Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's self-developed high-end home cleaning brand, Zhanjia, is expanding from niche products to the main category of laundry detergent, with significant growth observed in recent sales through Douyin [2][3]. - The earnings forecast has been raised due to the continuous growth of Zhanjia's major products, with expected EPS of 0.59, 0.83, and 1.11 yuan for 2024-2026, respectively [3]. - The target price has been adjusted to 26.56 yuan, reflecting a PE of 32x for 2025, up from a previous target of 22.35 yuan [4]. Summary by Sections Company Overview - Zhanjia brand, launched in 2020, focuses on high-end home cleaning products, leveraging online operational capabilities to drive growth [3]. - The brand's story is inspired by New Zealand, emphasizing premium positioning supported by plant-based antibacterial and personalized fragrance concepts [3]. Market Dynamics - The home cleaning and personal care industry in China is valued at over 120 billion yuan, with traditional and international brands holding significant market share [3]. - Changes in consumer demand and channel dynamics are expected to benefit brands with strong operational capabilities, like Zhanjia, which is tapping into the growing trend for fragrance and detailed care products [3]. Financial Performance - Revenue is projected to grow from 1,366 million yuan in 2023 to 2,503 million yuan in 2025, reflecting a CAGR of 37.6% [10]. - Net profit is expected to increase significantly, from 54 million yuan in 2023 to 141 million yuan in 2025, indicating a robust growth trajectory [10]. - The company’s operating model is shifting towards brand management, which is anticipated to enhance profitability [3].

证券代码：003010 证券简称：若羽臣 公告编号：2024-098 广州若羽臣科技股份有限公司 关于股票交易异常波动公告 4、公司、控股股东及实际控制人不存在关于公司的应披露而未披露的重大 事项，或处于筹划阶段的重大事项； 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、股票交易异常波动的情况介绍 广州若羽臣科技股份有限公司（以下简称"公司"或"本公司"）（股票简 称：若羽臣，股票代码：003010）股票交易价格连续 2 个交易日内（2024 年 11 月 15 日、2024 年 11 月 18 日）收盘价格涨幅偏离值累计超过 20％，根据《深圳 证券交易所交易规则》的相关规定，属于股票交易异常波动情形。 二、公司关注并核实情况的说明 针对公司股票交易异常波动，公司董事会发函对公司控股股东和实际控制人 就相关事项进行了核实，有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3、公司近期经营情况正常，内外部经营环境未发生重大变化； 2024 ...

Group 1: Product Development and Market Strategy - The company continues to expand its product line with new offerings such as baby dishwashing liquid and washing machine cleaners, focusing on both clothing and environmental cleaning [2] - The flagship products, including lingerie washing liquid and scented laundry beads, have exceeded sales expectations shortly after launch [2] - The company collaborates with channels like Sam's Club to provide exclusive products, enhancing market presence [2] Group 2: Channel Strategy - The company emphasizes a multi-channel approach, with a focus on Tmall and Douyin, each having distinct operational strategies [2] - Tmall is recognized as the most advantageous channel due to its high traffic and conversion requirements, while Douyin has shown significant growth potential in the second half of the year [2] - Offline channels, particularly partnerships with Sam's Club, align well with the target audience, contributing to strong sales performance [2] Group 3: Competitive Advantages - The company positions itself as a high-end brand, maintaining pricing stability to avoid price wars, which is crucial for its premium positioning [3] - The brand has a unique advantage in the fragrance segment, with fewer competitors in the laundry liquid market compared to other personal care products [3] - Traditional brands are struggling to expand into high-end product lines due to established brand positioning, creating a competitive edge for the company [3] Group 4: Health Products Strategy - The company has a strong competitive advantage in the health products sector, having entered the market in 2016 and built a robust team with extensive industry experience [3] - The focus is on high-growth potential areas, optimizing resource allocation to enhance product innovation and brand management [3] - The company adopts a multi-brand strategy to meet the unmet consumer demands in the health products market, emphasizing innovation in formulations and consumer experience [3] Group 5: Operational Adjustments - The company has restructured its business model to include three main segments: agency operations, brand management, and proprietary brands [4] - Clients increasingly prefer to delegate entire brand operations to the company, enhancing operational efficiency and business growth [4] - The company aims for substantial growth in its proprietary brands while ensuring reasonable profit margins, with plans to launch new brands to diversify product offerings [4]

