Core Insights - The company is enhancing its strategic focus on the female entertainment sector, aiming to improve the value experience for core female users through high-quality and innovative content [1][2] - Since launching its short video platform live streaming business in 2021, the company has established a robust operational system and gathered a large, distinctive user base primarily consisting of high-value female users aged 18 to 40 in new first-tier cities [1] - The company believes that understanding and serving its core users is crucial for future competition, leading to a deep customization of business and content tailored to the specific needs and preferences of female users [1][2] Business Matrix Development - The company plans to upgrade the entertainment live streaming experience by refining content categories, encouraging innovative interactive formats, and strengthening emotional connections among users, making the platform a key space for leisure and social interaction [1] - There will be increased investment in the entertainment live streaming and live e-commerce sectors to enhance user engagement and community belonging [1] - Customized product development will include light competitive gaming products that emphasize fun gameplay and strong community interaction, as well as female-oriented casual games designed to provide emotional comfort and a low-pressure entertainment experience [2] - The strategic focus is expected to allow the company to respond more accurately to user needs, enriching the entertainment experience and expanding new business growth opportunities while creating long-term sustainable value for shareholders [2]

Core Insights - The company, Lianzhong (06899), aims to strengthen its strategic focus on the female entertainment sector by enhancing the value experience for core female users and driving growth through high-quality, innovative content [1][2] Group 1: Business Strategy - The company has established a solid user base primarily consisting of high-value female users aged 18 to 40 in new first-tier cities, which provides a strong foundation for future development and data insights [1] - The company plans to customize its business and content development to meet the specific needs, usage habits, and emotional preferences of its core female user group [1][2] Group 2: Product Development - The company will develop light competitive gaming products that emphasize enjoyable gameplay and strong community interaction, reducing the hardcore nature of traditional competitive games [2] - The focus will also be on creating female-oriented casual games that are visually appealing, easy to play, and provide emotional comfort, aligning with modern women's pursuit of low-pressure entertainment experiences [2] Group 3: User Engagement - The company intends to upgrade the entertainment live-streaming experience by refining content categories and encouraging innovative interactive formats to strengthen emotional connections and community belonging among users [1] - Increased investment and development efforts will be directed towards the entertainment live-streaming and live e-commerce sectors to enhance user engagement [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 （ 根據開曼群島法律註冊成立之有限公司） （股份代號：6899） 自願公告 聚焦女性用戶價值，以內容驅動新娛樂 本公告乃由聯眾國際控股有限公司（「本公司」）自願作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，在現有業務及用戶生態持續良性發展的基礎 上，決定進一步加強女性娛樂領域的戰略佈局—聚焦持續提升核心女性用戶的價值體驗， 並以優質、創新的內容驅動新娛樂業務的增長。 自 二 零 二 一 年 開 展 短 視 頻 平 台 直 播 業 務 以 來 ， 本 公 司 已 在 抖 音 、 快 手 等 核 心 陣 地 深 耕 四 年。期間，我們不僅建立了成熟的運營體系，更重要的是，成功匯聚了規模龐大、特徵鮮 明的核心用戶群體 — 主要為新一線城市中18至40歲的高價值女性用戶。該用戶群體的形 成，為本公司未來的發展奠定了堅實的用戶基礎與數據洞察優勢。 – 1 – OURGAME INTERNATIONAL ...

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (若羽臣) has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a strategic transition from a digital empowerment provider to a technology-driven brand platform with a sustainable "0-1-N" brand creation system [1][12]. Group 1: Business Growth and Strategy - Ruoyuchen has experienced rapid growth in revenue and net profit for three consecutive years, with a significant strategic shift towards self-owned brands, particularly with the brand Zhanjia, which achieved revenue of 603 million yuan in the first half of 2025, a year-on-year increase of 242.42% [2][3]. - The company identifies the core driver of its strategic transition as a deep understanding of changing consumer demands in China, shifting focus from functionality to emotional connection and aesthetic appeal [2][7]. - The self-owned brands Zhanjia and FineNutri have been successfully developed, with Zhanjia focusing on high-end fragrance cleaning products and FineNutri specializing in oral beauty supplements [2][3]. Group 2: Market Performance - Zhanjia is projected to have a compound annual growth rate (CAGR) of 72.6% in retail sales from 2022 to 2024, making it the fastest-growing brand in the household cleaning industry [3]. - In the first half of 2025, Zhanjia generated 444 million yuan in revenue, reflecting a year-on-year growth of 157.11%, while FineNutri quickly surpassed 500 million yuan in retail sales within 12 months [3][11]. Group 3: Marketing and Distribution Strategy - Ruoyuchen employs a "full-channel resonance + content-driven" approach, leveraging consumer insights across various categories to create high-potential brands [8]. - The company has established a comprehensive operational system on Douyin (TikTok), integrating self-broadcasting, KOL collaborations, and short video distribution to effectively accumulate brand users and achieve rapid scale [8][11]. - Content creation is a key focus, with high-quality visuals and emotional elements embedded in product design, driving demand and conversion across platforms [9][11]. Group 4: Future Plans and Global Strategy - The upcoming listing in Hong Kong is aimed at enhancing capital strength, competitiveness, and international brand image, while also increasing overseas financing capabilities [1][12]. - Ruoyuchen plans to expand its brand portfolio with a focus on quality, self-care, and health, while embracing digital and content-driven communication strategies [12][13]. - The company aims to explore overseas markets, particularly in Southeast Asia, and pursue strategic acquisitions of differentiated and high-potential brands to enhance its global brand presence [13].

