Core Viewpoint - Shanghai Shengshi Guoyun Brand Management Co., Ltd. has been established with a registered capital of 500,000 RMB, indicating a new player in the brand management and marketing sector [1] Company Summary - The legal representative of the company is Yin Ming [1] - The company’s registered capital is 500,000 RMB [1] - The business scope includes brand management, marketing planning, corporate management consulting, conference and exhibition services, advertising design and agency, advertising publishing, tea cultivation, coffee bean cultivation, tea utensils sales, daily necessities sales, agricultural and sideline products sales, supply chain management services, and internet sales (excluding goods requiring permits) [1] - The company is also permitted to engage in the sale of pre-packaged food and alcoholic beverages, subject to relevant approvals [1]

Company Overview - Sichuan Yuzhe Xiaowu Brand Management Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Guan Ping [1] Business Scope - The company operates in various sectors including brand management, research and development of biochemical products, and technology services [1] - It is involved in wholesale and retail of cosmetics, daily chemical products, personal hygiene products, and disposable medical supplies [1] - The company also provides services such as marketing planning, cultural and artistic exchange activities, and information consulting [1] - Additional services include advertising design, production, and digital content production [1]

Summary of the Conference Call for Ruoyuchen Company Overview - **Company**: Ruoyuchen - **Industry**: E-commerce and Brand Management Key Points Business Growth and Revenue - Ruoyuchen's self-owned brand business has seen rapid growth, with revenue contribution nearing 46% in the first half of 2025, doubling from the previous year, making it the main driver of company growth [2][3] - Overall revenue for the company grew by 29% year-on-year in 2024, significantly outpacing the average double-digit growth in the agency operation industry [2][3] Profitability and Margins - The gross margin for self-owned brands is significantly higher than that of agency operations and brand management, with brands like Feicui and Zhanjia achieving gross margins of 86.8% and 66.9% respectively [2][4] - The overall gross margin of the company has improved notably since 2024 due to the growth of self-owned brands [5] Market Strategy and Product Development - Ruoyuchen has successfully created popular products by accurately selecting market segments, product positioning, and marketing strategies, particularly in emerging content e-commerce channels [6] - The company is expected to maintain rapid growth, especially in the self-owned brand segment, with a projected revenue doubling in 2025 and a compound annual growth rate (CAGR) of 40%-60% over the next two years [7] Operational Model - The company employs a light asset operation model, outsourcing production while focusing R&D on application rather than innovation, leading to lower sales expense ratios compared to industry averages [8] - Self-owned brand revenue saw a year-on-year increase of 240% in the first half of 2025, contributing to 46% of total revenue [8] Brand Performance - The new brand Feicui, still in its incubation phase, saw a significant increase in sales expense ratio to 45.4% in the first half of 2025, but maintained a stable gross margin [9] - Feicui's sales during the 618 shopping festival showed over 2000% growth compared to the previous Double 11 event, indicating strong market acceptance [19] Future Outlook - The company anticipates continued rapid growth, particularly in self-owned brands, with expected net profits of 170 million, 246 million, and 329 million from 2025 to 2027, respectively [21] - Risks include potential underperformance in brand promotion and macroeconomic factors affecting consumer confidence [21] Competitive Advantages - Ruoyuchen has developed core competencies in multi-channel operations, quality supply chain resources, and precise consumer insights through servicing over 100 international brands [11] - The company’s strategy focuses on creating differentiated products that meet the emotional and functional needs of new consumer demographics [15] Product Categories and Trends - The company has a clear product development path, with significant growth expected in categories like scented laundry liquids, which saw a GMV growth of 1165% in 2024 [18] - New product launches, such as the Vita Ocean brand targeting high-end fish oil markets, are expected to enhance revenue streams [20] Conclusion - Ruoyuchen is positioned for strong growth in the e-commerce and brand management sector, leveraging its operational model, market strategies, and product innovation to capture emerging consumer trends and demands [21]

Core Viewpoint - The signing of the first intellectual property enforcement insurance policy in Xi'an marks a significant step in protecting local businesses from infringement risks, enhancing their confidence in innovation and investment [1][2]. Group 1: Intellectual Property Insurance - Xi'an's first intellectual property enforcement insurance policy was signed between China People's Property Insurance Co., Ltd. and Shaanxi Tangchao Brand Management Co., Ltd. [1] - The policy was tailored to address the specific infringement risks faced by Shaanxi Tangchao in patent protection and brand market development [1]. Group 2: Innovation and Risk Management - The Xi'an Market Supervision Administration's Qujiang New District branch has established an innovative "problem discovery - demand matching - service customization" model to support businesses [2]. - This model focuses on a comprehensive mechanism of "insurance + rights protection + services" to safeguard the innovative development of enterprises [2]. - The successful implementation of the first intellectual property enforcement insurance enhances the confidence of enterprises in innovation investment and risk prevention [2]. Group 3: Government and Insurance Collaboration - The Qujiang New District branch systematically identified enterprises with urgent risk protection needs related to intellectual property infringement disputes [2]. - Collaboration with insurance institutions includes policy interpretation and case analysis to inform businesses about the functions of intellectual property insurance and related government subsidies [2]. - The branch acts as a bridge between enterprises and insurance institutions, providing personalized services to improve the precision of policy benefits [2].