证券代码：003010 证券简称：若羽臣 公告编号：2024-097 广州若羽臣科技股份有限公司 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。 广州若羽臣科技股份有限公司（以下简称"公司"）于2024年4月17日召开 第三届董事会第二十二次会议，审议通过了《关于2024年度第三期回购公司股份 方案的议案》。公司将使用自有资金通过深圳证券交易所股票交易系统以集中竞 价交易方式回购公司发行的A股社会公众股。本次回购股份的资金总额将不低于 人民币2,500万元（含），且不超过人民币5,000万元（含），回购价格不超过23.99 元/股（含）。本次回购股份实施期限为自公司董事会审议通过回购股份方案之 日起12个月内。具体内容详见公司于2024年4月18日刊登在《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2024年度第三期回购公司股份方案的公告》（公告编号：2024-024）、 《回购报告书》（公告编号：2024-025）等相关公告。 因公司实施了2023 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 22.35 RMB, corresponding to a 2025 PE of 28x [1][2] Core Views - The company's self-developed high-end home care brand "Zhanjia" is entering a volume expansion phase, driving strong revenue and profit growth [1] - The company's revenue and net profit grew 39% and 71% YoY respectively in 2024 Q1-3, with Q3 growth accelerating to 55% and 68% [1] - The clothing care market in China has significant room for growth, with per capita spending only 1/3 to 1/6 of overseas markets [1][25] - Zhanjia brand's GMV exceeded 300 million RMB in 2023 and is expected to maintain high growth in 2024 [1][32] Financial Projections - Revenue is expected to grow 33%, 26%, and 20% YoY in 2024-2026 to 1.82, 2.29, and 2.75 billion RMB respectively [7][11] - Net profit is projected to increase 65%, 50%, and 37% YoY in 2024-2026 to 89, 134, and 183 million RMB [7][11] - Gross margin is forecast to rise from 45.7% in 2024 to 51.3% in 2026, driven by higher contribution from the higher-margin Zhanjia brand [11][12] Business Segments - The company started as an e-commerce operator and has expanded into brand management and self-owned brands [1][19] - Zhanjia brand revenue grew 67% YoY in 2024 H1 to 180 million RMB, accounting for 22% of total revenue [1][21] - Zhanjia brand's gross margin reached 69% in 2024 H1, significantly higher than the 35% for e-commerce operations [21][22] Industry Trends - Clothing care products are evolving towards finer segmentation and fragrance integration, with fragrance experience products gaining popularity [1][25][29] - Content e-commerce platforms like Douyin are accelerating product innovation and helping brands with strong operational capabilities to break through [25][31] - The Z generation and middle-class consumers are driving demand for personalized and experiential products [29][31] Zhanjia Brand Strategy - Zhanjia positions itself as a premium home care brand with plant-based and fragrance concepts [1][32] - The brand has achieved rapid growth across multiple channels, with GMV exceeding 300 million RMB in 2023 [32][35] - Zhanjia's new Four Seasons Fragrance Laundry Detergent has driven strong growth on Douyin, with GMV doubling YoY in October 2024 [38][39]

