证券代码：003010 证券简称：若羽臣 公告编号：2025-082 广州若羽臣科技股份有限公司 关于部分股票期权注销完成的公告 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、本次注销 2022 年股票期权激励计划首次授予的股票期权数量合计 44.6488 万份（调整后），涉及激励对象 45 人；预留授予的股票期权数量合计 26.2248 万份（调整后），涉及激励对象 25 人。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次股票 期权注销事宜已于 2025 年 8 月 26 日办理完成。 一、本次股票期权注销审批情况 广州若羽臣科技股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日召 开了第四届董事会第九次会议和第四届监事会第五次会议，审议通过了《关于调 整 2022 年股票期权激励计划股票期权数量、行权价格及注销部分股票期权的议 案》，公司首次授予股票期权的激励对象中，因 1 名激励对象在首次授予股票期 权第二个行权期行权条件成就后，在规定缴款期限内资金未到位，自愿放弃该次 可行权的股票期权、13 名激励对 ...

Core Viewpoint - Ruoyuchen's stock price has seen significant growth this year, with a year-to-date increase of 214.53%, indicating strong market performance and investor interest [1][2]. Company Overview - Ruoyuchen Technology Co., Ltd. was established on May 10, 2011, and went public on September 25, 2020. The company is based in Guangzhou, Guangdong Province, and specializes in online operations, channel distribution, and brand planning [1]. - The company's main business revenue composition includes: self-owned brand - Zhanjia (33.63%), agency operation business (28.83%), brand management business (25.42%), self-owned brand - Feicui (12.12%), and other self-owned brands (0.01%) [1]. Financial Performance - For the first half of 2025, Ruoyuchen achieved operating revenue of 1.319 billion yuan, representing a year-on-year growth of 67.55%. The net profit attributable to the parent company was 72.26 million yuan, up 85.60% year-on-year [2]. - Since its A-share listing, Ruoyuchen has distributed a total of 178 million yuan in dividends, with 144 million yuan distributed in the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Ruoyuchen was 27,200, an increase of 83.01% compared to the previous period. The average circulating shares per person decreased by 24.47% to 6,154 shares [2]. - Notable institutional shareholders include Dongfanghong Qiheng Three-Year Holding Mixed A, Huahuan New Consumption Mixed A, and Dongfanghong Qidong Three-Year Holding Mixed, all of which are new entrants among the top ten circulating shareholders [3].

Market Overview - On August 26, the internet e-commerce sector rose by 0.86% compared to the previous trading day, with Jihong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Top Performers - Jihong Co., Ltd. (002803) closed at 18.78, up 4.10% with a trading volume of 419,500 shares and a transaction value of 784 million [1] - Other notable gainers include: - Yiwang Yichuang (300792) at 30.08, up 2.84% [1] - Shitou Co., Ltd. (600539) at 12.30, up 2.76% [1] - Huakai Yidan (300592) at 12.18, up 2.61% [1] Market Capital Flow - The internet e-commerce sector experienced a net outflow of 173 million from institutional investors, while retail investors saw a net inflow of 145 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Notable capital flows for specific stocks include: - Yiwang Yichuang saw a net inflow of 62.69 million from institutional investors [3] - Jihong Co., Ltd. had a net inflow of 47.89 million from institutional investors [3] - Guolian Co., Ltd. (603613) experienced a net inflow of 18.66 million from institutional investors [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has demonstrated strong growth in its private label and brand management business, showcasing robust brand incubation capabilities [3] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.319 billion yuan, a year-on-year growth of 67.55%, and net profit of 72 million yuan, up 85.6% [2] Summary by Sections Financial Performance - In the first half of 2025, the company's revenue from different segments was as follows: 380 million yuan from agency operations, 340 million yuan from brand management, and 600 million yuan from private label, with year-on-year changes of -2.79%, +53%, and +242% respectively [3] - The gross profit margin for the first half of 2025 was 56.92%, an increase of 11.4 percentage points year-on-year, primarily due to improved margins in agency operations and a higher proportion of revenue from private label products [3] Brand Development - The brands "Zhanjia" and "Feicui" are expanding their product categories around home cleaning and anti-aging, establishing a comprehensive multi-channel marketing capability [4] - "Zhanjia" has launched 18 different fragrance variants of its core product "Four Seasons Bloom Laundry Liquid," which accounts for over 40% of total sales [4] - "Feicui" achieved revenue of 160 million yuan in the first half of 2025, with a significant increase in sales through various channels, including a 62% quarter-on-quarter growth in GMV [5] Shareholder Returns - The company announced a mid-term dividend plan, proposing a cash dividend of 3 yuan per 10 shares, totaling approximately 65.6 million yuan, and a capital reserve conversion of 4 shares for every 10 shares held [7] - A share buyback plan was also announced, with a budget of 100 to 200 million yuan to repurchase 1.3 to 2.6 million shares, reflecting confidence in long-term growth [7] Earnings Forecast - The earnings forecast for 2025-2027 has been revised upwards, with expected revenues of 2.983 billion yuan, 3.848 billion yuan, and 4.619 billion yuan respectively, and net profits of 179 million yuan, 265 million yuan, and 339 million yuan [8] - The expected EPS for the same period is 0.82 yuan, 1.21 yuan, and 1.55 yuan, with corresponding PE ratios of 74, 50, and 39 times [8]

