编号：2026-001 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 按机构名称首字母排序： | | 人员姓名 | 长江证券 顾熀乾、刘文一 | | | 华福证券 谢丽媛、贺虹萍 | | | 中泰证券 严瑾 | | | 中信证券 彭家乐 | | 时间 | 2026 年 3 月 2 日 | | 地点 | 乖宝宠物办公楼 5 楼会议室 | | 上市公司接待人 | 董事长：秦华； | | 员姓名 | 董事、总裁：杜士芳； | | | 董事会秘书：王鹏；证券事务代表：袁伟中、陈雪姣 | | | 1、公司所处行业线上竞争激烈，公司是否会根据行业的线上投放 | | | 策略而改变自身的营销策略？公司未来有什么样的自有品牌发展 | | | 展望？ | | | 答：公司不会过于关注行业内其他品牌的产品策略，公司将始终遵 | | | 循自身发展战略，坚持持续提升品牌价值与产品实力，着眼于长远， | | | 坚持以 ...

Investment Rating - The report indicates a positive investment rating for the home cleaning and health supplement sectors, highlighting strong growth potential in proprietary brands and market expansion opportunities [4][9]. Core Insights - The report emphasizes the rapid growth of proprietary brands in home cleaning and health supplements, with a focus on expanding brand matrices and capturing market share [4][9]. - The home cleaning market in China exceeds 150 billion yuan, with fabric care being the largest category, driven by rising quality demands and emotional consumption trends [16][21]. - The dietary supplement market is projected to grow significantly, driven by increasing health awareness, an aging population, and the penetration of Generation Z consumers [34][35]. Summary by Sections Company Overview - The company has transitioned from an operational agency to a leading player in high-end home cleaning and health supplement proprietary brands, with a focus on brand management and operational efficiency [4][5]. Business Structure - The business model consists of three main segments: operational agency, brand management, and proprietary brands, with a notable increase in the share of proprietary brands [7][9]. Financial Performance - Revenue from proprietary brands reached 5.01 billion yuan in 2024, accounting for 28.37% of total revenue, with a gross margin of 66.92% [8][10]. - The company has seen significant revenue growth in its proprietary brands, with notable increases in sales for brands like VitaOcean and NUIBAY [11][12]. Industry Trends - The home cleaning industry is experiencing a shift towards premiumization, with consumers willing to pay a premium for quality and fragrance [21][30]. - The dietary supplement market is rapidly evolving, with a focus on beauty-related supplements and innovative functional ingredients gaining traction [34][38]. Market Dynamics - The report highlights the increasing online penetration of sales channels, particularly through content-driven e-commerce platforms like Douyin [24][26]. - The competitive landscape shows stable market shares among leading brands, with opportunities for new entrants in high-end segments [28][32].

Core Viewpoint - The report from Daiwa indicates that Dongfang Zhenxuan has turned around its financial performance in the first half of fiscal year 2026, achieving an adjusted net profit of 257 million yuan, compared to a loss in the previous year [1] Group 1: Financial Performance - The company reported a strong gross margin of 36%, which is a key positive indicator [1] - The gross margin for its proprietary brands increased from 24% to 29%, primarily due to economies of scale and contributions from high-margin products in health, nutrition, and daily consumer goods [1] Group 2: Operational Outlook - Daiwa has shifted its outlook to a more positive stance, believing the company has overcome operational challenges [1] - The development of proprietary brands, structural reduction in operating costs, and the opening of non-Douyin channels provide significant options for revenue growth [1] Group 3: Earnings Forecast - Based on better-than-expected gross merchandise volume and gross margin performance, Daiwa has raised the company's earnings forecast for the next two years by 42% to 970 million yuan [1] - Considering the recovery in gross merchandise volume, Daiwa reaffirms its "outperform" rating and raises the 12-month target price from 13.5 HKD to 29 HKD [1]

东方甄选公布2026财年上半年业绩，其中经调整净利润为2.57亿元人民币，扭转去年亏损局面;而强劲 的36%毛利率表现成为关键喜讯，自有品牌毛利率从24%扩张至29%，主要得益于规模效应及健康、营 养和日用消费品等高利润产品的贡献。 大和表示，集团公布业绩后，对其看法转向更为积极，认为在营运上已度过难关，随着其自有品牌发展 良好、营运成本结构性降低，及非抖音渠道的开通，为业绩增长提供了重要选择，相信该股票的风险回 报状况已得到改善。 大和发布研报称，基于东方甄选(01797)胜预期的商品交易总额及毛利率表现，将集团今明两年盈利预 测上调42%至97%。考虑到商品交易总额的复苏，重申"跑赢大市"评级，并将新的12个月目标价从13.5 港元升为29港元，基于对今明两年平均每股盈利应用32倍市盈率(原为23倍)。 ...

