RYC(SZ:003010) Soochow Securities·2025-11-02 13:34Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 2.14 billion yuan in the first three quarters of 2025, representing an 85% year-on-year increase, with a net profit of 105 million yuan, up 82% year-on-year [8] - The self-owned brand revenue in Q3 2025 grew by 345% year-on-year, contributing 4.5 billion yuan, which accounted for 55% of total revenue [8] - The report highlights the strong growth of the company's self-owned brands, particularly "Zhanjia" and "Feicui," which have shown significant market traction [8] Financial Projections - Total revenue projections for 2025 are set at 3.22 billion yuan, with a year-on-year growth of 82.52% [1] - The net profit forecast for 2025 is 178 million yuan, reflecting a 68.62% increase compared to the previous year [1] - The report anticipates a continuous increase in earnings per share (EPS), projected to reach 0.57 yuan in 2025 [1] Revenue Breakdown - In Q3 2025, the revenue from self-owned brands was 4.5 billion yuan, with "Zhanjia" contributing 2.3 billion yuan and "Feicui" 2.03 billion yuan [8] - The report notes that the self-owned brand segment has significantly improved the company's gross margin, which reached 61% in Q3 2025, up 12 percentage points year-on-year [8] Market Position - The company is positioned as a leading digital brand management firm in China, with a focus on home cleaning and health products [8] - The successful launch of new products, such as the "Liquid Marseille Soap" by "Zhanjia," has contributed to its market leadership [8]