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 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on significant revenue and profit growth. Core Insights - The company achieved a revenue of 1.319 billion yuan in H1 2025, representing a year-on-year increase of 67.6%, with a net profit of 72 million yuan, up 85.6% year-on-year [1] - The self-owned brand business showed remarkable performance, generating 603 million yuan in revenue, a staggering growth of 242.42%, accounting for 45.75% of total revenue [2] - The brand management business also experienced high growth, with revenue reaching 335 million yuan, a year-on-year increase of 52.53% [3] - The overall gross margin improved to 56.92%, an increase of 11.39 percentage points year-on-year, primarily due to the rising proportion of self-owned brand revenue [4] - The company forecasts revenues of 3 billion yuan, 4.3 billion yuan, and 5.4 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 176 million yuan, 258 million yuan, and 338 million yuan [5] Summary by Sections Revenue and Profit Performance - In H1 2025, the company reported a revenue of 1.319 billion yuan, with quarterly revenues of 574 million yuan in Q1 and 745 million yuan in Q2, reflecting growth rates of 54% and 80% respectively [1] - The net profit for H1 2025 was 72 million yuan, with Q1 and Q2 profits of 27 million yuan and 45 million yuan, showing increases of 114% and 72% year-on-year [1] Brand Performance - The self-owned brand "Zhanjia" generated 440 million yuan in revenue in H1 2025, a 157% increase, with significant product launches leading to high sales [2] - The brand "Feicui" achieved 160 million yuan in revenue, with a strong growth trajectory in Q2 [2] Business Structure and Margins - The gross margin for the sales segment was 56.92%, up 11.39 percentage points year-on-year, driven by the increase in self-owned brand revenue [4] - The net profit margin improved slightly to 5.48%, reflecting the positive impact of the business structure changes [5] Future Projections - The company anticipates revenue growth of 70%, 42%, and 26% for the years 2025, 2026, and 2027, respectively, with net profit growth rates of 67%, 46%, and 31% [5]

Group 1: Product and Channel Strategy - The company will continue to invest in strategic single products like scented laundry detergent and launch diverse scented products to expand its audience [7] - Online sales are experiencing rapid growth, with an expected penetration rate of 35.9% in China's home cleaning market by 2024, indicating significant potential for further development [7][8] - The company is exploring innovative offline channels, primarily focusing on partnerships with retailers like Sam's Club and Hema [8] Group 2: Brand Positioning and Target Audience - The brand "斐萃" targets women aged 31-40 in first and second-tier cities, focusing on scientific anti-aging products [8] - "NuiBay" aims at a younger demographic, with 27.62% of its audience being Generation Z, emphasizing affordable yet high-quality products [8] - "VitaOcean" is still in its early stages, and the three brands currently do not engage in marketing interactions due to significant audience differences [9] Group 3: Market Expansion and IPO Strategy - The company plans to focus on the Southeast Asian market for its "绽家" brand, which is projected to reach a market size of $10 billion in laundry products by 2024 [10] - The decision to list on the Hong Kong Stock Exchange is driven by a favorable policy environment, increased liquidity, and the need for capital to support rapid business growth [9] - The IPO funds will be allocated for product development, brand building, and digital transformation to enhance the company's market influence [9] Group 4: Financial Performance and Future Outlook - The company has seen a reduction in operating cash flow due to increased inventory for brand management during promotional events [10] - The overall revenue structure is being optimized through a combination of self-owned brands and brand management, reducing reliance on agency operations [10]

上 市 公 司 商贸零售 2025 年 08 月 20 日 若羽臣 (003010) —— 自有品牌爆发驱动高增，新品&全球化打开新空间 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 19 日 | | --- | --- | | 收盘价（元） | 54.03 | | 一年内最高/最低（元） | 82.50/10.90 | | 市净率 | 11.1 | | 股息率%（分红/股价） | 0.93 | | 流通 A 股市值（百万元） | 8,554 | | 上证指数/深证成指 | 3,727.29/11,821.63 | 一年内股价与大盘对比走势： 08-19 09-19 10-19 11-19 12-19 01-19 02-19 03-19 04-19 05-19 06-19 07-19 08-19 -200% 0% 200% 400% 600% 800% 若羽臣 沪深300指数 (收益率) 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch. ...

