Market Performance - On August 29, the internet e-commerce sector rose by 1.57%, led by Ruoyuchen [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Ruoyuchen (code: 003010) closed at 66.36, with a gain of 9.56% and a trading volume of 137,200 shares, amounting to a transaction value of 882 million [1] - Saiwei Times (code: 301381) closed at 22.76, up 5.42%, with a trading volume of 168,500 shares, totaling 382 million [1] - New Xunda (code: 300518) closed at 14.70, gaining 5.38% with a trading volume of 160,100 shares, amounting to 232 million [1] Underperformers - Jihong Co. (code: 002803) closed at 17.93, down 2.98%, with a trading volume of 183,000 shares, totaling 329 million [2] - Cross-Border Communication (code: 002640) closed at 5.66, down 2.41%, with a trading volume of 1,777,600 shares, amounting to 1.016 billion [2] - Star徽股份 (code: 300464) closed at 5.67, down 2.24%, with a trading volume of 117,600 shares, totaling 67 million [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 17.44 million from institutional investors and 61.87 million from speculative funds, while retail investors saw a net inflow of 79.31 million [2][3] - Major stocks like Guolian Co. (code: 603613) had a net outflow of 80.49 million from institutional investors, while Ruoyuchen saw a net inflow of 75.90 million [3]

Group 1 - The core viewpoint of the article highlights the active engagement of securities firms in researching listed companies, with a focus on identifying investment opportunities as companies disclose their mid-year performance [1][2]. - As of August 28, securities firms have conducted research on 627 listed companies, totaling 8,276 research instances, with a notable interest in the industrial machinery and electronic components sectors [2][3]. - Among the companies researched, 526 have seen their stock prices increase since August, with 26 companies experiencing price increases exceeding 50%, including Dayuan Pump Industry with a 128.7% increase [2]. Group 2 - The top securities firms have been particularly active in conducting research, with CITIC Securities leading with 304 instances, followed by CICC with 281 instances [3]. - A significant focus of the research has been on Chinese companies' overseas expansion, with nine out of the top ten companies researched being questioned about their overseas market strategies [4]. - Analysts view the overseas expansion as a promising investment theme, with evidence suggesting that it positively impacts companies' return on equity (ROE) and profit margins [5].

Group 1 - The core viewpoint of the articles highlights the active engagement of securities firms in researching listed companies, with a focus on identifying investment opportunities amid the recent performance disclosures of A-share companies [1][2]. - As of August 28, securities firms have conducted research on 627 listed companies, totaling 8,276 research instances, with 67 companies receiving more than 30 inquiries each [2]. - The industrial machinery and electronic components sectors are among the most researched, with 48 companies in industrial machinery and 42 in electronic components [2]. Group 2 - Notably, the leading securities firms have been particularly active in conducting research, with CITIC Securities leading at 304 instances, followed by CICC with 281 instances [3]. - The topic of Chinese companies "going overseas" has emerged as a significant focus during these research activities, with many companies being questioned about their overseas market strategies and developments [4]. - Analysts view the "going overseas" strategy as a promising investment theme, with evidence suggesting it positively impacts companies' return on equity (ROE) and profit margins [5].

证券代码：003010 证券简称：若羽臣 公告编号：2025-083 广州若羽臣科技股份有限公司 关于 2022 年股票期权激励计划首次授予部分第三个行权期和 预留授予部分第二个行权期行权结果暨股份上市的公告 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、本次首次授予股票期权行权的股票期权代码：037272，期权简称：若羽JLC1；本次预 留授予股票期权行权的股票期权代码：037365，期权简称：若羽JLC2； 2、本次符合公司2022年股票期权激励计划首次授予股票期权第三个行权期行权条件的激 励对象共计70名，可行权的股票期权数量为2,789,472份（调整后），占公司目前股本总额 218,670,276股（截至2025年8月16日，下同）的1.28%，行权价格为6.19元/股（调整后）；本 次符合公司2022年股票期权激励计划预留授予股票期权第二个行权期行权条件的激励对象共 计38名，可行权的股票期权数量为725,592份，占公司目前股本总额218,670,276股的0.33%， 行权价格为6.19元/股（调整后）。 3、本次行权股票上市 ...

Core Viewpoint - The stock of Ruoyuchen has experienced a significant increase of 204.77% year-to-date, despite a recent decline of 2.06% on August 28, 2023, indicating volatility in its trading performance [1]. 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 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, reflecting an 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 last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Ruoyuchen reached 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 new institutional shareholders include Dongfanghong Qiheng Mixed A, Huahuan New Consumption Mixed A, and Dongfanghong Qidong Mixed, all of which have recently entered the top ten circulating shareholders [3].

Core Viewpoint - The company has completed the cancellation of stock options as part of its 2022 stock option incentive plan, which will not materially affect its financial status or operational results [1][5]. Summary of Stock Option Cancellation - The company held meetings on August 12, 2025, where it approved the cancellation of stock options due to various reasons, including one individual failing to meet payment deadlines and others leaving the company [1][2]. - A total of 44.6488 thousand stock options from the initial grant and 26.2248 thousand from the reserved grant were canceled, adjusting the number of incentive recipients from 86 to 73 for the initial grant and from 50 to 39 for the reserved grant [3][4]. Completion of Cancellation - The cancellation of stock options was confirmed by the China Securities Depository and Clearing Corporation on August 26, 2025, and these options had not been exercised, thus not impacting the company's share capital [4]. Impact on the Company - The cancellation aligns with relevant regulations and will not have a substantial impact on the company's financial condition or operational performance, nor will it affect the diligence of the management team [5].

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]