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]

近日，广州若羽臣科技股份有限公司正式向港交所递交招股书，由中信建投国际与广发证券联合保荐。作为聚焦家居清洁护理与膳食补充剂领域的新消费品 企业，若羽臣旗下拥有绽家、斐萃、纽益倍三大品牌，并已于2020年在深交所上市（股份代号：003010.SZ）。 作为一家电商代运营和服务商，若羽臣的主要业务是为品牌提供线上店铺运营、数字营销、供应链管理等一站式解决方案。公司认为，赴港上市将有助于若 羽臣提高资本实力、综合竞争力，提升国际化品牌形象，并增强境外融资能力。 公开资料显示，若羽臣在2025年上半年，自有品牌收入占比已升至45.75%，成为公司核心增长引擎。公司成功打造出LYCOCELLE绽家（高端香氛家清）和 FineNutri斐萃（口服美容）两大自有品牌。绽家是中国家庭清洁护理行业增速第一的市场参与者，斐萃是增长迅速的美容类膳食补充剂品牌。 受益于家居清洁品类抗周期特性及线上渠道快速渗透，行业正稳步扩张。据弗若斯特沙利文数据，中国该领域零售额预计2029年达2173亿元，电商占比将升 至44.5%。依托电商平台与产品创新，新兴品牌持续抢占市场，若羽臣此次赴港上市或将进一步加速其增长布局。 | 19/09/202 ...

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (hereinafter referred to as "Ruoyuchen") has submitted its prospectus to the Hong Kong Stock Exchange, with CITIC Securities International and GF Securities as joint sponsors. The company focuses on home cleaning and dietary supplements under its own brands, including Zhanjia, Feicui, and Niuyibei [2]. Financial Performance - Ruoyuchen's revenue for the years 2022 to 2024 is projected to be RMB 1.217 billion, RMB 1.366 billion, and RMB 1.766 billion, respectively, with net profits of RMB 33.79 million, RMB 54.29 million, and RMB 105.64 million for the same years [3]. - In the first half of 2025, the company achieved revenue of RMB 1.319 billion, representing a year-on-year growth of 67.6%, with a net profit of RMB 72.26 million, up 85.6% year-on-year [2]. Shareholding Structure - Before the IPO, the company is controlled by Wang Yu, Wang Wenhui, and Tianjin Yayi, who collectively hold approximately 42.93% of the equity [4]. Management Team - Wang Yu, aged 40, is the Executive Director, Chairman, and General Manager of the company, having founded it in May 2011. He is responsible for the overall strategic planning and business direction [5]. - Wang Wenhui, aged 39, was appointed as a director in May 2017 and has extensive experience in finance and equity investment. She has held various roles within the company and is currently a senior consultant for employee career development [6][7].

Core Insights - RuYuchen (003010) has submitted a listing application to the Hong Kong Stock Exchange, having transitioned from an e-commerce operation to a strategic brand-building model [1] - The company has established a "0-1-N" brand creation system, demonstrating capabilities in brand development, incubation, and scaling [1] - By the first half of 2025, self-owned brand revenue accounted for 45.75% of total revenue, becoming the core growth engine for the company [1] - RuYuchen successfully launched two proprietary brands: LYCOCELLE (high-end home fragrance) and FineNutri (oral beauty supplements), with the former being the fastest-growing participant in the home cleaning industry in China [1] - The company employs a "full-channel resonance + content-driven" growth model, centering around Douyin to build a comprehensive channel ecosystem and leverage content [1] - The brand-building capability is attributed to cross-category consumer insights and a full-link strategy [1] - The listing in Hong Kong is expected to enhance the company's capital strength, overall competitiveness, international brand image, and overseas financing capabilities [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company Water Sheep Co., Ltd. [14] Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 2.5% from September 12 to September 19, 2025 [3][4] - The upcoming Double 11 shopping festival is expected to drive significant growth for domestic brands, with recommendations to focus on strong alpha stocks [9][10] - Water Sheep Co., Ltd. is highlighted for its dual business model of proprietary and CP brands, with stable revenue projections of 4-5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024 [10][11] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices declining [3][4] - The Shenwan Cosmetics Index fell by 2.6%, while the Shenwan Personal Care Index decreased by 0.6% [4][6] Upcoming Events - The Double 11 shopping festival preparations are in full swing, with domestic brands like Up Beauty and Proya launching new products to capture market share [9] - Key influencers are negotiating promotional strategies to enhance sales during the festival [9] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. is positioned as a leading tech-driven beauty company with a stable revenue forecast and improving profit margins [10][11] - The company has a well-structured brand matrix and is expanding its high-end product lines, with significant growth in its proprietary brands [11][12] - Expected net profits for Water Sheep Co., Ltd. are projected to be 258 million, 331 million, and 398 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth [14] Market Trends - The Chinese beauty market is witnessing a shift towards domestic brands, with significant market share gains for local players [27] - The overall retail sales of cosmetics showed a growth of 5.1% in August 2025, indicating a recovery in consumer spending [18][21] International Recognition - Chinese beauty brands performed notably at the IFSCC conference, showcasing their advancements in cosmetic science and securing significant awards [22][24]