Company Overview - Shenzhen Guanyunshan Brand Management Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Zhang Qian [1] Business Scope - The company engages in various general business activities including brand management, marketing planning, and sales of agricultural products, tea sets, household goods, daily ceramics, and pre-packaged food [1] - It also offers internet sales of pre-packaged food, gift flowers, daily necessities, and arts and crafts products, excluding ivory and its products [1] - The company is permitted to provide catering services, subject to approval from relevant authorities [1]

Group 1 - The effective control of product pricing by brand owners is crucial for maintaining market order and ensuring healthy brand development [1] - Brand owners should follow a specific process for self-price control, which includes channel sorting, price control, and creating detailed product price lists to regulate online and offline distributors [3] - A scientific pricing system is the foundation of price control work, providing clear standards and basis for subsequent price management [3] Group 2 - Early-stage brands should not overlook price control, as a unified product price is essential for building confidence among customers and distributors [4] - Many brands face challenges in price control due to neglecting this aspect in the early stages, leading to increased time and costs for later management [4] - Legal considerations indicate that price control may be viewed as illegal, thus brands must adopt indirect methods for price management on e-commerce platforms [5] Group 3 - Brands can utilize intellectual property complaints and counterfeit reports as means to achieve price control while adhering to platform rules [5] - The importance of addressing online pricing chaos through reasonable methods is emphasized to maintain market order and long-term brand development [5]

Group 1 - Sichuan Chuanchen No.1 Brand Management Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Wei Jingru [1] - The business scope includes brand management, sales of pre-packaged health food, food sales (only pre-packaged), retail of edible agricultural products, and import-export of goods [1] Group 2 - The company is authorized to engage in the production of health food and tea products, as well as food sales and internet sales of food, subject to approval from relevant authorities [1] - The company can independently conduct business activities based on its business license, except for projects that require approval [1] - The company also offers services in software development, marketing planning, and corporate image planning [1]

Group 1 - Sichuan Yincaotang Brand Management Co., Ltd. has been established with a registered capital of 1.01 million RMB [1] - The legal representative of the company is Sun Bo [1] - The business scope includes licensed projects such as liquor operation and food internet sales, as well as general projects like brand management and technology import and export [1]

Core Viewpoint - The company RYUCHEN plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength, competitiveness, and international brand image [1][4] Group 1: H-share Listing Plans - RYUCHEN is in discussions with intermediaries regarding the issuance of H-shares, with details yet to be finalized [1] - If successful, RYUCHEN could become the first operating company to achieve an "A+H" share structure [1] - The CEO of iiMedia Consulting, Zhang Yi, noted that listing H-shares can optimize the shareholder structure by attracting more international institutional investors [1][3] Group 2: Financial Performance - RYUCHEN's stock price reached a high of 64.68 CNY per share in 2025, with a market capitalization exceeding 14 billion CNY, but has recently declined to 53.79 CNY per share, with a market cap of 11.76 billion CNY [1] - The rolling P/E ratio stands at 107.23, significantly higher than the Shenzhen A-share average of 27.54 [1] - In 2024, RYUCHEN's revenue grew by 29% to 1.766 billion CNY, with net profit increasing by 95% to surpass 100 million CNY [5] Group 3: Business Expansion and Strategy - RYUCHEN's primary business is e-commerce operations, but it has expanded into brand management and has developed its own brands, including ZHENJIA and FICUI [5] - The company aims to leverage its global strategy to enhance international influence and integrate global resources [4][6] - RYUCHEN plans to prioritize its own brand ZHENJIA for international expansion, focusing on the Southeast Asian market [6] Group 4: Market Conditions and Regulatory Environment - The recent policy changes in the capital market, including relaxed listing conditions for A+H share companies, have created a favorable environment for RYUCHEN's plans [7][8] - The company acknowledges that the international capital market has stricter requirements for information disclosure and corporate governance, which may increase compliance costs [9]

Core Points - Nanchang Tengwang Pavilion Brand Management Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Le Xieyi [1] - The company's business scope includes food production, food sales, alcoholic beverage production, and beverage production, among other activities [1] Business Scope - Licensed projects include food production, food sales, alcoholic beverage production, and beverage production, which require approval from relevant authorities [1] - General projects encompass brand management, corporate image planning, marketing planning, internet sales (excluding licensed products), and various technical services [1] - The company is also involved in domestic trade agency, import and export of goods, and sales of arts and crafts products (excluding ivory and its products) [1] Additional Services - The company offers tourism development project planning and consulting, photography and printing services, ticketing agency services, and advertising services [1] - It engages in digital content production services and digital cultural creative content application services, operating independently within the scope of its business license [1]