证券研究报告 若羽臣 (003010 CH) 25 年家清延续高增、保健品放量 2026 年 3 月 25 日│中国内地 电子商务 公 司 2025 年实现营 收 34.32 亿 /yoy+94.3%；归母净利 润 1.94 亿 /yoy+84.0%，接近预告上限（1.76~2.00 亿）。对应 25Q4 实现营收 12.93 亿/yoy+111.4%；归母净利润 0.90 亿/yoy+87.0%。2025 年公司自有品牌健 康高增，绽家积极拓环境清洁/空间香氛品类，线下积极布局多渠道；斐萃/ 纽益倍品牌切准科学抗衰/大众健康。26 年以来绽家 Hello Kitty 联名落地， 斐萃/纽益倍布局高热 AKK 市场；26M1 公司成为口服美容品牌美斯蒂克中 国区独家总代，有望持续赋能自有品牌/品牌管理业务；公司战略性并购/品 牌出海战略稳步推进，我们预计公司在强势品牌运营孵化能力赋能下，有望 持续捕捉行业红利。维持增持评级。 1）毛利率：公司 25 年毛利率 59.80%/yoy+15.2pct；2）费用率：公司 25 年销售费用率 48.01%/yoy+18.2pct，主因业务增长导致市场推广费用增加； 财 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's performance forecast for 2025 aligns with expectations, with proprietary brand revenue expected to achieve high growth [4] - Significant growth in net profit is anticipated due to rapid revenue growth from proprietary brands, strong performance in brand management, and effective cost reduction strategies [6] - The company has established a competitive advantage in various categories, including health products, maternal and infant care, beauty and personal care, and food and beverages, which may further enhance growth potential [6] Financial Summary - Revenue projections for the company are as follows: - 2023: 1,366 million RMB - 2024: 1,766 million RMB (growth of 29.26%) - 2025: 2,934 million RMB (growth of 66.14%) - 2026: 4,374 million RMB (growth of 49.11%) - 2027: 5,401 million RMB (growth of 23.47%) [5] - Net profit forecasts are as follows: - 2023: 54 million RMB - 2024: 106 million RMB (growth of 94.58%) - 2025: 190 million RMB (growth of 79.67%) - 2026: 327 million RMB (growth of 72.07%) - 2027: 459 million RMB (growth of 40.51%) [5] - Earnings per share (EPS) projections are: - 2023: 0.17 RMB - 2024: 0.34 RMB - 2025: 0.61 RMB - 2026: 1.05 RMB - 2027: 1.48 RMB [5] Business Strategy - The company is focusing on enhancing its proprietary brand business, with successful product launches contributing to revenue growth [6] - The brand management business is also expected to see significant performance improvements through deep collaborations with multiple brands [6] - The company is implementing a refined operational strategy to optimize costs across various dimensions, including supply chain management and marketing [6]