证券代码：003010 证券简称：若羽臣 公告编号：2025-058 广州若羽臣科技股份有限公司 关于控股股东及其一致行动人持股比例被动触及 1%整数倍 的提示性公告 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、本次权益变动为广州若羽臣科技股份有限公司（以下简称"公司"）注销 存放于回购专用证券账户的8,817,672股回购股份，导致控股股东及其一致行动人 的持股比例被动增加。 2、控股股东及其一致行动人合计持有公司股份的比例被动增加触及1%的整数 倍。本次权益变动不涉及控股股东、实际控制人增持或减持，不触及要约收购， 不会导致公司控股股东、实际控制人发生变化，不会影响公司的治理结构和持续 经营。 公司分别于 2025 年 3 月 28 日、2025 年 4 月 14 日召开了第四届董事会第六 次会议和 2025 年第二次临时股东大会，审议通过了《关于变更回购股份用途并注 销的议案》，同意变更 2024 年度第三期回购股份、2024 年度第四期回购股份及 2025 年度第一期回购股份的用途，由原方案"用于实施股权激励或员工持股计划" 变更为 ...

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]

Industry Overview - The retail industry experienced a decline of 0.79% today, with a net outflow of funds amounting to 1.09 billion yuan [1] - Among the 99 stocks in the retail sector, 34 stocks rose, while 52 stocks fell, indicating a mixed performance within the industry [1] Fund Flow Analysis - The top three stocks with the highest net outflow include Cuiwei Co., Ltd. with 607 million yuan, Kuaijingtong with 227 million yuan, and Xiaoshangcheng with 158 million yuan [1] - The leading stock in terms of net inflow is Aishide, which saw an inflow of 253 million yuan, followed by Ruoyuchen and Tianyin Holdings with inflows of 48.9 million yuan and 37.8 million yuan respectively [1][3] Stock Performance - Cuiwei Co., Ltd. had the largest decline at -9.97%, with a turnover rate of 28.22% and a net outflow of approximately 607 million yuan [1] - Other notable decliners include Kuaijingtong at -3.19% and Xiaoshangcheng at -6.04% [1] Market Sentiment - The overall market sentiment in the retail sector appears negative, as indicated by the significant net outflow of funds and the number of declining stocks [1][2]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rise of new consumption is fundamentally driven by a significant change in consumer concepts shaped by the economic and social context of different generations, particularly from the 70s to the 00s [4][5] - The current consumer market is characterized by a shift from "survival-type" products to "quality + emotional-type" products, with a focus on emotional value and quality-price ratio [4][10] - Investment logic in new consumption should focus on sustainable growth capabilities rather than short-term speculative opportunities, emphasizing product innovation and strong brand recognition [4] Summary by Sections 1. Economic and Demographic Background of Consumption Changes - The per capita GDP in China has grown from over 10,000 RMB in 1995 to 84,000 RMB in 2023, establishing a buyer's market [4][15] - Consumer spending is increasingly constrained by rigid expenditures on housing, healthcare, and education, alongside wealth effects [4][19] - The educational attainment of the 95/00 generation has significantly increased, with a CAGR of 10.5% in the number of undergraduate graduates from 1998 to 2023 [4][23] - Urbanization rates have remained high, influencing consumption patterns and driving the reconstruction of consumption scenarios [4][24] 2. Product Evolution - The transition in consumer products reflects a shift towards quality and emotional engagement, with head brands focusing on domestic alternatives and functional trends [4][10] - The market has seen a rise in low-cost, emotionally valuable products, such as beauty care, jewelry, and IP toys, which are now key segments [4][10] 3. Marketing Evolution - Marketing strategies have evolved from traditional brand advertising to performance-driven advertising, with a focus on maximizing advertising efficiency [4][10] - The rise of digital platforms has transformed marketing channels, emphasizing the importance of consumer engagement and conversion rates [4][10] 4. Channel Evolution - The shift towards online channels has significantly increased penetration rates across various categories, with a focus on consumer value rather than supplier value [4][10] - The integration of public and private domains has become crucial for navigating the challenges posed by traditional retail models [4][10]