上半年，公司品牌管理业务营收3.35亿元，同比增长52.53%，营收占比达25.42%。"618"期间，拜耳康 王全渠道GMV同比增长165%，京东同比增长近400%。 上半年，公司代运营业务营收3.80亿元，毛利率同比提升近10个百分点。"618"期间，赛逸全渠道GMV 同比增长39%，登顶三大榜单；悦鲜活开售4小时GMV同比增长65%，列天猫低温乳制品预售榜TOP1。 本报讯 （记者刘晓一）8月19日晚间，广州若羽臣（003010）科技股份有限公司（以下简称"若羽臣"） 发布2025年半年报。上半年，公司实现营业收入13.19亿元，同比增长67.55%；归属于上市公司股东的 净利润0.72亿元，同比增长85.60%，盈利能力和经营质量进一步增强。 分业务来看，上半年公司自有品牌业务成为核心增长引擎，实现营业收入6.03亿元，同比大幅增长 242.42%，占整体营收的45.75%。其中，绽家实现营收4.44亿元，同比增长157.11%。该品牌以沙龙级调 香为消费者提供更丰富的香氛体验，其1月份推出的四季繁花香氛洗衣液奶檀甜香系列新品，首日销量 同比增长超5倍。截至报告期末，核心产品"四季繁花洗衣液"累计18 ...

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].

Investment Rating - The industry investment rating is "Positive" [8] Core Insights - Ruby oil (Calanus oil) is gaining attention in the health supplement industry due to its rich content of beneficial components such as polyunsaturated fatty acids and astaxanthin, which possess anti-inflammatory properties. The total market size for the fish oil sector in China is projected to reach approximately 5.6 billion yuan in 2024, with a CAGR of 10% from 2010 to 2024. The demand is driven by both the aging population and a growing trend among younger consumers seeking anti-inflammatory benefits [2][5][19]. Summary by Sections Ruby Oil Overview - Ruby oil is exclusively produced by the Norwegian company Zooca Calanus and is derived from Calanus finmarchicus, a type of copepod found in non-industrial waters of Norway. Its composition includes 38% polyunsaturated fatty acids, 15% monounsaturated fatty acids, 24% polyunsaturated fatty acids, 16% saturated fatty acids, and 2% astaxanthin. The oil is primarily targeted at oral anti-inflammatory and anti-aging markets, particularly within the broader fish oil market [4][16]. Market Trends - The demand for anti-inflammatory products is increasing across all age groups. The market for oral anti-inflammatory and anti-aging products in China reached 57.4 billion yuan in 2023, with a CAGR of 18% from 2016 to 2023. The fish oil and omega-3 products market is expected to grow to 5.6 billion yuan by 2024, with a CAGR of 10% from 2010 to 2024 [5][19]. Product Distribution and Target Demographics - Ruby oil products are primarily sold through cross-border e-commerce platforms, focusing on female consumers. Major brands utilizing ruby oil include VitaOcean, Feicui, and SuperSmart, with prices ranging from 328 yuan to 502 yuan for 60 capsules. Marketing strategies are increasingly targeting younger demographics, despite the traditional focus on older consumers [6][23].

