（文章来源：证券日报） 证券日报网讯 9月4日晚间，若羽臣发布公告称，公司2025年第三次临时股东会于2025年9月4日召开， 审议通过了《公司2025年半年度利润分配及资本公积金转增股本预案》等。 ...

Core Insights - The e-commerce agency industry is experiencing a "polarized" development trend in the first half of 2025, with significant performance disparities among listed companies [1][2] - Companies like Ruoyuchen have shown remarkable growth, while others like Liren Lizhuang and Baozun E-commerce are facing severe losses [1][8] Company Performance - Ruoyuchen reported a revenue growth of 67.55% year-on-year, reaching 1.319 billion yuan, with a net profit increase of 85.60% to 72 million yuan [10] - Liren Lizhuang's revenue fell by 13.98% to 830 million yuan, with a net loss of approximately 33 million yuan, marking a staggering decline of 1315.98% [7][8] - Baozun E-commerce achieved a revenue of about 4.6 billion yuan, a 5.63% increase, but reported a net loss of 97 million yuan, widening from a loss of 87 million yuan in the previous year [8] - Yiwang Yichuang's revenue decreased by 14.3% to 530 million yuan, while its net profit increased by 5.83% to 71 million yuan [11] - Qingmu Technology's revenue grew by 22.75% to 668 million yuan, but its net profit fell by 22.96% to 51.7 million yuan due to increased marketing expenses [11] - Kaichun's revenue dropped by 21.67% to 162 million yuan, with a net profit decline of 16.17% to 300,890 yuan [11] Industry Trends - The e-commerce user growth rate is slowing, leading to intensified competition for traffic and rising customer acquisition costs [2][12] - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, is impacting traditional e-commerce models [2][12] - Companies that fail to adapt to the shift towards comprehensive operations may struggle to survive in the evolving market landscape [2][12] Strategic Shifts - The transition from traditional e-commerce to a focus on self-owned brands is becoming crucial for survival and growth [13][16] - Ruoyuchen's self-owned brand business saw a significant revenue increase of 242.42%, contributing to 45.75% of its total revenue [10][13] - Liren Lizhuang's reliance on traditional e-commerce platforms has hindered its ability to innovate and grow, with over 91% of its revenue still tied to platform sales [13][14] Market Outlook - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a vital role in the consumer market [14] - The future competitive edge will rely on enhancing operational efficiency through digital means and building strong brand management capabilities [16]

Core Viewpoint - The e-commerce agency industry is experiencing a "dual climate" in the first half of 2025, with significant performance divergence among listed companies, highlighting the need for transformation and adaptation to new market dynamics [1][2][12]. Group 1: Company Performance - Ruoyuchen achieved a remarkable revenue growth of 67.55% year-on-year, reaching 1.319 billion yuan, driven by a strong performance in its self-owned brand business [9][13]. - Liren Lizhuang reported a revenue decline of 13.98% to 830 million yuan, with a net loss of approximately 33.76 million yuan, marking a staggering year-on-year decrease of 1315.98% [6][12]. - Baozun E-commerce maintained a revenue increase of 5.63% to around 4.6 billion yuan but faced a net loss of 97.04 million yuan, which widened by 6.23% compared to the previous year [7][12]. - Yiwang Yichuang experienced a revenue drop of 14.3% to about 530 million yuan, while its net profit increased by 5.83% to approximately 71 million yuan [9][10]. - Qingmu Technology's revenue rose by 22.75% to 668 million yuan, but its net profit decreased by 22.96% to about 51.66 million yuan due to increased marketing expenses [10][12]. - Kaichun Co. reported a revenue decline of 21.67% to 162 million yuan, with a net profit decrease of 16.17% to approximately 300,890 yuan [10][12]. Group 2: Industry Trends - The e-commerce user growth rate is slowing, and competition for platform traffic is intensifying, leading to rising customer acquisition costs (CAC) and squeezing profit margins for agencies [2][11]. - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, has made it essential for agencies to adapt their service models beyond traditional "shelf e-commerce" [2][11]. - The shift towards a "stock era" in e-commerce emphasizes the importance of transformation and innovation for survival and growth, as evidenced by the performance disparities among companies [12][13]. - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a crucial role in the consumer market [14][16]. Group 3: Strategic Insights - Companies that successfully transition to self-owned brand operations and diversify their business models are likely to thrive, as seen with Ruoyuchen's significant growth in self-owned brands [9][13]. - The ability to leverage accumulated data and identify new market segments will be critical for agencies to navigate the evolving landscape and capitalize on emerging opportunities [16]. - The government's push for healthy e-commerce development aligns with the industry's need for innovation, suggesting a favorable environment for companies that can adapt quickly [14][16].

