近日，广州若羽臣科技股份有限公司正式向港交所递交招股书，由中信建投国际与广发证券联合保荐。作为聚焦家居清洁护理与膳食补充剂领域的新消费品 企业，若羽臣旗下拥有绽家、斐萃、纽益倍三大品牌，并已于2020年在深交所上市（股份代号：003010.SZ）。 作为一家电商代运营和服务商，若羽臣的主要业务是为品牌提供线上店铺运营、数字营销、供应链管理等一站式解决方案。公司认为，赴港上市将有助于若 羽臣提高资本实力、综合竞争力，提升国际化品牌形象，并增强境外融资能力。 公开资料显示，若羽臣在2025年上半年，自有品牌收入占比已升至45.75%，成为公司核心增长引擎。公司成功打造出LYCOCELLE绽家（高端香氛家清）和 FineNutri斐萃（口服美容）两大自有品牌。绽家是中国家庭清洁护理行业增速第一的市场参与者，斐萃是增长迅速的美容类膳食补充剂品牌。 受益于家居清洁品类抗周期特性及线上渠道快速渗透，行业正稳步扩张。据弗若斯特沙利文数据，中国该领域零售额预计2029年达2173亿元，电商占比将升 至44.5%。依托电商平台与产品创新，新兴品牌持续抢占市场，若羽臣此次赴港上市或将进一步加速其增长布局。 | 19/09/202 ...

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (hereinafter referred to as "Ruoyuchen") has submitted its prospectus to the Hong Kong Stock Exchange, with CITIC Securities International and GF Securities as joint sponsors. The company focuses on home cleaning and dietary supplements under its own brands, including Zhanjia, Feicui, and Niuyibei [2]. Financial Performance - Ruoyuchen's revenue for the years 2022 to 2024 is projected to be RMB 1.217 billion, RMB 1.366 billion, and RMB 1.766 billion, respectively, with net profits of RMB 33.79 million, RMB 54.29 million, and RMB 105.64 million for the same years [3]. - In the first half of 2025, the company achieved revenue of RMB 1.319 billion, representing a year-on-year growth of 67.6%, with a net profit of RMB 72.26 million, up 85.6% year-on-year [2]. Shareholding Structure - Before the IPO, the company is controlled by Wang Yu, Wang Wenhui, and Tianjin Yayi, who collectively hold approximately 42.93% of the equity [4]. Management Team - Wang Yu, aged 40, is the Executive Director, Chairman, and General Manager of the company, having founded it in May 2011. He is responsible for the overall strategic planning and business direction [5]. - Wang Wenhui, aged 39, was appointed as a director in May 2017 and has extensive experience in finance and equity investment. She has held various roles within the company and is currently a senior consultant for employee career development [6][7].

Core Insights - RuYuchen (003010) has submitted a listing application to the Hong Kong Stock Exchange, having transitioned from an e-commerce operation to a strategic brand-building model [1] - The company has established a "0-1-N" brand creation system, demonstrating capabilities in brand development, incubation, and scaling [1] - By the first half of 2025, self-owned brand revenue accounted for 45.75% of total revenue, becoming the core growth engine for the company [1] - RuYuchen successfully launched two proprietary brands: LYCOCELLE (high-end home fragrance) and FineNutri (oral beauty supplements), with the former being the fastest-growing participant in the home cleaning industry in China [1] - The company employs a "full-channel resonance + content-driven" growth model, centering around Douyin to build a comprehensive channel ecosystem and leverage content [1] - The brand-building capability is attributed to cross-category consumer insights and a full-link strategy [1] - The listing in Hong Kong is expected to enhance the company's capital strength, overall competitiveness, international brand image, and overseas financing capabilities [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company Water Sheep Co., Ltd. [14] Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 2.5% from September 12 to September 19, 2025 [3][4] - The upcoming Double 11 shopping festival is expected to drive significant growth for domestic brands, with recommendations to focus on strong alpha stocks [9][10] - Water Sheep Co., Ltd. is highlighted for its dual business model of proprietary and CP brands, with stable revenue projections of 4-5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024 [10][11] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices declining [3][4] - The Shenwan Cosmetics Index fell by 2.6%, while the Shenwan Personal Care Index decreased by 0.6% [4][6] Upcoming Events - The Double 11 shopping festival preparations are in full swing, with domestic brands like Up Beauty and Proya launching new products to capture market share [9] - Key influencers are negotiating promotional strategies to enhance sales during the festival [9] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. is positioned as a leading tech-driven beauty company with a stable revenue forecast and improving profit margins [10][11] - The company has a well-structured brand matrix and is expanding its high-end product lines, with significant growth in its proprietary brands [11][12] - Expected net profits for Water Sheep Co., Ltd. are projected to be 258 million, 331 million, and 398 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth [14] Market Trends - The Chinese beauty market is witnessing a shift towards domestic brands, with significant market share gains for local players [27] - The overall retail sales of cosmetics showed a growth of 5.1% in August 2025, indicating a recovery in consumer spending [18][21] International Recognition - Chinese beauty brands performed notably at the IFSCC conference, showcasing their advancements in cosmetic science and securing significant awards [22][24]