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (若羽臣) has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a strategic transition towards a technology-driven brand platform with a focus on consumer-centric brand development [2][13]. Group 1: Company Growth and Strategy - Ruoyuchen has experienced rapid growth in revenue and net profit for three consecutive years, with a strategic shift from e-commerce operations to developing proprietary brands [2][3]. - The company's proprietary brand, Zhanjia, achieved revenue of 603 million yuan in the first half of 2025, a significant year-on-year increase of 242.42%, making it the core growth engine [3][4]. - The strategic transition is driven by deep insights into changing consumer demands, shifting focus from functionality to emotional and experiential aspects [3][8]. Group 2: Brand Development and Market Position - Zhanjia is projected to have a compound annual growth rate (CAGR) of 72.6% in retail sales from 2022 to 2024, becoming the fastest-growing brand in the household cleaning sector [4]. - The brand Zhanjia generated 444 million yuan in revenue in the first half of 2025, reflecting a year-on-year growth of 157.11% [4]. - The brand FineNutri quickly surpassed 500 million yuan in retail sales within 12 months, ranking first in the dietary supplement category on Douyin [4][12]. Group 3: Marketing and Sales Strategy - Ruoyuchen employs a "full-channel resonance + content-driven" approach, leveraging consumer insights across various categories to create high-potential brands [9]. - The company has established a comprehensive operational system on Douyin, integrating self-broadcasting, KOL collaborations, and short video distribution to enhance brand visibility and consumer engagement [9][10]. - In the first half of 2025, Zhanjia and FineNutri's self-operated channels accounted for over 60% and 80% of Douyin's overall GMV, respectively, showcasing the effectiveness of the full-channel strategy [12]. Group 4: Future Plans and Global Expansion - The listing in Hong Kong aims to enhance capital strength, competitiveness, and international brand image, while also improving overseas financing capabilities [2][13]. - Future strategic plans include building a multi-brand matrix centered on quality, self-care, and health, while embracing digital and content-driven communication [13][14]. - The company plans to explore overseas markets, particularly in Southeast Asia, and seek strategic acquisitions of high-potential foreign brands to enhance its global brand presence [14].

Core Insights - The apparel industry is undergoing a transformation where consumers are willing to pay for emotions, scenarios, and identities rather than just clothing itself [3][4] - Although the market appears to be recovering, growth rates are slowing down, with retail sales of apparel and footwear only increasing by 3.1% year-on-year in the first half of 2025, compared to a high growth of 15.5% in 2023 [3][4] - The industry is entering a new phase focused on "mind penetration efficiency," where understanding consumer preferences and establishing long-term brand memory through content is crucial for success [3][4] Market Trends - The online content consumption is becoming the core entry point for apparel transactions, with over 60% of consumers relying on content for their purchasing decisions [7] - Douyin (TikTok) contributed 74% of the online retail growth in apparel in 2024, indicating its role as a primary growth engine for the industry [7] - AI is reshaping the supply-demand system, enhancing both consumer experiences with virtual try-ons and accelerating product development on the supply side [9][11] Seasonal Strategies - The extended autumn-winter sales window in 2025, lasting 194 days, provides retailers with more opportunities to control sales rhythms and consumer decision-making [9][11] - New products account for nearly 40% of GMV during the autumn-winter season, emphasizing the importance of identifying trends and launching popular items early [11][13] - A dual inventory strategy focusing on seasonal and all-season products is emerging as a more reliable growth tactic [13] Consumer Behavior - Consumers are now looking for versatile clothing solutions that can serve multiple purposes, with over 90% considering two or more usage scenarios when purchasing autumn-winter apparel [16][18] - Three major growth tracks have been identified: quality warmth, outdoor lifestyle, and emotional dressing, reflecting the evolving consumer expectations [18][19][22] Target Demographics - Six key consumer segments have been identified, each representing distinct lifestyles and aesthetic preferences, including practical users, cultural enthusiasts, and style innovators [25][40] - Understanding these segments allows brands to tailor their offerings and marketing strategies effectively [40] Content Strategy - In the content-driven e-commerce era, brands must focus on creating meaningful content that resonates with consumers and builds brand recognition [41][45] - Effective content should not only drive sales but also establish a unique brand identity and emotional connection with consumers [47][48] Product Lifecycle Management - Brands should adopt a three-phase strategy for new product launches: rapid testing during the cold start phase, targeted content during the potential breakout phase, and aggressive marketing during the mature phase [50][58] - The 2025 autumn-winter season presents a unique opportunity for brands to leverage the longest sales window and maximize their market impact [59][60]