业绩高增，自有品牌延续高势能 glmszqdatemark 事件：1 月 27 日公司发布 2025 年业绩预告，2025 年预计实现归母净利润 1.76 亿元-2.00 亿元，同增 67%-89%，扣非归母净利润 1.70-1.94 亿元，同增 60%-83%。其中 2025Q4 预计实现归母净利润 0.71-0.95 亿元，同增 49%-99%， 扣非归母净利润 0.68-0.92 亿元，同增 39%-87%。 自有品牌与品牌管理业绩释放，内部管理精益提效。根据公司公告，业绩增长的 主要原因如下：1）自有品牌收入高增：绽家在保持多款单品在细分领域的领先优 势基础上推出战略单品香氛洗衣液，上市后实现快速放量；斐萃在产品端、渠道 端持续发力，推动收入高增。2）品牌管理业绩高增：与多品牌深度合作，进一步 巩固公司在全链路、全渠道数字化服务领域的领先地位。3）内部管理：2025 年 公司持续推进精细化运营战略，降低运营成本，提升资源利用效率。此外，2026 年 1 月 1 日起公司与美斯蒂克正式达成长期战略合作伙伴关系，后续有望将以自 身在全渠道布局、全链路营销推广等方面的核心优势，全面赋能美斯蒂克在中国 市场的 ...

Core Viewpoint - The company, Liren Lizhuang (605136.SH), is expected to report a net loss for the year 2025, with projected losses ranging from 79 million to 63.2 million yuan for shareholders of the listed company [1] Financial Projections - The estimated net profit attributable to shareholders for 2025 is projected to be between -79 million yuan and -63.2 million yuan [1] - The projected net profit, excluding non-recurring gains and losses, is expected to be between -83 million yuan and -66.4 million yuan [1] Reasons for Loss - The anticipated losses are primarily due to the company's self-owned brand being in the product innovation and marketing promotion phase, leading to continuous investment in research and marketing without generating corresponding economic benefits [1] - The operational losses from self-owned brand stores are also contributing to the overall expected losses [1]

Core Insights - The retail industry in 2025 is experiencing significant changes, with emerging channels like Hema and Aldi growing rapidly while traditional retailers face ongoing challenges [1][3] Group 1: Emerging Channels - Hema's overall revenue growth exceeded 40% year-on-year in 2025, with the company entering 40 new cities and opening over 200 new stores [2] - Aldi has expanded its presence in China, opening over 80 stores since its initial launch in Shanghai in June 2019 [2] - The snack retail sector is also thriving, with Mingming Hen Mang achieving a revenue of 36.56 billion yuan, a year-on-year increase of 77.37% [2] Group 2: Traditional Retail Challenges - Traditional retailers like Zhongbai Group reported a revenue decline of 19.41% year-on-year, resulting in a loss of 325 million yuan in the first three quarters of 2025 [3] - Bain's report indicates a continued contraction in offline channels, with traditional hypermarkets and convenience stores losing market share in fast-moving consumer goods [3] - Despite the overall pressure, new channels such as warehouse membership stores, snack stores, and discount stores are expanding rapidly, with year-on-year growth rates of 40%, 51%, and 92% respectively [3] Group 3: Retail Transformation - Traditional retailers are attempting to reverse their fortunes through store and format adjustments, with Zhongbai Group closing 30 hypermarkets and incurring a closure loss of approximately 180 million yuan [3][6] - The shift towards fresh and ready-to-eat food offerings is evident, as traditional retailers adapt to consumer preferences for fresh products [7][8] - Retailers are increasingly focusing on private label products, with Yonghui Supermarket planning to develop 100 billion-level products over three years [9] Group 4: Consumer Preferences - Consumers are gravitating towards high-value and experiential retail formats, leading to a bifurcation in the market [7][9] - The success of membership stores like Sam's Club is attributed to their unique product selection and commitment to quality, although they face challenges in supply chain management [5][7] - The retail landscape is expected to evolve into a clear "M-shaped" differentiation, with one end focusing on efficiency and the other on experiential value [9]

Core Viewpoint - Ruo Yu Chen has been awarded the "Golden Bridge Award for Outstanding Brand Influence Enterprise," highlighting its significant achievements in brand building and industry influence, establishing its benchmark position in the high-quality development wave of the consumer goods industry [1][3]. Group 1: Brand Development - The award signifies Ruo Yu Chen's self-owned brand influence has reached the top tier of the industry, providing strong momentum for brand upgrades and market expansion [3]. - Ruo Yu Chen is a technology-driven, consumer-centric new consumer brand company focused on high-quality, differentiated products that meet unmet consumer needs in emotional value, functional value, scenario experience, and self-expression [3]. - The company has launched several self-owned brands since 2020, including the high-end fragrance home cleaning brand LYCOCELLE, the scientific anti-aging brand FineNutri, and NuiBay, showcasing its vibrant brand development [3]. Group 2: Product Innovation - LYCOCELLE has quickly entered the market by identifying gaps in the high-end home cleaning market, leveraging natural plant-based formulas and exceptional product experiences to lead the trend of fragrance in home cleaning [3]. - The brand has developed a product matrix that includes laundry liquids, fragrance laundry beads, floor cleaners, and more, consistently ranking in the top three of various home cleaning category lists [3]. - LYCOCELLE has innovatively introduced a laundry bead with a 30% high-concentration fragrance oil formula, making each bead comparable to a piece of art [4]. Group 3: Brand Narrative - LYCOCELLE collaborates with beloved IPs like Audrey Hepburn and Hello Kitty to deepen its fragrance narrative, enhancing brand storytelling [6]. Group 4: Market Performance - The scientific anti-aging dietary supplement brand FineNutri is a significant expansion into the health sector, focusing on different causes of aging and user needs across various age groups [8]. - FineNutri achieved rapid market performance, with retail sales exceeding 500 million yuan within 12 months of launch, setting a record for growth in the oral anti-aging brand category [9]. Group 5: Future Outlook - The award is a testament to Ruo Yu Chen's self-owned brand strength and marks a new starting point for continuous innovation and development [11]. - The company aims to leverage this recognition to further enhance the quality of its self-owned brands and improve product research and brand operation capabilities, writing a new chapter in high-quality brand influence development [11].

