RYC(SZ:003010) 3 6 Ke·2025-10-09 09:45Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. has transformed from an e-commerce service provider to a brand company, showcasing its commercial adaptability through impressive half-year financial results [1] Financial Performance - The company's revenue for the reporting period reached 1.319 billion yuan, a year-on-year increase of 67.55% [2] - Net profit attributable to shareholders was 72.26 million yuan, up 85.60% from the previous year [2] - The net profit after deducting non-recurring gains and losses was 69.76 million yuan, reflecting an 83.52% increase [2] - Basic earnings per share rose to 0.3261 yuan, a 75.80% increase [2] - Total assets at the end of the reporting period were 1.719 billion yuan, a 10.81% increase from the previous year [2] Business Transformation - The self-owned brand business contributed 603 million yuan in revenue, a staggering 242% increase, accounting for over 45% of total revenue [3] - The brand "Zhanjia" (LYCOCELLE), launched in 2020, generated 440 million yuan in revenue during the first half of the year, marking a 157% year-on-year growth [3] - Zhanjia achieved a gross margin of 66.5%, significantly higher than the margins of brand management and agency services [3] Market Position and Strategy - The shift towards high-end products is evident as Zhanjia positions itself in the emotional fragrance segment, targeting young women and discerning mothers [10] - The company is exploring international markets, planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance capital strength and brand image [5][17] - The Chinese household cleaning market is valued at over 100 billion yuan, with a compound annual growth rate leading globally [9] Competitive Landscape - Increased competition in the high-end household cleaning segment poses challenges, with major brands like Unilever and Procter & Gamble entering the market [13] - The reliance on social media for traffic generation raises concerns about future profitability, as sales expenses surged by 124.23% to 599 million yuan [15] Future Outlook - The company is attempting to diversify its brand portfolio beyond Zhanjia, including entering the health supplement market with the "Ficui" series [15] - The recent share reductions by the second-largest shareholder, Langzi Co., raise questions about investor confidence [18][19] - The ability to maintain growth and profitability amidst rising competition and operational costs will be crucial for the company's long-term success [19]