RYC(SZ:003010) Xin Hua Cai Jing·2025-09-19 12:09Core 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].