Company Background and Development - Ruoyu Chen Technology was established in 2011 and is headquartered in Guangzhou, being one of the early players in the cross-border e-commerce agency business in China [3] - The company provides comprehensive e-commerce operation services for international brands, including brand strategy formulation, e-commerce channel construction, digital marketing, supply chain management, and consumer operation [3] - The company went public on the ChiNext board in 2020, becoming a representative enterprise in the cross-border e-commerce agency sector, and is now applying for a listing on the Hong Kong Stock Exchange to enhance its financing and brand influence through a "dual capital platform" [3] Industry Environment and Competitive Landscape - The cross-border e-commerce sector is rapidly developing, with China's cross-border e-commerce import and export scale expected to exceed 2 trillion yuan in 2024, maintaining double-digit growth [4] - There is a growing trend of international brands entering the Chinese market through agency companies, while Chinese brands are also expanding overseas via cross-border e-commerce [4] - Competition is intensifying, with both listed companies like Baozun E-commerce and numerous regional service providers, leading to a gradual increase in industry concentration [4] Reasons for Choosing to List in Hong Kong - The company requires more funding to support digital system construction, supply chain optimization, and overseas expansion as its business scales up [4] - The Hong Kong stock market has close ties with international investors, which can help the company enhance its visibility in the global capital market [4] - The valuation logic suggests that the Hong Kong market pays attention to new consumption, internet services, and cross-border e-commerce-related enterprises, potentially providing differentiated valuation space for the company [4] Core Competencies and Potential Advantages - The company has established long-term cooperative relationships with several internationally renowned brands, demonstrating a certain level of customer stickiness [4] - Ruoyu Chen Technology offers a one-stop service from front-end marketing to back-end logistics, creating high business barriers [4] - Continuous investment in big data and AI-driven operational platforms has improved e-commerce operational efficiency [4] Market and Investor Perspective - The submission of the IPO application to the Hong Kong Stock Exchange represents an important step in the company's capital layout and internationalization strategy, reflecting the rapid development of the cross-border e-commerce industry and the company's ambitions in financing and globalization [5]

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (若羽臣) has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a strategic transition from a digital empowerment provider to a technology-driven brand platform with a sustainable "0-1-N" brand creation system [1][12]. Group 1: Business Growth and Strategy - Ruoyuchen has experienced rapid growth in revenue and net profit for three consecutive years, with a significant strategic shift towards self-owned brands, particularly with the brand Zhanjia, which achieved revenue of 603 million yuan in the first half of 2025, a year-on-year increase of 242.42% [2][3]. - The company identifies the core driver of its strategic transition as a deep understanding of changing consumer demands in China, shifting focus from functionality to emotional connection and aesthetic appeal [2][7]. - The self-owned brands Zhanjia and FineNutri have been successfully developed, with Zhanjia focusing on high-end fragrance cleaning products and FineNutri specializing in oral beauty supplements [2][3]. Group 2: Market Performance - Zhanjia is projected to have a compound annual growth rate (CAGR) of 72.6% in retail sales from 2022 to 2024, making it the fastest-growing brand in the household cleaning industry [3]. - In the first half of 2025, Zhanjia generated 444 million yuan in revenue, reflecting a year-on-year growth of 157.11%, while FineNutri quickly surpassed 500 million yuan in retail sales within 12 months [3][11]. Group 3: Marketing and Distribution Strategy - Ruoyuchen employs a "full-channel resonance + content-driven" approach, leveraging consumer insights across various categories to create high-potential brands [8]. - The company has established a comprehensive operational system on Douyin (TikTok), integrating self-broadcasting, KOL collaborations, and short video distribution to effectively accumulate brand users and achieve rapid scale [8][11]. - Content creation is a key focus, with high-quality visuals and emotional elements embedded in product design, driving demand and conversion across platforms [9][11]. Group 4: Future Plans and Global Strategy - The upcoming listing in Hong Kong is aimed at enhancing capital strength, competitiveness, and international brand image, while also increasing overseas financing capabilities [1][12]. - Ruoyuchen plans to expand its brand portfolio with a focus on quality, self-care, and health, while embracing digital and content-driven communication strategies [12][13]. - The company aims to explore overseas markets, particularly in Southeast Asia, and pursue strategic acquisitions of differentiated and high-potential brands to enhance its global brand presence [13].

Group 1 - The company, RuYuchen (003010.SZ), has submitted an application for issuing overseas listed shares (H shares) and listing on the main board of the Hong Kong Stock Exchange on September 19, 2025 [1] - The application materials were published on the Hong Kong Stock Exchange website and are prepared in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The published materials are in draft form and may be updated and revised as necessary, indicating that investors should not make investment decisions based solely on the information provided [1]

并刊发申请资料的公告 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"）已于 2025 年 9 月 19 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股 份（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并 于同日在香港联交所网站刊登了本次发行的申请材料。该申请材料为公司按照香 港证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求 编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应 根据其中的资料作出任何投资决定。 鉴于本次发行的发行对象将仅限于符合相关条件的境外投资者及依据中国 相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券 交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为使境 内投资者及时了解该等申请资料披露的本次发行以及公司的其他相关信息，现提 供该申请资料在香港联交所网站的查询链接供查询： 中文： 证券代码：003010 证券简称：若羽臣 公告编号：2025-091 广州若羽臣科技股 ...

