Core Viewpoint - Ruoyuchen's stock price has seen significant growth this year, with a year-to-date increase of 214.53%, indicating strong market performance and investor interest [1][2]. Company Overview - Ruoyuchen Technology Co., Ltd. was established on May 10, 2011, and went public on September 25, 2020. The company is based in Guangzhou, Guangdong Province, and specializes in online operations, channel distribution, and brand planning [1]. - The company's main business revenue composition includes: self-owned brand - Zhanjia (33.63%), agency operation business (28.83%), brand management business (25.42%), self-owned brand - Feicui (12.12%), and other self-owned brands (0.01%) [1]. Financial Performance - For the first half of 2025, Ruoyuchen achieved operating revenue of 1.319 billion yuan, representing a year-on-year growth of 67.55%. The net profit attributable to the parent company was 72.26 million yuan, up 85.60% year-on-year [2]. - Since its A-share listing, Ruoyuchen has distributed a total of 178 million yuan in dividends, with 144 million yuan distributed in the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Ruoyuchen was 27,200, an increase of 83.01% compared to the previous period. The average circulating shares per person decreased by 24.47% to 6,154 shares [2]. - Notable institutional shareholders include Dongfanghong Qiheng Three-Year Holding Mixed A, Huahuan New Consumption Mixed A, and Dongfanghong Qidong Three-Year Holding Mixed, all of which are new entrants among the top ten circulating shareholders [3].

Core Viewpoint - The stock of Ruoyuchen has shown significant growth this year, with a year-to-date increase of 207.15%, indicating strong market performance and investor interest [1][2]. Company Overview - Ruoyuchen Technology Co., Ltd. is based in Guangzhou, China, and was established on May 10, 2011. It was listed on September 25, 2020. The company specializes in online operations, channel distribution, and brand planning, offering services such as brand positioning, store operations, channel distribution, integrated marketing, data mining, and supply chain management [1]. - The revenue composition of Ruoyuchen includes: self-owned brand - Zhanjia (33.63%), agency operation business (28.83%), brand management business (25.42%), self-owned brand - Feicui (12.12%), and other self-owned brands (0.01%) [1]. Financial Performance - For the first half of 2025, Ruoyuchen achieved a revenue of 1.319 billion yuan, representing a year-on-year growth of 67.55%. The net profit attributable to the parent company was 72.26 million yuan, with a year-on-year increase of 85.60% [2]. - Since its A-share listing, Ruoyuchen has distributed a total of 178 million yuan in dividends, with 144 million yuan distributed in the past three years [3]. Shareholder Information - As of June 30, 2025, Ruoyuchen had 27,200 shareholders, an increase of 83.01% from the previous period. The average number of circulating shares per person was 6,154, a decrease of 24.47% [2]. - The top ten circulating shareholders include several new institutional investors, such as Dongfanghong Qiheng Mixed A and Huahuan New Consumption Mixed A, indicating growing institutional interest [3].

长城网·冀云客户端讯（记者 何丹丹 通讯员 高景山 刘芸含 梁霄鹂）8月22日，北方（张家口）电商产业 发展大会在张家口市怀安县张狮安好电商网批（华北）运营基地召开，系列活动同步拉开帷幕。此次活 动搭建起区域资源对接与电商交流合作的重要平台，聚焦品牌培育、供应链优化，助力张家口本地农产 品销售，推动冰雪装备、跨境贸易等产业数字化转型，实现企业、平台、消费者多方共赢，为张家口电 商产业发展注入新动能。 启动仪式现场。长城网·冀云客户端记者 何丹丹 摄 数字经济馆展区。长城网·冀云客户端记者 何丹丹 摄 在电商产业发展大会上，发布了张家口农勤智慧服务和监测平台、《今朝》APP，举行了北方（张家 口）电商产业发展大会系列活动启动暨张家口电商产业联盟成立仪式。仪式后，与会嘉宾参观了电商基 地及优品场景汇，实地感受张家口电商产业的蓬勃活力与发展潜力。 作为系列专场活动的亮点，电商优品场景汇备受关注。现场设置了电商优品展位，邀请张家口各县区特 色优品企业及福建石狮市电商企业、供应链企业参展，集中展示数字经济、冰雪文化、海丝服饰文化等 领域的特色产品，促进了张家口与泉州等地的商贸合作。 优品场景汇活动区内主播正在现场直播带 ...