Group 1 - The company, Ruoyuchen, submitted an application for issuing overseas listed shares (H shares) and listing on the Hong Kong Stock Exchange on September 19 [1] - The application indicates that Ruoyuchen has transitioned from a global brand digital enabler to a technology-driven brand platform with capabilities in brand creation, incubation, and expansion [1] - The company aims to enhance its capital strength and overall competitiveness, improve its international brand image, and strengthen its overseas financing capabilities through the Hong Kong listing [1] Group 2 - Ruoyuchen's strategic planning includes building a multi-brand matrix centered on "quality," "self-pleasure," and "health," covering household cleaning, dietary supplements, and other potential consumer categories [2] - The company plans to embrace digitalization and content trends to create a consumer-centric communication system that integrates brands into consumers' daily lives [2] - Ruoyuchen will explore and apply new technologies and raw materials to build a sustainable and scalable innovation system, providing diverse experiences and value to consumers while reinforcing long-term brand competitiveness [2] - The company intends to leverage the advantages of the Hong Kong capital market to deepen its globalization strategy, explore overseas brand expansion, and pursue strategic acquisitions to empower quality overseas brands [2]

Core Viewpoint - Guangzhou Ruoyu Chen Technology Co., Ltd. has submitted an application for the issuance of overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and attract foreign investment [1][2]. Group 1 - The application was submitted on September 19, 2025, and the relevant materials were published on the Hong Kong Stock Exchange website [1]. - The issuance is limited to qualified overseas investors and domestic qualified investors who are authorized to conduct overseas securities investments under Chinese laws [1][2]. - The company will not publish the application materials on domestic stock exchange websites or media that meet domestic regulatory conditions, but provides a link for domestic investors to access the information [1]. Group 2 - The issuance is subject to approvals from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating that the process involves regulatory scrutiny and market considerations [2]. - The announcement serves to inform domestic investors about the issuance and does not constitute an offer or invitation to purchase the H-shares [2]. - The company commits to timely information disclosure based on the progress of the issuance, highlighting the importance of investor awareness regarding potential risks [2].

8月20日，该公司披露投资者调研纪要显示，2025年已有多家美妆消费相关企业启动了IPO进程，若羽 臣此前在资本市场已有一定基础，当前公司业务处于快速发展阶段，如自有品牌绽家、斐萃等增长迅 速，此时上市能够借助行业热度，获得资本"活水"，助力公司进一步扩张。本次港股上市融资计划用于 产品开发、品牌建设、全球化布局、数字化建设等，有利于进一步巩固公司优势，提升公司影响力等。 据弗若斯特沙利文数据，绽家在2022年至2024年间零售额复合增长率达72.6%；2025年上半年，绽家实 现营业收入4.44亿元，同比增长157.11%；斐萃是在12个月内最快突破5亿元零售额的美容类膳食补充剂 品牌；2025年8月单月全渠道GMV(商品交易总额)达1.59亿元。根据弗若斯特沙利文资料，按2025年8月 零售额计，斐萃在抖音平台的膳食补充剂品类旗舰店中位列榜首。 据申请资料，2025年上半年，绽家与斐萃自营渠道产生的GMV分别占抖音渠道整体GMV的超过六成及 八成。2024年，绽家在天猫、抖音、小红书等平台GMV均录得三位数增长；斐萃上市后12个月累计 GMV超过5.17亿元。 在申请资料中，若羽臣也提及了后续战略规划：公 ...

