RYC(SZ:003010) HTSC·2025-10-29 05:15Investment Rating - The report maintains an "Accumulate" rating for the company [7][5]. Core Views - The company achieved a revenue of 819 million RMB in Q3 2025, representing a year-on-year increase of 123.4%, driven by the growth of its proprietary brands [1][7]. - The company continues to show strong growth potential in the high-end household cleaning and functional health products sectors, with a focus on its proprietary brand expansion [1][5]. Revenue Performance - In Q3 2025, the company recorded a revenue of 2.27 billion RMB for the brand "Zhanjia," marking a year-on-year increase of 118.9% [2]. - The health supplement brand "Feicui" achieved a revenue of 203 million RMB in Q3 2025, with a quarter-on-quarter growth of 98.8% [3]. Profitability Metrics - The gross margin for Q3 2025 was reported at 61.0%, an increase of 12.4 percentage points year-on-year, attributed to the higher proportion of high-margin proprietary brand sales [4]. - The net profit attributable to the parent company for Q3 2025 was 33 million RMB, reflecting a year-on-year increase of 73.2% [4]. Future Earnings Forecast - The revenue forecasts for 2025 to 2027 have been adjusted upwards to 32.08 billion RMB, 49.62 billion RMB, and 67.31 billion RMB, respectively [5]. - The target market capitalization for the company is set at 162.2 billion RMB, with a target price of 52.13 RMB per share [5][12].