#Foo By 新品牌? 品质不如大牌吧? 下 原本 同 理到大的提 目家品牌 超多9.99元的品质好物 好品质吃一口就知道 沃尔玛就是好逛 图 g 9 84 12 >> Walmart 44 《 《 》 《 《 》 《 》》》 《 《 》 《 》》 每月上新超100款, 熟悉的货架每次都有新惊喜 PAGE N ST BE THE 彩 24.99 预计阅读时长 8 mins 从几十款到近千款：「沃集鲜」狂飙，沃尔玛超 市的绝地反击 欢迎来到今天的咖啡豆回复时间。我们的听众「番茄超人蕊」提到，Ta 最近在沃尔玛购物时发现不少「山姆 同款」产品，比如瑞士卷、黑松露饼干等，而且这些产品都来自沃尔玛的自有品牌沃集鲜。其实最近这段时间 不仅有「番茄超人蕊」，我们也看到了听友「小申同学」和「兆青」都给我们投稿提出了和沃集鲜相关的问 题，除了对这个自有品牌的发展好奇之外，大家也会想知道既然都是同属于一家企业，为什么旗下的不同自有 品牌商品会越来越相似，难道不会左右互搏吗？ 那我们就先来回答听友的第一问题， 沃集鲜到底是一个怎样的品牌？ 根据公开资料，沃集鲜是沃尔玛中国在 2019 年推出的自有品牌。在沃尔玛的品牌架构中，沃 ...

Industry Overview - The health and nutrition food industry in China is experiencing significant growth, with retail sales increasing from RMB 297.9 billion in 2020 to an expected RMB 405.7 billion in 2024, representing a compound annual growth rate (CAGR) of 8.0%. By 2029, the market is projected to reach RMB 645.2 billion, with a CAGR of 9.7% [1]. Company Profile - Xizi Health, established in 2013, is a leading player in the sports nutrition food sector in China, focusing on the research, production, and sales of sports nutrition products. The company operates four major brands: FoYes, fiboo, Guben Diary, and HotRule, covering various product categories such as whey protein powder, creatine, functional gummies, and energy supplements [2][3]. Marketing Strategy - Xizi Health employs a data-driven marketing strategy, utilizing online traffic operations and customized strategies for different brands and sales channels. The company has built an efficient multi-channel sales network centered on direct-to-consumer (DTC) sales, which has allowed it to effectively reach consumers [3]. Financial Performance - The company's revenue has shown substantial growth, with figures of RMB 1.447 billion in 2023, RMB 1.692 billion in 2024 (up 16.9% year-on-year), and RMB 1.609 billion in the first nine months of 2025 (up 23.0% year-on-year). The net profit also increased, reaching RMB 94 million in 2023, RMB 149 million in 2024, and RMB 118 million in the first nine months of 2025, with growth rates of 58.5% and 1.9% respectively [4]. Cost Structure - Despite high revenue growth, Xizi Health faces challenges related to rising marketing expenses, which increased from RMB 473 million in 2023 to RMB 756 million in the first nine months of 2025. The sales expense ratio rose from 32.7% in 2023 to 47% in the first nine months of 2025, impacting profit margins [5]. Cash Flow and Operational Efficiency - The company's operating cash flow has declined from RMB 270 million in 2023 to RMB 66 million in the first nine months of 2025, indicating that high growth has come at the cost of significant working capital usage [6]. Strategic Transition - Xizi Health has successfully transitioned from third-party brand operations to a self-owned brand model, with self-owned brand revenue increasing from RMB 614 million in 2023 to RMB 1.498 billion in 2024, a growth of 144.0%. By the first nine months of 2025, this revenue further increased to RMB 1.567 billion, up 38.7% year-on-year [7]. Revenue Concentration - The company's revenue is highly concentrated in online channels, with online sales accounting for approximately 99.4% in 2023, 99.0% in 2024, and 98.9% in the first nine months of 2025. Notably, Douyin (TikTok) is a critical revenue source, contributing 45.5% to 62.8% of total sales during the same periods [8].

