证券代码：003010 证券简称：若羽臣 公告编号：2025-041 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公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托 时段符合《深圳证券交易所上市公司自律监管指引第9号——回购股份》的相关 规定。具体如下： 1、公司未在下列期间内回购股份： 广州若羽臣科技股份有限公司（以下简称"公司"）于2025年2月19日召开 第四届董事会第五次会议，审议通过了《关于2025年度第一期回购公司股份方案 的议案》。公司将使用自有资金和股票回购专项贷款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部分公司发行的人民币普通股（A股）股票。 本次回购股份的资金总额将不低于人民币10,000万元（含），且不超过人民币 20,000万元（含），回购价格不超过42.40元/股（含）。本次回购股份实施期限 为自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 （ht ...

"小赛道"迎来大爆发！ 今 年以来，港股市场频现"消费牛股"，引发市场关注，事实上，A股市场同样涌现了一批"小赛道"高增长的个 股。4月29日，食品饮料赛道的盐津铺子、万辰集团，宠物经济赛道的中宠股份，美容护理赛道的百亚股份、 润本股份、锦波生物股价均创出历史新高。 去年四季度以来，不少公募基金产品投向这些高成长新兴消费公司，伴随这些公司股价的持续上涨，给基金净 值带来优异表现，如恒越匠心优选一年持有、申万菱信乐融一年持有、银华品质消费、海富通消费优选等年内 绩优消费主题基金收益回报均超20%。 渠道变革带来消费品公司业绩高增长 近期，去年四季度公募基金纷纷加仓的消费品赛道公司迎来股价持续上涨。 4月29日，食品饮料赛道的盐津铺子、万辰集团，宠物经济赛道的中宠股份，美容护理赛道的百亚股份、润本 股份、锦波生物股价均创出历史新高。 股价增长背后，是这些"小赛道"公司业绩的高增长。以零食品牌"好想来"母公司万辰集团为例，前一日，万辰 集团发布公告称，2025年第一季度，公司营业收入108.21亿元，同比增长124.02%，主要系公司量贩零食业务 持续发展，收入相应增加；归属净利润2.15亿元，同比提升3344.1 ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 1.77 billion and net profit at 106 million, representing year-on-year growth of 29% and 95% respectively [1] - In Q4 2024, the company achieved revenue of 610 million and net profit of 48 million, showing year-on-year growth of 14% and 133% respectively [1] - For Q1 2025, the company reported revenue of 570 million and net profit of 27 million, with year-on-year growth of 54% and 114% respectively [1] Revenue Structure Optimization - The company's revenue from brand management, proprietary brands, and agency operations for 2024 was 500 million, 500 million, and 760 million respectively, with year-on-year growth of 212%, 90%, and a decline of 19% [2] - The proprietary brand "Zhanjia" generated revenue of 484 million, reflecting a year-on-year increase of 90% [2] - The increase in proprietary brand contribution is expected to continue driving revenue growth in Q1 2025 [2] Profitability Improvement - The company's gross margin improved by 4.3 percentage points to 44.6% in 2024, while net margin increased by 2 percentage points to 6% due to the higher proportion of proprietary brands [2] - In Q1 2025, gross margin surged by 29.3 percentage points to 53.9%, with net margin increasing by 1.3 percentage points to 4.8% [2] Profit Forecast and Investment Recommendation - The company is expected to see continued growth in net profit, with projections of 170 million, 250 million, and 350 million for the years 2025 to 2027, corresponding to price-to-earnings ratios of 48x, 33x, and 24x respectively [3] - The investment recommendation remains a "buy" due to the strong growth potential of proprietary brands and improving profitability [3]

Core Insights - The company reported a revenue of 1.766 billion yuan in 2024, representing a year-on-year growth of 29.26%, with a net profit attributable to shareholders of 106 million yuan, up 94.58% [1] - In Q1 2025, the company achieved a revenue of 574 million yuan, reflecting a 54.16% increase, and a net profit of 27 million yuan, which is a 113.88% rise [1] - The growth of proprietary brands has significantly driven profitability, with gross margins and net profit margins improving in both 2024 and Q1 2025 [1] Revenue Breakdown - The proprietary brand "Zhanjia" generated 501 million yuan in revenue in 2024, marking a 90.28% increase and accounting for 28.37% of total revenue [2] - "Zhanjia" saw a doubling of sales across multiple channels, with significant growth on platforms like Tmall and Douyin, and achieved first place in Tmall's home cleaning new brand sales during the Double Eleven shopping festival [2] - The brand management segment reported a revenue of 501 million yuan in 2024, up 212.24%, while the agency operation segment saw a revenue of 764 million yuan, down 18.95% [2] Profitability and Forecast - The company’s gross margin for 2024 was 44.57%, with a net profit margin of 5.98%, both showing year-on-year increases [1] - The company has adjusted its net profit forecasts for 2025-2026 from 140 million and 190 million yuan to 190 million and 280 million yuan, respectively, with a new forecast for 2027 at 400 million yuan [3] - The company maintains a "buy" rating based on its strong growth potential in the household cleaning and health supplement sectors, supported by its proprietary brands [3]

