Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Viewpoints - The company is a leading global digital management firm for consumer brands, transitioning from e-commerce agency services to self-owned brand incubation, which is experiencing rapid growth [1][13]. - The dual-driven strategy of "agency services + self-owned brands" is leading to an increasing proportion of revenue from self-owned brands [1][15]. - The e-commerce agency industry has seen a compound annual growth rate (CAGR) of 64% from 2011 to 2018, but growth has slowed to a CAGR of 14% from 2018 to 2023, with the market size reaching 1.78 trillion yuan in 2023 [1][31]. - The company has successfully launched self-owned brands "LYCOCELLE" and "FineNutri," with significant sales growth expected in the coming years [2][15]. Summary by Sections Company Overview - The company started as an e-commerce agency in 2011 and has evolved into a digital management firm for consumer brands, focusing on brand positioning, store operations, integrated marketing, data mining, and supply chain management [13][14]. - The self-owned brand "LYCOCELLE" focuses on premium clothing care products, while "FineNutri" targets women's anti-aging needs with a focus on specific ingredients [2][13]. Business Analysis - The revenue distribution among agency services, brand management, and self-owned brands is shifting, with self-owned brands increasing from 13.22% in 2022 to an expected 28.37% in 2024 [15]. - The brand management market is projected to grow significantly, with the company transitioning from traditional agency services to brand management [1][31]. Financial Projections - Revenue is projected to grow from 1.37 billion yuan in 2023 to 4.50 billion yuan in 2027, with corresponding net profits increasing from 54 million yuan to 338 million yuan [2][4]. - The company expects a revenue growth rate of 52.3% in 2025, followed by 34.8% in 2026 and 24.1% in 2027 [2][4]. Market Position - The company ranks fifth among the top ten e-commerce operators in China, indicating a strong market position [1]. - The brand management market is expected to reach over 580 billion yuan by 2028, with a CAGR of 7.53% from 2023 to 2028 [1][31].

Group 1 - The core viewpoint of the article highlights the rapid growth and upcoming IPO plans of the brand "Zhanjia," which specializes in fragrance laundry detergents and has gained popularity through celebrity marketing and concept promotion [2][4] - The parent company, Ruoyuchen, is planning to list on the Hong Kong Stock Exchange to enhance its capital strength, competitiveness, and international brand image [2][4] Group 2 - Ruoyuchen, established in 2011, has evolved from a single e-commerce operation model to a leading third-party e-commerce service provider in China, expanding into various categories including beauty and health products [4][5] - The company experienced a compound annual growth rate (CAGR) of 50.49% in revenue from 2015 to 2019, but faced declining growth rates in revenue and net profit since 2016, prompting a shift towards brand management and self-owned brand incubation [4][5] Group 3 - In 2024, Ruoyuchen reported revenue of 1.766 billion yuan, a year-on-year increase of 29.26%, with net profit rising 94.58% to 106 million yuan [5] - The revenue contribution from the third-party operation business decreased to approximately 764 million yuan, accounting for 43.25% of total revenue, down from 68.98% in 2022 [5] - Conversely, the brand management business generated around 500 million yuan in revenue, a year-on-year increase of 212.24%, raising its contribution to 28.38% [5][6] Group 4 - The self-owned brand "Zhanjia" achieved revenue of 484 million yuan, increasing its share from 18.65% to 27.42% [6] - Zhanjia's strategic product, fragrance laundry detergent, quickly gained traction, achieving over 100 million yuan in sales within months of launch, and ranked first in Tmall's new brand sales during the "Double Eleven" shopping festival [8][10] Group 5 - Despite high sales, Zhanjia has faced criticism regarding product quality and effectiveness, with consumers expressing dissatisfaction over design flaws and fragrance longevity [9] - The company has emphasized its commitment to quality by partnering with top manufacturers and sourcing high-quality raw materials globally [9]

自有品牌算得上是盒马的金字招牌，为了巩固这一核心竞争力，盒马也是绞尽脑汁。5月31日，历经三 年打磨的盒马新零供2.0战略内容正式发布。北京商报记者了解到，2021年盒马将孵化100个新品牌。分 析指出，盒马孵化自有品牌的意义在于强化商品力，与同行业玩家形成产品差异化，为日后多渠道并行 铺路。 北京商报记者了解到，2021年盒马新品孵化中心将主要与KA品牌、网红品牌、餐饮品牌和老字号品牌 联手。侯毅表示，与KA品牌合作可以实现低成本快速研发，推出针对年轻消费者的独特产品;与网红品 牌合作，能助力网红产品快速增长。餐饮企业可让品牌符合餐饮行业标准化，可量产并成为爆款。老字 号品牌能在盒马实现快速增长。 不过，所有品牌都有"试用期"。侯毅指出，所有商品进来后都有培养期，期间要进行严格的优胜劣汰， 保证消费者得到所需要的商品。 在拉拢新的品牌商上，盒马可谓煞费苦心。5月31日，盒马正式宣布成立新品孵化中心——"盒马X加速 器"。所谓新品孵化中心，是指打通投融资、商品研发、供应链支持、营销推广等内外部资源，为有潜 力的新品牌、产品线和商品进行孵化和加速以及战略投资。 阿里巴巴集团副总裁、盒马事业群总裁侯毅透露，盒马在 ...