Summary of the Conference Call for Ruoyuchen Company Overview - Ruoyuchen reported a revenue of nearly 1.8 billion yuan in 2024, representing a year-on-year growth of approximately 30%, with a net profit exceeding 100 million yuan, achieving a three-year compound growth rate of 54% [2][3] - The company’s management team is stable, with the controlling shareholder holding over 40% of the shares and an average executive age of around 40 years, with most having over 10 years of tenure [2][5] - A stock incentive plan was launched in 2022, covering key members, effectively motivating employees and ensuring business transformation for long-term development [2][5] Business Segments E-commerce Services - Ruoyuchen's main business includes e-commerce services, which consist of operational agency and brand management [2][6] - In 2024, operational agency revenue reached 760 million yuan, while brand management revenue was 500 million yuan, with brand management experiencing a growth rate of 200% [2][6] Free Brands - The free brand "Zanjia" focuses on high-end fragrance home cleaning products, achieving a revenue of 480 million yuan in 2024, with a three-year compound growth rate of 87% [2][7] - Zanjia has differentiated itself in a competitive market through unique fragrance blending and lasting scent technology, ranking seventh on Tmall's Jiaxing list during the 2025 618 shopping festival [2][7] Health Products - The health product brand "Feicui" was established in September 2024, focusing on ergothioneine as a core selling point, with a product matrix that includes auxiliary materials [4][10] - By May 2025, monthly sales for Feicui reached between 25 million to 50 million yuan, with increasing average prices and repurchase rates, indicating strong market performance and growth potential [4][11] Market Positioning and Strategy - Zanjia targets young middle-class consumers aged 18-24 and new white-collar workers, enhancing market competitiveness through seasonal limited editions and IP collaborations [2][8] - The company has launched a summer limited series and collaborated with the Audrey Hepburn IP to create four fragrance types, further solidifying its brand image in the high-end fragrance market [2][9] Future Outlook - Ruoyuchen is optimistic about future growth, leveraging its operational advantages in the health sector and a dedicated team of over 200 in the health product division, particularly among female consumers in lower-tier cities [2][13] - The company is promoting new ruby oil products, focusing on anti-inflammatory effects, and expanding its product offerings to drive revenue growth and profit elasticity [2][13][14]

Macro Strategy - The central bank's balance sheet is expected to continue shrinking due to the recent reserve requirement ratio cut, which may lead to further "balance sheet reduction" [1][8] - The US-China trade negotiations have boosted market confidence, resulting in a significant rise in US Treasury yields and a drop in gold prices [1][10] - The April US CPI showed an unexpected decline, but concerns about tariff risks remain, leading to cautious inflation outlooks [1][10] Fixed Income - The report analyzes the common characteristics of city investment platforms eligible to issue technology innovation bonds, emphasizing the importance of external ratings and financial independence from local governments [2][12] - City investment platforms with high credit ratings and low dependence on local government support are more likely to successfully issue technology innovation bonds [2][13] Industry - The issuance of the "Ecological Environment Protection Supervision Work Regulations" aims to enhance environmental governance and support high-quality development [3][14] - The solid waste sector is expected to see improved cash flow and dividend payouts due to reduced capital expenditures and enhanced operational efficiency [3][15] - The public utility sector is witnessing regulatory changes in Guangdong, which may impact the pricing mechanisms for renewable energy projects [4][17] Company Recommendations - The report recommends focusing on investment opportunities in hydropower and thermal power as summer approaches, highlighting specific companies such as China Yangtze Power and Huadian International [4][17] - The growth potential of nuclear power is emphasized, with several new approvals expected to enhance profitability and dividends [4][17] - The report suggests that green energy companies may benefit from improved asset quality and government support for historical subsidy issues [4][17] Specific Company Insights - Ruoyu Chen is positioned as a leading digital brand management company, with significant growth expected in its health product segment and an upward revision of profit forecasts for 2025-2027 [5][6] - Chunqiu Electronics is experiencing steady revenue growth driven by the recovery in the PC market and the ramp-up of its magnesium alloy business for automotive applications [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 501 million yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 501 million yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands, with a new forecast for 2027 net profit of 300 million yuan [4] Financial Projections - Total revenue is projected to grow from 1,366 million yuan in 2023 to 4,762 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 31.04% [1] - The net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of approximately 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]