Core Viewpoint - The stock price of Ruoyuchen (003010.SZ) has surged significantly, reaching a historical high of 47.36 CNY per share, which is 12.60 times its low of 3.76 CNY at the beginning of 2024, reflecting a cumulative increase of 245.35% as of October 9, 2025. This rise is supported by strong performance in sales and net profit growth, but it also raises concerns about the company's reliance on a few e-commerce platforms and imbalanced marketing and R&D expenditures [1][2][15]. Financial Performance - In 2024, Ruoyuchen achieved sales revenue of 1.766 billion CNY, a year-on-year increase of 29.28%. For the first half of 2025, sales revenue reached 1.319 billion CNY, marking a 67.55% year-on-year growth [1][4]. - The company has experienced a compound annual growth rate (CAGR) of 76.8% in net profit from 2022 to 2024, with a year-on-year increase of 85.60% in the first half of 2025 [1][9]. Brand Development - Ruoyuchen has transitioned from providing e-commerce services to developing its own brands, with significant contributions from its brands "Zhanjia" and "Feicui." The self-owned brand revenue has grown from 13.2% in 2022 to 45.8% in the first half of 2025 [5][6][7]. - The brand "Zhanjia" has achieved cumulative retail sales of 1.6 billion CNY from 2022 to the first half of 2025, with a remarkable year-on-year growth of 175.9% in the first half of 2025 [7][9]. Marketing and R&D Expenditure - The marketing expenditure in the first half of 2025 was over 30 times the R&D expenditure, raising concerns about the sustainability of this spending model. Marketing costs reached 5.99 billion CNY, with a significant portion directed towards online platforms like Douyin [2][11][12]. - R&D spending has remained relatively stable, but its proportion compared to marketing expenses has decreased significantly, indicating a potential risk in innovation and product development [12][13]. Shareholder Actions - The second-largest shareholder, Langzi Co., has been reducing its stake in Ruoyuchen, cashing out over 400 million CNY since the stock price increase began. This reduction in shareholding raises questions about the confidence of institutional investors in the company's future [3][18][20]. - The actual controllers of Ruoyuchen, Wang Yu and Wang Wenhui, have seen their salaries increase by over 50% in the past three years, reflecting the company's financial growth but also potentially raising concerns about executive compensation relative to company performance [16][19]. International Market Presence - As of the first half of 2025, 32.6% of Ruoyuchen's revenue came from overseas markets, indicating a growing international presence and diversification of revenue sources [10][15].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry [2][3]. Core Insights - The report highlights that the operating service providers in the industry are facing challenges due to the decline of online growth benefits since 2022. However, leading companies like Ruoyuchen, Qingmu Technology, and Yiwan Yichuang have made progress in developing their own brands and integrating AI technology, which may present new growth opportunities [4][38]. - The report identifies two main transformation directions for operating service providers: 1) Developing proprietary brands by leveraging online operational capabilities to enter the upstream brand side, and 2) Upgrading through AI empowerment to enhance service capabilities and develop new business units [4][38]. Summary by Sections Industry Overview - The operating service provider industry has seen rapid growth from 2016 to 2022 due to the onlineization of brands. However, after reaching a peak in 2020, the industry has faced a downturn as online growth benefits have weakened and some brands have regained operational control [6][9]. Transformation Strategies - The report outlines two main strategies for transformation: 1) Continuing to enhance service capabilities while integrating new technologies like AI to create new service points. 2) Transitioning towards brand development, which requires new capabilities in product development, supply chain management, and marketing [9][38]. Focus Companies - **Ruoyuchen**: The company has successfully developed its own brands in the high-end home cleaning and health product sectors, with significant revenue growth. In 2024, its proprietary brand revenue reached 501 million yuan, a year-on-year increase of 90.28% [17][39]. - **Qingmu Technology**: The company has entered the women's intimate care and functional beverage markets through external brand acquisitions, achieving a 126.51% year-on-year increase in brand incubation and management business in 2024 [24][39]. - **Yiwan Yichuang**: The company is transitioning to an AI e-commerce service model, leveraging its extensive brand operation experience and partnerships with major e-commerce platforms to enhance its service offerings [5][39]. AI Integration - The report emphasizes the importance of AI technology in the e-commerce sector, highlighting its potential to optimize supply chain operations, content marketing, and customer service management. Companies like Yiwan Yichuang and Qingmu Technology are actively integrating AI tools to enhance operational efficiency and customer engagement [29][33][34].

