Investment Rating - The report initiates coverage with a "Buy" rating for the company [12][13]. Core Views - The company leverages its refined operational capabilities in agency services to empower the development of its proprietary brands, aligning with the trend of increasingly precise e-commerce channel investments. The two main proprietary brands, Zhenjia and Feicui, are in a rapid growth phase, significantly boosting revenue and contributing to profit elasticity. The anticipated launch of a new brand centered around ruby fish oil is also promising, indicating a strong outlook for the company's brand-building potential through refined operations [5][12]. Summary by Sections Company Overview - The company is a leading global consumer brand digital management firm that started with agency services and has recently focused on developing proprietary brands, gradually building a multi-brand matrix. Since its establishment in 2011, it has developed a competitive advantage in categories such as health products, maternal and infant care, and beauty and personal care, while also expanding into high-potential categories like pets and healthcare. The proprietary brands Zhenjia and Feicui have seen rapid brand momentum, becoming core drivers of revenue growth and profit elasticity [8][21]. E-commerce Services - The company's traditional business is e-commerce services, covering a wide range of brands in beauty, personal care, maternal and infant care, and health products. The e-commerce service business is divided into agency and brand management categories, with the latter involving a higher level of engagement. The company is actively transitioning to a brand management model, which aligns with the current trend of omnichannel operations and is expected to enhance its core brand operation capabilities [9][34]. Home Cleaning Business - The home cleaning market in China has shown steady growth, with the laundry care segment being the largest sub-category. The Zhenjia brand targets the high-end scented home cleaning market, focusing on niche categories like lingerie wash and laundry pods, achieving rapid brand momentum. The company plans to continue expanding its product range in home cleaning, which is expected to elevate the brand's potential [10][35]. Health Products Business - The health products market in China is experiencing robust demand, particularly in the oral beauty and anti-aging segment, which reached a market size of 57.4 billion yuan in 2023, with a CAGR of 18% from 2016 to 2023. The company focuses on the oral beauty market with the Feicui brand and has rapidly achieved exponential growth by launching products like ruby fish oil. The long-term customer base is expected to support sustained growth in the health products business [11][21]. Investment Recommendations - The report expresses confidence in the company's ability to empower its proprietary brands through refined operations, which aligns with the trend of precise e-commerce channel investments. The two main proprietary brands, Zhenjia and Feicui, are in a rapid growth phase, significantly boosting revenue and contributing to profit elasticity. The projected EPS for 2025-2027 is 0.82, 1.03, and 1.43 yuan per share, respectively [12][21].

[Current Period Performance Forecast](index=1&type=section&id=Current%20Period%20Performance%20Forecast) The company anticipates substantial performance growth in H1 2025, with net profit attributable to shareholders projected to increase by 61.81% to 100.33% Key Financial Performance Forecast | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 63.00 million - 78.00 million yuan | Profit: 38.9351 million yuan | | Year-on-year Growth | 61.81% - 100.33% | - | | **Net Profit After Non-recurring Gains/Losses** | Profit: 60.00 million - 75.00 million yuan | Profit: 38.0097 million yuan | | Year-on-year Growth | 57.85% - 97.32% | - | | **Basic Earnings Per Share** | Profit: 0.28 - 0.35 yuan/share | Profit: 0.19 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=Communication%20with%20Accounting%20Firm) The company has pre-communicated its performance forecast with the accounting firm, confirming no disagreements, though the data remains unaudited - The financial data in this performance forecast has not been pre-audited by a certified public accountant, but the company has pre-communicated with the accounting firm, and there are no disagreements[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Explanation%20of%20Performance%20Changes) Significant performance growth is attributed to the success of private brand strategy, healthy growth in brand management, and enhanced internal management efficiency [Value of Private Brand Strategy Highlighted](index=1&type=section&id=Value%20of%20Private%20Brand%20Strategy%20Highlighted) Private brands, particularly "Zhanjia" and "Feicui," are key growth drivers through product innovation and market expansion - The core product of the private brand "Zhanjia," scented laundry detergent, continues to sell well, and the brand is accelerating its expansion into more fragrance categories[5](index=5&type=chunk) - The health product brand "Feicui" continuously promotes product innovation and enriches its product line through collaborative research with leading universities and medical institutions[5](index=5&type=chunk)[6](index=6&type=chunk) [Healthy Growth of Brand Management Business](index=2&type=section&id=Healthy%20Growth%20of%20Brand%20Management%20Business) Brand management business achieved healthy growth and expansion through refined operations of existing brands and new partnerships - The brand management business maintains healthy growth by deeply cultivating full-link refined operations for existing brands and introducing new brand partners[6](index=6&type=chunk) [Internal Management and Technology Application Improve Efficiency](index=2&type=section&id=Internal%20Management%20and%20Technology%20Application%20Improve%20Efficiency) The company optimized expense ratios and improved per capita efficiency through integrated AI and self-developed systems, alongside internal management enhancements - The company deepened the integrated application of AI large models and self-developed systems across multiple business scenarios, including customer service and marketing, optimizing cross-departmental collaboration and enhancing operational efficiency[6](index=6&type=chunk) - Optimized internal management led to reduced expense ratios and improved per capita efficiency, resulting in significant overall operational effectiveness growth[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) Investors are cautioned that this performance forecast is a preliminary, unaudited estimate, with final data subject to the 2025 semi-annual report - This performance forecast is a preliminary estimate by the company's finance department, unaudited by an auditing firm, and the final data will be based on the 2025 semi-annual report[7](index=7&type=chunk) - Investors are kindly advised to make cautious decisions and be aware of investment risks[7](index=7&type=chunk)

