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]

Investment Rating - The report indicates a positive outlook for the sports apparel industry, with expectations for continued operational improvement in the second half of 2025 [1][15]. Core Insights - Leading companies in the sports apparel sector demonstrated strong operational resilience in Q2 2025, with Anta Sports and FILA showing steady revenue growth despite market fluctuations [1][11]. - The report highlights the successful multi-brand strategy of Anta Sports, with significant contributions from new brands like Descente and MAIA, while Li Ning is undergoing channel and product adjustments [1][15]. - The overall health of inventory levels is maintained, with a healthy inventory-to-sales ratio of 4-5 months, and companies are optimistic about improving operational data in H2 2025 [1][15]. Summary by Sections Sports Apparel Sector - In Q2 2025, leading companies like Anta Sports and FILA maintained steady revenue growth, while Li Ning experienced low single-digit growth excluding its young brand [1][11]. - Anta's multi-brand matrix continues to perform well, with significant growth from new brands and a focus on professional sports segments [1][15]. - The report notes that companies are leveraging multi-brand operations and event marketing to drive growth, with running shoes seeing higher revenue growth compared to other categories [1][15]. Performance of Ruoyuchen - Ruoyuchen's H1 2025 performance is highlighted, with expected net profit growth of 61.81% to 100.33% year-on-year, driven by its proprietary brand strategy and effective brand management [2][16]. - The launch of the new health product VitaOcean is anticipated to open new growth avenues for the company [2][16]. Industry Data Tracking - June retail sales for apparel showed a year-on-year growth of 1.9%, but a month-on-month decline due to factors like the early 618 shopping festival and adverse weather conditions affecting foot traffic [3][18]. - The report tracks stable raw material prices, with cotton and other materials showing minor fluctuations, indicating a stable supply chain environment [3][23]. Investment Recommendations - The report recommends several companies based on their market positioning and growth potential, including Anta Sports, Li Ning, and Ruoyuchen, highlighting their strategies to adapt to market changes and consumer trends [3][35]. - In the beauty and personal care sector, companies like Juzhibio and Jinbo Biological are recommended for their strong data resilience and upcoming product launches [3][35]. - The gold and jewelry sector is also highlighted, with recommendations for brands like Laopu Gold due to the favorable market conditions driven by rising gold prices [3][35].

Group 1 - The company expects significant growth in its performance, with a projected net profit of 0.63-0.78 billion yuan for H1 2025, representing a year-on-year increase of 62%-100% [3] - The growth is primarily driven by the successful launch and expansion of its own brands, Zhanjia and Feicui, which are expected to continue gaining market traction [4] - Zhanjia's strategic product, the scented laundry detergent, is anticipated to enhance brand recognition and drive further sales growth in the laundry segment [4] Group 2 - The brand management business is experiencing healthy growth, leveraging operational efficiencies and introducing new brand partnerships to stimulate growth [4] - The company is focusing on optimizing internal management through talent development, technology application, and cross-department collaboration, leading to improved operational efficiency [4] - The acquisition of Yufeng Environmental is expected to enhance the company's operational capabilities and expand its market presence in waste incineration [9] Group 3 - The company reported a projected net profit of 9.67 billion yuan for H1 2025, marking a 9% increase year-on-year, with a more substantial increase of approximately 28% when excluding one-time gains from the previous year [9] - The company has successfully completed the acquisition of Yufeng Environmental, which is expected to create synergies in operations and enhance its competitive advantage in the waste management sector [9][10] - The company is actively expanding its heating business, having signed agreements for four new projects in H1 2025, contributing to its growth strategy [10]

