RYC(SZ:003010) Xinda Securities·2025-08-22 09:35Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on significant revenue and profit growth. Core Insights - The company achieved a revenue of 1.319 billion yuan in H1 2025, representing a year-on-year increase of 67.6%, with a net profit of 72 million yuan, up 85.6% year-on-year [1] - The self-owned brand business showed remarkable performance, generating 603 million yuan in revenue, a staggering growth of 242.42%, accounting for 45.75% of total revenue [2] - The brand management business also experienced high growth, with revenue reaching 335 million yuan, a year-on-year increase of 52.53% [3] - The overall gross margin improved to 56.92%, an increase of 11.39 percentage points year-on-year, primarily due to the rising proportion of self-owned brand revenue [4] - The company forecasts revenues of 3 billion yuan, 4.3 billion yuan, and 5.4 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 176 million yuan, 258 million yuan, and 338 million yuan [5] Summary by Sections Revenue and Profit Performance - In H1 2025, the company reported a revenue of 1.319 billion yuan, with quarterly revenues of 574 million yuan in Q1 and 745 million yuan in Q2, reflecting growth rates of 54% and 80% respectively [1] - The net profit for H1 2025 was 72 million yuan, with Q1 and Q2 profits of 27 million yuan and 45 million yuan, showing increases of 114% and 72% year-on-year [1] Brand Performance - The self-owned brand "Zhanjia" generated 440 million yuan in revenue in H1 2025, a 157% increase, with significant product launches leading to high sales [2] - The brand "Feicui" achieved 160 million yuan in revenue, with a strong growth trajectory in Q2 [2] Business Structure and Margins - The gross margin for the sales segment was 56.92%, up 11.39 percentage points year-on-year, driven by the increase in self-owned brand revenue [4] - The net profit margin improved slightly to 5.48%, reflecting the positive impact of the business structure changes [5] Future Projections - The company anticipates revenue growth of 70%, 42%, and 26% for the years 2025, 2026, and 2027, respectively, with net profit growth rates of 67%, 46%, and 31% [5]