广州若羽臣科技股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范广州若羽臣科技股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计师事务所相关行为，切实维护股东利益，提高审计工作 和财务信息的质量，根据《中华人民共和国公司法》《中华人民共和国证券法》 《国有企业、上市公司选聘会计师事务所管理办法》等有关法律法规及《公司章 程》的有关规定，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据有关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。 公司聘任会计师事务所从事除财务会计报告审计之外的其他法定审计业务 的，可以比照本制度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审计 委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得在股东 大会审议通过前聘请会计师事务所开展审计业务。 第四条 控股股东、实际控制人、持有公司5%以上股份的股东不得在公司 董事会、股东大会审议前向公司指定会计师事务所，不得干预审计委员会独立履 行审核职责。 第二章 会计师事务所执业质量要求 第五条 公司选聘会计师事务所应当符合以下 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥366,826,127.69, representing a 54.62% increase compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥18,769,349.11, up 68.19% year-on-year[2] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥18,765,241.82, reflecting a 76.50% increase compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.1104, representing a 68.92% increase year-on-year[2] - The company reported a 39.25% increase in total revenue for the first nine months of 2024, totaling ¥1,154,028,030.28 compared to ¥828,761,211.41 in the same period of 2023[5] - The company experienced a 458.33% increase in investment income for the first nine months of 2024, amounting to ¥871,614.90[5] - Total operating revenue for the current period reached ¥1,154,028,030.28, a significant increase of 39.2% compared to ¥828,761,211.41 in the previous period[16] - Net profit for the current period was ¥57,704,466.33, representing a 71.1% increase from ¥33,728,944.55 in the same period last year[17] - Operating profit increased to ¥60,118,515.76, compared to ¥35,303,147.07 in the previous year, marking a growth of 70.4%[17] - Total comprehensive income for the current period was ¥57,704,947.22, compared to ¥33,654,031.37 in the previous year, showing a growth of 71.4%[17] Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥1,445,724,456.86, a 7.43% increase from the end of the previous year[2] - The company's total liabilities increased significantly, with accounts payable rising by 435.99% to ¥107,045,940.99[4] - Total assets increased to ¥1,445,724,456.86 from ¥1,345,698,396.64, marking a growth of about 7.4%[14] - Total liabilities rose to ¥396,986,859.16 from ¥248,603,008.85, an increase of approximately 59.8%[14] - The company's equity attributable to shareholders decreased to ¥1,048,737,597.70 from ¥1,097,095,387.79, a decline of about 4.4%[15] - Short-term borrowings increased to ¥209,392,575.87 from ¥170,892,301.09, representing a rise of approximately 22.5%[14] Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥204,590,459.81, a significant increase of 299.81% compared to the same period last year[7] - Cash flow from operating activities generated a net amount of ¥204,590,459.81, a turnaround from a negative cash flow of ¥102,391,465.86 in the prior period[19] - Cash received from sales of goods and services was ¥1,309,303,365.22, up from ¥942,879,135.28 in the previous year, indicating a growth of 38.8%[19] - Cash flow from investing activities resulted in a net outflow of ¥34,808,734.22, compared to a smaller outflow of ¥4,629,539.77 in the prior year[19] - Cash inflow from financing activities totaled CNY 216,025,856.11, an increase of 99.3% compared to CNY 108,484,384.87 in the previous period[20] - Net cash flow from financing activities was negative at CNY -77,933,176.97, contrasting with a positive CNY 35,637,854.93 in the previous period[20] - The ending balance of cash and cash equivalents reached CNY 427,413,695.36, up from CNY 305,360,975.37 in the previous period, representing an increase of 39.9%[20] - Cash and cash equivalents increased by CNY 91,087,894.41 during the quarter, compared to a decrease of CNY -63,213,886.35 in the previous period[20] - The company repaid debts amounting to CNY 160,338,125.22, significantly higher than CNY 15,565,448.17 in the previous period[20] - Dividend payments and interest expenses totaled CNY 36,638,138.52, compared to CNY 31,009,234.77 in the previous period, reflecting an increase of 18.5%[20] - The impact of exchange rate changes on cash and cash equivalents was CNY -760,654.21, contrasting with a positive impact of CNY 8,169,264.35 in the previous period[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,724, with the top 10 shareholders holding a combined 52.79% of shares[8] - Wang Yu is the largest shareholder, holding 28.16% of shares, equivalent to 47,889,867 shares[8] - The top 10 shareholders include Tianjin Yayi Biotechnology Partnership and Goldman Sachs, holding 7.90% and 0.65% of shares respectively[8] - The company has repurchased a total of 8,843,587 shares, representing 5.20% of the total share capital[9] - The company has not disclosed any changes in the participation of top shareholders in margin trading activities[9] Legal Matters - The company is involved in a legal dispute with Mead Johnson Nutrition (China) Co., Ltd., claiming a total of RMB 18,960,122.18 for various fees and penalties[11] - The court has ruled that Mead Johnson should pay RMB 18,468,061.96 plus overdue payment interest to the company[11] - The company has frozen RMB 35 million in the bank account of Mead Johnson as part of asset preservation measures[11] - The company is involved in a trademark infringement lawsuit with a claim for damages totaling ¥30,524,095.95, but expects no significant impact on operations due to indemnification from the brand partner[12] - The company plans to actively communicate with the brand partner regarding the lawsuit, which is currently ongoing with hearings scheduled[12] Corporate Governance - The company is undergoing changes in its stock option incentive plan, including adjustments to the number of stock options and exercise prices[10] - The company has completed the election of the fourth board of directors and supervisory board, along with the appointment of senior management personnel[11] Current Assets and Inventory - The company's cash and cash equivalents increased to ¥434,313,941.41 from ¥345,454,763.98, representing a growth of approximately 25.7%[13] - Accounts receivable decreased to ¥133,988,836.88 from ¥169,426,393.75, a decline of about 21.0%[13] - Inventory decreased to ¥295,620,967.70 from ¥318,580,274.72, reflecting a reduction of approximately 7.2%[13] - The company reported a total current assets of ¥1,069,450,983.02, slightly up from ¥1,039,482,996.85, indicating a marginal increase of about 1.1%[13] Audit Status - The company has not yet audited the third-quarter report[21]

