Core Viewpoint - The stock of Ruoyuchen has experienced significant fluctuations, with a year-to-date increase of 172.40%, but a recent decline in the last 20 days by 9.77% [2] Company Overview - Ruoyuchen Technology Co., Ltd. was established on May 10, 2011, and listed on September 25, 2020. The company is based in Guangzhou, China, and its main business includes online operations, channel distribution, and brand planning [2] - The revenue composition of Ruoyuchen is as follows: 45.75% from self-owned brands, 28.83% from operational services, and 25.42% from brand management [2] - The company operates within the trade retail sector, specifically in internet e-commerce and e-commerce services, and is associated with concepts such as new retail and cosmetics [2] Financial Performance - For the period from January to September 2025, Ruoyuchen achieved a revenue of 2.138 billion yuan, representing a year-on-year growth of 85.30%. The net profit attributable to the parent company was 105 million yuan, reflecting an increase of 81.57% [2] - Since its A-share listing, Ruoyuchen has distributed a total of 245 million yuan in dividends, with 211 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Ruoyuchen was 22,800, a decrease of 16.13% from the previous period. The average number of circulating shares per person increased by 61.32% to 9,928 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings from several funds [3]

Core Insights - The internet e-commerce sector experienced a 1.7% increase on November 10, with Ruoyuchen leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Market Performance - Ruoyuchen (003010) closed at 38.70, up 5.16% with a trading volume of 123,400 shares and a transaction value of 475 million yuan [1] - Lionhead Co. (600539) closed at 11.38, up 4.79% with a trading volume of 120,100 shares [1] - Antarctic E-commerce (002127) closed at 3.64, up 2.82% with a trading volume of 524,700 shares [1] - Other notable performers include Saiwei Times (301381) and Liren Lizhuang (605136), with increases of 2.57% and 2.48% respectively [1] Capital Flow - The internet e-commerce sector saw a net inflow of 120 million yuan from institutional investors, while retail investors experienced a net outflow of 137 million yuan [2][3] - Key stocks with significant capital inflows include Ruoyuchen and Guolian Co. with net inflows of 46.77 million yuan and 34.80 million yuan respectively [3] - Conversely, stocks like Ji Hong Co. and Saiwei Times experienced net outflows from retail investors [3]

Investment Rating - The report suggests a positive investment outlook for the beauty and personal care sector, recommending a "buy" rating for high-growth companies with strong brand power and innovative product offerings [2][3]. Core Insights - The beauty and personal care sector is experiencing a slow recovery, with significant differentiation among sub-sectors. Personal care products and innovative channels continue to perform strongly, while the cosmetics sector shows signs of slowing growth due to domestic brand competition [1][2][3]. - For 2026, the overall beauty and personal care market is expected to remain stable, but further differentiation among companies is anticipated. The report emphasizes the importance of selecting high-growth targets with product and channel innovations [2][3]. Summary by Sections Overall Market Performance - In the first three quarters of 2025, the beauty and personal care sector saw revenues and net profits increase by 2.7% and 4.9% respectively, with personal care outperforming cosmetics and medical aesthetics [12][31]. - The cosmetics sector experienced a slight decline in revenue, with a 0.4% decrease year-on-year, while net profit fell by 2.3% [31][33]. Personal Care Sector - The personal care segment achieved revenues of 52 billion yuan and net profits of 5 billion yuan, reflecting a year-on-year increase of 33.7% and 5.7% respectively. The third quarter alone saw a revenue increase of 41.1% [12][16]. - Companies like Ruoyuchen reported impressive growth, with a 123% increase in revenue and a 73% increase in net profit in the third quarter [12][28]. Cosmetics Sector - The cosmetics sector's revenue for the first three quarters was 308 billion yuan, with a net profit of 30 billion yuan, showing a decline of 0.4% and 2.3% respectively. The third quarter saw a revenue drop of 0.5% but a significant profit increase of 50.8% [12][31]. - The report highlights the importance of individual company strategies and product life cycles in determining performance within the cosmetics sector [13][48]. Medical Aesthetics Sector - The medical aesthetics segment reported revenues of 75 billion yuan and net profits of 27 billion yuan, with a slight revenue decline of 0.7% but a profit increase of 14.5% year-on-year [12][52]. - The third quarter saw a revenue increase of 1.8% and a remarkable profit growth of 96.6%, although underlying performance was affected by increased competition and integration challenges [52][56]. Investment Recommendations - The report recommends focusing on high-growth companies with strong brand power, such as Ruoyuchen, Shangmei, and Maogeping, as well as companies with stable fundamentals and potential for marginal improvement like Dengkang Oral and Shanghai Jahwa [2][3]. - It also suggests monitoring companies that are expected to reach a turning point, such as Runben and Jinjian Biological, which may present investment opportunities [2][3].

