曾计划冲刺"化妆刷第一股"的尚洋科技，拟告别新三板。9月22日，新京报贝壳财经记者获悉，中山尚 洋科技股份有限公司（以下简称"尚洋科技"）发布公告，为集中精力投入生产经营，提高经营效率，降 低运营成本等，公司拟向全国中小企业股份转让系统申请终止挂牌。 或"两进两出"新三板，上半年营收净利双降 官网信息显示，成立于2005年7月的尚洋科技，是一家以设计、生产、销售化妆工具为主营业务的企 业，同时开发环保彩妆包材、美容工具等周边产品。"公司已在国内美容美妆工具领域尤其是化妆刷细 分领域形成了较强的竞争优势"，尚洋科技称，其已与欧莱雅、丝芙兰等化妆品品牌和零售商建立了长 期、稳定的合作关系。 新京报贝壳财经记者梳理发现，2015年8月，尚洋科技首次在新三板挂牌并采取协议转让的方式公开转 让。2018年3月，由于"业务发展需要，集中精力服务于公司资本市场长期规划，同时为降低经营成 本"，尚洋科技终止在新三板挂牌。 没过多久，尚洋科技又开启了资本市场征程，并于2022年9月第二次在新三板挂牌，交易方式为集合竞 价交易。彼时的尚洋科技信心满满，在官网一篇名为"资本市场为尚洋成长提供强劲助力"的文章中，该 公司称"此次挂牌 ...

8月20日，该公司披露投资者调研纪要显示，2025年已有多家美妆消费相关企业启动了IPO进程，若羽 臣此前在资本市场已有一定基础，当前公司业务处于快速发展阶段，如自有品牌绽家、斐萃等增长迅 速，此时上市能够借助行业热度，获得资本"活水"，助力公司进一步扩张。本次港股上市融资计划用于 产品开发、品牌建设、全球化布局、数字化建设等，有利于进一步巩固公司优势，提升公司影响力等。 据弗若斯特沙利文数据，绽家在2022年至2024年间零售额复合增长率达72.6%；2025年上半年，绽家实 现营业收入4.44亿元，同比增长157.11%；斐萃是在12个月内最快突破5亿元零售额的美容类膳食补充剂 品牌；2025年8月单月全渠道GMV(商品交易总额)达1.59亿元。根据弗若斯特沙利文资料，按2025年8月 零售额计，斐萃在抖音平台的膳食补充剂品类旗舰店中位列榜首。 据申请资料，2025年上半年，绽家与斐萃自营渠道产生的GMV分别占抖音渠道整体GMV的超过六成及 八成。2024年，绽家在天猫、抖音、小红书等平台GMV均录得三位数增长；斐萃上市后12个月累计 GMV超过5.17亿元。 在申请资料中，若羽臣也提及了后续战略规划：公 ...

Core Viewpoint - Guangzhou Ruoyuchen Technology Co., Ltd. (hereinafter referred to as "Ruoyuchen") has submitted an application for overseas listing (H-shares) on the Hong Kong Stock Exchange, marking a strategic transition towards a technology-driven brand platform with a focus on consumer-centric brand creation and incubation [2][6] Group 1: Company Development and Strategy - Ruoyuchen has experienced rapid growth in revenue and net profit for three consecutive years, with the upcoming Hong Kong listing aimed at enhancing capital strength and international brand image [2][6] - The company has successfully transitioned from e-commerce operations to developing its own brands, with self-owned brand revenue reaching 603 million yuan in the first half of 2025, a significant year-on-year increase of 242.42% [3][4] - The strategic shift is driven by deep insights into changing consumer demands, moving from functionality to a focus on aesthetic perception, value recognition, and experiential context [3][4] Group 2: Brand Performance - Ruoyuchen has successfully launched two major self-owned brands: LYCOCELLE and FineNutri, with LYCOCELLE focusing on high-end scented home cleaning products and FineNutri specializing in oral beauty supplements [3][4] - LYCOCELLE achieved a revenue of 444 million yuan in the first half of 2025, reflecting a year-on-year growth of 157.11%, while FineNutri became the fastest beauty dietary supplement brand to surpass 500 million yuan in retail sales within 12 months [4] Group 3: Future Plans and Market Expansion - The company plans to leverage the advantages of the Hong Kong capital market to deepen its globalization strategy, focusing on expanding its self-owned brands into Southeast Asia and pursuing strategic acquisitions of high-potential overseas brands [6][7] - Future brand strategies will include building a multi-brand matrix centered on "quality," "self-appreciation," and "health," while embracing digital communication to integrate brands into consumers' daily lives [6][7]