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (hereinafter referred to as "Ruoyuchen") has submitted an application for overseas listing (H-shares) on the Hong Kong Stock Exchange, marking a strategic transition towards a technology-driven brand platform with a focus on consumer-centric brand creation and incubation [2][6] Group 1: Company Development and Strategy - Ruoyuchen has experienced rapid growth in revenue and net profit for three consecutive years, with the upcoming Hong Kong listing aimed at enhancing capital strength and international brand image [2][6] - The company has successfully transitioned from e-commerce operations to developing its own brands, with self-owned brand revenue reaching 603 million yuan in the first half of 2025, a significant year-on-year increase of 242.42% [3][4] - The strategic shift is driven by deep insights into changing consumer demands, moving from functionality to a focus on aesthetic perception, value recognition, and experiential context [3][4] Group 2: Brand Performance - Ruoyuchen has successfully launched two major self-owned brands: LYCOCELLE and FineNutri, with LYCOCELLE focusing on high-end scented home cleaning products and FineNutri specializing in oral beauty supplements [3][4] - LYCOCELLE achieved a revenue of 444 million yuan in the first half of 2025, reflecting a year-on-year growth of 157.11%, while FineNutri became the fastest beauty dietary supplement brand to surpass 500 million yuan in retail sales within 12 months [4] Group 3: Future Plans and Market Expansion - The company plans to leverage the advantages of the Hong Kong capital market to deepen its globalization strategy, focusing on expanding its self-owned brands into Southeast Asia and pursuing strategic acquisitions of high-potential overseas brands [6][7] - Future brand strategies will include building a multi-brand matrix centered on "quality," "self-appreciation," and "health," while embracing digital communication to integrate brands into consumers' daily lives [6][7]

Core Viewpoint - Ruoyuchen has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to leverage capital market advantages for global expansion and brand development [1][2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 1.319 billion yuan, a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.60% [1] - The self-owned brands, Zhanjia and Feicui, showed strong growth, with self-owned brand revenue reaching 603 million yuan, a year-on-year increase of 242.42%, accounting for 45.75% of total revenue [1] Brand Growth - Zhanjia's retail sales compound annual growth rate (CAGR) is projected at 72.6% from 2022 to 2024, with revenue of 444 million yuan in the first half of 2025, a year-on-year increase of 157.11% [1][2] - Feicui became the fastest beauty dietary supplement brand to surpass 500 million yuan in retail sales within 12 months, achieving a monthly GMV of 159 million yuan in August 2025 [1][2] Market Position - In the first half of 2025, Zhanjia and Feicui's self-operated channels accounted for over 60% and 80% of the overall GMV on Douyin, respectively [2] - Zhanjia recorded triple-digit growth in GMV across platforms like Tmall, Douyin, and Xiaohongshu in 2024 [2] Strategic Planning - The company plans to utilize the advantages of the Hong Kong capital market to deepen its global strategy, focusing on overseas expansion in Southeast Asia and pursuing strategic acquisitions of differentiated and high-potential overseas brands [2][3] - The funds raised from the Hong Kong listing will be allocated to product development, brand building, global expansion, and digital construction, enhancing the company's competitive edge and influence [3]

Core Viewpoint - Ruoyuchen Technology Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to enhance its capital strength and international brand image while expanding its overseas financing capabilities [2][3]. Group 1: Company Overview - Ruoyuchen started as an e-commerce operation service provider and successfully listed on the Shenzhen Stock Exchange in 2020, becoming the first e-commerce operation company on the main board [2]. - The company has transitioned from e-commerce operations to developing its own brands, with its brand "Zhanjia" contributing significantly to revenue growth [2]. Group 2: Financial Performance - In the first half of 2025, revenue from Ruoyuchen's own brands reached 603 million RMB, representing a year-on-year increase of 242.42%, with revenue contribution rising to 45.75%, surpassing brand management and operation services for the first time [2]. Group 3: Strategic Insights - The company attributes its strategic shift to a deep understanding of changing consumer demands in China, where consumers are increasingly focused on aesthetics, value recognition, and experiential consumption [2]. - Ruoyuchen plans to build a multi-brand matrix centered on "quality," "self-pleasure," and "health," covering various consumer goods categories [3]. Group 4: Future Plans - The company aims to leverage the advantages of the Hong Kong capital market to deepen its globalization strategy, focusing on expanding its own brands overseas, particularly in Southeast Asia [3]. - Ruoyuchen intends to seek acquisitions of high-quality overseas brands that have differentiated positioning and long-term growth potential [3].