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty sector, with specific recommendations for companies like Maogeping and Shangmei Co. [4][9] Core Insights - The cosmetics and medical beauty sector underperformed the market during the reporting period, with the Shenwan Beauty Care Index declining by 3.1% [5] - The upcoming Double 11 shopping festival is expected to boost sales for Shangmei Co. and Maogeping, with strong performance anticipated on platforms like Douyin and Tmall [4][9] - Key companies such as Proya and Shanghai Jahwa reported mixed results, with Proya's revenue for Q3 2025 at 1.736 billion yuan, down 11.63% year-on-year, while Shanghai Jahwa's revenue grew by 28% to 1.483 billion yuan [10][15] Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed a decline, with the Shenwan Cosmetics Index down 2.6% and the Shenwan Personal Care Index down 0.9% [5] - The top-performing stocks included *ST Meigu (+12.3%) and Jinsong New Materials (+6.2%), while Huaxi Biological and Beitaini saw declines of 7.8% and 7.4%, respectively [5] Company Performance - Proya's Q3 2025 revenue was 1.736 billion yuan, a decrease of 11.63% year-on-year, with a net profit of 227 million yuan, down 23.64% [10] - Shanghai Jahwa reported Q3 revenue of 1.483 billion yuan, an increase of 28%, with a net profit of 140 million yuan [15] - Ruoyuchen's Q3 revenue reached 819 million yuan, up 123.4% year-on-year, with a net profit of 33 million yuan [18] Market Trends - The 8th China International Import Expo showcased major international beauty brands, highlighting trends such as high-end market targeting and AI technology in beauty research and development [27] - The report indicates that the Chinese market is evolving into a global innovation hub for beauty products, with a focus on sustainability and green transformation [27] E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, with Shangmei Co. achieving significant growth in GMV [21] - The overall retail sales of cosmetics in September 2025 grew by 8.6%, driven by pre-Double 11 promotions [22][24]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting potential growth opportunities despite recent market underperformance [2]. Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 3.1% from October 31 to November 7, 2025 [3][4]. - The upcoming Double 11 shopping festival is expected to boost performance for companies like Shuangmei Co. and Maogeping, with strong sales anticipated on platforms like Douyin and Tmall [3][9]. - Key companies such as Proya, Shanghai Jahwa, and Ruifucheng have shown varying performance, with Proya's revenue for Q3 2025 at 1.736 billion yuan, down 11.63% year-on-year, while Shanghai Jahwa's revenue increased by 28% to 1.483 billion yuan [10][16]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown a decline, with the Shenwan Cosmetics Index down 2.6%, underperforming the Shenwan A Index by 3.3 percentage points [3][4]. - The top-performing stocks this week included *ST Meigu (+12.3%) and Jinsong New Materials (+6.2%), while Huaxi Biological and Beitaini saw declines of 7.8% and 7.4%, respectively [5]. Company Performance - Proya's Q3 2025 revenue was 1.736 billion yuan, a decrease of 11.63% year-on-year, with a net profit of 227 million yuan, down 23.64% [10][11]. - Shanghai Jahwa reported Q3 revenue of 1.483 billion yuan, up 28%, with a net profit of 140 million yuan [16]. - Ruifucheng's Q3 revenue reached 819 million yuan, a significant increase of 123.4% year-on-year, with a net profit of 33 million yuan [20]. Market Trends - The 8th China International Import Expo showcased international beauty brands, indicating a shift towards high-end markets and functional skincare products [31]. - The report highlights the increasing importance of e-commerce channels, with brands like Maogeping and Shuangmei Co. performing well on platforms like Tmall and Douyin [9][24]. E-commerce Data - In September 2025, the GMV for domestic brands on Douyin and Tmall showed significant growth, with Shuangmei Co. achieving a GMV of 8.1 billion yuan, up 47% year-on-year [24]. - The overall retail sales of cosmetics in September 2025 reached 368 billion yuan, reflecting an 8.6% year-on-year growth, driven by pre-Double 11 promotions [25][27].

