从“小弟”干到“一哥”，股价已翻4倍 专访若羽臣董事长王玉：股价大涨后“我”睡不着了

Core Insights - Ruoyuchen has transformed from an unnoticed player to a leading company in the e-commerce operation industry, with a significant increase in revenue and profit [1][6] - The company reported a 30% revenue growth and a 95% increase in net profit for 2024, making it the most profitable e-commerce operation listed company [1][4] - The stock price of Ruoyuchen has surged over 400% in the past year, reflecting strong market confidence [1][6] Financial Performance - In 2024, Ruoyuchen's revenue reached 1.77 billion yuan, with a net profit of 100 million yuan [4][6] - The company's self-owned brand revenue grew by 90%, with a gross margin of 67%, significantly higher than the 39% gross margin from its operation business [6][11] - For Q1 2025, net profit increased by 114% year-on-year, indicating continued strong performance [1] Business Strategy - The company has shifted focus from e-commerce operation, which now accounts for about 40% of its business, to developing its own brands in health, beauty, and household cleaning [3][11] - Ruoyuchen aims to become an excellent brand management company, with plans to increase the share of self-owned brands in total revenue [3][11] - The founder, Wang Yu, emphasizes the importance of understanding consumer needs and developing products accordingly, which has been a key factor in the success of their self-owned brand, Zhanjia [9][10] Market Context - The e-commerce operation market in China reached 1.5 trillion yuan in 2021, with a growth rate of 9.9%, down from previous years, indicating a shift in market dynamics [7] - The rise of short video and live-streaming e-commerce has created new challenges for traditional e-commerce operations [7][8] - Ruoyuchen's strategy to focus on self-owned brands is seen as a response to the declining profitability in the traditional operation model [8][11] Future Outlook - Wang Yu expresses concerns about sustaining high growth rates amid increasing market expectations and competition from established brands in the household cleaning sector [14][15] - The company plans to continue investing in self-owned brands while managing operational costs effectively [15][16] - Ruoyuchen aims to maintain its growth trajectory and become a leading brand management company in the long term [15][16]