若羽臣 20250720 摘要 若雨辰 2024 年营收近 18 亿元，同比增长约 30%，归母净利润超 1 亿 元，三年复合增速达 54%。自由品牌收入达 5 亿元，同比增长近 100%，成为增长核心驱动力，显示出强劲的盈利能力和增长潜力。 公司管理层稳定，实控人持股超 40%，高管团队平均年龄约 40 岁，且 入职时间普遍超过 10 年。2022 年推出股权激励计划，覆盖核心成员， 有效激励员工并保障业务转型，为公司长期发展奠定基础。 若雨辰主营电商服务，包括代运营和品牌管理。2024 年代运营收入 7.6 亿元，品牌管理收入 5 亿元，品牌管理业务增速达 200%，表明公司正 积极向高附加值的品牌管理转型。 自由品牌"赞佳"定位高端香氛家清，2024 年实现收入 4.8 亿元，三 年复合增速达 87%。2025 年 618 期间登上天猫嘉兴榜第七名，通过差 异化调香和留香技术，在竞争激烈的市场中脱颖而出。 赞佳通过与资深调香师合作，拥有 15 种香型，采用动态顶空分析和双 层微胶囊技术，实现鲜花香味还原和 72 小时持久散香。客群定位 18- 24 岁年轻中产和新锐白领，通过季节限定和 IP 合作强化香 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the new consumption sector, focusing on industries such as daily chemicals, personal care, and health products, which are entering a product upgrade cycle with strong sustainability [1][5]. Key Points and Arguments - **New Consumption Drivers**: The current wave of new consumption is driven by product renewal and innovation rather than relying on traffic purchases. Companies need stronger content marketing capabilities and market insight, making innovation a key competitive factor [1][3]. - **Market Characteristics**: The new consumption market is characterized by a shift from functional needs to emotional value needs, with traditional products being revamped to meet these new demands [4][5]. - **Market Volatility**: Recent fluctuations in the new consumption market are considered normal after significant growth phases. The current cycle is less elastic compared to the previous one, with a focus on replacing and upgrading existing products [3][6]. - **Valuation Metrics**: Most new consumption companies have a PEG ratio between 1 and 1.3, indicating they may be slightly overvalued. However, there is potential for valuation recovery as risk appetite increases [7]. - **Impact of Shareholder Actions**: Shareholder sell-offs do not necessarily indicate a peak in stock prices, as they can be influenced by various factors. As long as risk appetite remains stable and innovation cycles continue, the new consumption sector still has growth potential [8]. Industry Trends - **Sustained Innovation**: Industries such as beauty, snacks, gold and jewelry, trendy toys, and tea drinks are expected to maintain high-frequency innovation, while stable categories like daily chemicals and personal care are entering a more robust upgrade cycle [5][9]. - **Investment Recommendations**: Traditional growth companies in sectors like beverages and beer are recommended for investment due to their lower valuations and higher cost-effectiveness. Emerging growth companies like Ruoyuchen and Jingbo Biological are also highlighted for their innovative capabilities [2][10]. Potential Investment Opportunities - **Specific Companies**: In the cosmetics sector, companies like Juzhi Biological and Runben Co. are noted for their stability and growth potential. In the food and beverage sector, companies such as Yanjinpuzi and Weilong Food are performing well, with others like Bailong Chuangyuan and Three Squirrels also identified as promising investments [11]. Conclusion - The new consumption sector may experience a consolidation phase, but this does not imply an end to growth. Traditional growth companies may outperform during this period, suggesting a need for dynamic adjustments in investment strategies to optimize returns [12].