Company and Industry Summary Company: Runben Co., Ltd. (润本股份) Key Points - **Seasonal Growth in Mosquito Repellent Products** The company is entering the peak season for mosquito repellent products, with April expected to benefit from rapid offline growth. According to data from Chian Mama, Runben's GMV on Douyin reached 90 million, representing a year-on-year increase of 31% [1] - **Channel Strategy Adjustment** The company is adjusting its cooperation model with Sam's Club, shifting to a direct supply model this year. This change is expected to enhance collaboration and drive future growth, particularly in the sales of mosquito repellent liquid [1] - **New Sunscreen Product Launch** Runben is set to launch a new youth-oriented sunscreen series in May, which is anticipated to open up growth opportunities. The new sunscreen gel is projected to achieve a GMV of nearly 50 million, indicating effective expansion in the sunscreen category [2] - **Market Potential in Youth Skincare** The youth skincare and personal care market is estimated to be around 4.5 billion in 2023, with double-digit year-on-year growth. Competitors like Haigui Baba and Kangaroo Mama are also focusing on the youth category, achieving GMVs of 500 million and 300 million respectively, which suggests a growing market [2] Additional Important Insights - **Overall Channel Growth** The company is expected to maintain rapid growth across all channels, benefiting from strong performance in the Sam's Club channel [1][2] - **Market Trends** The data indicates a significant trend towards youth skincare products, highlighting a shift in consumer preferences and potential for market expansion [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company shows steady revenue growth with a focus on category expansion [1] - In Q1 2025, total revenue reached 595 million yuan, representing a 10% year-on-year increase, while net profit attributable to shareholders decreased by 8% to 68 million yuan [4][5] - The report highlights the impact of rising raw material costs on profit margins, with a slight decrease in gross margin to 29.91% [5] - The company is expected to improve profitability through scale effects and ongoing channel expansion [7] Summary by Sections Financial Performance - Q1 2025 gross margin decreased by 0.1 percentage points due to increased raw material costs, but the company is maintaining stable margins through technical upgrades and channel expansion [5] - Sales expense ratio and management expense ratio both increased by 0.2 percentage points to 13.36% and 4.05%, respectively, while net profit margin decreased by 2 percentage points to 11.45% [5] Product and Channel Development - Revenue growth for fish and bean products exceeded 15% in Q1 2025, with ongoing expansion opportunities in fish products [6] - The company is leveraging health attributes of short-shelf-life products to achieve high repurchase rates [6] - Traditional e-commerce channels saw double-digit growth, and the company is enhancing brand perception through e-commerce initiatives [6] Profitability Forecast - The company is expected to cultivate strong brand potential through new products and continue expanding across all channels [7] - EPS forecasts for 2025-2027 are 0.72, 0.87, and 1.03 yuan, with corresponding PE ratios of 19, 16, and 13 times [7] - Revenue projections for 2025-2027 are 2,771 million, 3,239 million, and 3,703 million yuan, with growth rates of 14.9%, 16.9%, and 14.3% respectively [11]