证券代码：003010 证券简称：若羽臣 公告编号：2024-095 广州若羽臣科技股份有限公司 具体内容详见公司同日披露于指定信息披露媒体《证券时报》、《中国证券报》、 《上海证券报》、《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上的《2024 年第三季度报告》。 本次会议由监事会主席庞小龙先生召集并主持，会议召开符合法律法规、《中华 人民共和国公司法》及《公司章程》的规定。 二、监事会会议审议情况 与会监事对本次会议议案进行了充分讨论，审议并通过了以下议案： 1、审议通过《公司 2024 年第三季度报告》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为董事会编制和审核公司《2024 年第三季度报告》的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 第四届监事会第二次会议决议公告 本公司及监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、监事会会议召开情况 广州若羽臣科技股份有限公司（以下简称"公司"）第四届监事会第 ...

广州若羽臣科技股份有限公司 第四届董事会第二次会议决议公告 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。 一、董事会会议召开情况 广州若羽臣科技股份有限公司（以下简称"公司"）第四届董事会第二次会 议通知于 2024 年 10 月 25 日以电子邮件形式送达全体董事，会议于 2024 年 10 月 30 日上午 10:30 在广州市海珠区鼎新路 8 号欢聚大厦 38 楼会议室以现场结合 通讯表决形式召开。会议应出席董事 7 名，实际出席 7 名，其中董事黄添顺先生、 董事张春艳女士以通讯方式出席会议。公司监事和高级管理人员列席了会议。 本次会议由董事长王玉主持召开。会议的召开符合有关法律、法规、部门规 章、规范性文件和公司章程的规定。 二、董事会会议审议情况 证券代码：003010 证券简称：若羽臣 公告编号：2024-094 本议案已经审计委员会审议通过。 具体内容详见公司同日披露于指定信息披露媒体《证券时报》、《中国证券 报》、《上海证券报》、《证券日报》及巨潮资讯网（http://www.cninfo.com.cn） 上的《2024 年第三季度报告》。 ...

证券代码：003010 证券简称：若羽臣 公告编号：2024-093 广州若羽臣科技股份有限公司 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。 广州若羽臣科技股份有限公司（以下简称"公司"）于2024年4月17日召开 第三届董事会第二十二次会议，审议通过了《关于2024年度第三期回购公司股份 方案的议案》。公司将使用自有资金通过深圳证券交易所股票交易系统以集中竞 价交易方式回购公司发行的A股社会公众股。本次回购股份的资金总额将不低于 人民币2,500万元（含），且不超过人民币5,000万元（含），回购价格不超过23.99 元/股（含）。本次回购股份实施期限为自公司董事会审议通过回购股份方案之 日起12个月内。具体内容详见公司于2024年4月18日刊登在《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2024年度第三期回购公司股份方案的公告》（公告编号：2024-024）、 《回购报告书》（公告编号：2024-025）等相关公告。 因公司实施了2023 ...