RYC(SZ:003010) Zheng Quan Shi Bao·2025-09-19 17:56Core Viewpoint - Ruoyuchen has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to leverage capital market advantages for global expansion and brand development [1][2] Financial Performance - In the first half of 2025, the company achieved 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 self-owned brands, Zhanjia and Feicui, generated revenue of 603 million yuan, marking a significant year-on-year growth of 242.42%, accounting for 45.75% of total revenue [1] Brand Growth - Zhanjia's retail sales are projected to have a compound annual growth rate (CAGR) of 72.6% from 2022 to 2024, with revenue of 444 million yuan in the first half of 2025, reflecting a year-on-year increase of 157.11% [1] - Feicui became the fastest beauty dietary supplement brand to surpass 500 million yuan in retail sales within 12 months, achieving a monthly GMV of 159 million yuan in August 2025 [1] Market Position - In the first half of 2025, Zhanjia and Feicui's GMV from self-operated channels accounted for over 60% and 80% of the overall GMV on Douyin, respectively [2] - Zhanjia recorded triple-digit growth in GMV across platforms like Tmall, Douyin, and Xiaohongshu in 2024 [2] Strategic Planning - The company plans to utilize the advantages of the Hong Kong capital market to deepen its global strategy, focusing on overseas expansion of self-owned brands and strategic acquisitions [2] - Initial overseas expansion will target Southeast Asia, with plans for localized product adjustments and differentiated brand designs [2] - The IPO is seen as a timely opportunity to capitalize on industry momentum, with proceeds aimed at product development, brand building, global expansion, and digital transformation [2]