Core Viewpoint - The company reported its financial results for 2024 and Q1 2025, showing strong growth in revenue and net profit, driven by its proprietary brands and improved cash flow [1][2][3] Financial Performance - For 2024, revenue reached 1.77 billion, a year-on-year increase of 29.3%, with net profit attributable to shareholders at 110 million, up 94.6% [1] - In Q1 2025, revenue was 570 million, reflecting a 54.2% year-on-year growth, and net profit attributable to shareholders was 30 million, increasing by 113.9% [1] - The company proposed a cash dividend of 5 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [1] Profitability and Cost Structure - The gross margin for 2024 was 44.6%, up 4.3 percentage points, while the net profit margin was 6.0%, an increase of 2.0 percentage points [1] - Sales expense ratio rose to 29.8%, up 2.0 percentage points due to increased marketing costs from business growth; management expense ratio decreased to 5.6%, down 1.3 percentage points; R&D expense ratio was 1.5%, down 0.3 percentage points [1] Operational Efficiency - By the end of 2024, accounts receivable stood at 200 million, a 17.6% increase year-on-year; net cash flow from operating activities improved significantly to 330 million, attributed to optimized inventory turnover and reduced stock levels [1] Brand Performance - The proprietary brand "Zhenjia" showed remarkable growth, with revenue of 480 million in 2024, a 90.1% increase, and a gross margin of 66.9% [2] - The brand management segment generated 500 million in revenue, a 212.24% increase, although its gross margin decreased to 30.5% [2] Channel Performance - Online sales reached 1.71 billion, up 26.7%, with a gross margin of 60.5%; offline sales were 50 million, a staggering 295.34% increase, but with a gross margin decline to 43.6% [2] Strategic Developments - The company’s proprietary brands have significantly contributed to performance, with "Zhenjia" and "Ficui" achieving over 100% growth in GMV across multiple channels [3] - The brand management business has attracted notable partners, enhancing GMV growth for brands like Bayer and Aveeno, while also expanding into personal care and health products [3] Future Outlook - The company has revised its profit forecasts for 2025-2027, expecting net profits of 170 million, 220 million, and 270 million respectively, with corresponding PE ratios of 47, 37, and 30 [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported its 2024 and Q1 2025 financial results, which met expectations, with 2024 revenue of 1.77 billion yuan, a year-on-year increase of 29.3%, and a net profit attributable to shareholders of 106 million yuan, up 94.6% year-on-year [6] - In Q1 2025, revenue reached 574 million yuan, reflecting a 54.2% year-on-year growth, while net profit attributable to shareholders was 27 million yuan, a 113.9% increase year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares and issue 4 additional shares for every 10 shares held [6] - The self-owned brand has shown high gross margins, with a gross margin of 44.6% in 2024, up 4.3 percentage points year-on-year [6] - The self-owned brand business, particularly the "Zhanjia" brand, has become a significant growth driver, with revenue of 480 million yuan in 2024, a 90.1% year-on-year increase [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 2.549 billion yuan, with a year-on-year growth rate of 44.4% [5] - The net profit attributable to shareholders is projected to be 174 million yuan in 2025, representing a 64.9% year-on-year increase [5] - The earnings per share (EPS) is expected to be 1.06 yuan in 2025, with a projected price-to-earnings (PE) ratio of 47 [5] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 170 million yuan and 220 million yuan respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue of 1.77 billion yuan and net profit of 106 million yuan, representing year-on-year growth of 29% and 95% respectively [4][5]. - The self-owned brand segment showed remarkable growth, with revenues from brand management and self-owned brands increasing by 212% and 90% respectively, contributing to an overall optimization of the revenue structure [5]. - The gross margin improved by 4.3 percentage points to 44.6% in 2024, and the net margin increased by 2 percentage points to 6%, driven by the higher proportion of self-owned brands [5]. Financial Performance Summary - For 2024, the company expects revenues to reach 1.77 billion yuan, with a growth rate of 29.3% projected for 2025, reaching 2.42 billion yuan [10]. - The forecasted net profit for 2025 is 171.71 million yuan, with a growth rate of 