Core Viewpoint - The stock of Ruoyuchen has shown significant growth this year, with a year-to-date increase of 207.15%, indicating strong market performance and investor interest [1][2]. Company Overview - Ruoyuchen Technology Co., Ltd. is based in Guangzhou, China, and was established on May 10, 2011. It was listed on September 25, 2020. The company specializes in online operations, channel distribution, and brand planning, offering services such as brand positioning, store operations, channel distribution, integrated marketing, data mining, and supply chain management [1]. - The revenue composition of Ruoyuchen includes: self-owned brand - Zhanjia (33.63%), agency operation business (28.83%), brand management business (25.42%), self-owned brand - Feicui (12.12%), and other self-owned brands (0.01%) [1]. Financial Performance - For the first half of 2025, Ruoyuchen achieved a revenue of 1.319 billion yuan, representing a year-on-year growth of 67.55%. The net profit attributable to the parent company was 72.26 million yuan, with a year-on-year increase of 85.60% [2]. - Since its A-share listing, Ruoyuchen has distributed a total of 178 million yuan in dividends, with 144 million yuan distributed in the past three years [3]. Shareholder Information - As of June 30, 2025, Ruoyuchen had 27,200 shareholders, an increase of 83.01% from the previous period. The average number of circulating shares per person was 6,154, a decrease of 24.47% [2]. - The top ten circulating shareholders include several new institutional investors, such as Dongfanghong Qiheng Mixed A and Huahuan New Consumption Mixed A, indicating growing institutional interest [3].

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on significant revenue and profit growth. Core Insights - The company achieved a revenue of 1.319 billion yuan in H1 2025, representing a year-on-year increase of 67.6%, with a net profit of 72 million yuan, up 85.6% year-on-year [1] - The self-owned brand business showed remarkable performance, generating 603 million yuan in revenue, a staggering growth of 242.42%, accounting for 45.75% of total revenue [2] - The brand management business also experienced high growth, with revenue reaching 335 million yuan, a year-on-year increase of 52.53% [3] - The overall gross margin improved to 56.92%, an increase of 11.39 percentage points year-on-year, primarily due to the rising proportion of self-owned brand revenue [4] - The company forecasts revenues of 3 billion yuan, 4.3 billion yuan, and 5.4 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 176 million yuan, 258 million yuan, and 338 million yuan [5] Summary by Sections Revenue and Profit Performance - In H1 2025, the company reported a revenue of 1.319 billion yuan, with quarterly revenues of 574 million yuan in Q1 and 745 million yuan in Q2, reflecting growth rates of 54% and 80% respectively [1] - The net profit for H1 2025 was 72 million yuan, with Q1 and Q2 profits of 27 million yuan and 45 million yuan, showing increases of 114% and 72% year-on-year [1] Brand Performance - The self-owned brand "Zhanjia" generated 440 million yuan in revenue in H1 2025, a 157% increase, with significant product launches leading to high sales [2] - The brand "Feicui" achieved 160 million yuan in revenue, with a strong growth trajectory in Q2 [2] Business Structure and Margins - The gross margin for the sales segment was 56.92%, up 11.39 percentage points year-on-year, driven by the increase in self-owned brand revenue [4] - The net profit margin improved slightly to 5.48%, reflecting the positive impact of the business structure changes [5] Future Projections - The company anticipates revenue growth of 70%, 42%, and 26% for the years 2025, 2026, and 2027, respectively, with net profit growth rates of 67%, 46%, and 31% [5]

