RYC(SZ:003010) Xin Lang Cai Jing·2025-08-20 10:39Core Insights - The company reported strong financial performance for H1 2025, with 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 company plans to distribute a cash dividend of 30 yuan per 10 shares, totaling 65.6 million yuan, with a payout ratio of 91% [1] Financial Performance - Overall performance: Revenue reached 1.319 billion yuan (+67.55% YoY); net profit attributable to shareholders was 72 million yuan (+85.60% YoY); and net profit excluding non-recurring items was 70 million yuan (+83.52% YoY), indicating profit growth outpacing revenue growth [1] - Q2 performance: Revenue for Q2 was 745 million yuan (+79.5% YoY); net profit attributable to shareholders was 45 million yuan (+71.72% YoY); and net profit excluding non-recurring items was also 45 million yuan (+72.21% YoY), continuing a strong growth trend [1] Profitability and Cost Structure - Gross margin improved to 56.92% (+11.39 percentage points YoY), driven by an increase in high-margin proprietary brands; net margin was 5.48%, up 0.53 percentage points YoY [1] - Expense ratios: Selling expense ratio was 45.40% (+11.48 percentage points), management expense ratio was 3.46% (-1.3 percentage points), and R&D expense ratio was 1.25% (-0.4 percentage points) [1] Brand Development - Proprietary brands emerged as a core growth driver, with revenue of 603 million yuan (+242.42%), accounting for 45.75% of total revenue; notable brands include Zhanjia with revenue of 444 million yuan (+157.11%) and Feicui with revenue of 160 million yuan [2] - New brands such as VitaOcean and Nuibay are gaining traction, demonstrating replicable growth strategies [2] Channel and Technology Empowerment - The company experienced significant growth in sales through Douyin, which became the largest sales channel with sales amounting to 490 million yuan (+239%), accounting for 37.24% of total sales [3] - AI technology is being leveraged to enhance content production and optimize business processes [3] - The company is accelerating its global expansion, focusing on the Southeast Asian market and initiating an H-share listing plan [3] Share Buyback Plan - The company announced a share buyback plan of 100-200 million yuan to enhance investor confidence and support employee stock ownership plans, with a maximum buyback price of 76.80 yuan per share [3] Long-term Outlook - The company is positioned as a leading player in brand digital management, with expectations for new brand growth and international expansion [4] - Profit forecasts for 2025-2027 are 180 million yuan, 230 million yuan, and 280 million yuan, respectively, with corresponding P/E ratios of 66, 52, and 42 [4]