Core Viewpoint - Guo Hai Securities report indicates that Ru Yuchen achieved a net profit attributable to shareholders of 72 million yuan in the first half of the year, representing a year-on-year increase of 85.60% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders reached 45 million yuan, with a year-on-year growth of 71.72% [1] Business Growth - The company's proprietary brand revenue is experiencing rapid growth, while brand management business is steadily increasing [1] Marketing Strategy - The marketing approach involves leveraging celebrity endorsements to accurately reach target demographics [1] Channel Development - Zhenjia continues to enhance its omnichannel capabilities, with significant growth on platforms such as Tmall, Douyin, Xiaohongshu, and JD.com [1] - During the 618 shopping festival, the overall GMV across channels increased by over 160% year-on-year [1] Product Popularity - According to data from Xingtu, Douyin's top 10 best-selling brands for clothing disinfectants, laundry liquids, and underwear detergents in June 2025 were highlighted [1] Strategic Partnerships - The company is deepening its strategic cooperation with Sam's Club and entering high-quality channels such as Yonghui Bravo [1] Future Outlook - As a leading operator, the company has validated its ability to incubate proprietary brands and is optimistic about the further development of its proprietary brands [1] - The report maintains a "Buy" rating for the company [1]

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].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating an expected relative increase in stock price compared to the CSI 300 index within the next six months [1][15]. Core Views - The company has demonstrated strong growth in its proprietary brand "Zhenjia," with significant revenue increases and effective brand management capabilities [1][4]. - The company is positioned as a leading player in the domestic agency operation sector, capitalizing on the high-growth markets of household cleaning and health products [6]. Financial Performance - In H1 2025, the company achieved total revenue of 1.319 billion yuan, representing a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.60% year-on-year [3][4]. - For Q2 2025, total revenue reached 745 million yuan, with a year-on-year growth of 79.57%, and a net profit of 45 million yuan, reflecting a 71.72% increase year-on-year [3][4]. Business Segmentation - Revenue from proprietary brands, agency operations, and brand management for H1 2025 was 600 million yuan, 380 million yuan, and 340 million yuan respectively, with year-on-year growth rates of 242.4%, -2.8%, and 52.5% [4]. - The "Zhenjia" brand alone saw a revenue increase of 157.11% to 440 million yuan in H1 2025, with significant online sales growth during promotional events [4]. Profitability Metrics - The company's gross margins for H1 2025 and Q2 2025 were 56.9% and 59.2%, respectively, with year-on-year changes of +11.4 and -5.1 percentage points [5]. - The net profit margins for H1 2025 and Q2 2025 were 5.5% and 6.0%, showing year-on-year increases of +0.5 and -0.3 percentage points [5]. Future Projections - The company is expected to achieve revenues of 2.88 billion yuan, 3.80 billion yuan, and 4.69 billion yuan for the years 2025, 2026, and 2027, with respective year-on-year growth rates of 63%, 32%, and 24% [6][8]. - Projected net profits for the same years are 180 million yuan, 250 million yuan, and 310 million yuan, with year-on-year growth rates of 66%, 41%, and 26% [6][8].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has demonstrated strong growth in its private label and brand management business, showcasing robust brand incubation capabilities [3] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.319 billion yuan, a year-on-year growth of 67.55%, and net profit of 72 million yuan, up 85.6% [2] Summary by Sections Financial Performance - In the first half of 2025, the company's revenue from different segments was as follows: 380 million yuan from agency operations, 340 million yuan from brand management, and 600 million yuan from private label, with year-on-year changes of -2.79%, +53%, and +242% respectively [3] - The gross profit margin for the first half of 2025 was 56.92%, an increase of 11.4 percentage points year-on-year, primarily due to improved margins in agency operations and a higher proportion of revenue from private label products [3] Brand Development - The brands "Zhanjia" and "Feicui" are expanding their product categories around home cleaning and anti-aging, establishing a comprehensive multi-channel marketing capability [4] - "Zhanjia" has launched 18 different fragrance variants of its core product "Four Seasons Bloom Laundry Liquid," which accounts for over 40% of total sales [4] - "Feicui" achieved revenue of 160 million yuan in the first half of 2025, with a significant increase in sales through various channels, including a 62% quarter-on-quarter growth in GMV [5] Shareholder Returns - The company announced a mid-term dividend plan, proposing a cash dividend of 3 yuan per 10 shares, totaling approximately 65.6 million yuan, and a capital reserve conversion of 4 shares for every 10 shares held [7] - A share buyback plan was also announced, with a budget of 100 to 200 million yuan to repurchase 1.3 to 2.6 million shares, reflecting confidence in long-term growth [7] Earnings Forecast - The earnings forecast for 2025-2027 has been revised upwards, with expected revenues of 2.983 billion yuan, 3.848 billion yuan, and 4.619 billion yuan respectively, and net profits of 179 million yuan, 265 million yuan, and 339 million yuan [8] - The expected EPS for the same period is 0.82 yuan, 1.21 yuan, and 1.55 yuan, with corresponding PE ratios of 74, 50, and 39 times [8]

Group 1 - Changxin Fund recently conducted research on the listed company Ruoyuchen (003010), focusing on product and channel planning, marketing strategies, and brand expansion [1] - The company plans to increase investment in fragrance laundry liquid and expand both online and offline channels, with new brands NuiBay and VitaOcean being introduced [1] - Ruoyuchen's fish oil product topped the Tmall new product list in its first month of launch, indicating strong market performance [1] Group 2 - The decision to list on the Hong Kong Stock Exchange was influenced by a favorable policy environment, enhanced liquidity, and alignment with the company's future business development needs [1] - The fundraising from the H-share listing will primarily be used for global resource integration and to explore high-quality industry resources in health, personal care, and household cleaning sectors [1] - Changxin Fund has an asset management scale of 190.639 billion yuan, ranking 38th among 210 funds, with a notable performance of its best fund product showing a 94.67% growth over the past year [2]

（文章来源：每日经济新闻） 2024年1至12月份，若羽臣的营业收入构成为：代运营业务占比43.25%，品牌管理业务占比28.38%， Lycocelle绽家占比27.42%，Finenutri斐萃占比0.69%，其他自有品牌占比0.26%。 若羽臣（SZ 003010，收盘价：51.98元）8月12日晚间发布公告称，公司第四届第九次董事会会议于 2025年8月12日在广州市海珠区鼎新路8号欢聚大厦38楼会议室采取现场结合通讯表决方式召开。会议审 议了《关于使用闲置自有资金进行现金管理的议案》等文件。 ...