证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 25 日 [Table_Title] 自有品牌及品牌管理保持高增长，展现强品 牌孵化能力 [Table_Title2] 若羽臣(003010) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 003010 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 82.5/10.9 | | 目标价格： | | 总市值(亿) | 132.27 | | 最新收盘价： | 60.49 | 自由流通市值(亿) | 95.77 | | | | 自由流通股数(百万) | 158.32 | [Table_Summary] 事件概述： 公司发布 2025 年半年报。2025 年上半年公司实现营业收入 13.19 亿元，同比增长 67.55%，实现归母净利润 0.72 亿元，同比增长 85.6%；单 Q2 公司实现营业收入 7.45 亿元，同比增长 79.57%，实现归母净利润 0.45 亿 元，同比增长 71.72%。 分析判断: ► 自有品牌及品牌管理业务保持高 ...

Core Viewpoint - The company, Ruoyuchen, reported significant revenue and profit growth in its 2025 semi-annual report, driven by its own brand business and brand management services [1][3]. Financial Performance - The company achieved operating revenue of 1.319 billion yuan, a year-on-year increase of 67.55% [2]. - Net profit attributable to shareholders was 72.26 million yuan, up 85.60% compared to the previous year [2]. - The self-owned brand business generated 603 million yuan in revenue, a substantial growth of 242.42%, accounting for 45.75% of total revenue [1][3]. Brand Performance - The brand "Zhanjia" generated 444 million yuan in revenue, reflecting a growth of 157.11% [3]. - The health product brand "Feicui" achieved revenue of 160 million yuan, with significant growth during the second quarter [5]. Sales Channels - The highest sales revenue came from Douyin, accounting for 37.24% of total sales, with a reported sales amount of 489 million yuan [6]. - During the 618 shopping festival, the overall GMV for "Zhanjia" increased by over 160%, with significant growth across multiple platforms [3]. Brand Management and Operations - The brand management business generated 335 million yuan, a year-on-year increase of 52.53% [6]. - The company’s agency operation business reported revenue of 380 million yuan, a slight decline of 2.79%, but with improved overall gross profit margins [7]. Legal Disputes - The company faced legal disputes with Mead Johnson and Mentholatum, involving contract and trademark issues, respectively [7][8]. - A court ruling required Mead Johnson to pay Ruoyuchen 18.47 million yuan, while Ruoyuchen was ordered to pay 750,000 yuan for product costs [7][8]. Future Plans - Ruoyuchen plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to raise funds for product development, brand building, and global expansion [9]. - The company is focusing on expanding into Southeast Asian markets, particularly with its self-owned brand "Zhanjia," which has significant growth potential in the region [10].

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 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]