Group 1 - The company, Ruoyuchen, submitted an application for issuing overseas listed shares (H shares) and listing on the Hong Kong Stock Exchange on September 19 [1] - The application indicates that Ruoyuchen has transitioned from a global brand digital enabler to a technology-driven brand platform with capabilities in brand creation, incubation, and expansion [1] - The company aims to enhance its capital strength and overall competitiveness, improve its international brand image, and strengthen its overseas financing capabilities through the Hong Kong listing [1] Group 2 - Ruoyuchen's strategic planning includes building a multi-brand matrix centered on "quality," "self-pleasure," and "health," covering household cleaning, dietary supplements, and other potential consumer categories [2] - The company plans to embrace digitalization and content trends to create a consumer-centric communication system that integrates brands into consumers' daily lives [2] - Ruoyuchen will explore and apply new technologies and raw materials to build a sustainable and scalable innovation system, providing diverse experiences and value to consumers while reinforcing long-term brand competitiveness [2] - The company intends to leverage the advantages of the Hong Kong capital market to deepen its globalization strategy, explore overseas brand expansion, and pursue strategic acquisitions to empower quality overseas brands [2]

Core Viewpoint - Guangzhou Ruoyu Chen Technology Co., Ltd. has submitted an application for the issuance of overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and attract foreign investment [1][2]. Group 1 - The application was submitted on September 19, 2025, and the relevant materials were published on the Hong Kong Stock Exchange website [1]. - The issuance is limited to qualified overseas investors and domestic qualified investors who are authorized to conduct overseas securities investments under Chinese laws [1][2]. - The company will not publish the application materials on domestic stock exchange websites or media that meet domestic regulatory conditions, but provides a link for domestic investors to access the information [1]. Group 2 - The issuance is subject to approvals from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating that the process involves regulatory scrutiny and market considerations [2]. - The announcement serves to inform domestic investors about the issuance and does not constitute an offer or invitation to purchase the H-shares [2]. - The company commits to timely information disclosure based on the progress of the issuance, highlighting the importance of investor awareness regarding potential risks [2].

Core Viewpoint - Ruoyuchen has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to leverage capital market advantages for global expansion and brand development [1][2] Financial Performance - In the first half of 2025, the company achieved revenue of 1.319 billion yuan, a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.60% [1] - The self-owned brands, Zhanjia and Feicui, generated revenue of 603 million yuan, marking a significant year-on-year growth of 242.42%, accounting for 45.75% of total revenue [1] Brand Growth - Zhanjia's retail sales are projected to have a compound annual growth rate (CAGR) of 72.6% from 2022 to 2024, with revenue of 444 million yuan in the first half of 2025, reflecting a year-on-year increase of 157.11% [1] - Feicui became the fastest beauty dietary supplement brand to surpass 500 million yuan in retail sales within 12 months, achieving a monthly GMV of 159 million yuan in August 2025 [1] Market Position - In the first half of 2025, Zhanjia and Feicui's GMV from self-operated channels accounted for over 60% and 80% of the overall GMV on Douyin, respectively [2] - Zhanjia recorded triple-digit growth in GMV across platforms like Tmall, Douyin, and Xiaohongshu in 2024 [2] Strategic Planning - The company plans to utilize the advantages of the Hong Kong capital market to deepen its global strategy, focusing on overseas expansion of self-owned brands and strategic acquisitions [2] - Initial overseas expansion will target Southeast Asia, with plans for localized product adjustments and differentiated brand designs [2] - The IPO is seen as a timely opportunity to capitalize on industry momentum, with proceeds aimed at product development, brand building, global expansion, and digital transformation [2]

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (hereinafter referred to as "Ruoyuchen") has submitted an application for overseas listing (H-shares) on the Hong Kong Stock Exchange, marking a strategic transition towards a technology-driven brand platform with a focus on consumer-centric brand creation and incubation [2][6] Group 1: Company Development and Strategy - Ruoyuchen has experienced rapid growth in revenue and net profit for three consecutive years, with the upcoming Hong Kong listing aimed at enhancing capital strength and international brand image [2][6] - The company has successfully transitioned from e-commerce operations to developing its own brands, with self-owned brand revenue reaching 603 million yuan in the first half of 2025, a significant year-on-year increase of 242.42% [3][4] - The strategic shift is driven by deep insights into changing consumer demands, moving from functionality to a focus on aesthetic perception, value recognition, and experiential context [3][4] Group 2: Brand Performance - Ruoyuchen has successfully launched two major self-owned brands: LYCOCELLE and FineNutri, with LYCOCELLE focusing on high-end scented home cleaning products and FineNutri specializing in oral beauty supplements [3][4] - LYCOCELLE achieved a revenue of 444 million yuan in the first half of 2025, reflecting a year-on-year growth of 157.11%, while FineNutri became the fastest beauty dietary supplement brand to surpass 500 million yuan in retail sales within 12 months [4] Group 3: Future Plans and Market Expansion - The company plans to leverage the advantages of the Hong Kong capital market to deepen its globalization strategy, focusing on expanding its self-owned brands into Southeast Asia and pursuing strategic acquisitions of high-potential overseas brands [6][7] - Future brand strategies will include building a multi-brand matrix centered on "quality," "self-appreciation," and "health," while embracing digital communication to integrate brands into consumers' daily lives [6][7]