62.5% compared to 2024 [10]. - The earnings per share (EPS) is projected to increase from 0.64 yuan in 2024 to 1.05 yuan in 2025, reflecting the company's improving profitability [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue of 1.77 billion yuan and net profit of 106 million yuan, representing year-on-year growth of 29% and 95% respectively [4][5]. - The self-owned brand segment showed remarkable growth, with revenues from brand management, self-owned brands, and agency operations reaching 500 million yuan, 500 million yuan, and 760 million yuan respectively, with year-on-year growth rates of 212%, 90%, and -19% [5]. - The gross margin improved by 4.3 percentage points to 44.6% in 2024, and the net margin increased by 2 percentage points to 6%, driven by the higher proportion of self-owned brands [5]. Financial Performance Summary - The company is projected to achieve net profits of 170 million yuan, 250 million yuan, and 350 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 48x, 33x, and 24x [6][10]. - Revenue is expected to grow from 1.77 billion yuan in 2024 to 3.78 billion yuan in 2027, with growth rates of 29.3%, 37.3%, 27.6%, and 22.3% for the respective years [10][11]. - The company's gross margin is anticipated to reach 56.3% by 2027, while the net margin is expected to improve to 9.2% [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.766 billion yuan in 2024, representing a year-on-year growth of 29.26%, and a net profit of 106.4 million yuan, up 94.58% year-on-year [7] - The self-owned brand "Zhenjia" has shown significant growth, with a revenue of 501 million yuan in 2024, a year-on-year increase of 90.28%, contributing to 28.37% of the company's total revenue [7] - The company has successfully launched the health product line "Feicui," which has rapidly gained traction, ranking high in various e-commerce platforms [7] - The brand management business has also demonstrated strong growth, with a revenue of 501 million yuan in 2024, up 212.24% year-on-year [7] - The company has adjusted its net profit forecasts for 2025-2026 upwards due to better-than-expected growth in self-owned brands, with 2025 net profit now projected at 190 million yuan [7] Financial Summary - Total revenue is projected to reach 2.685 billion yuan in 2025, with a year-on-year growth of 52.06% [1] - The net profit for 2025 is estimated at 189.82 million yuan, reflecting a year-on-year increase of 79.70% [1] - The earnings per share (EPS) is expected to be 1.16 yuan in 2025, with a price-to-earnings (P/E) ratio of 43.13 [1] - The gross margin is expected to improve to 52.62% in 2025, up from 44.57% in 2024 [8] - The company's total assets are projected to be 1.511 billion yuan in 2025, with a debt-to-asset ratio of 28.34% [8]

Core Insights - The company Ruoyuchen (003010.SZ) reported significant revenue and profit growth for 2024 and Q1 2025, with a 29.26% year-on-year increase in revenue to 1.766 billion yuan and a 94.58% increase in net profit to 106 million yuan for 2024 [1] - In Q1 2025, the company achieved revenue of 574 million yuan, reflecting a 54.16% year-on-year growth, and a net profit of 27.42 million yuan, which is a 113.88% increase compared to the same period last year [1] Business Performance - The self-owned brand business has become the core driver of Ruoyuchen's performance, with the home cleaning brand "Zhanjia" achieving over 100% year-on-year growth in GMV across platforms like Tmall, Douyin, and Xiaohongshu [2] - The self-owned health product brand "Feicui," focusing on women's anti-aging, has rapidly gained traction since its launch in September 2024 [2] Brand Management - Ruoyuchen enhances partner brands through comprehensive digital capabilities, exemplified by Bayer's Kangwang, which saw a 283% year-on-year increase in total sales due to support in brand positioning, product design, marketing, and multi-channel sales [2] - The company's revenue from brand management services surged by 212% year-on-year in 2024 [2] Technological Advancements - Ruoyuchen has established a comprehensive digital decision-making system, utilizing its self-developed system DeepSeek R1 for precise decision-making in market insights, product development, and supply chain management [2] - The launch of an integrated business and financial platform in 2024 allows for real-time interaction between business and financial data, while automated customer service and intelligent work order systems have improved OMS response efficiency [2]