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 ...

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, particularly highlighting companies like Shiseido and Up Beauty for their strong performance and growth potential [12][14]. Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of August 1 to August 8, 2025, with the Shenwan Beauty Care Index growing by 1.7%, which is lower than the overall market performance [5][6]. - There is a notable divergence in the performance of domestic beauty brands in July, with strong growth observed in skincare brands like Han Shu and Marubi, while color cosmetics lagged due to weather and promotional timing [11][12]. - Up Beauty's H1 2025 performance exceeded expectations, with revenue projected between 4.09 to 4.11 billion yuan, reflecting a year-on-year growth of 16.8% to 17.3% [12][13]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 1.3%, underperforming the Shenwan A Index by 0.6 percentage points, while the Shenwan Personal Care Index rose by 4.2%, outperforming the Shenwan A Index by 2.3 percentage points [5][6]. - The top-performing stocks in the sector included Up Beauty (+18.4%), Reliable Shares (+13.7%), and Lafang Home (+11.3%) [7]. Key Company Updates - Up Beauty's H1 2025 earnings report indicated a significant profit increase, with net profit margins improving due to optimized channel structures and a higher proportion of high-margin brands [12][13]. - Shiseido reported a 7.6% decline in sales for H1 2025, marking the largest drop in five years, with a notable decrease in the Chinese market [24]. E-commerce Insights - In July 2025, domestic beauty brands showed varied performance on major e-commerce platforms, with Han Shu achieving a 58% increase in GMV on Douyin, while color cosmetics faced challenges [20][21]. - The overall retail sales of cosmetics in June 2025 saw a decline of 2.3%, attributed to the pre-promotion of the 618 shopping festival [21][24]. Market Trends - The report highlights a shift in market dynamics, with domestic brands gaining market share against international competitors, particularly in the skincare segment [34][35]. - The Chinese skincare market is projected to reach 271.2 billion yuan in 2024, despite a 3.7% decline in growth [34][35].

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 Insights - The Chinese beauty e-commerce agency industry is facing a transition from rapid growth to a focus on high-quality development, with challenges such as the rise of international brand self-operated teams and increasing customer acquisition costs [1][2] Industry Growth and Challenges - The industry previously experienced a compound annual growth rate of 20%, but growth is expected to slow to 15%-16% by 2025, with significant differentiation among companies [2] - Major players are achieving growth through brand incubation and technological empowerment, while smaller agencies struggle with economic scalability and high investment risks [2] - The shift towards self-operation by international brands has led to revenue declines of over 30% for some agencies, highlighting a lack of core competitive advantages [2] Cost Pressures and Profitability - Rising customer acquisition costs, which now exceed 50% of expenses, and a 40% year-on-year increase in costs on platforms like Douyin are squeezing profit margins [3] - Insufficient investment in technology, averaging less than 3% of revenue for agencies compared to 8% for international brands, is hindering productivity growth [3] Systemic Challenges in Business Models - Agencies are often relegated to the role of executors, overly reliant on sales commissions and unable to share in brand value growth [4] - The emergence of new MCN (Multi-Channel Network) organizations is blurring industry boundaries, posing a direct threat to traditional agencies [4] - High dependency on a few major clients creates vulnerabilities, as seen in cases where the loss of a single client led to significant losses [4] Pathways for Transformation - Agencies must transition from labor-intensive models to technology-driven operations, focusing on user behavior prediction, intelligent supply chain management, and cross-platform content generation [5] - Establishing deep vertical ecosystems and creating unique value propositions in niche markets will be crucial for survival [5] Global Expansion Opportunities - The explosive growth of the Southeast Asian beauty e-commerce market, projected to reach a 45% growth rate by 2025, presents new opportunities for Chinese agencies to offer digital retail solutions [6] - A shift from service fees to value-sharing models is emerging, as demonstrated by successful acquisitions and the potential for creating beauty industry cloud platforms [6] Conclusion - The Chinese beauty agency industry is at a pivotal moment, where companies that embrace technological innovation and redefine their business models will emerge as leaders, while those clinging to traditional methods may become obsolete [7]

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]