若羽臣港股IPO背后：卖爆的绽家与“没听过”的消费者

Core Viewpoint - The article discusses the challenges and growth potential of Ruoyuchen, an e-commerce operation company, particularly focusing on its self-owned brand, Zhanjia, which has seen significant sales growth but struggles with brand recognition among the general public [5][8][25]. Group 1: Company Overview - Ruoyuchen has submitted an H-share prospectus to the Hong Kong Stock Exchange, marking it as the first e-commerce operation company to go public [5]. - The company has diversified its business model to include e-commerce operation, self-owned brands, and brand management, with Zhanjia contributing significantly to its revenue [8][9]. Group 2: Financial Performance - In the first half of 2025, Ruoyuchen reported a revenue of 1.319 billion yuan, a 67.55% increase year-on-year, with net profit reaching 72.26 million yuan, up 85.60% [10]. - The revenue breakdown shows that self-owned brand revenue was 603 million yuan, accounting for 45.75% of total revenue, while brand management contributed 335 million yuan, or 25.42% [9]. Group 3: Brand Development and Market Position - Zhanjia has successfully penetrated the high-end market, leveraging online platforms like Douyin and Tmall, but faces challenges in brand awareness among a broader consumer base [8][25]. - The brand's product line is highly segmented, focusing on specific fabric types and usage scenarios, which aligns with its high-end positioning [12][17]. Group 4: Marketing Strategy - Zhanjia emphasizes fragrance as a core selling point, offering a variety of complex scents that rival high-end perfumes, thus appealing to consumers seeking quality at a competitive price [14][17]. - The brand collaborates with key opinion leaders (KOLs) and influencers to enhance its market presence, focusing on aligning with personalities that resonate with its target demographic [21][24]. Group 5: Sales Growth and Challenges - During the 2025 618 shopping festival, Zhanjia's total GMV grew over 160%, with significant increases across multiple online platforms, positioning it as a top brand in the household cleaning sector [23]. - Despite strong online sales, Zhanjia's brand recognition remains low among the general public, which poses a risk to its long-term growth potential [25][28]. Group 6: Industry Context - The e-commerce operation industry is facing challenges, with many companies struggling to transition from traditional operations to brand management, highlighting the need for effective brand-building strategies [11][36]. - Ruoyuchen's market valuation of approximately 138 billion yuan is notable, but concerns about whether this valuation is justified given the competitive landscape and the company's reliance on online sales persist [11][36].