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 ...

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于广州若羽臣科技股份有限公司 2025 年第三次临时股东会的法律意见书 致：广州若羽臣科技股份有限公司 北京市中伦（广州）律师事务所（下称"本所"）受广州若羽臣科技股份有 限公司（下称"公司"）委托，指派全奋律师、李荔律师（下称"本所律师"） 出席公司 2025 年第三次临时股东会（下称"本次股东会"）。本所律师根据《中 华人民共和国公司法》（下称"《公司法》"）、《上市公司股东会规则》等有 关法律、法规、规范性文件及《广州若羽臣科技股份有限公司章程》（下称"《公 司 ...

2、本次股东会不涉及变更以往股东会已通过的决议。 证券代码：003010 证券简称：若羽臣 公告编号：2025-086 广州若羽臣科技股份有限公司 2025年第三次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； 4、投票方式：本次会议采取现场投票与网络投票相结合的方式召开。本次股 东会通过深圳证券交易所交易系统和互联网投票系统向社会公众股股东提供网络 形式的投票平台 5、会议主持人：董事长王玉先生 6、本次会议的召集、召开符合《中华人民共和国公司法》、《上市公司股东 会规则》等有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规 定。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议：2025 年 9 月 4 日（周四）14:30 （2）网络投票：2025 年 9 月 4 日，其中通过深圳证券交易所交易系统进行网 络投票的具体时间为：2025 年 9 月 4 日 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating an expected relative increase in stock price compared to the CSI 300 index within the next six months [1][15]. Core Views - The company has demonstrated strong growth in its proprietary brand "Zhenjia," with significant revenue increases and effective brand management capabilities [1][4]. - The company is positioned as a leading player in the domestic agency operation sector, capitalizing on the high-growth markets of household cleaning and health products [6]. Financial Performance - In H1 2025, the company achieved total revenue of 1.319 billion yuan, representing a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.60% year-on-year [3][4]. - For Q2 2025, total revenue reached 745 million yuan, with a year-on-year growth of 79.57%, and a net profit of 45 million yuan, reflecting a 71.72% increase year-on-year [3][4]. Business Segmentation - Revenue from proprietary brands, agency operations, and brand management for H1 2025 was 600 million yuan, 380 million yuan, and 340 million yuan respectively, with year-on-year growth rates of 242.4%, -2.8%, and 52.5% [4]. - The "Zhenjia" brand alone saw a revenue increase of 157.11% to 440 million yuan in H1 2025, with significant online sales growth during promotional events [4]. Profitability Metrics - The company's gross margins for H1 2025 and Q2 2025 were 56.9% and 59.2%, respectively, with year-on-year changes of +11.4 and -5.1 percentage points [5]. - The net profit margins for H1 2025 and Q2 2025 were 5.5% and 6.0%, showing year-on-year increases of +0.5 and -0.3 percentage points [5]. Future Projections - The company is expected to achieve revenues of 2.88 billion yuan, 3.80 billion yuan, and 4.69 billion yuan for the years 2025, 2026, and 2027, with respective year-on-year growth rates of 63%, 32%, and 24% [6][8]. - Projected net profits for the same years are 180 million yuan, 250 million yuan, and 310 million yuan, with year-on-year growth rates of 66%, 41%, and 26% [6][8].

Market Overview - On September 4, the internet e-commerce sector declined by 0.17% compared to the previous trading day, with Ruoyuchen leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers included: - Xinxunda (300518) with a closing price of 16.40, up 12.71% and a trading volume of 292,300 shares, totaling 454 million yuan [1] - Lirenlizhuang (605136) closed at 10.07, up 5.22% with a trading volume of 317,600 shares, totaling 316 million yuan [1] - Major decliners included: - Ruoyuchen (003010) closed at 58.70, down 4.49% with a trading volume of 75,800 shares, totaling 446 million yuan [2] - Shitou Co. (600539) closed at 10.44, down 3.51% with a trading volume of 114,800 shares, totaling 122 million yuan [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 103 million yuan from institutional investors, while retail investors saw a net inflow of 201 million yuan [2][3] - Specific stock capital flows showed: - Xinxunda had a net outflow of 46.21 million yuan from institutional investors [3] - Kuaijingtong (002640) had a net inflow of 32.87 million yuan from institutional investors [3]