Group 1 - BlackRock Fund Management recently conducted research on the listed company Ruoyuchen (003010), focusing on product and channel planning, marketing strategies, and brand expansion [1] - Ruoyuchen plans to increase investment in fragrance laundry liquid and expand both online and offline channels, with new brands NuiBay and VitaOcean being introduced [1] - The company achieved the top position in Tmall's new fish oil product category in the first month of launching its Ruby Oil product [1] Group 2 - Ruoyuchen chose to list on the Hong Kong Stock Exchange due to a favorable policy environment, enhanced liquidity, and alignment with future business development needs [1] - The funds raised from the H-share listing will be primarily used for global resource integration and to explore high-quality industry resources in the health, personal care, and home cleaning sectors [1] - BlackRock Fund Management, established in 2020, has an asset management scale of 6.86 billion yuan, ranking 152 out of 210 in total public funds [2]

Group 1 - Changxin Fund recently conducted research on the listed company Ruoyuchen (003010), focusing on product and channel planning, marketing strategies, and brand expansion [1] - The company plans to increase investment in fragrance laundry liquid and expand both online and offline channels, with new brands NuiBay and VitaOcean being introduced [1] - Ruoyuchen's fish oil product topped the Tmall new product list in its first month of launch, indicating strong market performance [1] Group 2 - The decision to list on the Hong Kong Stock Exchange was influenced by a favorable policy environment, enhanced liquidity, and alignment with the company's future business development needs [1] - The fundraising from the H-share listing will primarily be used for global resource integration and to explore high-quality industry resources in health, personal care, and household cleaning sectors [1] - Changxin Fund has an asset management scale of 190.639 billion yuan, ranking 38th among 210 funds, with a notable performance of its best fund product showing a 94.67% growth over the past year [2]

Group 1: Company Insights - Pengyang Fund recently conducted research on three listed companies, including Ice Wheel Environment, Ruoyu Chen, and Desai Xiyi [1][2][3] - Ice Wheel Environment reported a revenue of 3.12 billion yuan in the first half of 2025, a year-on-year decline of 7%, with a net profit of 266 million yuan, down 20% [1] - The company's overseas business grew significantly by 30%, reaching 1.02 billion yuan, while domestic demand faced short-term pressure [1] - Desai Xiyi achieved a revenue of 14.644 billion yuan in the first half of 2025, a year-on-year increase of 25.25%, with a net profit of 1.223 billion yuan, up 45.82% [3] - The smart driving business of Desai Xiyi generated 4.147 billion yuan in revenue, reflecting a growth of 55.49% [3] Group 2: Strategic Developments - Ice Wheel Environment is implementing a "Towards the Sea" strategy to enhance its overseas sales network and manufacturing capacity [1] - Ruoyu Chen plans to expand its product offerings in the fragrance laundry liquid segment and enhance its online and offline channels [2] - The company aims to optimize its revenue structure by reducing reliance on its agency operations and focusing on self-owned brands [2] - Desai Xiyi is expanding its international presence with factories in Indonesia and Mexico, and a smart factory in Spain set to start production in 2026 [3] Group 3: Market Position and Performance - Ice Wheel Environment's low-temperature refrigeration segment generated 1.73 billion yuan in revenue, accounting for 55% of total revenue [1] - Desai Xiyi's intelligent cockpit business reported sales of 9.459 billion yuan, an increase of 18.76% year-on-year [3] - Pengyang Fund has an asset management scale of 143.7 billion yuan, ranking 48th among 210 funds, with a notable performance of its Pengyang North Certificate 50 Index A fund, which grew by 109.98% in the past year [3]