Core Viewpoint - The competition for exclusive agency rights between Ruoyuchen and Shuiyang Co. regarding the Spanish medical beauty brand Mestique's oral beauty product line in China has emerged, with both companies claiming to hold exclusive rights [1][2][3]. Summary by Sections Agency Rights Dispute - Ruoyuchen claims to be the exclusive general agent for Mestique's core oral beauty product line in China, responsible for brand promotion and sales [2][3]. - Shuiyang Co. asserts that it has a valid exclusive distribution agreement with Mestique, managing all official online channels in China [2][3]. Financial Performance and Market Position - Ruoyuchen's financial performance has shown volatility since its IPO, with 2021 revenue at 1.288 billion yuan, a 13.44% increase, but a net profit decline of 67.02% [4]. - In contrast, Ruoyuchen's revenue growth has improved significantly in 2023, with increases of 12.25%, 29.26%, and 85.3% in the first three quarters of 2023, 2024, and 2025 respectively [5]. Strategic Importance of Mestique - Both companies recognize the importance of securing the agency rights for Mestique's products, which have a market size in the millions, to enhance their growth prospects [1][4]. - Mestique's oral beauty products, particularly the Brightening Drink, have gained significant market traction, with Shuiyang Co. reporting a 50% increase in GMV due to effective marketing strategies [6]. Industry Trends - The beauty industry is witnessing a shift towards self-owned brands among beauty operators, with Ruoyuchen focusing on enhancing its brand management capabilities and expanding its product portfolio [5][6]. - Experts suggest that developing strong self-owned brands may be a more sustainable growth path for beauty operators, as seen in Ruoyuchen's recent performance [6].

Summary of Conference Call Records Industry Overview - The agricultural sector has shown a slight increase above the CSI 300 index from the beginning of the year to mid-November 2025, ranking 13th among 31 primary industries in the Shenwan classification, an improvement from 2024 [2][20] - The performance of sub-industries is mixed, with animal health and agricultural product processing performing well, while breeding, feed, and planting lag behind [1][3] Key Investment Focus for 2026 - The primary investment focus remains on the pig farming and pet food sectors. The pig farming sector's opportunities arise from changes in production capacity affecting pig price expectations, while the pet food sector benefits from growing market demand and increased market share [1][5] - The expected average price for pigs in 2026 is projected to decline to 13.5 yuan per kilogram due to increased supply pressure and potential fluctuations in prices during January and February [1][7][10] Sub-Industry Performance Pig Farming Sector - The pig farming sector experienced a low-level rebound followed by a plateau in 2025, with an overall index increase of approximately 14.4%. Most listed pig companies turned profitable from Q2 2024 and maintained profitability in Q3 2025, although some may incur losses in Q4 [6] - The market share of listed pig companies reached 26.8%, an increase of 5.6 percentage points year-on-year [6] - The forecast for 2026 indicates an annual pig output increase, with the breeding sow capacity expected to decrease by 430,000 heads [6][7] Pet Food Sector - The pet food sector is experiencing a transition towards emotional and anthropomorphic pet ownership, with the market size in China reaching 300 billion yuan, where pet food accounts for 53% [3][11][13] - The growth of domestic mid-to-high-end brands is outpacing that of imported brands, driven by rational consumption [3][13] - The online sales channel for pet food has grown significantly, with projections indicating it will reach 72% market share by 2026 [15] Market Dynamics and Trends - The pet food market is characterized by low concentration, with the top five companies holding only 25.4% market share, indicating significant room for growth for domestic brands [14] - The online sales of domestic brands have increased, with brands like Mai Fu Di showing substantial growth in market share [17] - The export growth of pet food remains a critical performance driver, despite challenges from tariffs [8][11][12] Future Outlook - The agricultural sector is expected to enter a plateau phase after a period of low-level fluctuations, with valuations still at historical lows [20] - The pig farming sector will focus on balancing risks and opportunities, while the pet food sector will need to wait for performance growth to capture new investment opportunities [20]