若羽臣今年以来股价涨214.53%，近5个交易日涨4.63%，近20日涨25.74%，近60日涨9.54%。 今年以来若羽臣已经3次登上龙虎榜，最近一次登上龙虎榜为6月4日。 资料显示，广州若羽臣科技股份有限公司位于广东省广州市海珠区鼎新路8号欢聚大厦38楼，成立日期 2011年5月10日，上市日期2020年9月25日，公司主营业务涉及线上代运营、渠道分销以及品牌策划,服 务内容涵盖品牌定位、店铺运营、渠道分销、整合营销、数据挖掘、供应链管理等。主营业务收入构成 为：自有品牌-绽家33.63%，代运营业务28.83%，品牌管理业务25.42%，自有品牌-斐萃12.12%，自有品 牌-其他0.01%。 8月27日，若羽臣盘中上涨2.00%，截至11:09，报62.18元/股，成交2.15亿元，换手率2.22%，总市值 135.97亿元。 资金流向方面，主力资金净流出43.14万元，特大单买入731.77万元，占比3.41%，卖出625.83万元，占 比2.91%；大单买入3659.30万元，占比17.04%，卖出3808.38万元，占比17.73%。 若羽臣所属申万行业为：商贸零售-互联网电商-电商服务。所属概 ...

今年以来若羽臣已经3次登上龙虎榜，最近一次登上龙虎榜为6月4日。 资料显示，广州若羽臣科技股份有限公司位于广东省广州市海珠区鼎新路8号欢聚大厦38楼，成立日期 2011年5月10日，上市日期2020年9月25日，公司主营业务涉及线上代运营、渠道分销以及品牌策划,服 务内容涵盖品牌定位、店铺运营、渠道分销、整合营销、数据挖掘、供应链管理等。主营业务收入构成 为：自有品牌-绽家33.63%，代运营业务28.83%，品牌管理业务25.42%，自有品牌-斐萃12.12%，自有品 牌-其他0.01%。 若羽臣所属申万行业为：商贸零售-互联网电商-电商服务。所属概念板块包括：拼多多概念、字节跳动 概念、增强现实、数字经济、网络营销等。 8月25日，若羽臣盘中下跌2.00%，截至10:26，报60.72元/股，成交2.25亿元，换手率2.33%，总市值 132.78亿元。 资金流向方面，主力资金净流出1392.08万元，特大单买入1042.69万元，占比4.62%，卖出1768.39万 元，占比7.84%；大单买入3091.12万元，占比13.71%，卖出3757.50万元，占比16.67%。 若羽臣今年以来股价涨207. ...

[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 自有品牌持续放量，多品牌矩阵打开长期空间 事件： [Table_Summary] 若羽臣发布 2025 年中报，2025H1 实现营收 13.19 亿元/+67.55%，归母 净利润 0.72 亿元/+85.60%，扣非归母净利润 0.70 亿元/+83.52%； 2025Q2 实现营收 7.45 亿元/+79.57%，归母净利润 0.45 亿元/+71.72%， 扣非归母净利润 0.45 亿元/+72.21%。 点评： 品牌管理延续高增态势，自有品牌展现强劲动能。2025H1 公司实现营 收 13.19 亿元/+67.55%。分产品看：1）品牌管理业务收入 3.35 亿 /+52.53%/占比 25.42%，公司依托多品类的消费者洞察与丰富的运营经 验，实现从品牌运营到品牌管理的战略跨越，业务维持快速增长。2） 代运营业务收入 3.80 亿/-2.79%/占比 28.83%。3）绽家收入 4.44 亿 /+157.11%/占比 33.63%；绽家持续深化香氛化心智，上半年上新 10 款 香型，并通过 IP 联名实现人群不 ...

hyzqdatemark 2025 年 08 月 21 日 证券研究报告 商贸零售 | 互联网电商 非金融|公司点评报告 王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 08 | | | 月 | 20 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 59.43 | | | | | 一 年 内 最 高 / 最 低 | | | | 82.50/10.90 | | | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | 12,995.57 | | | | | | 流通市值（百万元） | | | | 9,409.18 | | | | | | 总股本（百万股） | | | | 218.67 | | | | | | 资产负债率（%） | | | | | 50.56 | | | | | 每股净资产（元/股） | | | | | 3.74 | | | | | 资料来源：聚源数据 | | | | | | | | ...

2025 年 08 月 20 日 自有品牌放量，盈利能力优化 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-08-20 | | --- | --- | | 当前股价（元） | 59.43 | | 总市值（亿元） | 130 | | 总股本（百万股） | 219 | | 流通股本（百万股） | 158 | | 52 周价格范围（元） | 11.11-79.21 | | 日均成交额（百万元） | 294.5 | 市场表现 -200 0 200 400 600 800 (%) 若羽臣 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《若羽臣（003010）：业绩高速 增长，自有品牌放量》2025-07-18 —若羽臣（003010.SZ）公司事件点评报告 2025 年 8 月 20 日，若羽臣发布 2025 年半年度报告与股份回 购方案。2025H1 总营收 ...

