智通财经APP获悉，9月19日，广州若羽臣科技股份有限公司(以下简称"若羽臣")(003010.SZ)向香港联合交易所有限公司递交了发行境外上市股份(H股)并在 香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行的申请材料。 申请资料显示，若羽臣已完成了从全球品牌数字化赋能者，向技术驱动及以消费者为核心、具备自有品牌打造、孵化与放大全范围能力的品牌平台的战略跃 迁，建立起可持续复制的"0-1-N"品牌打造体系。 若羽臣在近年发展迅速，营收和净利润连续三年快速增长。本次拟赴港股上市，有助于公司进一步提高资本实力和综合竞争力，提升国际化品牌形象，增强 境外融资能力。 在申请资料中，若羽臣认为战略跃迁的核心驱动力，源于公司对中国消费者需求变化的深刻洞察。随着人群结构的变化与消费观念的多元化，消费者的关注 点正从"是否好用"转向"是否懂我"，即从功能满足迈向同时兼顾审美感知、价值认同与情境体验。 消费需求的结构性转变带来巨大的市场机遇，若羽臣以此为出发点，推动战略升级，并成功打造出自有品牌LYCOCELLE绽家与FineNutri斐萃。绽家聚焦高 端香氛家清，以"专衣专护""香氛清洁"等心智切入未被 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12][13]. Core Views - The company leverages its refined operational capabilities in agency services to empower the development of its proprietary brands, aligning with the trend of increasingly precise e-commerce channel investments. The two main proprietary brands, Zhenjia and Feicui, are in a rapid growth phase, significantly boosting revenue and contributing to profit elasticity. The anticipated launch of a new brand centered around ruby fish oil is also promising, indicating a strong outlook for the company's brand-building potential through refined operations [5][12]. Summary by Sections Company Overview - The company is a leading global consumer brand digital management firm that started with agency services and has recently focused on developing proprietary brands, gradually building a multi-brand matrix. Since its establishment in 2011, it has developed a competitive advantage in categories such as health products, maternal and infant care, and beauty and personal care, while also expanding into high-potential categories like pets and healthcare. The proprietary brands Zhenjia and Feicui have seen rapid brand momentum, becoming core drivers of revenue growth and profit elasticity [8][21]. E-commerce Services - The company's traditional business is e-commerce services, covering a wide range of brands in beauty, personal care, maternal and infant care, and health products. The e-commerce service business is divided into agency and brand management categories, with the latter involving a higher level of engagement. The company is actively transitioning to a brand management model, which aligns with the current trend of omnichannel operations and is expected to enhance its core brand operation capabilities [9][34]. Home Cleaning Business - The home cleaning market in China has shown steady growth, with the laundry care segment being the largest sub-category. The Zhenjia brand targets the high-end scented home cleaning market, focusing on niche categories like lingerie wash and laundry pods, achieving rapid brand momentum. The company plans to continue expanding its product range in home cleaning, which is expected to elevate the brand's potential [10][35]. Health Products Business - The health products market in China is experiencing robust demand, particularly in the oral beauty and anti-aging segment, which reached a market size of 57.4 billion yuan in 2023, with a CAGR of 18% from 2016 to 2023. The company focuses on the oral beauty market with the Feicui brand and has rapidly achieved exponential growth by launching products like ruby fish oil. The long-term customer base is expected to support sustained growth in the health products business [11][21]. Investment Recommendations - The report expresses confidence in the company's ability to empower its proprietary brands through refined operations, which aligns with the trend of precise e-commerce channel investments. The two main proprietary brands, Zhenjia and Feicui, are in a rapid growth phase, significantly boosting revenue and contributing to profit elasticity. The projected EPS for 2025-2027 is 0.82, 1.03, and 1.43 yuan per share, respectively [12][21].