Industry Changes - In May, domestic brands such as Zhenjia, Feicui, PA, and Perfect Diary showed strong performance on Tmall and Douyin, with Feicui's GMV exceeding 60 million, and several brands achieving over 100% growth [1] - The import value of cosmetics in May decreased by 4.9% year-on-year, totaling 10.19 billion, indicating a downward trend in overall imported cosmetics despite some recovery among foreign beauty brands [2] Company Updates - Ruoyu Chen raised its share repurchase price significantly from 30.22 yuan to 88.4 yuan per share, reflecting confidence in the company's future development [1] - Ying Tong Group, a major player in the Chinese perfume market, is preparing for its listing on the Hong Kong Stock Exchange, with projected revenue of 2.083 billion for FY2025, representing an 11.8% year-on-year increase [2] - Juzi Holding Co., Ltd, the controlling shareholder of Juzi Biotechnology, plans to increase its stake by no less than 200 million HKD, indicating confidence in the company's long-term value [2] Retail Sector Insights - Chow Tai Fook reported a revenue of 89.66 billion HKD for FY25, a decrease of 17.5%, but showed signs of recovery with a narrowing decline in retail sales [4] - Yonghui Supermarket is accelerating its store renovation plan, aiming to complete renovations for 300 stores by the Lunar New Year in 2026 [5] Investment Recommendations - The current low valuation combined with new consumer growth remains a core theme, with a focus on domestic leading brands and the upcoming 618 shopping festival as a potential catalyst [3] - The jewelry sector is recommended, particularly Chow Tai Fook, with attention to other low-valuation Hong Kong jewelry companies [6][14] - New consumption trends in the jewelry sector are expected to drive growth, with a shift in consumer demographics towards younger buyers and a focus on self-purchase attributes [10][12]

证券代码：003010 证券简称：若羽臣 公告编号：2025-056 广州若羽臣科技股份有限公司 关于回购结果暨股份变动的公告 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。 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）。本次回购股份用于股权 激励计划或员工持股计划。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（http://www.cninfo.com.cn）上披露的《关 于2025年度第一期回购公司股份方案的公告》（公告编号：2025-014）、《回购 报告书》（公告 ...

Market Overview - A-shares opened slightly lower on June 18, with all major indices in the red and over 4200 stocks declining [1] - The Shanghai Composite Index fell by 0.41% to 3373.61, while the Shenzhen Component decreased by 0.23% to 10128.47 [2] Sector Performance - The food and beverage sector showed initial strength, particularly in liquor stocks, with notable gains from companies like Mogaos, Huangtai Wine, and Jinzhongzi Wine, all hitting the daily limit [5][6] - The photovoltaic inverter, liquor, military, and digital currency sectors experienced localized rallies, while rare earth permanent magnet stocks saw significant pullbacks [3][11] Liquor Industry Insights - During the "618" shopping festival, several e-commerce platforms initiated aggressive price cuts on liquor, with high-end products like Feitian Moutai seeing price drops, which has become a key market variable [7] - Specific liquor stocks such as Mogaos, Huangtai Wine, and Jinzhongzi Wine reported increases of approximately 10% [6] Oil and Gas Sector Activity - The oil and gas sector was notably active, with companies like Zhun Oil and Beiken Energy experiencing substantial gains, attributed to rising international oil prices amid escalating geopolitical tensions in the Middle East [8][9] Defense and Military Sector - The defense and military sector saw significant upward movement, with stocks like Changcheng Military Industry hitting the daily limit and others like Beifang Longzhong and Jiekang Equipment rising over 10% [10] Consumer Sector Weakness - The broader consumer sector faced challenges, with retail stocks declining, particularly in the small commodity market, where Xiaoshangpin City dropped over 9% [11][12] - The beauty and personal care sector also experienced declines, with several companies reporting drops exceeding 5% [13] Rare Earth Sector Decline - Rare earth permanent magnet stocks faced notable declines, with companies like Beikong Technology nearing the daily limit down, and others like Zhongke Magnetic and Keheng shares dropping over 9% [15][16]