Core Viewpoint - The article highlights the remarkable transformation and growth of "Ruoyuchen," a previously lesser-known A-share company, which has seen its stock price surge from 6.4 yuan to a recent high of 47.3 yuan, marking an increase of approximately 639% over the past year. The company's market capitalization has also risen significantly, surpassing 133 billion yuan [3][4]. Company Overview - Ruoyuchen, based in Guangzhou, transitioned from a low-profit e-commerce agency to a leading player in the industry. It was listed on the New Third Board in 2015 and later on the Shenzhen Stock Exchange in 2020, becoming the first A-share e-commerce agency [3][6]. - The founder, Wang Yu, started his entrepreneurial journey during his university years and has successfully developed self-owned brands such as "Zhanjia" and "Feicui," shifting the company's focus from merely selling others' products to creating its own brands [3][11]. Financial Performance - The company's revenue is projected to grow from 12.17 billion yuan in 2022 to 17.66 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.5%. Net profit is expected to rise from 33.8 million yuan in 2022 to 106 million yuan in 2024, with a CAGR of 76.8% [6][9]. - In the first half of 2025, Ruoyuchen achieved revenue of 13.19 billion yuan, a 67.6% increase from the same period last year, and net profit reached 72.26 million yuan, up 85.6% year-on-year [6][9]. Business Structure Changes - The revenue from self-owned brands accounted for 45.75% of total revenue in the first half of 2025, surpassing the revenue from agency operations for the first time. This shift indicates a significant change in the company's business model [6][7]. - The self-owned brand "Zhanjia" contributed 4.44 billion yuan, representing 33.7% of total revenue, while the oral beauty brand "Feicui" generated 1.6 billion yuan, accounting for 12.1% [7]. Marketing and Sales Strategy - The company has significantly increased its marketing expenses, with sales costs rising by 124% year-on-year to 5.99 billion yuan in the first half of 2025. This indicates a heavy reliance on marketing investments to drive growth [8][12]. - Ruoyuchen collaborates with multiple OEM suppliers to support its production needs, increasing from 5 suppliers in 2022 to 26 in 2024 [8][12]. Market Position and Future Outlook - Ruoyuchen is currently the only listed e-commerce agency in China that has achieved both revenue and net profit growth among its peers [9]. - The company plans to pursue an IPO on the Hong Kong Stock Exchange to enhance its capital strength and international brand image, with a focus on expanding its self-owned brands into Southeast Asia [21][20]. Industry Context - The Chinese e-commerce solutions market is projected to grow from 1.3 trillion yuan in 2024 to 2.2 trillion yuan by 2029, with a CAGR of 11.7%. The health and wellness sector is expected to grow even faster, with a CAGR of 24.3% during the same period [20].