Group 1 - The trend of A+H listings is gaining momentum, with nearly 30 A-share companies disclosing their plans to list in Hong Kong since August [1] - Major companies like Luxshare Precision and Shenghong Technology have formally submitted applications for H-share listings [1] - The encouragement from policies, simplified listing procedures, and the favorable valuation and liquidity of the Hong Kong market are driving this trend [1] Group 2 - A-share companies planning to list in Hong Kong span multiple industries, including semiconductors, machinery, pharmaceuticals, food, and media, with semiconductors being the most represented [2] - Semiconductor companies require substantial funding for R&D and expansion, and the Hong Kong market offers a broad financing channel and supports internationalization [2] - Companies like Sanan Optoelectronics and Gree Energy are seeking H-share listings to enhance their global strategies and brand image [2] Group 3 - Companies like Guangzhou Ruoyuchen Technology are pursuing Hong Kong IPOs to strengthen their capital and competitiveness, aligning with their global market expansion strategies [3] - The A+H dual-track model is becoming an effective way for Chinese companies to access international capital markets and accelerate globalization [4] - H-share listings are seen as a key move in global strategies, allowing companies to integrate global resources and enhance brand recognition [4] Group 4 - Increasing numbers of A-share companies are leveraging Hong Kong as an international financing platform to expand global capital and enhance brand influence [5] - New policies, such as the "Science and Technology Enterprise Special Line," are expected to encourage more biotech and specialized technology companies to list in Hong Kong [6]

Summary of the Conference Call for Ruoyuchen Company Overview - **Company**: Ruoyuchen - **Industry**: E-commerce and Brand Management Key Points Business Growth and Revenue - Ruoyuchen's self-owned brand business has seen rapid growth, with revenue contribution nearing 46% in the first half of 2025, doubling from the previous year, making it the main driver of company growth [2][3] - Overall revenue for the company grew by 29% year-on-year in 2024, significantly outpacing the average double-digit growth in the agency operation industry [2][3] Profitability and Margins - The gross margin for self-owned brands is significantly higher than that of agency operations and brand management, with brands like Feicui and Zhanjia achieving gross margins of 86.8% and 66.9% respectively [2][4] - The overall gross margin of the company has improved notably since 2024 due to the growth of self-owned brands [5] Market Strategy and Product Development - Ruoyuchen has successfully created popular products by accurately selecting market segments, product positioning, and marketing strategies, particularly in emerging content e-commerce channels [6] - The company is expected to maintain rapid growth, especially in the self-owned brand segment, with a projected revenue doubling in 2025 and a compound annual growth rate (CAGR) of 40%-60% over the next two years [7] Operational Model - The company employs a light asset operation model, outsourcing production while focusing R&D on application rather than innovation, leading to lower sales expense ratios compared to industry averages [8] - Self-owned brand revenue saw a year-on-year increase of 240% in the first half of 2025, contributing to 46% of total revenue [8] Brand Performance - The new brand Feicui, still in its incubation phase, saw a significant increase in sales expense ratio to 45.4% in the first half of 2025, but maintained a stable gross margin [9] - Feicui's sales during the 618 shopping festival showed over 2000% growth compared to the previous Double 11 event, indicating strong market acceptance [19] Future Outlook - The company anticipates continued rapid growth, particularly in self-owned brands, with expected net profits of 170 million, 246 million, and 329 million from 2025 to 2027, respectively [21] - Risks include potential underperformance in brand promotion and macroeconomic factors affecting consumer confidence [21] Competitive Advantages - Ruoyuchen has developed core competencies in multi-channel operations, quality supply chain resources, and precise consumer insights through servicing over 100 international brands [11] - The company’s strategy focuses on creating differentiated products that meet the emotional and functional needs of new consumer demographics [15] Product Categories and Trends - The company has a clear product development path, with significant growth expected in categories like scented laundry liquids, which saw a GMV growth of 1165% in 2024 [18] - New product launches, such as the Vita Ocean brand targeting high-end fish oil markets, are expected to enhance revenue streams [20] Conclusion - Ruoyuchen is positioned for strong growth in the e-commerce and brand management sector, leveraging its operational model, market strategies, and product innovation to capture emerging consumer trends and demands [21]

Group 1 - The company, RuYueChen, announced a plan to repurchase its shares, with the board meeting scheduled for August 18, 2025, to review the proposal [1] - The total amount allocated for the share repurchase will be no less than RMB 100 million and no more than RMB 200 million, with a maximum repurchase price of RMB 76.80 per share [1] - The implementation period for the share repurchase is set for 12 months from the date the board approves the plan, and as of August 31, 2025, the company has not yet executed the repurchase [1]

Group 1 - The company, Guangzhou Ruoyuchen Technology Co., Ltd., has approved a share repurchase plan with a total fund of no less than RMB 100 million and no more than RMB 180 million [1][2] - The repurchase will be conducted through the Shenzhen Stock Exchange's trading system within 12 months from the board's approval date [1] - The company has signed a loan agreement with Bank of China for RMB 180 million to fund the share repurchase, with a loan term of 36 months [1] Group 2 - As of August 31, 2025, the company has not yet implemented the share repurchase [2] - The company will execute the repurchase plan based on market conditions and will comply with relevant disclosure obligations [2]

关于股份回购进展情况的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 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）、《回购报告书》（公告编号：2025-079）。 公司已和中国银行签署《对公股票回购/增持业务专项借款合同》，中国银 行为公司提供18,000万元的专项贷款资金用于公司股份回 ...