Core Insights - The Chinese consumer market is transitioning towards high-quality development driven by quality upgrades and consumption segmentation by 2025, with listed companies' competitiveness being a focal point [1] - Ruoyuchen has been recognized in the "Outstanding Competitive Listed Companies in Consumer Sector" list due to its product innovation, brand building, and market competitiveness in the new consumption field [1][3] Company Strategy and Performance - Ruoyuchen has maintained a consumer-centric core value and leveraged technology to build competitive barriers, utilizing big data and artificial intelligence to meet diverse consumer needs [3] - The company has developed a proprietary brand matrix since 2020, launching high-end fragrance cleaning brand Zhanjia, scientific anti-aging brand Feicui, and mass dietary supplement brand Niuyibei, addressing various consumer pain points [3][6] Product Highlights - Feicui has established a core advantage in the scientific anti-aging sector by collaborating with top research institutions, achieving the "No. 1 in online sales of oral ergothioneine" in 2025, and ranking among the top 10 health brands on Tmall International [5] - Zhanjia has differentiated itself in the fragrance cleaning market with its innovative positioning, achieving over 80% year-on-year growth in GMV during the 2025 Double Eleven shopping festival, ranking second in Tmall's cleaning agents category [6] - Niuyibei has entered the market with a focus on high cost-effectiveness and precise efficacy, achieving top rankings in multiple categories during its debut on Tmall International [8] Future Outlook - The recognition as an "Outstanding Competitive Listed Company in Consumer Sector" reflects Ruoyuchen's brand value and market competitiveness, emphasizing the strategic significance of its proprietary brand matrix [8] - The company plans to continue enhancing technology-driven and brand innovation efforts, solidifying its proprietary brand matrix to contribute to high-quality development in the consumer sector [8]

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Investment Rating - The investment rating for the company is "Buy" [2][12]. Core Insights - The company has successfully transitioned from a brand operation model to a brand owner model, achieving significant growth in performance since 2024. The self-owned brand business has shown rapid growth, with revenues reaching 5.01 billion yuan in 2024, a year-on-year increase of 90.28%, and 6.03 billion yuan in the first half of 2025, a year-on-year increase of 242.42% [4][11][19]. Summary by Sections Company Overview - Founded in 2011, the company initially focused on brand operation. In late 2020, it launched its own home cleaning brand, Zhanjia, marking its transition to a brand owner. By July 2025, it had established a brand matrix centered around Zhanjia for home cleaning and Feicui & VitaOcean for health products [11][12]. Business Performance - The self-owned brand revenue accounted for 45.75% of total revenue in the first half of 2025, with Zhanjia generating 4.44 billion yuan (up 157.11% year-on-year) and Feicui generating 1.60 billion yuan [4][11][19]. The company expects revenues of 30 billion yuan, 42 billion yuan, and 54 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 70%, 40%, and 30% [12]. Zhanjia Brand - Zhanjia focuses on the home cleaning market, emphasizing "emotional fragrance" to create a mid-to-high-end brand. The brand launched its strategic flagship product, the Four Seasons Fragrance Laundry Liquid, in March 2024, which significantly boosted sales [11][44]. In 2024, Zhanjia's revenue reached 4.84 billion yuan, with a gross margin of 66.92% [4][11]. Feicui Brand - Feicui targets high-end female anti-aging products and has seen rapid growth since its launch in September 2024. The brand achieved 1.20 million yuan in revenue in 2024 and 1.6 billion yuan in the first half of 2025, with a gross margin of 86.81% [4][11][19]. The company has also launched VitaOcean, focusing on ruby oil, and aims to maximize the value of this ingredient through its brand matrix [11][12]. Market Trends - The home cleaning market in China is steadily growing, with e-commerce platforms being the primary source of information for consumers. The demand for home cleaning products is shifting from basic cleaning capabilities to longer-lasting fragrances and emotional value [29][36]. The health supplement industry also shows significant growth potential, particularly in areas like gut health and beauty [11][19]. Financial Projections - The company forecasts a compound annual growth rate (CAGR) of 36% for net profit from 2025 to 2027, which is higher than comparable companies in the A-share personal care sector. The target market capitalization is set at 154 billion yuan [12][19].