Group 1 - The core point of the news is that Ruoyuchen Technology Co., Ltd. has seen a stock price increase of 5.22%, reaching 38.72 CNY per share, with a total market capitalization of 12.044 billion CNY [1] - The company, established on May 10, 2011, specializes in online agency operations, channel distribution, and brand planning, with its main business revenue composition being 45.75% from proprietary brands, 28.83% from agency operations, and 25.42% from brand management [1] - The trading volume for the stock was 186 million CNY, with a turnover rate of 2.19% [1] Group 2 - From the perspective of major fund holdings, Guoshou Anbao Fund has increased its stake in Ruoyuchen, holding 9,552 shares, which represents 4.25% of the fund's net value, making it the third-largest holding [2] - The fund, Guoshou Anbao Quality Consumption Stock Initiation A (020140), has a current scale of 9.3226 million CNY and has experienced a year-to-date loss of 3.93% [2] - The fund manager, Wang Yunhan, has been in position for 1 year and 340 days, with the fund's best return during this period being -14.77% [3]

1. Report Industry Investment Rating - The industry rating is "Bullish" [1] 2. Core Views of the Report - The cosmetics industry continues to show differentiation, with brand demand being weak in the off - season, agents seeking change in difficult situations, and producers seizing supply - chain reconstruction opportunities. The medical aesthetics industry has new entrants with better - than - expected shipments, and new product catalysts are worth attention [3][4] 3. Summaries According to Relevant Catalogs 3.1 Cosmetics: Continued Differentiation 3.1.1 Brand Merchants - In 1 - 3Q25, beauty brand merchants' revenue was 28.4 billion yuan, a year - on - year decrease of 0.6%; personal care brand merchants' revenue was 5.7 billion yuan, a year - on - year increase of 12.4%. In 3Q25, beauty and personal care brand merchants' revenues were 8.05 billion and 1.805 billion yuan, a year - on - year decrease of 1.3% and an increase of 7.6% respectively. Beauty revenue weakened quarter - on - quarter, while personal care remained flat [18] - Beauty: Affected by the earlier Double Eleven promotion, consumer enthusiasm declined in September, and brands reduced live - streaming activities. In terms of single - quarter revenue growth, Shuiyang Co., Ltd. and Shanghai Jahwa increased by over 20%, Marubi Co., Ltd. had double - digit growth, Proya had low - double - digit decline, and Betaine and Freda had high - single - digit decline [18] - Personal care: Runben Co., Ltd.'s Q3 revenue increased by 17% year - on - year, with a slight increase in growth rate quarter - on - quarter. Baiya Co., Ltd.'s 3Q25 revenue improved, and Dengkang Oral Care had steady growth [18] - In 1 - 3Q25, beauty brand merchants' net profit after non - recurring items was 2.33 billion yuan, a year - on - year decrease of 15%; personal care brand merchants' was 604 million yuan, a year - on - year decrease of 3.4%. Some companies showed initial cost - control effects [24] 3.1.2 Agents - Agents are seeking change in difficult situations by exploring three paths: incubating self - owned brands (represented by Ruoyuchen), using AI to reduce costs and increase efficiency (represented by Yiwow), and expanding high - growth categories (such as Qingmu Technology expanding into trendy toy agency operations) [30] - Ruoyuchen's self - owned brands Feicui and Zhanjia continued to gain momentum. In Q3, self - owned brand revenue was 451 million yuan, a year - on - year increase of 344.5%, accounting for 55.1%. Zhanjia's Q3 revenue was 227 million yuan, a year - on - year increase of 119%, and 1 - 3Q revenue was 680 million yuan. Feicui's Q3 revenue was 203 million yuan, a quarter - on - quarter increase of over 98.8%, and 1 - 3Q revenue was 362 million yuan [30] 3.1.3 Producers - Demand continued to recover, and the revenue of the producer sector increased by 9%, 17%, and 30% year - on - year from Q1 to Q3, with the growth rate increasing quarter by quarter [33] - QingSong Co., Ltd. focused on optimizing customers and product structure, and its profit turned positive for four consecutive quarters from 2Q24 to 1Q25. Jieya Co., Ltd. had increasing orders from overseas big customers, and its Q3 performance growth accelerated. Jiaheng Home Co., Ltd. increased revenue but not profit, mainly due to the short - term impact of the Huzhou base's capacity ramp - up [33] 3.2 Medical Aesthetics: New Entrants with Better - than - Expected Shipments 3.2.1 Upstream Consumables - The growth rate of demand expansion slowed down, and supply - side competition intensified. In terms of the cumulative number of Class III medical device approvals, hyaluronic acid > regenerative (Sculptra/Poly - L - Lactic Acid) > botulinum toxin > recombinant collagen. Old products of hyaluronic acid and regenerative types faced growth pressure, and the growth rate of recombinant collagen Class III medical device products slowed down significantly quarter - on - quarter [38] - Hyaluronic acid: Aimeike's revenue growth rate from 24Q1 to 25Q3 was + 28.2%/+2.3%/+1.1%/ - 7%/ - 18%/ - 25%/ - 21% year - on - year, showing a quarterly decline since 24Q2 [38] - Collagen: Jinbo Biotech's revenue growth rate from 24Q1 to 25Q1 was + 76%/+100%/+92%/+73%/+63% year - on - year, and in 2Q25/3Q25, it was + 30%/+13% year - on - year. On October 23, the "Recombinant Type I α1 Subtype Collagen Freeze - Dried Fiber" Class III medical device certificate of Giant Biogene was approved by NMPA [38] - Leapmed Medical's medical aesthetics shipments were better than expected, with Q3 medical service and health management business revenue of 320 million yuan, a year - on - year increase of 28%, and the revenue of Sculptra and Hydrodermabrasion reaching 86.1367 million yuan [36] 3.2.2 Downstream - The new model of Xinoxygen Medical Clinics showed high - growth potential. The Q3 revenue guidance was 150 - 170 million yuan, a year - on - year increase of 231% - 275%, and a quarter - on - quarter increase of 4% - 18%. It plans to implement the "100 - City, 1000 - Store" plan in the long term [40] - Stores are expanding from first - tier cities to new first - tier and second - tier cities. As of November 6, it covered 42 stores in 10 cities. The promotion of self - owned brands was remarkable, and it cooperated with Xihong Miracle Sculptra 3.0, priced at 2999 yuan, which was officially launched on September 25 [43] 3.3 Investment Recommendations - Brands with upward potential and both growth and certainty: Recommend Maogeping (Oriental aesthetics, dual - wheel drive of makeup and skincare, and the second - curve of perfume is worth looking forward to) and Shangmei Co., Ltd. (with one cornerstone brand, five growth brands, and N seed businesses) [8][46] - Companies with new product pipelines and expected performance elasticity: Pay attention to Giant Biogene and Leapmed Medical [8][46] - Companies in strategic adjustment and expected to reach an inflection point: Recommend Shuiyang Co., Ltd. (the effect of high - end transformation is gradually emerging), and pay attention to Shanghai Jahwa, Betaine, and Freda [8][46]

Investment Rating - The report suggests a focus on the Hainan sector and sub-sectors with performance elasticity during the Spring Festival, indicating a positive medium-term outlook for new consumption growth, transformation recovery, overseas expansion, and policy benefits [3] Core Insights - Following the new gold tax policy, there has been a price increase in gold jewelry at retail terminals, highlighting the importance of brand strength and product quality [1][2] - The new tax policy differentiates between investment and non-investment uses of standard gold, affecting tax deductions and pricing strategies for retailers [2] - Major brands have raised their gold prices post-policy implementation, with increases ranging from 58 to 70 CNY per gram for leading brands [2] Summary by Sections 1. Market Review - The retail index increased by 0.31% this week, underperforming the Shanghai Composite Index by 