Core Viewpoint - The company reported strong financial performance for Q1 2025, with significant growth in net profit driven by reduced fair value losses and strong export sales [1][3]. Financial Performance - Q1 2025: Revenue reached 3.834 billion (up 10.4% YoY), net profit attributable to shareholders was 247 million (up 43.0% YoY), and non-recurring net profit was 245 million (up 15.3% YoY) [1]. - Q4 2024: Revenue was 4.131 billion (up 6.2% YoY), net profit attributable to shareholders was 268 million (up 11.1% YoY), and non-recurring net profit was 287 million (up 47.5% YoY) [1]. - Full Year 2024: Revenue totaled 16.821 billion (up 14.8% YoY), net profit attributable to shareholders was 1.053 billion (up 7.7% YoY), and non-recurring net profit was 1.084 billion (up 8.8% YoY) [1]. Dividend and Share Buyback - The company announced a cash dividend of 4.5 per 10 shares (including tax), with a total dividend payout rate of 42%, consistent with the previous year [2]. Revenue Analysis - Q1 2025: Export sales were 2.98 billion (up 16% YoY), continuing strong growth, while domestic sales were 860 million (down 5% YoY) [4][5]. - Full Year 2024: Export and domestic sales grew by 22% and declined by 4% respectively, indicating strong overseas demand but weak domestic consumption [6]. Profitability Analysis - Q1 2025: Gross margin improved by 0.5 percentage points YoY and 3.0 percentage points QoQ, while net profit margin increased by 1.5 percentage points YoY [6]. - Full Year 2024: Gross margin and net profit margin decreased by 1.8 and 0.4 percentage points YoY respectively, attributed to increased export share and intensified domestic competition [6]. Investment Outlook - The company is expanding its OEM categories and maintaining strong export growth, with plans to enhance its overseas supply chain capabilities [7]. - Revenue projections for 2025-2027 are 19 billion, 20.9 billion, and 22.8 billion respectively, with net profits expected to be 1.2 billion, 1.3 billion, and 1.4 billion [7].

以下文章来源于TopDigital ，作者TD TopDigital . TopDigital 关注数字时代如何做好品牌营销。专访大品牌和500强，深挖营销案例背后的品牌生意方法 论。通过内容、活动及赛事，为100万+品牌营销人士提供专业服务。 不知道大家有没有发现，这几年去逛超市、便利店，突然发现货架上多了一种叫作「梅冻」的产品。吃 起来带着一股梅子的酸甜，热量也不高，当我发现自己复购了一遍又一遍的时候，对这个产品产生了好 奇，查了查资料。 原来这个不知道最近哪一年冒出来的黑马产品，背后有这么多故事。 先说大背景，「梅冻」定位为"天然果冻"，它所属的休闲零食市场，市场规模高达1.16万亿，不过竞 争格局分散，同质化严重是最大的挑战之一。 关于同质化这一点，来伊份首席增长官姜振多、三全食品总裁陈希、喜茶等知名企业（及高层）均公开 表达过担忧——"趋同的产品将消耗用户热情"、"同质化竞争已导致价格战泛滥"…… 再说说小背景，「梅冻」所属公司溜溜梅的主要产品为果脯蜜饯。 图片来源：微博@溜溜梅 果脯蜜饯属于休闲零食市场里的一大子类别，当今消费者越来越偏好健康、低糖低盐、纯净配料的零 食，除了上述同质化问题之外，这 ...

Core Viewpoint - The current trend of market demand segmentation is ongoing, with a recommendation to focus on brands that are rapidly expanding product categories and optimizing channels, which are likely to maintain stable operations during market fluctuations and gain market share during demand recovery [1][2]. Industry Overview - In 2024, the revenue growth rate of leading sports footwear and apparel brands is expected to slow down, particularly in the basketball category, while online sales are primarily driven by high growth on platforms like Douyin, with sales growth for Li Ning, Anta, and FILA projected at 25%, 112%, and 58% respectively [3]. - Offline, the strategy of opening fewer but larger stores is being implemented, with store efficiency for Li Ning, Anta, and FILA expected to be +5%, +10%, and -3% respectively in 2024 [3]. - The profitability of leading sports brands is declining, and there is a need to optimize inventory structure [3]. Overseas Market Tracking - Performance among top brands is diverging, with ongoing acceleration in category expansion. Brands positioned in sports fashion are maintaining good growth, and top brands are accelerating the introduction of new products, with a dense release of new products expected in the second half of 2025 to enhance the prosperity of niche markets [4]. Domestic Market Future Expectations - Category expansion and channel optimization are core strategies, with healthy operational conditions being essential. Companies that lead in category expansion and channel optimization, such as Anta and Li Ning, are expected to achieve stable growth. These brands are expanding into outdoor and sports fashion categories while enhancing online operations and exploring new retail formats [5]. - Attention should be paid to the health of brand operations, including discount and inventory balance, expense management, and cash flow adequacy, with Anta Sports currently showing better overall performance [5].