Revenue Composition - In 2024, the revenue composition of Ruoyuchen is as follows: 43.25% from agency operations, 28.38% from brand management, 27.42% from Lycocelle, 0.69% from Finenutri, and 0.26% from other proprietary brands [1] Share Buyback Announcement - Ruoyuchen announced a share buyback plan on August 19, with a total amount not less than 100 million RMB and not exceeding 200 million RMB, funded by the company's own funds and special loan funds [2] - The buyback will be conducted through the Shenzhen Stock Exchange's centralized bidding system, with a maximum price of 76.8 RMB per share, which is 150% of the average trading price over the last 30 trading days prior to the board's resolution [2] - The implementation period for the buyback is set for 12 months from the date of board approval [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。 ...

Core Viewpoint - Ruoyuchen's stock surged to the daily limit after announcing plans to issue H-shares and list on the Hong Kong Stock Exchange, potentially becoming the first "A+H" dual-listed company in China's beauty e-commerce sector [2][4]. Group 1: H-share Issuance and Market Conditions - The announcement of H-share issuance aims to enhance capital strength, competitiveness, and international brand image, while also improving overseas financing capabilities [6][8]. - The recent implementation of new IPO regulations by the Hong Kong Stock Exchange has created favorable conditions for Ruoyuchen's cross-border capital layout, including relaxed listing requirements and increased market liquidity [4][8]. - Analysts suggest that the current market conditions are ripe for listing, with the beauty consumption sector expected to see increased IPO activity by 2025, providing Ruoyuchen with opportunities for reasonable valuations and capital influx [8][9]. Group 2: Financial Performance - Ruoyuchen's stock has increased nearly 170% this year, closely linked to its strong financial performance [10]. - The company anticipates a net profit of 63 million to 78 million yuan for the first half of 2025, representing a year-on-year growth of 61.81% to 100.33% [11][12]. - In 2024, Ruoyuchen reported a revenue of 1.766 billion yuan, a 29.26% increase from the previous year, with significant growth in brand management and proprietary brand segments [13][14]. Group 3: Industry Trends - The e-commerce agency industry is undergoing a deep adjustment phase, shifting from a focus on traffic to resource integration due to peak domestic traffic and stricter platform regulations [16][17]. - Leading e-commerce agencies are building competitive advantages through AI technology, private domain operations, and cross-border market strategies [18][19]. - The new policies from the Hong Kong Stock Exchange may facilitate Ruoyuchen's global capital strategy, which is crucial for the company's future and the broader potential for Chinese e-commerce service providers to expand internationally [19].

Core Viewpoint - The transaction involves the acquisition of 97.4399% of shares in Lipo Technology by Lionhead Technology through a combination of issuing shares and cash payment, with the independent financial advisor confirming the compliance with regulatory guidelines [1][2]. Industry and Company Summary - The main business of Lipo Technology focuses on the research, development, production, and sales of machine vision-related technology products, classified under "C35 Specialized Equipment Manufacturing" in the national economic industry classification [1]. - The independent financial advisor concluded that the industry involved in this transaction does not fall under the categories specified by the China Securities Regulatory Commission (CSRC) for urgent integration and transformation [2]. - The transaction type does not represent a merger within the same industry or upstream/downstream acquisition, as Lionhead Technology primarily operates in e-commerce services, while Lipo Technology serves various emerging manufacturing sectors [2][3]. - The transaction does not constitute a restructuring listing as there has been no change in the controlling shareholder or actual controller within the last thirty-six months [2][3]. - The transaction involves the issuance of shares as part of the acquisition process [3]. - As of the date of the independent financial advisor's opinion, Lionhead Technology is not under investigation by the CSRC [4].

Core Viewpoint - The announcement of shareholder Langzi Co., Ltd. planning to reduce its stake in Ruoyuchen has caused significant market reaction, leading to a drop in the company's stock price by over 6% at the opening, which later narrowed to a 1.48% decline [1][3]. Shareholder Reduction - Langzi Co., Ltd. intends to reduce its holdings by up to 4,768,071 shares, representing 3% of Ruoyuchen's total share capital, due to its own financial planning [3][8]. - Langzi Co., Ltd. has previously reduced its stake in Ruoyuchen multiple times, decreasing its ownership from an initial 15 million shares (12.33% of total shares) to the current 11,602,720 shares (7.30%) [6][7]. Stock Performance - Ruoyuchen's stock has shown strong performance, with a year-to-date increase of over 155%, and a cumulative rise of nearly 24% over three trading days in late May and early June [9]. - The company experienced a significant stock price fluctuation, with a warning issued due to a cumulative price deviation exceeding 20% over three consecutive trading days [11]. Financial Performance - In 2023, Ruoyuchen reported a revenue of 1.366 billion yuan, a year-on-year increase of 12.25%, and a net profit of 54.29 million yuan, reflecting a substantial growth of 60.93% [11]. - Projections for 2024 indicate a revenue increase to 1.766 billion yuan, a significant growth of 29.26%, with a net profit of 106 million yuan, soaring by 94.58% [11]. - In the first quarter of 2025, the company achieved a revenue of 574 million yuan, marking a year-on-year increase of 54.16%, and a net profit of 27.42 million yuan, which is a remarkable growth of 113.88% [11]. Business Strategy - The company's growth is attributed to the optimization of its self-owned brand business, brand management, and operational services, with an increasing penetration rate of its self-owned brands [12]. - Ruoyuchen's experience in online multi-channel operations is expected to further enhance the momentum of its self-owned brands, sustaining high growth in performance [12].