8月22日，冰雪文化馆吸引人驻足。李洋 摄 电商优品场景汇上，颇受关注的是冰雪文化馆。作为2022年北京冬奥会重要举办地之一，张家口正加速 冰雪产业电商化进程，展区邀请冰雪产业龙头企业入驻，集中展示冰雪运动装备、仿真冰雪产品、冰雪 文旅IP衍生品等特色产业成果，加速冰雪产业电商化进程，打造华北冰雪经济数字化展销标杆。 近年，电商产业已成为推动经济增长、消费升级和产业转型的核心力量。目前，张家口13个县区入选电 子商务进农村综合示范县，建成县级电商公共服务中心、物流配送中心各13个、乡镇级电子商务服务站 158个和快递网点340个、村级网点2321个，覆盖全市1552个行政村。同时，新建8个县级物流配送中 心、改造升级128个乡镇商贸中心，初步建立起覆盖县乡村的三级电商物流体系。 中新网张家口8月22日电 (李洋)22日，为期3天的北方(张家口)电商产业发展大会在河北张家口怀安县张 狮安好电商基地举行，旨在通过搭建资源对接平台，助力当地农产品、冰雪装备、跨境贸易等产业数字 化转型。 8月22日，北方(张家口)电商产业发展大会在河北张家口举办。李洋 摄 大会涵盖北方(张家口)电商产业发展大会、电商渠道分享会、电商 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas issuance and listing, specifically for Jiyi Technology, which must comply with the regulations outlined in the "Trial Measures for the Administration of Overseas Issuance and Listing of Domestic Enterprises" [1] - Jiyi Technology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1] - The CSRC has requested Jiyi Technology to clarify the personnel composition and changes in various incentive plans, as well as any potential conflicts of interest with other shareholders and management [1][2] Group 2 - Jiyi Technology is recognized as a leading digital retail comprehensive operation service provider and a Silk Road e-commerce service provider in China, focusing on driving brand growth through digital technology and efficient operations [3] - According to Frost & Sullivan, Jiyi Technology ranks second among digital retail comprehensive operation service providers in China by GMV in 2024, and fifth among e-commerce operation service providers [3] - Jiyi Technology is also the top-ranked service provider in cross-border import e-commerce operations in China, based on GMV in 2024 [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas issuance and listing, specifically for Jiyite Technology [1] - Jiyite Technology is required to clarify whether there are any prohibitive circumstances for overseas issuance and listing according to the relevant regulations [1] - The company has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Group 2 - Jiyite Technology must provide detailed information regarding its incentive plans, including personnel composition and any potential conflicts of interest with shareholders and management [1][2] - The company is also required to explain the reasons for the significant price differences in the incentive share grants among its various incentive plans [1][2] - The CSRC has requested clarification on the compliance of the decision-making process for certain incentive plans that were established in December 2020 but only executed in April 2025 [1][2] Group 3 - Jiyite Technology is recognized as a leading digital retail comprehensive operation service provider and a Silk Road e-commerce service provider in China [3] - According to Frost & Sullivan, Jiyite Technology ranks second among digital retail comprehensive operation service providers in China by GMV for 2024, and fifth among e-commerce operation service providers [3] - The company is also the top-ranked service provider in cross-border import e-commerce operations in China, based on GMV for 2024 [3]

Core Insights - The company has developed into a standardized one-stop comprehensive service provider for e-commerce, covering merchant services, self-operated stores, cooperative stores, and external collaborations across various platforms including JD.com, Pinduoduo, Douyin, Tmall, Shopee, Suning, Vipshop, Shein, and TikTok [2][3] - The team emphasizes continuous learning and collaboration with merchants and service providers, establishing long-term partnerships and providing comprehensive technical support and professional solutions [3][5] - The company's mission is to create higher value for sellers through reasonable pricing and professional services, while also addressing the pain points of source factories and suppliers lacking experience and teams [5][8] Business Operations - The company offers a full range of services from company registration, licensing, brand authorization, store entry, to compliance appeals, and solutions for cloud warehouse labeling and account settlement [2][9] - It assists in entering various platforms such as JD.com, Tmall, Pinduoduo, Douyin, and others, providing a comprehensive solution for both domestic and cross-border e-commerce [9] Vision and Values - The company's vision is to achieve harmonious coexistence between people and nature, promoting sustainable development in e-commerce and becoming a leading professional service provider [8] - The core values include the principles of co-construction, co-creation, sharing, and win-win collaboration [8]