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating a "Buy" recommendation for several companies within the sector [2][14]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.5% from July 4 to July 11, 2025, which is below the market average [3][5]. - The introduction of new products in the regenerative medicine sector, particularly in the "童颜针" (youthful needle) category, is expected to enhance consumer interest and expand the market [2][8]. - The report highlights strong anticipated earnings growth for several key companies in the cosmetics sector for the second quarter of 2025, with notable increases in revenue and net profit for brands like 上美股份 (Shangmei), 丸美股份 (Marubi), and 珀莱雅 (Proya) [9][10][11]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing varied performance, such as the Shenwan Cosmetics Index increasing by 2.6% [3][5]. - The report notes that the demand for cosmetics is recovering, with a 4.1% year-on-year increase in retail sales for the first five months of 2025 [19][20]. Company Performance - 上美股份 (Shangmei) is expected to see a revenue increase of 16% and a net profit increase of 25% in the first half of 2025 [10]. - 丸美股份 (Marubi) anticipates a 22% revenue growth and a 28% increase in net profit for the second quarter of 2025 [10]. - 珀莱雅 (Proya) is projected to achieve a 10% revenue growth and a 15% increase in net profit for the second quarter of 2025 [10]. - 毛戈平 (Mao Geping) expects a significant revenue increase of 38% and a net profit increase of 35% in the first half of 2025 [10]. - 若羽臣 (Ruoyuchen) forecasts a remarkable 70% revenue growth and a 75% increase in net profit for the second quarter of 2025 [10]. Market Trends - The report emphasizes the ongoing trend of domestic brands gaining market share, with national brands occupying five of the top ten positions in the skincare market [32]. - The regenerative medicine sector is expanding, with new products enhancing consumer engagement and market growth potential [2][8]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as 上美股份 (Shangmei), 珀莱雅 (Proya), and 丸美股份 (Marubi) [14]. - It suggests monitoring companies that leverage e-commerce and social media platforms effectively, such as 若羽臣 (Ruoyuchen) and 毛戈平 (Mao Geping) [14].