若羽臣（003010）(003010.SZ)公告，公司已于2025年9月19日向中国香港联交所递交了发行境外上市股 份(H股)并在联交所主板挂牌上市的申请，并于同日在联交所网站刊登了本次发行的申请材料。 ...

智通财经APP讯，若羽臣(003010.SZ)公告，公司已于2025年9月19日向中国香港联交所递交了发行境外 上市股份(H股)并在联交所主板挂牌上市的申请，并于同日在联交所网站刊登了本次发行的申请材料。 ...

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (若羽臣) has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a strategic transition towards a technology-driven brand platform with a focus on consumer-centric brand development [2][13]. Group 1: Company Growth and Strategy - Ruoyuchen has experienced rapid growth in revenue and net profit for three consecutive years, with a strategic shift from e-commerce operations to developing proprietary brands [2][3]. - The company's proprietary brand, Zhanjia, achieved revenue of 603 million yuan in the first half of 2025, a significant year-on-year increase of 242.42%, making it the core growth engine [3][4]. - The strategic transition is driven by deep insights into changing consumer demands, shifting focus from functionality to emotional and experiential aspects [3][8]. Group 2: Brand Development and Market Position - Zhanjia is projected to have a compound annual growth rate (CAGR) of 72.6% in retail sales from 2022 to 2024, becoming the fastest-growing brand in the household cleaning sector [4]. - The brand Zhanjia generated 444 million yuan in revenue in the first half of 2025, reflecting a year-on-year growth of 157.11% [4]. - The brand FineNutri quickly surpassed 500 million yuan in retail sales within 12 months, ranking first in the dietary supplement category on Douyin [4][12]. Group 3: Marketing and Sales Strategy - Ruoyuchen employs a "full-channel resonance + content-driven" approach, leveraging consumer insights across various categories to create high-potential brands [9]. - The company has established a comprehensive operational system on Douyin, integrating self-broadcasting, KOL collaborations, and short video distribution to enhance brand visibility and consumer engagement [9][10]. - In the first half of 2025, Zhanjia and FineNutri's self-operated channels accounted for over 60% and 80% of Douyin's overall GMV, respectively, showcasing the effectiveness of the full-channel strategy [12]. Group 4: Future Plans and Global Expansion - The listing in Hong Kong aims to enhance capital strength, competitiveness, and international brand image, while also improving overseas financing capabilities [2][13]. - Future strategic plans include building a multi-brand matrix centered on quality, self-care, and health, while embracing digital and content-driven communication [13][14]. - The company plans to explore overseas markets, particularly in Southeast Asia, and seek strategic acquisitions of high-potential foreign brands to enhance its global brand presence [14].

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (hereinafter referred to as "Ruoyuchen") has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a strategic transition from a global brand digital empowerment provider to a technology-driven brand platform with a focus on consumer-centricity and brand incubation capabilities [1][12]. Group 1: Business Growth and Strategy - Ruoyuchen has experienced rapid growth in revenue and net profit for three consecutive years, with a strategic shift towards self-owned brands, particularly the brand "Zhanjia," which achieved revenue of 603 million yuan in the first half of 2025, a year-on-year increase of 242.42% [2][12]. - The company has successfully identified and capitalized on the structural changes in consumer demand, shifting focus from mere functionality to understanding consumer preferences, leading to the creation of high-end cleaning products and dietary supplements [2][7]. Group 2: Brand Performance - The brand "Zhanjia" is projected to have a compound annual growth rate (CAGR) of 72.6% in retail sales from 2022 to 2024, making it the fastest-growing participant in the Chinese household cleaning industry [3]. - "FineNutri," another self-owned brand, rapidly achieved over 500 million yuan in retail sales within 12 months, showcasing its strong market presence [3][11]. Group 3: Marketing and Sales Strategy - Ruoyuchen employs a "full-channel resonance + content-driven" approach, leveraging insights into consumer behavior across various platforms, particularly Douyin, to enhance brand visibility and sales conversion [8][11]. - The company has established a comprehensive operational system on Douyin, integrating self-broadcasting, KOL collaborations, and short video distribution to effectively accumulate and retain brand users [8][11]. Group 4: Future Plans and Global Strategy - The upcoming listing in Hong Kong is aimed at enhancing capital strength, competitiveness, and international brand image, while also exploring overseas markets, particularly in Southeast Asia, for brand localization and strategic acquisitions [12][13]. - Ruoyuchen plans to build a multi-brand matrix centered on "quality," "self-pleasure," and "health," while continuously exploring new technologies and materials to provide diverse consumer experiences [12][13].

来源：智通财经 据港交所文件，9月19日，广州若羽臣科技股份有限公司向港交所提交上市申请，中信建投国际、广发 证券为联席保荐人。 | 纂]項下的[編纂]數目 | .. | 「編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | .. | [編纂]股H股(可予重新分配) | | [編纂]數目 | .. | [編纂]股H股(可予重新分配及視乎[编 | | | | 纂]行使與否而定) | | 最高 編纂] | | :每股H股[編纂]港元,另加1.0%經 | | | | 紀佣金、0.0027%證監會交易徵 | | | | 費、0.00015% 曾財局交易徵費及 | | | | 0.00565%香港聯交所交易費(須於申 | | | | 請時以港元繳足,多繳股款可予退還) | | 面值 | .. | 每股H股人民幣1.00元 | | [編纂] : [編纂] | | | | HALL - Release 2000 colories - I | Liabel Andrew | --------------------------- | ...

Group 1 - Guangzhou Ruoyuchen Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1]