Core Insights - Pinduoduo's closure of API access for mainstream ERP systems has forced traditional merchants to seek new methods for efficiently obtaining operational data [1][3] - The article discusses the technical pathways for data acquisition and how merchants can adapt to the loss of API dependency for long-term, stable, and efficient data retrieval [1] Group 1: Challenges Faced by Traditional Merchants - The first major challenge is a drastic decline in order processing efficiency, with order data now taking over 30 minutes to download, far exceeding the platform's requirement of under 5 minutes, leading to a 40% reduction in overall operational efficiency [3] - The second challenge is a significant increase in inventory synchronization errors, with manual methods resulting in a ±15% error rate compared to Pinduoduo's requirement of ±3%, causing issues like overselling and stockouts [3] - The third challenge is a noticeable delay in after-sales response times, which exceed 6 hours compared to the platform's requirement of under 90 minutes, negatively impacting customer satisfaction and store ratings [3] Group 2: Evolution of Data Acquisition Technology - Before the prevalence of API interfaces, e-commerce data acquisition evolved from manual data export to automated solutions via APIs, which allowed structured data exchange between systems [5] - API interfaces, while efficient, have limitations such as requiring specific permissions from the platform and being susceptible to interruptions if the platform makes adjustments [5] - Additionally, API interfaces often restrict the range and format of data available, limiting merchants' access to comprehensive consumer insights [5] Group 3: Breakthrough in Simulating Manual Operations - A new data acquisition solution has emerged that simulates manual operations to gather data without relying on official APIs, utilizing technologies like RPA (Robotic Process Automation) [6] - For instance, the tool "Qushuitan" automates the process of logging into Pinduoduo's merchant backend, locating sales data, and performing data selection and download tasks [6] - This technology allows for seamless data integration and covers over 100 high-frequency data pages, enabling merchants to efficiently gather comprehensive data without development needs [6] Group 4: Efficiency Comparison in Practical Applications - A case study from a home goods store illustrates that before using the automated solution, staff spent hours manually collecting and organizing data, severely impacting order processing and inventory updates [8][9] - After implementing the automated tool, data collection and initial organization tasks were completed in minutes, significantly enhancing overall operational efficiency [9] Group 5: Economic Implications of Technology Application - Labor costs are a significant component of operational expenses for merchants, with traditional methods requiring at least two employees dedicated to data collection, costing around 10,000 yuan per month [11] - The automated tool reduces the need for manual labor, leading to substantial savings in labor costs and minimizing errors associated with human data handling [11] - By eliminating repetitive tasks, the tool also helps prevent costly mistakes that could arise from data entry errors, thereby protecting merchants from potential financial losses [11] Conclusion - The essence of technology is to serve businesses, and when one path is blocked, new avenues will emerge [12] - In the e-commerce sector, data is a vital resource, and the ability to acquire data remains a core competitive advantage for companies [12]

若羽臣（SZ 003010，收盘价：60.77元）发布公告称，2025年8月20日，若羽臣接受国泰君安等投资者 调研，公司董事、副总经理、董事会秘书、财务总监罗志青，公关总监黄琳涵参与接待，并回答了投资 者提出的问题。 2025年1至6月份，若羽臣的营业收入构成为：电商服务行业占比100.0%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The recent financial report of Ruoyuchen (003010) shows significant growth in revenue and net profit for the first half of 2025, indicating strong business performance despite rising expenses [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.319 billion yuan, a year-on-year increase of 67.55% compared to 787 million yuan in 2024 [1] - Net profit attributable to shareholders was 72.26 million yuan, up 85.60% from 38.93 million yuan in the previous year [1] - Gross margin improved to 56.92%, reflecting a 25.02% increase year-on-year, while net margin rose to 5.48%, up 10.77% [1] - The total of financial, sales, and administrative expenses reached 655.6 million yuan, accounting for 49.71% of total revenue, which is a 30.62% increase from the previous year [1] Key Financial Metrics - Earnings per share (EPS) increased to 0.33 yuan, a rise of 75.80% from 0.19 yuan [1] - Cash flow from operating activities decreased by 41.63%, attributed to increased procurement and marketing expenses [4] - The company's total assets and liabilities showed significant changes, with interest-bearing liabilities increasing by 208.11% to 649 million yuan [1][4] Fund Holdings - The largest fund holding in Ruoyuchen is the Huaan New Consumption Mixed A fund, which holds 2.023 million shares and has recently entered the top ten holdings [3] - Other funds have shown varied movements, with some reducing their holdings while others have newly entered the top ten [3] Business Model and Market Position - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [4] - The return on invested capital (ROIC) for the previous year was 7.28%, indicating average capital returns, with a historical median ROIC of 13.2% since its listing [4]