Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 2.14 billion yuan in the first three quarters of 2025, representing an 85% year-on-year increase, with a net profit of 105 million yuan, up 82% year-on-year [8] - The self-owned brand revenue in Q3 2025 grew by 345% year-on-year, contributing 4.5 billion yuan, which accounted for 55% of total revenue [8] - The report highlights the strong growth of the company's self-owned brands, particularly "Zhanjia" and "Feicui," which have shown significant market traction [8] Financial Projections - Total revenue projections for 2025 are set at 3.22 billion yuan, with a year-on-year growth of 82.52% [1] - The net profit forecast for 2025 is 178 million yuan, reflecting a 68.62% increase compared to the previous year [1] - The report anticipates a continuous increase in earnings per share (EPS), projected to reach 0.57 yuan in 2025 [1] Revenue Breakdown - In Q3 2025, the revenue from self-owned brands was 4.5 billion yuan, with "Zhanjia" contributing 2.3 billion yuan and "Feicui" 2.03 billion yuan [8] - The report notes that the self-owned brand segment has significantly improved the company's gross margin, which reached 61% in Q3 2025, up 12 percentage points year-on-year [8] Market Position - The company is positioned as a leading digital brand management firm in China, with a focus on home cleaning and health products [8] - The successful launch of new products, such as the "Liquid Marseille Soap" by "Zhanjia," has contributed to its market leadership [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a 73% year-on-year growth in net profit attributable to shareholders for Q3 2025, driven by strong performance in its proprietary brands [5][7] - The company achieved a revenue of 2.14 billion yuan in the first three quarters of 2025, representing an 85% year-on-year increase [7] - The proprietary brand business contributed significantly to revenue, accounting for 55.1% of total revenue in Q3 2025 [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 1,366 million yuan - 2024: 1,766 million yuan (12.25% growth) - 2025E: 3,159 million yuan (78.89% growth) - 2026E: 4,146 million yuan (31.27% growth) - 2027E: 5,005 million yuan (20.71% growth) [6] - Net profit attributable to shareholders is projected to grow from 54 million yuan in 2023 to 350 million yuan in 2027, with growth rates of 60.83%, 94.58%, 70.93%, 42.90%, and 35.61% respectively [6] - The company's gross margin improved by 12.0 percentage points to 58.5% in the first three quarters of 2025 [7] Brand Performance - The proprietary brand "Zhanjia" generated 227 million yuan in revenue in Q3 2025, marking a 118.9% year-on-year increase [7] - The brand "Feicui" achieved revenue of 203 million yuan in Q3 2025, with a sequential growth of over 98.8% [7] - The newly launched brand "Niuyibei" contributed 12.13 million yuan in revenue by September 2025, with significant growth in GMV [7] Brand Management - The brand management business generated 539 million yuan in revenue in the first three quarters of 2025, a 71.1% year-on-year increase [7] - The company focuses on the health and personal care sectors, enhancing its brand management ecosystem and operational capabilities [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown impressive performance in H1 2025, with total revenue reaching 1.319 billion yuan, a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.6% year-on-year [7] - The self-owned brand business has experienced strong growth, contributing significantly to the company's revenue, with a 242.42% year-on-year increase, solidifying its leading position in the industry [7] - The company is expected to achieve revenues of 2.683 billion yuan in 2025, with a year-on-year growth rate of 51.94%, and a net profit of 170 million yuan, reflecting a growth rate of 61.38% [6][7] Summary by Sections Market Performance - Closing price as of August 20, 2025, is 59.43 yuan, with a market capitalization of 12,995.57 million yuan and a circulating market value of 9,409.18 million yuan [3] Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 1.366 billion yuan (2023), 1.766 billion yuan (2024), 2.683 billion yuan (2025E), 3.458 billion yuan (2026E), and 4.119 billion yuan (2027E) [6] - The expected net profit for the same period is: 54 million yuan (2023), 106 million yuan (2024), 170 million yuan (2025E), 224 million yuan (2026E), and 295 million yuan (2027E) [6] - The company’s P/E ratios are projected to be 239.37 (2023), 123.02 (2024), 76.23 (2025E), 57.91 (2026E), and 44.10 (2027E) [6] Business Performance - The self-owned brand business generated 603 million yuan in revenue in H1 2025, accounting for 45.75% of total revenue, with significant contributions from brands like Zhanjia and Feicui [7] - The overall gross margin improved to 56.9%, with a year-on-year increase of 11.4 percentage points, driven by the higher proportion of high-margin self-owned brand business [7] - The company’s brand management business also saw revenue growth of 52.53% in H1 2025, reaching 335 million yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 5.01 billion yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 5.01 billion yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands [4] Financial Projections - Total revenue is projected to grow from 1.37 billion yuan in 2023 to 4.76 billion yuan in 2027, with a compound annual growth rate (CAGR) of 31.04% [1] - Net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]