Investment Rating - The report maintains an "Overweight" rating for the cosmetics and medical beauty sector, with specific recommendations for various companies based on their market positions and growth potential [5][12][17]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.7% from April 30 to May 9, 2025, which is lower than the Shenwan A Index by 0.6 percentage points [5][6]. - The "Jumeili Conference" held in Shanghai highlighted the industry's development direction amidst a challenging environment, emphasizing the importance of technology-driven beauty, refined operations, and AI assistance [5][12]. - Domestic brands are gaining traction, while international brands are also experiencing growth, with Estee Lauder reporting a return to positive growth in key brands in China during Q1 2025 [5][12][28]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance has been below market expectations, with the Shenwan Cosmetics Index increasing by 2.8%, outperforming the Shenwan A Index by 0.5 percentage points [5][6]. - The report notes a competitive landscape where domestic brands are aggressively entering the market, prompting international brands to rebound [5][12]. Company Analysis - Shanghai Jahwa's Q1 2025 results showed a revenue of 1.704 billion yuan, down 10.59% year-on-year, with a net profit of 217 million yuan, down 15.25% [5][13]. - Estee Lauder's Q3 2025 results indicated a net sales figure of 3.55 billion USD (approximately 25.8 billion yuan), a 10% decline year-on-year, but with a notable increase in gross margin [5][28]. - The report highlights the employee stock ownership plan at Shanghai Jahwa, aimed at binding key personnel and setting profit recovery targets for 2025 [5][17]. Market Trends - The report indicates that the retail sales of cosmetics in Q1 2025 reached 114.9 billion yuan, with a year-on-year growth of 3.2% [22][26]. - The domestic skincare market is projected to continue growing, with local brands capturing a significant market share, reflecting a shift in consumer preferences towards domestic products [36][38]. E-commerce Insights - The report provides data on the performance of domestic brands on e-commerce platforms, with notable growth in GMV for brands like Proya and Marubi [20][19]. - The overall e-commerce landscape for cosmetics is evolving, with brands leveraging social media platforms to enhance visibility and sales [5][12].

Group 1 - The core viewpoint of the article highlights the rise of new consumption brands and the structural opportunities within the consumer sector, which has attracted significant investment attention since the second half of last year [2][3] - The consumer sector is not a single-direction track but encompasses various styles of assets, including cyclical, defensive, and growth categories, with new consumption brands emerging rapidly [2] - The year 2025 is anticipated to be a turning point for the consumer sector, as structural opportunities have begun to surface this year after a prolonged downturn since February 2021 [2] Group 2 - New consumption is defined as new brands rather than new channels or supply chains, with breakthroughs occurring when new consumer habits form or brand influence expands [2] - Fund managers who recognized the trend early have seen substantial returns, with some funds achieving returns of 54.63% and 27.79% year-to-date as of May 8 [3] - The rise of new consumption brands is attributed to the emergence of a younger generation of consumers who prioritize individual expression and are willing to pay a premium for products that align with their tastes [4] Group 3 - The current consumer market is experiencing a new long cycle, driven by younger demographics that value personal satisfaction and have a higher willingness to pay [4] - Companies that demonstrate strong product capabilities in niche markets, such as trendy toys, gold jewelry, and pet products, are expected to seize broader opportunities in the global market [4]

证券代码：003010 证券简称：若羽臣 公告编号：2025-042 广州若羽臣科技股份有限公司 关于召开2024年度网上业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 5 月 13 日（星期二）15:00-16:30 会议召开方式：网络互动方式 会议召开网址：价值在线（www.ir-online.cn） 会 议 问 题 征 集 ： 投资者可 于 2025 年 5 月 13 日 前 访问网址 https://eseb.cn/1o6tL10VzWg 或使用微信扫描下方小程序码进行会前提问，公司 将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回 答。 广州若羽臣科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日 在巨潮资讯网上披露了《2024 年年度报告》及《2024 年年度报告摘要》。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 5 月 13 日（星期二）15:00-16:30 在"价值在线"（www.ir-onl ...

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]

证券研究报告：商贸零售 | 公司点评报告 发布时间：2025-04-28 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 49.91 | | --- | --- | | 总股本/流通股本（亿股）1.64 | / 1.21 | | 总市值/流通市值（亿元）82 | / 60 | | 52 周内最高/最低价 | 51.40 / 10.07 | | 资产负债率(%) | 28.8% | | 市盈率 | 76.78 | | 第一大股东 | 王玉 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 若羽臣(003010) 自有品牌高增，利润率优化 l 事件回顾 公司公布 2024 年年报及 25 年一季报，24 年公司营收/归母净利 润分别为 17.7/1.06 亿元，同比+29%/+95%；其中 24Q4 营收/归母净 利润为 6.1/0.48 亿元，同比+14%/+133%。25Q1 公司营收/归母净利 润分别 5.7/0.27 亿元，同比+54%/+114%。24 年拟每 10 股分红 5 元， ...