上 市 公 司 商贸零售 2025 年 08 月 06 日 若羽臣 (003010) 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 05 日 | | --- | --- | | 收盘价（元） | 48.47 | | 一年内最高/最低（元） | 82.50/10.90 | | 市净率 | 10.0 | | 股息率%（分红/股价） | 1.03 | | 流通 A 股市值（百万元） | 7,674 | | 上证指数/深证成指 | 3,617.60/11,106.96 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 6.49 | | 资产负债率% | 35.75 | | 总股本/流通 A 股（百万） | 219/158 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-05 09-05 10-05 11-05 12-05 01-05 02-05 03-05 04-05 05-05 06-05 07-05 08-05 -2 ...

Macroeconomic Overview - In the first half of 2025, China's GDP grew by 5.3% year-on-year, a 0.3 percentage point increase compared to 2024. The second quarter saw a GDP growth of 5.2%, a slight decrease of 0.2 percentage points from the first quarter, aligning with market expectations [2][3] - The industrial added value in June increased by 6.8% year-on-year, significantly surpassing the market expectation of 5.5%, and showed resilience despite a slight decline in quarter-on-quarter growth [2][3] - Fixed asset investment growth for the first half of 2025 was 2.8%, below the expected 3.7%, with manufacturing and infrastructure investments showing declines [3][4] Real Estate Sector - The real estate market showed mixed signals, with new residential prices in June down by 3.7% year-on-year, while the second-hand housing price index fell by 6.1% [6][7] - The housing starts in the first half of 2025 decreased by 20% year-on-year, although there were slight improvements in construction and completion rates compared to earlier months [6][7] - The real estate development funding sources saw a year-on-year decline of 6.2%, indicating ongoing challenges in the sector despite some improvements in specific metrics [7] Advanced Manufacturing Sector - The domestic new energy light truck market experienced significant growth, with sales reaching 16,600 units in June, a 17% increase from May and a 120% increase year-on-year [9][10] - The core driver of this growth is the established TCO (Total Cost of Ownership) advantage, leading to three key opportunities: increased demand for high-energy density batteries, the emergence of scenario-based charging infrastructure, and the potential for battery recycling and repurposing [10] Consumer Sector - The company "若羽臣" projected a net profit of 63-78 million yuan for the first half of 2025, representing a year-on-year growth of 62%-100%, driven by the market expansion of its brands "绽家" and "斐萃" [12] - The growth is attributed to the successful positioning of "绽家" in the high-end household cleaning market and "斐萃" in the scientific anti-aging health sector, showcasing strong brand synergy [12]

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].

Core Insights - Ruoyuchen has transformed from an unnoticed player to a leading company in the e-commerce operation industry, with a significant increase in revenue and profit [1][6] - The company reported a 30% revenue growth and a 95% increase in net profit for 2024, making it the most profitable e-commerce operation listed company [1][4] - The stock price of Ruoyuchen has surged over 400% in the past year, reflecting strong market confidence [1][6] Financial Performance - In 2024, Ruoyuchen's revenue reached 1.77 billion yuan, with a net profit of 100 million yuan [4][6] - The company's self-owned brand revenue grew by 90%, with a gross margin of 67%, significantly higher than the 39% gross margin from its operation business [6][11] - For Q1 2025, net profit increased by 114% year-on-year, indicating continued strong performance [1] Business Strategy - The company has shifted focus from e-commerce operation, which now accounts for about 40% of its business, to developing its own brands in health, beauty, and household cleaning [3][11] - Ruoyuchen aims to become an excellent brand management company, with plans to increase the share of self-owned brands in total revenue [3][11] - The founder, Wang Yu, emphasizes the importance of understanding consumer needs and developing products accordingly, which has been a key factor in the success of their self-owned brand, Zhanjia [9][10] Market Context - The e-commerce operation market in China reached 1.5 trillion yuan in 2021, with a growth rate of 9.9%, down from previous years, indicating a shift in market dynamics [7] - The rise of short video and live-streaming e-commerce has created new challenges for traditional e-commerce operations [7][8] - Ruoyuchen's strategy to focus on self-owned brands is seen as a response to the declining profitability in the traditional operation model [8][11] Future Outlook - Wang Yu expresses concerns about sustaining high growth rates amid increasing market expectations and competition from established brands in the household cleaning sector [14][15] - The company plans to continue investing in self-owned brands while managing operational costs effectively [15][16] - Ruoyuchen aims to maintain its growth trajectory and become a leading brand management company in the long term [15][16]

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]