Funding and Expansion - Plush, a DTC personal care brand, has raised 470 million INR (approximately 4.7 million USD) in its latest funding round, led by Rahul Garg with participation from several strategic investors [3] - The funds will be used to expand offline operations, enhance brand building, and increase market influence [3] - Plush, founded in 2019, focuses on women's care and personal care products, including menstrual care, intimate health, hair removal, and personal hygiene [3] Corporate Control and Shareholding - The Persson family, through their investment tool Ramsbury, has increased their stake in H&M Group from 35.5% to nearly 64% over the past nine years, now controlling about 70% of the capital and 85% of the voting rights [6] - This increase in shareholding indicates the family's intent to regain more control over the company [6] Acquisitions and Strategic Moves - Kering Eyewear has announced the acquisition of Italian manufacturer Lenti from Safilo, which specializes in mold forming and surface treatment for various applications [8] - The acquisition aims to enhance Kering Eyewear's internal R&D capabilities for developing innovative high-performance Italian-made sunglasses [8] - Coupang Group is integrating Farfetch with R.Lux to enter the luxury goods market in South Korea, leveraging local services and operations to expand Farfetch's business [10] Market Entry and Expansion - Didi's brand 99Food has launched its delivery service in Goiânia, Brazil, marking its return to the Brazilian market after a previous exit [12] - Didi has a strong foundation in Brazil, with approximately 700,000 active riders and 50 million active users across over 3,300 towns [12] - Luckin Coffee plans to open a store in downtown Manhattan, New York, as part of its international expansion strategy [15][16] Sustainability Initiatives - Chanel has launched Nevold, a B2B center focused on developing circular materials to promote sustainability in the luxury goods and broader apparel industry [18] - The project aims to transform waste textiles into new materials, enhancing the economic competitiveness of recycled materials [18] Market Expansion Plans - Korean fashion e-commerce platform Musinsa plans to enter the Chinese and Japanese markets by opening physical stores as part of its global expansion strategy [21] - Musinsa currently offers around 8,000 Korean fashion brands and aims to tap into China's vast consumer market [22] Corporate Developments - Authentic Brands Group has established its Asia-Pacific headquarters in Shanghai, covering nearly 2,000 square meters to support business expansion in the region [24] - Woolrich has appointed its CFO Lorenzo Flamini as the new CEO, following a strategic partnership with a local operator for its business in Greater China [27]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 501 million yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 501 million yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands, with a new forecast for 2027 net profit of 300 million yuan [4] Financial Projections - Total revenue is projected to grow from 1,366 million yuan in 2023 to 4,762 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 31.04% [1] - The net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of approximately 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 5.01 billion yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 5.01 billion yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands [4] Financial Projections - Total revenue is projected to grow from 1.37 billion yuan in 2023 to 4.76 billion yuan in 2027, with a compound annual growth rate (CAGR) of 31.04% [1] - Net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]

Financial Performance - In 2024, the company achieved a revenue of 1.766 billion yuan, a year-on-year increase of 29.26% [3][9] - The net profit attributable to shareholders was 106 million yuan, reflecting a year-on-year growth of 94.58% [3][9] - In Q1 2025, revenue reached 574 million yuan, a 54.16% increase compared to the same period last year [7][9] - The net profit for Q1 2025 was 27.42 million yuan, showing a year-on-year growth of 113.88% [7][9] Business Strategy - The company focuses on brand management, proprietary brands, and agency operations, leveraging digital capabilities for healthy growth [9][10] - The proprietary brand "斐萃" has seen significant online performance, ranking high in various categories on platforms like Tmall and Douyin [6][10] - The company plans to continue expanding its product line, particularly in the health and beauty sectors, with around 10 new SKUs expected this year [8][10] Marketing and Sales Channels - The company is enhancing its online presence across over 20 platforms, including Tmall, Douyin, and JD [5][10] - "绽家" is focusing on online channels for growth, with plans to explore innovative offline business models [5][10] - The company is also adapting its marketing strategies to address the slowdown in growth on platforms like Taobao [10][11] Cost Management - Marketing expenses in Q1 2025 increased due to rapid growth in brand management and proprietary brand businesses [2][5] - The agency business accounted for 43.25% of revenue in 2024, with a gross margin close to 40% [10][11] Future Outlook - The health supplement market is projected to grow, with a current market size of 400 billion yuan, presenting significant opportunities [10][11] - The company aims to enhance its product offerings and marketing strategies to meet evolving consumer demands [10][11]

Core Insights - The company reported a revenue of 1.766 billion yuan in 2024, representing a year-on-year growth of 29.26%, with a net profit attributable to shareholders of 106 million yuan, up 94.58% [1] - In Q1 2025, the company achieved a revenue of 574 million yuan, reflecting a 54.16% increase, and a net profit of 27 million yuan, which is a 113.88% rise [1] - The growth of proprietary brands has significantly driven profitability, with gross margins and net profit margins improving in both 2024 and Q1 2025 [1] Revenue Breakdown - The proprietary brand "Zhanjia" generated 501 million yuan in revenue in 2024, marking a 90.28% increase and accounting for 28.37% of total revenue [2] - "Zhanjia" saw a doubling of sales across multiple channels, with significant growth on platforms like Tmall and Douyin, and achieved first place in Tmall's home cleaning new brand sales during the Double Eleven shopping festival [2] - The brand management segment reported a revenue of 501 million yuan in 2024, up 212.24%, while the agency operation segment saw a revenue of 764 million yuan, down 18.95% [2] Profitability and Forecast - The company’s gross margin for 2024 was 44.57%, with a net profit margin of 5.98%, both showing year-on-year increases [1] - The company has adjusted its net profit forecasts for 2025-2026 from 140 million and 190 million yuan to 190 million and 280 million yuan, respectively, with a new forecast for 2027 at 400 million yuan [3] - The company maintains a "buy" rating based on its strong growth potential in the household cleaning and health supplement sectors, supported by its proprietary brands [3]