Core Insights - The apparel industry is undergoing a transformation where consumers are willing to pay for emotions, scenarios, and identities rather than just clothing [1] - Although the market appears to be recovering, growth rates are slowing down, with retail sales of apparel and footwear only increasing by 3.1% year-on-year in the first half of 2025, compared to 15.5% in 2023 [1] - The industry is entering a new phase focused on "mind penetration efficiency," where understanding consumer preferences and establishing long-term brand memory is crucial for success [1] Group 1: Market Trends - Online content consumption is becoming the core entry point for apparel transactions, with over 60% of consumers relying on content for their purchasing decisions [4] - Douyin (TikTok) contributed 74% of the online retail growth in apparel in 2024, highlighting its role as a primary growth engine for the industry [4] - The average number of products from apparel merchants on Douyin increased by 42% year-on-year in Q1 2025, indicating a rapid pace of new product introductions [7] Group 2: Seasonal Dynamics - The autumn and winter season accounts for 63% of annual apparel sales, with new products contributing nearly 40% of GMV [9] - The 2025 autumn and winter sales window is extended to 194 days due to it being a leap year, providing more opportunities for merchants to control sales rhythms and consumer decision-making [7][9] Group 3: Consumer Behavior - Consumers are now looking for clothing that serves multiple purposes, with over 90% considering two or more usage scenarios when purchasing autumn and winter apparel [12] - Three major growth trends have emerged: Quality Warmth, Outdoor Lifestyle, and Emotional Dressing, reflecting the evolving consumer expectations [14][15][16][17] Group 4: Target Consumer Segments - Six key consumer personas have been identified: Practical Comfort Seekers, Eastern Aesthetic Traditionalists, Functional Wilderness Explorers, Quality Luxury Connoisseurs, Boundaryless Style Deconstructors, and Self-Aesthetic Curators [20] - Each persona represents distinct lifestyles and aesthetic orders, indicating that brand growth strategies must be tailored to these diverse consumer needs [33] Group 5: Content and Brand Strategy - Effective content is essential for brand recognition, with a focus on creating a long-term mental asset rather than just viral marketing [34][36] - Brands with clear mental expressions see significant increases in average transaction value and high consumer retention rates, emphasizing the importance of building a robust content strategy [38] Group 6: New Product Lifecycle Management - The lifecycle of new products involves three key phases: rapid cold start, precise growth phase, and aggressive mature phase, each requiring different strategies for maximizing market impact [40][47] - Merchants must leverage multi-channel strategies to enhance both traffic efficiency and brand recognition throughout the product lifecycle [47][48]

Core Viewpoint - The article discusses a significant market opportunity in lower-tier cities, particularly for local businesses leveraging digital marketing through platforms like Douyin, highlighting the potential for growth and the challenges faced by local merchants in adapting to online operations [3][14]. Market Size and Untapped Local Demand - Douyin's monthly active users have reached 1 billion, with 54.7% of users from third-tier cities and below, indicating a vast market potential for local businesses [3][9]. - The average daily usage time on Douyin is over 1.55 hours, suggesting that users in lower-tier cities may spend even more time on the platform due to their relatively simple lifestyles [7][10]. - Lower-tier cities account for approximately 70% of the population, with county economies contributing to 38% of the national GDP, showcasing the economic significance of these markets [13]. Low Competition Intensity Among Local Businesses - Many local businesses in lower-tier cities rely on traditional operating methods and have not fully embraced online marketing, leading to a significant gap in online group-buying offerings [14][15]. - The competition in these markets is characterized by a lack of awareness and willingness among local merchants to adopt online strategies, creating a competitive advantage for those who do [16][17]. Unique "Micro-Innovation" Opportunities in Small Markets - Local businesses only need to master basic online operations to outperform the majority of their competitors, as the overall competition is still in its infancy [20][22]. - The penetration rate for local life services via group buying is only 38.4%, indicating substantial room for growth and the potential for new market entrants to thrive [22][23]. Strategies for Local Businesses - Local businesses can succeed by implementing three key strategies: 1. Setting up group-buying offers on Douyin with simple operational steps [21]. 2. Regularly posting engaging content related to their services to attract local customers [21]. 3. Building community engagement through social media to foster customer loyalty and repeat business [21].