Industry Overview - The omnichannel e-commerce wave is rapidly reshaping the business landscape, with consumer journeys becoming increasingly fragmented and diversified [1] - Brands must deeply integrate shelf e-commerce platforms like Tmall and JD with content e-commerce platforms such as Douyin and Xiaohongshu to build a seamless omnichannel reach system [1] - Professional e-commerce operation service providers with strong resource integration, data insight, and refined operational capabilities are becoming key partners for brands [1] Ranking of E-commerce Operation Companies - The top ten e-commerce operation companies in China for 2025 have been ranked based on comprehensive service capabilities, operational depth, innovative technology application, successful case studies, and customer reputation [3] - Top 5 companies include: 1. Hangzhou Rongqu Media 2. Ruoyu Chen 3. Bicheng E-commerce 4. Youke E-commerce 5. Kaijie E-commerce [5] Company Profiles - **Hangzhou Rongqu Media**: A leader in omnichannel e-commerce operation, focusing on integrated strategies that combine content seeding, influencer networks, live streaming, and refined store operations. It has a deep understanding of content ecosystems and solid operational capabilities on traditional platforms [6] - **Ruoyu Chen**: A major player in beauty, maternal and child care, and health sectors, known for its strong brand incubation and omnichannel management capabilities, especially in high-end brand operations [6] - **Bicheng E-commerce**: Specializes in food, health, and consumer electronics, emphasizing a user-centered operational philosophy with strong data-driven and supply chain collaboration capabilities [6] - **Youke E-commerce**: A benchmark in beauty e-commerce, serving numerous international beauty brands with expertise in full-link digital operations and brand building [6] - **Kaijie E-commerce**: Focuses on fast-moving consumer goods, providing comprehensive e-commerce solutions with a rapid layout in emerging content e-commerce platforms [6][7] Additional Rankings - The remaining top ten companies include: 6. Qingmei Network 7. Fancheng Youpin 8. Qingmu Technology 9. Xingchang Xinda 10. Wangying Technology [8] - These companies represent the highest standards and core strengths of the current e-commerce operation service ecosystem in China, excelling in various platforms and key operational areas [8]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of June 27 to July 4, 2025, with the Shenwan Beauty Care Index declining by 0.6% and the Shenwan Cosmetics Index down by 1.5% [3][4]. - Domestic brands such as Maogeping and others showed significant growth, with some achieving over 50% growth in June, which is expected to positively impact Q2 performance [3][9]. - The report highlights a strong performance from leading domestic brands during the 618 shopping festival, with a notable increase in sales momentum post-event [9][10]. Summary by Sections Industry Performance - The Shenwan Beauty Care Index decreased by 0.6%, while the Shenwan Cosmetics Index fell by 1.5%, indicating weaker performance compared to the Shenwan A Index [4]. - The personal care products index saw a slight increase of 0.7%, but still lagged behind the Shenwan A Index by 0.4% [4]. Key Company Performance - Expected performance for major companies in Q2 includes: - Upbeauty: Revenue and net profit expected to grow by 16% and 25% respectively [11]. - Marubi: Anticipated revenue and net profit growth of 22% and 28% [11]. - Proya: Projected revenue and net profit growth of 10% and 15% [11]. - Maogeping: Expected revenue and net profit growth of 38% and 35% [11]. - Ruifeng: Anticipated growth of 70% and 75% in revenue and net profit respectively [11]. - Juzhibio: Expected growth of 25% and 20% in revenue and net profit [11]. Market Trends - The report notes a robust recovery in consumer demand, with a 4.1% year-on-year increase in retail sales for cosmetics in the first five months of 2025 [20]. - The domestic market is seeing a shift with local brands gaining market share, as evidenced by the performance of brands like Proya and Maogeping during major shopping events [34]. Investment Recommendations - Recommended stocks include: - Upbeauty, Proya, and Marubi for their comprehensive brand matrices and growth potential [15]. - Maogeping and Juzhibio for their strong positioning in niche markets [15]. - Attention is advised for Shanghai Jahwa, Betaini, and Huaxi Biological for potential growth [15]. E-commerce Insights - Data from Douyin indicates significant growth for domestic brands, with Han Shu achieving a GMV of 7.2 billion yuan, reflecting a 53% year-on-year increase [16]. - The overall GMV for domestic brands in June reached over 50% growth, indicating a strong market presence [9][16].

