, with local brands achieving significant breakthroughs in both skincare and makeup segments [10][11]. Company Performance - **Cosmetics Sector**: - Major companies like Up Beauty and Proya reported revenue growth of 17.3% and 7.2% respectively in H1 2025, with net profits increasing by 30.6% and 13.8% [20][21]. - Other notable performers include Marubi and Water Sheep, with revenue growth of 30.8% and 9.0% respectively [21][22]. - **Personal Care Sector**: - Companies like Ruibin and Zhenjia showed remarkable growth, with Ruibin's revenue increasing by 67.6% and Zhenjia's by 157.11% in H1 2025 [5][20]. - **Medical Aesthetics Sector**: - Companies like Aimeike and Langzi reported mixed results, with Aimeike's revenue declining by 21.6% while Langzi's net profit surged by 64.1% [20][24]. Investment Recommendations - The report recommends investing in companies with strong brand matrices and low PE multiples, such as Up Beauty and Proya, as well as those benefiting from the Douyin traffic boost like Marubi and Water Sheep [20][24]. - It also suggests focusing on high-value segments and innovative products from brands like Ruibin and Furuida, and highlights opportunities in the maternal and infant sector with companies like Shengbeila and Haiziwang [20][24].

Core Viewpoint - Ruoyuchen, a fast-moving consumer goods e-commerce company listed on the Shenzhen Stock Exchange, has rapidly gained popularity in the new consumption sector, with its stock price increasing over 700% in the past year, leading to a market capitalization of approximately 13.7 billion RMB [2][3]. Group 1: Company Overview - Founded in 2011, Ruoyuchen initially focused on e-commerce agency services, specializing in beauty, pet food, and health products, becoming one of China's leading e-commerce TP companies [3]. - In 2020, the company shifted its strategy to launch its own brand, Zhanjia, targeting the high-end home cleaning market, and subsequently introduced other brands focused on oral beauty and dietary supplements [3][4]. Group 2: Market Trends and Positioning - The new consumption trend emphasizes personalized experiences and value recognition, driving brands to shift from merely selling products to creating resonance with consumers [4]. - Ruoyuchen positions itself as a consumer-driven new brand company, aiming to create popular products across multiple categories, focusing on "self-care," "health," and "quality" [4]. Group 3: Financial Performance - The company's total revenue grew from 1.217 billion RMB in 2022 to 1.766 billion RMB in 2024, with a compound annual growth rate (CAGR) of 20.5%, while net profit surged from 33.79 million RMB to 106 million RMB, reflecting a CAGR of 76.8% [10]. - In the first half of 2025, Ruoyuchen achieved a revenue of 1.319 billion RMB, a year-on-year increase of 67.6%, with net profit rising by 85.6% [10]. - The revenue structure has shifted significantly, with the self-owned brand business becoming the largest revenue source in the first half of 2025, surpassing the e-commerce operation service, which has seen a decline [10][11]. Group 4: Product and Brand Strategy - The flagship product Zhanjia includes items like laundry detergent and car air fresheners, combining functionality with emotional appeal, emphasizing "self-care and lifestyle aesthetics" [6]. - Zhanjia has the highest growth rate among established brands in the home cleaning industry, with a growth rate of 72.6% from 2022 to 2024 [8]. Group 5: Challenges and Risks - Despite rapid growth, Ruoyuchen faces challenges, including high dependence on a few e-commerce platforms, with 61.4% of its self-owned brand sales coming from Douyin in the first half of 2025 [16]. - The company has seen a significant increase in sales and marketing expenses, which reached 5.99 billion RMB in the first half of 2025, accounting for 45.4% of total revenue, raising concerns about long-term sustainability [17]. - The second-largest shareholder has been reducing their stake, which may affect investor confidence amid the company's rapid growth [18].

Summary of Key Points Core Viewpoint The article discusses the recent activities on the Hong Kong Stock Exchange (HKEX) from September 15 to September 21, highlighting the number of companies that submitted applications, those that passed hearings, and new listings. Group 1: Companies Submitting Applications - A total of 11 companies submitted applications to the HKEX during the specified period [1] - Notable companies include: - **Meilian Steel Structure (Shanghai) Co., Ltd.**: Ranked third in China's prefabricated steel structure market with a market share of 3.5% [2] - **Hangzhou New Element Pharmaceutical Co., Ltd.**: Focused on developing therapies for metabolic, inflammatory, and cardiovascular diseases [3] - **Jiangsu Zhongrun Solar Technology Co., Ltd.**: Second in global photovoltaic cell manufacturing with a market share of 14.6% [4] - **Beijing Junzheng Integrated Circuit Co., Ltd.**: A leading provider of chips for various high-tech applications [5] - **Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd.**: Focused on therapies for respiratory and pediatric diseases [7] - **Nuwa Insight Technology Co., Ltd.**: An AI technology company in the insurance sector [8] - **Huaqin Technology Co., Ltd.**: A leading ODM platform for smart products [9] - **Saimite Information Group Co., Ltd.**: A leading provider of intelligent industrial software solutions [10] - **Guangzhou Ruoyu Chen Technology Co., Ltd.**: An e-commerce operation company [11] - **Quantitative Holdings Limited**: Focused on online market operations in the consumer sector [12] - **Hangzhou Xianweida Biotechnology Co., Ltd.**: A biopharmaceutical company nearing commercialization [13] Group 2: Companies Passing Hearings - Two companies successfully passed the listing hearings: - **Shenzhen Xipuni Precision Technology Co., Ltd.**: A designer and manufacturer of gold watch cases and bands [14] - **Xuanzhu Biotechnology Co., Ltd.**: An innovative biopharmaceutical company with multiple drug assets in development [15] Group 3: Companies Launching IPOs - Four companies initiated their IPOs: - **Jingfang Pharmaceutical-B**: Global offering of 89.24 million shares with a net fundraising of approximately HKD 1.67 billion [17] - **Different Group**: Global offering of 10.98 million shares with a price range of HKD 62.01-71.20 [18] - **Chery Automobile**: Global offering of 297 million shares with a price range of HKD 27.75-30.75 [19] - **Zijin Gold International**: Global offering of 349 million shares with a price of HKD 71.59 [20] Group 4: New Listings - Three new stocks were listed: - **Hesai Technology (HK:02525)**: Closed at HKD 234.0 per share, up 9.96% on the first day [20] - **Health 160 (HK:02656)**: Closed at HKD 28.22 per share, up 137.34% on the first day [21] - **Jingfang Pharmaceutical-B (HK:02595)**: Closed at HKD 42.10 per share, up 106.47% on the first day [22]