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 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相关事项的 法律意见书 二〇二五年八月 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 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相关事项的 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（以下简称"本所"）接受广州若羽臣科技股 份有限公司（以下简称"公司"或"若羽臣"）的委托，担任公司 2022 年股票期权 激励计划（以下简称"本次股票期权激励计划"）的专项法律顾问，就公司调整 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有关法律事项 （下称"本次股票期权激励计划调整相关事项"）出具本法律意见书。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"），以及中国证券监督管理委员会（以下简 称"中国证监会"）发布的《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等相关法律法规以及《广州若羽臣科技股份有限公司 2 ...

广州若羽臣科技股份有限公司 关于使用闲置自有资金进行现金管理的公告 证券代码：003010 证券简称：若羽臣 公告编号：2025- 067 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。 重要内容提示： 1、投资种类：安全性高、流动性好、风险较低的短期理财产品或存款类产品，购买渠 道包括但不限于商业银行、证券公司、信托公司等金融机构。 2、投资金额：自有闲置资金不超过4亿元人民币，在上述额度内，资金可以循环使用。 3、特别风险提示：金融市场受宏观经济的影响较大，理财投资不排除收益将受到市场 波动的影响。敬请投资者注意投资风险，理性投资。 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 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《关于使用闲 置自有资金进行现金管理的议案》，同意公司（含控股子公司）使用不超过人民 币4亿元的自有闲置资金购买安全性高、流动性好、风险较低的短期理财产品或 存款类产品，在此额度范围内资金可以循环使用，期限内任一时点的交易金额（含 前述投资的收益进行再投资的相关金额）不应超过投资额度。根据《深圳证 ...

证券代码：003010 证券简称：若羽臣 公告编号：2025-064 广州若羽臣科技股份有限公司 第四届监事会第五次会议决议公告 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"）第四届监事会第五次会 议于 2025 年 8 月 8 日以邮件形式发出会议通知，本次会议于 2025 年 8 月 12 日 在广州市海珠区鼎新路 8 号欢聚大厦 38 楼会议室以现场表决的方式召开，由监 事会主席庞小龙先生召集并主持，本次会议应出席监事 3 名，实际出席监事 3 名， 董事会秘书列席会议。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需审议的议案进行了充分讨论，审议通过了以下议案： （二）审议通过《关于 2022 年股票期权激励计划首次授予部分第三个行 权期及预留授予部分第二个行权期行权条件成就的议案》； 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （一）审议通过《关于调整 2022 年股票期权激励计划股票期权数量、行权 价 ...

2、本激励计划已经按照相关要求履行了必要的审批程序，首次授予部分第 三个行权期及预留授予部分第二个行权期可行权激励对象符合公司股东大会审 议通过的《激励计划》激励对象要求，且未发生如下任一情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； 广州若羽臣科技股份有限公司 监事会关于2022年股票期权激励计划首次授予部分 第三个行权期及预留授予部分第二个行权期可行权 激励对象名单的核查意见 广州若羽臣科技股份有限公司（以下简称"公司"）监事会根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）和《公司章程》等有关规定，对《公司 2022 年股票期权激励计 划》（以下简称"《激励计划》"或"本激励计划"）首次授予部分第三个行 权期及预留授予部分第二个行权期可行权激励对象名单进行了核查，发表如下 核查意见： 1、公司符合《管理 ...

证券代码：003010 证券简称：若羽臣 公告编号：2025-063 广州若羽臣科技股份有限公司 第四届董事会第九次会议决议公告 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"）第四届董事会第九次会议通知 于2025年8月8日以电子邮件形式送达公司全体董事，本次会议于2025年8月12日在广州 市海珠区鼎新路8号欢聚大厦38楼会议室采取现场结合通讯表决方式召开。会议应出席 董事7名，实际出席7名。本次会议的召集、召开及表决程序符合《中华人民共和国公司 法》等法律法规、规范性文件以及《公司章程》的有关规定。会议由董事长王玉先生 主持召开，公司监事、高级管理人员和董事会秘书列席了会议。全体与会董事经认 真审议和表决，形成以下决议： 二、董事会会议审议情况 （一）审议通过《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》； 表决结果：同意5票，反对0票，弃权0票。 （二）审议通过《关于 2022 年股票期权激励计划首次授予部分第三个行权期 及预留授予部分第二 ...