Group 1 - The health supplement market in China is expected to expand significantly, driven by new demographics and demands, with the vitamin and dietary supplement (VDS) market projected to reach 232.3 billion yuan in 2024, a year-on-year increase of 4% [2] - The market is characterized by high gross margins and marketing expenses, similar to the beauty industry, and is currently undergoing a transformative phase with lower concentration among leading brands [2][3] - New channels and consumer demands are anticipated to drive functionalization in the health supplement industry, creating opportunities for product innovation, particularly through content e-commerce platforms like Douyin [3] Group 2 - Specific categories within the health supplement market are experiencing rapid growth, including fish oil (market size 5-10 billion yuan), coenzyme Q10 (market size 4.1 billion yuan, year-on-year increase of 17%), probiotics (market size over 10 billion yuan), and oral beauty products (market size over 10 billion yuan) [4] - The basic nutrients segment, including vitamins, minerals, and proteins, has a market size of 32.9 billion, 27.1 billion, and 11.6 billion yuan respectively, with year-on-year growth rates of 3%, 5%, and 1%, but faces high product homogeneity [4]

Core Viewpoint - The announcement details a passive increase in the shareholding percentage of the controlling shareholder and its concerted parties due to the cancellation of repurchased shares, which does not involve any active increase or decrease in holdings, nor does it affect the company's control structure or governance [1][4]. Group 1: Shareholding Changes - The total share capital of the company decreased from 227,487,948 shares to 218,670,276 shares due to the cancellation of 8,817,672 repurchased shares [2]. - Following the cancellation, the shareholding percentage of the controlling shareholder and its concerted parties increased from 41.93% to 43.62%, thus passively touching the 1% integer multiple [2][3]. - The specific shareholding changes include: - Wang Yu's shareholding increased from 7.37% to 7.67% - Wang Wenhui's shareholding increased from 1.05% to 1.09% - Tianjin Yayi Biotechnology Partnership's shareholding increased from 8.27% to 8.60% [3]. Group 2: Compliance and Governance - The increase in shareholding does not trigger a mandatory tender offer as it falls under the exemptions outlined in the relevant regulations [4]. - The company assures that the change in shareholding will not lead to any alteration in control or governance structure, and it will continue to monitor shareholder equity changes in compliance with legal disclosure obligations [4].

Core Viewpoint - The company has completed the repurchase and cancellation of shares, resulting in a reduction of total share capital and an increase in earnings per share, which is expected to enhance shareholder returns [1][8]. Group 1: Share Repurchase and Cancellation - The company repurchased a total of 8,817,672 shares, which accounted for 3.87% of the total share capital before cancellation [1][7]. - The total share capital was reduced from 227,487,948 shares to 218,670,276 shares following the cancellation [1][8]. - The repurchased shares included 2,830,780 shares from the self-owned fund account and 5,986,892 shares from the repurchase loan account [7]. Group 2: Financial Details of Repurchase - The total amount spent on the repurchase was 296,959,803.18 yuan, with 36,992,655.40 yuan from the self-owned fund account and the remainder from the loan account [7]. - The average repurchase price for the shares was 13.07 yuan per share, with a total transaction amount of 36,992,655.40 yuan for the shares repurchased [2]. Group 3: Impact on Shareholder Value - The cancellation of shares is expected to increase earnings per share and improve investment returns for shareholders [8]. - The company assures that the cancellation will not adversely affect its financial status or operational results, nor will it harm the interests of minority investors [8]. Group 4: Future Arrangements - Following the completion of the share cancellation, the company will proceed with necessary legal registrations and disclosures as required by regulations [8].

证券代码：003010 证券简称：若羽臣 公告编号：2025-057 广州若羽臣科技股份有限公司 关于公司回购股份注销完成暨股份变动的公告 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。 特别提示： 1、广州若羽臣科技股份有限公司（以下简称"公司"）本次注销的回购股 份数量为 8,817,672 股，因 2025 年 6 月 9 日公司实施资本公积金转增股本，转 增完成后，公司总股本由 164,030,506 股变更为 227,487,948 股，公司本次注销 的回购股份数量占公司本次注销前总股本比例 3.87%（其中自有资金回购账户注 销 2,830,780 股，占公司本次注销前总股本比例 1.24%；回购贷款账户注销 5,986,892 股，占公司本次注销前总股本比例 2.63%），实际回购注销金额为 296,959,803.18 元（其中自有资金回购账户注销金额为 36,992,655.40 元，回 购贷款账户注销金额为 259,967,147.78 元）。本次回购注销完成后，公司总股 本由 227,487,948 股变更为 218,670,276 股。 ...