RYC(SZ:003010) Xin Lang Cai Jing·2025-10-29 00:40Core Insights - The company achieved revenue of 820 million yuan in Q3 2025, representing a year-on-year increase of 123%, and a net profit attributable to shareholders of 32.51 million yuan, up 73% year-on-year [1] Group 1: Brand Performance - The self-owned brand business performed exceptionally well, generating revenue of 450 million yuan in Q3 2025, a year-on-year increase of 345%, with brands Zhenjia and Feicui showing sustained high growth [2] - Zhenjia's revenue reached 227 million yuan, up 119% year-on-year, while Feicui's revenue was 203 million yuan, with a sequential growth of over 98.8% [2] - The new brand Niu Yibei, launched in June, achieved revenue of 12.13 million yuan by September, with a threefold growth in GMV in August and September [2] Group 2: Business Segments - Brand management business saw a significant increase, with revenue of 200 million yuan in Q3 2025, a year-on-year growth of 114%, while the agency operation business experienced a slight decline, with revenue of approximately 160 million yuan, down about 3% [2] Group 3: Financial Metrics - The gross margin increased by 12.4 percentage points to 61.0% in Q3 2025, primarily due to the substantial growth in self-owned brands, which have a higher gross margin [2] - The sales expense ratio increased by 18.8 percentage points to 54.5%, attributed to increased advertising expenses and changes in revenue recognition, while management and R&D expense ratios decreased [2] Group 4: Profit Forecast and Investment Rating - The outlook for self-owned brands remains positive, with an upward revision of net profit forecasts for 2025-2027 to 181 million, 260 million, and 353 million yuan respectively, corresponding to PE valuations of 52x, 36x, and 27x [3] - The company maintains a "Buy" rating based on the strong performance of self-owned brands and brand management business [3]