Core Viewpoint - On August 12, 2025, Ruoyuchen executed a block trade of 435,000 shares, amounting to 20.2275 million yuan, which represented 4.34% of the total trading volume for that day, with a transaction price of 46.5 yuan, reflecting a discount of 10.54% compared to the market closing price of 51.98 yuan [1]. Summary by Sections Trading Details - The block trade involved multiple transactions at a price of 46.5 yuan per share, with a total volume of 43.5 million shares and a total transaction value of 20.2275 million yuan [1][2]. - The trading was conducted by institutional buyers through Guotai Junan Securities, with various amounts transacted, including 5,000 shares for 232.5 thousand yuan, 10,000 shares for 465 thousand yuan, and other smaller transactions [2].

Core Viewpoint - The internet e-commerce sector experienced a rise of 0.83% on August 12, with Kuaijingtong leading the gains [1] Market Performance - The Shanghai Composite Index closed at 3665.92, up 0.5% - The Shenzhen Component Index closed at 11351.63, up 0.53% [1] Individual Stock Performance - Kuaijingtong (002640) closed at 5.36, up 3.08% with a trading volume of 2.08 million shares and a transaction value of 1.11 billion yuan - Saiwei Times (301381) closed at 21.35, up 2.15% with a trading volume of 93,400 shares and a transaction value of 199 million yuan - Yiwang Yichuang (300792) closed at 26.34, up 2.05% with a trading volume of 110,600 shares and a transaction value of 291 million yuan - Aoki Technology (301110) closed at 57.80, up 1.89% with a trading volume of 51,400 shares and a transaction value of 294 million yuan - Kaichun Co., Ltd. (301001) closed at 33.00, up 1.73% with a trading volume of 24,900 shares and a transaction value of 81.74 million yuan - ST Yigou (002024) closed at 1.93, up 1.58% with a trading volume of 260,300 shares and a transaction value of 50.40 million yuan - Santai Co., Ltd. (301558) closed at 9.70, up 1.46% with a trading volume of 303,900 shares - Huakai Yibai (300592) closed at 11.61, up 0.87% with a trading volume of 79,700 shares and a transaction value of 92.59 million yuan - Guolian Co., Ltd. (603613) closed at 23.70, up 0.77% with a trading volume of 101,500 shares - Ruoyuchen (003010) closed at 51.98, up 0.60% with a trading volume of 85,700 shares [1] Fund Flow Analysis - The internet e-commerce sector saw a net inflow of 103 million yuan from main funds, while retail funds experienced a net outflow of 100 million yuan and speculative funds had a net outflow of 2.82 million yuan [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Viewpoints - The company is a leading global digital management firm for consumer brands, transitioning from e-commerce agency services to self-owned brand incubation, which is experiencing rapid growth [1][13]. - The dual-driven strategy of "agency services + self-owned brands" is leading to an increasing proportion of revenue from self-owned brands [1][15]. - The e-commerce agency industry has seen a compound annual growth rate (CAGR) of 64% from 2011 to 2018, but growth has slowed to a CAGR of 14% from 2018 to 2023, with the market size reaching 1.78 trillion yuan in 2023 [1][31]. - The company has successfully launched self-owned brands "LYCOCELLE" and "FineNutri," with significant sales growth expected in the coming years [2][15]. Summary by Sections Company Overview - The company started as an e-commerce agency in 2011 and has evolved into a digital management firm for consumer brands, focusing on brand positioning, store operations, integrated marketing, data mining, and supply chain management [13][14]. - The self-owned brand "LYCOCELLE" focuses on premium clothing care products, while "FineNutri" targets women's anti-aging needs with a focus on specific ingredients [2][13]. Business Analysis - The revenue distribution among agency services, brand management, and self-owned brands is shifting, with self-owned brands increasing from 13.22% in 2022 to an expected 28.37% in 2024 [15]. - The brand management market is projected to grow significantly, with the company transitioning from traditional agency services to brand management [1][31]. Financial Projections - Revenue is projected to grow from 1.37 billion yuan in 2023 to 4.50 billion yuan in 2027, with corresponding net profits increasing from 54 million yuan to 338 million yuan [2][4]. - The company expects a revenue growth rate of 52.3% in 2025, followed by 34.8% in 2026 and 24.1% in 2027 [2][4]. Market Position - The company ranks fifth among the top ten e-commerce operators in China, indicating a strong market position [1]. - The brand management market is expected to reach over 580 billion yuan by 2028, with a CAGR of 7.53% from 2023 to 2028 [1][31].

