RYC(SZ:003010) Soochow Securities·2026-03-25 09:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 3.43 billion yuan in 2025, representing a year-on-year increase of 94% [7] - The net profit attributable to shareholders reached 194.4 million yuan, up 84% year-on-year, with a significant contribution from its proprietary brands [7] - The gross margin improved to 59.8% for the year, an increase of 15 percentage points year-on-year, driven by the rising share of high-margin proprietary brand sales [7] - The company’s proprietary brand revenue surged by 262% year-on-year, accounting for 53% of total revenue, with notable performances from brands like Zhanjia and Feicui [7] Financial Projections - Total revenue projections for the company are as follows: - 2024: 1.77 billion yuan - 2025: 3.43 billion yuan - 2026: 5.96 billion yuan - 2027: 7.82 billion yuan - 2028: 9.68 billion yuan [1][8] - Net profit projections are as follows: - 2024: 105.64 million yuan - 2025: 194.40 million yuan - 2026: 393.67 million yuan - 2027: 559.97 million yuan - 2028: 719.46 million yuan [1][8] - The earnings per share (EPS) forecast is projected to grow from 0.34 yuan in 2024 to 2.31 yuan in 2028 [1][8] Brand Performance - The proprietary brand Zhanjia generated 1.07 billion yuan in revenue, a 121% increase year-on-year, while Feicui saw a remarkable 5545% growth, reaching 700 million yuan [7] - The company launched a new brand, Nuibay, which quickly gained traction in the market [7] Business Structure and Strategy - The brand management segment reported revenue of 900 million yuan, up 79% year-on-year, while the agency operation segment saw a slight decline of 5% [7] - The company is focusing on optimizing its client structure to enhance operational quality [7]