Group 1 - The core point of the news is that Langzi Co., Ltd. plans to reduce its stake in Ruoyuchen by up to 3% within 15 trading days, following a previous cash-out of 217 million yuan, indicating a strategic move to support its expanding medical beauty business [1][4][6] - Ruoyuchen's stock price has surged by 534% over the past year, with a year-to-date increase of over 150%, prompting Langzi's decision to sell at a high point [1][4] - Langzi's investment in Ruoyuchen has yielded over 8 times returns, marking it as one of its most successful financial investments in recent years [4][6] Group 2 - Ruoyuchen, founded in 2011 and listed in September 2020, has seen a significant shift in its business structure, with traditional e-commerce operations declining while its own brand business is on the rise [4][5] - The revenue from Ruoyuchen's self-owned brands has grown from 73.97 million yuan in 2021 to approximately 263 million yuan in 2023, accounting for nearly 19.27% of total revenue [5] - The overall gross margin for Ruoyuchen reached 44.57% in 2024, with self-owned brands achieving a gross margin of 67%, significantly higher than its other business segments [5] Group 3 - Langzi's medical beauty business has become its main revenue driver, contributing 2.784 billion yuan in 2024, which is 48.92% of total revenue, surpassing its fashion women's wear segment [9][10] - Despite the growth, the gross margin for the medical beauty segment is only 54.42%, which is lower than the 63.45% margin for the women's wear segment [9][10] - Langzi's short-term borrowings have surged by 92.11% year-on-year, indicating increasing financial pressure as it expands its medical beauty operations [9][14] Group 4 - Langzi has faced compliance issues within its medical beauty operations, with several institutions under its umbrella encountering penalties for various violations [13] - The company is actively seeking funding to support its medical beauty expansion, which may include repaying upcoming debts and acquiring regional medical beauty institutions [13][14] - The medical beauty market in China has significant growth potential, with a penetration rate of only 3%-5%, compared to 20% in South Korea, but faces challenges from competitors and macroeconomic fluctuations [13][14]

回购期间因公司实施2024年度权益分派，按照中国证监会及深圳证券交易所 的相关规定相应调整回购股份价格上限，权益分派实施完成后，本次回购股份价 格上限由不超过42.40元/股（含）调整为不超过30.22元/股（含）。2025年6月9 日，公司召开第四届董事会第八次会议，审议通过了《关于调整回购股份价格上 限的议案》，本次回购股份价格上限由人民币30.22元/股（含）调整为人民币88.40 元/股（含）。具体内容详见公司分别于2025年5月29日和2025年6月10日在《上 海证券报》《证券日报》《证券时报》《中国证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上披露的《关于2024年年度权益分派实施后调整 回购股份价格上限和数量的公告》（公告编号：2025-049）、《关于调整回购股 份价格上限的公告》（公告编号：2025-054）等相关公告。 根据《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，回购股份占上市公司总股本的比例每增加百分之一的，应当自该事实发生 之日起三个交易日内予以披露。现将公司回购股份的进展情况公告如下： 证券代码：003010 证券简称：若 ...

Group 1 - The beauty and personal care sector has shown strong performance in Q1 2025, with the SW Beauty Care Index rising by 13.4%, leading all 31 SW primary industries [4][10][12] - The cosmetics segment is focusing on enhancing brand matrices and introducing new ingredients, benefiting from an optimized competitive landscape [4][6] - The medical beauty market is evolving with new products stimulating consumer interest, and domestic companies are expected to become major competitors in the light medical beauty sector [4][6] Group 2 - The e-commerce sector is witnessing new consumption models and brands, which are helping to drive growth in the industry [4][6] - The report recommends several companies in the cosmetics sector, including Up Beauty and Proya, which have low PE multiples and strong growth potential [4][6] - In the medical beauty segment, companies with high R&D barriers and strong profitability, such as Aimeike, are highlighted as key investment opportunities [4][6] Group 3 - The personal care market is projected to reach CNY 283.3 billion by 2024, with a compound annual growth rate (CAGR) of 8.4% from 2023 to 2028 [32][34] - Domestic brands are increasingly replacing foreign brands in the personal care sector, with a notable rise in innovative products and marketing strategies [32][36] - The high-end market is experiencing significant growth, with premium products seeing a 27% increase in average transaction value in H2 2024 [44]