Group 1 - The resignation of non-independent director Luo Zhiqing was due to the adjustment of the company's governance structure, but she will continue to serve as the deputy general manager, board secretary, and financial director [2] - Luo Zhiqing held 235,200 shares of the company as of the announcement date, and her resignation will not affect the minimum number of board members required by law [2][3] - The company held its first employee representative meeting on September 4, 2025, where Mr. Pang Xiaolong was elected as the employee director for the fourth board, serving until the board's term ends [3] Group 2 - The company held a shareholder meeting on September 4, 2025, with a total of 210 participants representing 131,074,705 shares, accounting for 58.9934% of the total voting shares [11] - The meeting adopted several resolutions, including the profit distribution plan for the first half of 2025, which received 99.6092% approval from the voting shareholders [15] - The proposal for the company to issue H-shares and list on the Hong Kong Stock Exchange was also approved with 99.6084% support [18]

Core Points - The legal opinion letter confirms the legality of the convening and holding of the third extraordinary general meeting of shareholders of Guangzhou Ruoyuchen Technology Co., Ltd. in 2025 [2][4][6] - The meeting was convened by the fourth board of directors and properly notified shareholders in accordance with relevant laws and regulations [4][5] - The meeting was held on September 4, 2025, with a total of 8 shareholders present, representing 99,694,814 shares, accounting for 44.8701% of the total voting shares [5][6] Meeting Procedures - The meeting was convened following the approval of the board of directors on August 18, 2025, and the notice was published on August 20, 2025 [4][5] - A total of 202 shareholders participated in the online voting, representing 31,379,891 shares, which is 14.1233% of the total voting shares [6][7] Voting Results - The proposal for the 2025 semi-annual profit distribution and capital reserve conversion plan was approved with 130,562,489 votes in favor, accounting for the majority of the voting shares [10][9] - The proposal for issuing H shares and listing on the Hong Kong Stock Exchange was also approved with 130,561,389 votes in favor [10][12] - All proposals related to the issuance of H shares and the associated plans received overwhelming support from shareholders, with significant majorities in favor [10][12][22]

Meeting Overview - The meeting was held on September 4, 2025, with both on-site and online voting options available [1][2] - A total of 210 shareholders attended, representing 131,074,705 shares, which is 59.9934% of the total voting shares [1][2] Voting Participation - On-site attendance included 8 shareholders representing 99,694,814 shares, accounting for 44.8701% of the voting shares [1] - Online voting saw participation from 202 shareholders representing 31,379,891 shares, which is 14.1233% of the voting shares [2] Small Shareholder Participation - 205 small shareholders participated, representing 31,385,091 shares, or 14.1256% of the voting shares [2] - Among small shareholders, 3 attended on-site, representing 5,200 shares, while 202 voted online, representing 31,379,891 shares [2] Proposal Voting Results - The proposals were approved with significant majority votes: - Total votes in favor: 130,562,489 shares (99.6092%) [2] - Votes against: 6,556 shares (0.0050%) [2] - Abstentions: 505,660 shares (0.3858%) [2] Small Shareholder Voting Results - Small shareholders voted as follows: - Votes in favor: 30,872,875 shares (1.6111%) [3] - Votes against: 509,616 shares (0.3888%) [3] - Abstentions: 3,700 shares [3] Legal Compliance - The meeting and voting procedures complied with relevant laws and regulations, ensuring the validity of the voting results [27][28]