Core Viewpoint - Ruoyuchen has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to leverage capital market advantages for global expansion and brand development [1][2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 1.319 billion yuan, a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.60% [1] - The self-owned brands, Zhanjia and Feicui, showed strong growth, with self-owned brand revenue reaching 603 million yuan, a year-on-year increase of 242.42%, accounting for 45.75% of total revenue [1] Brand Growth - Zhanjia's retail sales compound annual growth rate (CAGR) is projected at 72.6% from 2022 to 2024, with revenue of 444 million yuan in the first half of 2025, a year-on-year increase of 157.11% [1][2] - Feicui became the fastest beauty dietary supplement brand to surpass 500 million yuan in retail sales within 12 months, achieving a monthly GMV of 159 million yuan in August 2025 [1][2] Market Position - In the first half of 2025, Zhanjia and Feicui's self-operated channels accounted for over 60% and 80% of the overall GMV on Douyin, respectively [2] - Zhanjia recorded triple-digit growth in GMV across platforms like Tmall, Douyin, and Xiaohongshu in 2024 [2] Strategic Planning - The company plans to utilize the advantages of the Hong Kong capital market to deepen its global strategy, focusing on overseas expansion in Southeast Asia and pursuing strategic acquisitions of differentiated and high-potential overseas brands [2][3] - The funds raised from the Hong Kong listing will be allocated to product development, brand building, global expansion, and digital construction, enhancing the company's competitive edge and influence [3]

Core Insights - Jiangsu Zhongheng Pet Products Co., Ltd. is a leading player in the domestic pet consumer goods industry with over 30 years of experience, primarily exporting to over 70 countries and regions including Europe, America, Asia-Pacific, and the Middle East [1] - The company has transitioned from mainly OEM production to developing its own brands such as "Ferret," "M-PETS," and "Gardner Pet," which are now marketed internationally [1] - In recent years, Zhongheng has expanded into cross-border e-commerce, significantly increasing sales of its self-branded pet products on platforms like Chewy, Walmart, and Temu, with self-branded sales expected to account for 20%-30% of total sales this year, doubling from previous levels [1] Company Strategy - Zhongheng is actively building and promoting its own brands while increasing product development efforts and enhancing its cross-border e-commerce capabilities to boost global influence and market share [1] - The company has established a cross-border e-commerce platform and overseas warehouse in Belgium and invested in three factories in Cambodia, with plans for further expansion of its Cambodian facilities [1]

Group 1 - The core viewpoint of the news is that Dongfang Fund has conducted research on Kangguan Technology, revealing positive financial performance and growth in various product segments [1] - Kangguan Technology achieved operating revenue of 6.935 billion yuan in the first half of 2025, a year-on-year increase of 5.06%, and a net profit of 384 million yuan [1] - The company's cash flow from operating activities significantly improved, reaching 800 million yuan, primarily due to effective inventory management [1] Group 2 - Revenue from innovative display products was 899 million yuan, showing a year-on-year growth of 39.16%, with shipment volume increasing by 48.05% [1] - Revenue from smart interactive display products was 1.995 billion yuan, up 9.81%, while smart TV revenue reached 3.634 billion yuan with a gross margin of 11.88%, an increase of 2.61% year-on-year [1] - The proportion of foreign sales increased to 87.95%, with the KTC brand experiencing a 381% year-on-year sales growth during Amazon Prime Day, and the FPD brand's sales in Japan growing by 166% [1] Group 3 - The company announced an interim dividend of 3.60 yuan per 10 shares, which accounts for over 65% of its net profit [1]

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company's television ODM and smart interactive performance continue to show steady growth, with optimism regarding the growth potential from AI-enabled innovations and the expansion of its own brand overseas [5] - Revenue and profit forecasts for 2025-2027 are projected at 17.6 billion, 19.9 billion, and 22.0 billion yuan respectively, with year-on-year growth rates of +13%, +13%, and +11% [5] - The expected net profit attributable to the parent company for the same period is 1.0 billion, 1.2 billion, and 1.4 billion yuan, with year-on-year growth rates of +17%, +19%, and +17% [5] Revenue Analysis - In Q1, the company reported revenue of 3.142 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to the parent company of 215 million yuan, up 15.8% year-on-year [9] - The smart TV segment saw a revenue increase of 6% year-on-year, with volume and price changes of +31% and -19% respectively, attributed to a strategy of gaining market share through price adjustments [9] - The smart interactive segment experienced a 10% year-on-year revenue increase, driven by a recovery in demand, particularly in professional displays and gaming screens [9] - Innovative products achieved a remarkable 50% year-on-year revenue growth, with significant contributions from the company's own brands [9] Profitability Analysis - The gross margin for Q1 was 13.4%, reflecting a 0.4 percentage point increase year-on-year, primarily due to improved product mix and stable panel prices [9] - The net profit margin for Q1 improved by 0.3 percentage points year-on-year, with a notable decrease in various expense ratios, except for brand-building investments [9] - The company expects to maintain a positive trend in profitability, with net profit margins projected to improve gradually over the forecast period [10]