Core Insights - RuYuchen (003010) has submitted a listing application to the Hong Kong Stock Exchange, having transitioned from an e-commerce operation to a strategic brand-building model [1] - The company has established a "0-1-N" brand creation system, demonstrating capabilities in brand development, incubation, and scaling [1] - By the first half of 2025, self-owned brand revenue accounted for 45.75% of total revenue, becoming the core growth engine for the company [1] - RuYuchen successfully launched two proprietary brands: LYCOCELLE (high-end home fragrance) and FineNutri (oral beauty supplements), with the former being the fastest-growing participant in the home cleaning industry in China [1] - The company employs a "full-channel resonance + content-driven" growth model, centering around Douyin to build a comprehensive channel ecosystem and leverage content [1] - The brand-building capability is attributed to cross-category consumer insights and a full-link strategy [1] - The listing in Hong Kong is expected to enhance the company's capital strength, overall competitiveness, international brand image, and overseas financing capabilities [1]