Group 1 - The resignation of non-independent director Ms. Luo Zhiqing was due to the adjustment of the company's governance structure, but she will continue to serve as the deputy general manager, board secretary, and financial director [1][2] - Ms. Luo Zhiqing held 235,200 shares in the company and will continue to comply with relevant regulations regarding shareholding and changes [2] - The company held its first employee representative meeting on September 4, 2025, where Mr. Pang Xiaolong was elected as the employee director for the fourth board, with a term ending on September 26, 2027 [1][2] Group 2 - Mr. Pang Xiaolong, born in 1989, has a bachelor's degree and has held various positions within the company, including senior data specialist and logistics supervisor [4] - As of the announcement date, Mr. Pang Xiaolong does not hold any shares in the company and has no relationships with major shareholders or executives [5] - Mr. Pang Xiaolong meets all qualifications to serve as a director according to relevant laws and company regulations [5]

Core Insights - The e-commerce operation industry is experiencing a "ice and fire" development trend in the first half of 2025, with significant performance differentiation among listed companies [1] - Companies like Ruoyuchen show remarkable growth, while others like Liren Lizhuang face severe revenue decline and substantial losses [1][6] - The overall e-commerce user growth is slowing, leading to increased customer acquisition costs and fragmented traffic patterns [2] Company Performance - Ruoyuchen achieved a revenue growth of 67.55% year-on-year, with a net profit increase of 85.60% [8] - Liren Lizhuang reported a revenue of 830 million yuan, down 13.98% year-on-year, and a net loss of approximately 33.76 million yuan, a staggering decline of 1315.98% [5][6] - Baozun maintained revenue growth of 5.63% year-on-year, but reported a net loss of 97.04 million yuan, widening from a loss of 87.28 million yuan in the previous year [6] - Yiwang Yichuang's revenue decreased by 14.3% to approximately 530 million yuan, while net profit increased by 5.83% to about 71 million yuan [8] - Qingmu Technology's revenue grew by 22.75% to 668 million yuan, but net profit fell by 22.96% to 51.66 million yuan [9] - Kaichun's revenue dropped by 21.67% to 162 million yuan, with a net profit decline of 16.17% to 3.01 million yuan [9] Industry Trends - The e-commerce operation industry is transitioning from a focus on traditional "shelf e-commerce" to a more comprehensive operational model [2][10] - The rise of content and interest-based e-commerce platforms like Douyin and Xiaohongshu is fragmenting traffic, impacting traditional e-commerce operators [2] - The overall online retail sales in China reached 74.295 billion yuan, growing by 8.5% year-on-year, indicating the continued importance of e-commerce in the consumer market [11] Strategic Insights - Companies that successfully innovate and extend their business models beyond traditional operations are more likely to survive and thrive [10][12] - Ruoyuchen's self-owned brand business saw a significant revenue increase of 242.42%, indicating a successful pivot towards brand management [10] - Liren Lizhuang's heavy reliance on platform sales (91.12% of revenue) highlights the risks of not diversifying revenue streams [11]

（编辑 何成浩） 证券日报网讯 9月4日晚间，若羽臣发布公告称，公司非独立董事罗志青女士因公司治理结构调整辞去 董事职务，将继续担任副总经理、董事会秘书、财务总监。同时，公司选举庞小龙先生为第四届董事会 职工董事，任期至第四届董事会届满之日。 ...

庞小龙先生当选公司职工董事后，公司第四届董事会中兼任公司高级管理人 证券代码：003010 证券简称：若羽臣 公告编号：2025-087 广州若羽臣科技股份有限公司 关于公司非独立董事辞任暨选举职工代表董事的公告 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、非独立董事辞任情况 广州若羽臣科技股份有限公司（以下简称"公司"或"若羽臣"）董事会近 日收到公司非独立董事罗志青女士递交的书面辞职报告。因公司治理结构调整， 罗志青女士申请辞去公司第四届董事会董事职务，辞去上述职务后，罗志青女士 继续在公司担任副总经理、董事会秘书、财务总监。罗志青女士原任期至第四届 董事会任期届满之日，即 2027 年 9 月 26 日。根据《公司法》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》《公司章程》等有关 规定，罗志青女士的辞职不会导致公司董事会成员低于法定最低人数，不会影响 公司董事会的正常运作，其辞职报告自送达董事会时生效。 截至本公告披露日，罗志青女士持有公司股份 235,200 股。罗志青女士辞去 公司非独立董事职务后，将继续遵守《上 ...