股价暴涨639%，这行最赚钱的公司又要IPO了

Core Viewpoint - The article highlights the remarkable transformation and growth of "Ruoyuchen," a previously lesser-known A-share company, which has seen its stock price surge from 6.4 yuan to a recent high of 47.3 yuan, marking an increase of approximately 639% over the past year. The company's market capitalization has also risen significantly, surpassing 133 billion yuan [3][4]. Company Overview - Ruoyuchen, based in Guangzhou, transitioned from a low-profit e-commerce agency to a leading player in the industry. It was listed on the New Third Board in 2015 and later on the Shenzhen Stock Exchange in 2020, becoming the first A-share e-commerce agency [3][6]. - The founder, Wang Yu, started his entrepreneurial journey during his university years and has successfully developed self-owned brands such as "Zhanjia" and "Feicui," shifting the company's focus from merely selling others' products to creating its own brands [3][11]. Financial Performance - The company's revenue is projected to grow from 12.17 billion yuan in 2022 to 17.66 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.5%. Net profit is expected to rise from 33.8 million yuan in 2022 to 106 million yuan in 2024, with a CAGR of 76.8% [6][9]. - In the first half of 2025, Ruoyuchen achieved revenue of 13.19 billion yuan, a 67.6% increase from the same period last year, and net profit reached 72.26 million yuan, up 85.6% year-on-year [6][9]. Business Structure Changes - The revenue from self-owned brands accounted for 45.75% of total revenue in the first half of 2025, surpassing the revenue from agency operations for the first time. This shift indicates a significant change in the company's business model [6][7]. - The self-owned brand "Zhanjia" contributed 4.44 billion yuan, representing 33.7% of total revenue, while the oral beauty brand "Feicui" generated 1.6 billion yuan, accounting for 12.1% [7]. Marketing and Sales Strategy - The company has significantly increased its marketing expenses, with sales costs rising by 124% year-on-year to 5.99 billion yuan in the first half of 2025. This indicates a heavy reliance on marketing investments to drive growth [8][12]. - Ruoyuchen collaborates with multiple OEM suppliers to support its production needs, increasing from 5 suppliers in 2022 to 26 in 2024 [8][12]. Market Position and Future Outlook - Ruoyuchen is currently the only listed e-commerce agency in China that has achieved both revenue and net profit growth among its peers [9]. - The company plans to pursue an IPO on the Hong Kong Stock Exchange to enhance its capital strength and international brand image, with a focus on expanding its self-owned brands into Southeast Asia [21][20]. Industry Context - The Chinese e-commerce solutions market is projected to grow from 1.3 trillion yuan in 2024 to 2.2 trillion yuan by 2029, with a CAGR of 11.7%. The health and wellness sector is expected to grow even faster, with a CAGR of 24.3% during the same period [20].