Core Insights - The Chinese consumer market is transitioning towards high-quality development driven by quality upgrades and consumption segmentation by 2025, with listed companies' competitiveness being a focal point [1] - Ruoyuchen has been recognized in the "Outstanding Competitive Listed Companies in Consumer Sector" list due to its product innovation, brand building, and market competitiveness in the new consumption field [1][3] Company Strategy and Performance - Ruoyuchen has maintained a consumer-centric core value and leveraged technology to build competitive barriers, utilizing big data and artificial intelligence to meet diverse consumer needs [3] - The company has developed a proprietary brand matrix since 2020, launching high-end fragrance cleaning brand Zhanjia, scientific anti-aging brand Feicui, and mass dietary supplement brand Niuyibei, addressing various consumer pain points [3][6] Product Highlights - Feicui has established a core advantage in the scientific anti-aging sector by collaborating with top research institutions, achieving the "No. 1 in online sales of oral ergothioneine" in 2025, and ranking among the top 10 health brands on Tmall International [5] - Zhanjia has differentiated itself in the fragrance cleaning market with its innovative positioning, achieving over 80% year-on-year growth in GMV during the 2025 Double Eleven shopping festival, ranking second in Tmall's cleaning agents category [6] - Niuyibei has entered the market with a focus on high cost-effectiveness and precise efficacy, achieving top rankings in multiple categories during its debut on Tmall International [8] Future Outlook - The recognition as an "Outstanding Competitive Listed Company in Consumer Sector" reflects Ruoyuchen's brand value and market competitiveness, emphasizing the strategic significance of its proprietary brand matrix [8] - The company plans to continue enhancing technology-driven and brand innovation efforts, solidifying its proprietary brand matrix to contribute to high-quality development in the consumer sector [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.766 billion yuan in 2024, representing a year-on-year growth of 29.26%, and a net profit of 106.4 million yuan, up 94.58% year-on-year [7] - The self-owned brand "Zhenjia" has shown significant growth, with a revenue of 501 million yuan in 2024, a year-on-year increase of 90.28%, contributing to 28.37% of the company's total revenue [7] - The company has successfully launched the health product line "Feicui," which has rapidly gained traction, ranking high in various e-commerce platforms [7] - The brand management business has also demonstrated strong growth, with a revenue of 501 million yuan in 2024, up 212.24% year-on-year [7] - The company has adjusted its net profit forecasts for 2025-2026 upwards due to better-than-expected growth in self-owned brands, with 2025 net profit now projected at 190 million yuan [7] Financial Summary - Total revenue is projected to reach 2.685 billion yuan in 2025, with a year-on-year growth of 52.06% [1] - The net profit for 2025 is estimated at 189.82 million yuan, reflecting a year-on-year increase of 79.70% [1] - The earnings per share (EPS) is expected to be 1.16 yuan in 2025, with a price-to-earnings (P/E) ratio of 43.13 [1] - The gross margin is expected to improve to 52.62% in 2025, up from 44.57% in 2024 [8] - The company's total assets are projected to be 1.511 billion yuan in 2025, with a debt-to-asset ratio of 28.34% [8]