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, particularly highlighting companies like Shiseido and Up Beauty for their strong performance and growth potential [12][14]. Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of August 1 to August 8, 2025, with the Shenwan Beauty Care Index growing by 1.7%, which is lower than the overall market performance [5][6]. - There is a notable divergence in the performance of domestic beauty brands in July, with strong growth observed in skincare brands like Han Shu and Marubi, while color cosmetics lagged due to weather and promotional timing [11][12]. - Up Beauty's H1 2025 performance exceeded expectations, with revenue projected between 4.09 to 4.11 billion yuan, reflecting a year-on-year growth of 16.8% to 17.3% [12][13]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 1.3%, underperforming the Shenwan A Index by 0.6 percentage points, while the Shenwan Personal Care Index rose by 4.2%, outperforming the Shenwan A Index by 2.3 percentage points [5][6]. - The top-performing stocks in the sector included Up Beauty (+18.4%), Reliable Shares (+13.7%), and Lafang Home (+11.3%) [7]. Key Company Updates - Up Beauty's H1 2025 earnings report indicated a significant profit increase, with net profit margins improving due to optimized channel structures and a higher proportion of high-margin brands [12][13]. - Shiseido reported a 7.6% decline in sales for H1 2025, marking the largest drop in five years, with a notable decrease in the Chinese market [24]. E-commerce Insights - In July 2025, domestic beauty brands showed varied performance on major e-commerce platforms, with Han Shu achieving a 58% increase in GMV on Douyin, while color cosmetics faced challenges [20][21]. - The overall retail sales of cosmetics in June 2025 saw a decline of 2.3%, attributed to the pre-promotion of the 618 shopping festival [21][24]. Market Trends - The report highlights a shift in market dynamics, with domestic brands gaining market share against international competitors, particularly in the skincare segment [34][35]. - The Chinese skincare market is projected to reach 271.2 billion yuan in 2024, despite a 3.7% decline in growth [34][35].

Group 1 - The core viewpoint of the article highlights the rapid growth and upcoming IPO plans of the brand "Zhanjia," which specializes in fragrance laundry detergents and has gained popularity through celebrity marketing and concept promotion [2][4] - The parent company, Ruoyuchen, is planning to list on the Hong Kong Stock Exchange to enhance its capital strength, competitiveness, and international brand image [2][4] Group 2 - Ruoyuchen, established in 2011, has evolved from a single e-commerce operation model to a leading third-party e-commerce service provider in China, expanding into various categories including beauty and health products [4][5] - The company experienced a compound annual growth rate (CAGR) of 50.49% in revenue from 2015 to 2019, but faced declining growth rates in revenue and net profit since 2016, prompting a shift towards brand management and self-owned brand incubation [4][5] Group 3 - In 2024, Ruoyuchen reported revenue of 1.766 billion yuan, a year-on-year increase of 29.26%, with net profit rising 94.58% to 106 million yuan [5] - The revenue contribution from the third-party operation business decreased to approximately 764 million yuan, accounting for 43.25% of total revenue, down from 68.98% in 2022 [5] - Conversely, the brand management business generated around 500 million yuan in revenue, a year-on-year increase of 212.24%, raising its contribution to 28.38% [5][6] Group 4 - The self-owned brand "Zhanjia" achieved revenue of 484 million yuan, increasing its share from 18.65% to 27.42% [6] - Zhanjia's strategic product, fragrance laundry detergent, quickly gained traction, achieving over 100 million yuan in sales within months of launch, and ranked first in Tmall's new brand sales during the "Double Eleven" shopping festival [8][10] Group 5 - Despite high sales, Zhanjia has faced criticism regarding product quality and effectiveness, with consumers expressing dissatisfaction over design flaws and fragrance longevity [9] - The company has emphasized its commitment to quality by partnering with top manufacturers and sourcing high-quality raw materials globally [9]