0.77 percentage points [9] - The retail sector's performance ranked 17th among all sectors during this period [9] 2. Company Dynamics - Small Commodity City has acquired land for a cultural and commercial complex for 3.2 billion CNY [16] - West China Tourism plans to issue up to 30.61 million shares to raise no more than 300 million CNY for working capital and debt repayment [16] 3. Industry Dynamics - Xiaohongshu has obtained a payment license, indicating a significant development in the digital payment landscape [22] - Starbucks has partnered with Boyu Capital to expand its retail operations in China, aiming to increase the number of stores to 20,000 [22] - JD's global sales during the Double 11 event saw a transaction volume increase of over 300% in cross-border shipping areas [23]

Market Overview - On November 7, the internet e-commerce sector declined by 0.8%, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers included: - Xinxunda (300518) with a closing price of 16.77, up 6.68% and a trading volume of 143,700 shares, totaling 236 million yuan [1] - Guolian Co. (603613) closed at 28.49, up 0.99% with a trading volume of 128,300 shares [1] - Significant decliners included: - Qingmu Technology (301110) closed at 72.92, down 4.07% with a trading volume of 44,300 shares, totaling 328 million yuan [2] - JiaoDian Technology (002315) closed at 44.88, down 3.79% with a trading volume of 72,600 shares [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 60.73 million yuan from institutional investors, while retail investors saw a net inflow of 72.48 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with retail investors showing a preference for certain stocks [2] Individual Stock Capital Flow - Xinxunda (300518) had a net inflow of 25.59 million yuan from institutional investors, while retail investors had a net outflow of 27.37 million yuan [3] - Qingmu Technology (301110) saw a net inflow of 25.37 million yuan from institutional investors, but a net outflow of 37.90 million yuan from retail investors [3] - Guolian Co. (603613) had a net inflow of 23.83 million yuan from institutional investors, with retail investors experiencing a net outflow of 35.19 million yuan [3]

Core Insights - The article highlights the increasing activity of broker research following the disclosure of third-quarter reports by listed companies, with a notable focus on sectors such as solar energy, semiconductor materials, and consumer electronics [2][5]. Group 1: Broker Research Trends - As of early November, over 35 brokers have conducted research on companies in the solar component supply chain, semiconductor materials, and leading consumer electronics firms [2]. - From October 1 to November 5, a total of 953 listed companies in A-shares received broker research, with 42 companies receiving research from 40 or more brokers [5]. - The most researched companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker inquiries respectively, all categorized under the new productivity label [5]. Group 2: Sector Focus - Brokers are particularly interested in sectors such as semiconductors, industrial automation, and high-end manufacturing, reflecting ongoing market attention to technology-driven industries [2][6]. - Companies like Zhaoyi Innovation and Canadian Solar have also attracted significant broker interest, receiving 55 and 49 inquiries respectively [5]. - The research interest extends to various industries, including medical devices, power equipment, and gaming, indicating a broad focus on high-growth sectors [6]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-prosperity industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [10]. - The research teams from CITIC Securities and CICC suggest that the electronic sector's performance is expected to remain strong, driven by AI and domestic production growth [10][11]. - Recommendations for November include focusing on new economic sectors such as AI software and semiconductor equipment, while traditional sectors like coal and steel are also highlighted [11].