Core Viewpoint - Anxu Bio has demonstrated resilience in the IVD industry by achieving a 24% increase in net profit excluding non-recurring items and a staggering 1420.52% increase in operating cash flow, despite the overall industry downturn in the first half of 2025 [1][2][3] Financial Performance - Initial impressions from Anxu Bio's half-year report show a revenue decline of 7.42% and a net profit drop of 48.57%, which can be misleading [2] - The decline in net profit is attributed to macroeconomic factors such as currency fluctuations and reduced government subsidies, rather than poor business performance [2] - The company's net profit excluding non-recurring items reached 23.5862 million yuan, reflecting a year-on-year increase of 24.85%, indicating strong core business performance [2] Cash Flow and Operational Efficiency - Anxu Bio reported a net operating cash flow of 3.52 million yuan, which is 15 times that of the same period last year, highlighting its ability to convert profits into cash effectively [3] - The increase in cash flow is due to improved accounts receivable turnover and better inventory management, showcasing the company's operational efficiency [3] R&D Investment and Certifications - Anxu Bio invested 20.64% of its revenue in R&D, significantly higher than the industry average of around 15%, focusing on long-term barriers rather than short-term products [4] - The company has obtained a total of 1,728 product certifications, with 148 new certifications in the first half of 2025, including 133 international certifications, establishing a strong competitive edge [4] Global Market Position - Anxu Bio's revenue is 90% derived from overseas markets, allowing it to avoid the price pressures associated with domestic centralized procurement [6] - The stability of orders from clients in Europe, Southeast Asia, and the established certification barriers contribute to the company's secure revenue base [6] Domestic Market Expansion - The company is accelerating its domestic market strategy, launching significant products such as the "Respiratory Virus Antigen Detection Pen" and "Chest Pain Triad Pen," targeting urgent clinical needs [7] - Anxu Bio is transitioning from an OEM to a self-branded model, with a current gross margin of 39%, which is expected to increase as its brand penetrates the market [7] New Business Opportunities - Anxu Bio is exploring new growth avenues in pet diagnostics and chronic disease management, with the global veterinary IVD market growing at 10.5% annually [8] - The introduction of the GluMate app for chronic disease management aims to create a closed-loop service model, integrating testing, data, and healthcare services [8][9] Strategic Outlook - Anxu Bio's strategy combines defensive measures, such as high overseas revenue and extensive certifications, with offensive initiatives in domestic markets and new business segments [10] - The company's shift from a product-centric to an ecosystem-oriented business model is expected to enhance its valuation and open new growth opportunities [10]

Group 1 - The company has successfully transitioned from a brand operation model to a brand owner model, achieving significant growth in its proprietary brand business since 2024 [1] - The proprietary brand revenue reached 501 million yuan in 2024, a year-on-year increase of 90.28%, and 603 million yuan in the first half of 2025, a year-on-year increase of 242.42%, accounting for 45.75% of total revenue [1] - The company has established a proprietary brand matrix centered around home cleaning brand "Zhanjia" and health brand "Feicui & VitaOcean" [1] Group 2 - The home cleaning market in China is experiencing steady growth, with new channels and demands creating opportunities, particularly in the mid-to-high-end segment [2] - The "Zhanjia" brand, launched in September 2020, focuses on "emotional fragrance" and has seen significant sales growth, with revenue of 484 million yuan in 2024, a year-on-year increase of 90.09% [2] - The gross margin for "Zhanjia" was 66.92% in 2024, and 66.50% in the first half of 2025 [2] Group 3 - The health supplement industry in China has considerable growth potential, driven by trends such as cross-border opportunities and the rise of e-commerce as a primary purchasing channel [3] - The "Feicui" brand, launched in September 2024, targets high-end female anti-aging products and achieved revenue of 12 million yuan in 2024 and 160 million yuan in the first half of 2025, with a gross margin of 86.81% [3] - The company has also launched a new brand "VitaOcean" focusing on high-purity ruby oil capsules and became the general agent for ruby oil raw materials in Greater China [3] Group 4 - Revenue projections for the company are estimated at 3 billion yuan in 2025, 4.2 billion yuan in 2026, and 5.4 billion yuan in 2027, with year-on-year growth rates of 70%, 40%, and 30% respectively [4] - The net profit attributable to the parent company is projected to be 177 million yuan in 2025, 250 million yuan in 2026, and 328 million yuan in 2027, with growth rates of 67%, 42%, and 31% respectively [4] - The company is expected to have a compound annual growth rate (CAGR) of 36% for net profit from 2025 to 2027, outperforming comparable companies in the A-share personal care and beauty sector [4]