证券研究报告|公司点评报告 [Table_Date] 2026 年 03 月 25 日 [Table_Title] 自有品牌放量品牌管理高增，看好业绩高增 延续性 [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： | 82.5/28.05 | | 目标价格： | | 总市值(亿) | 93.01 | | 最新收盘价： | 29.9 | 自由流通市值(亿) | 0.00 | | | | 自由流通股数(百万) | 0.00 | [Table_Summary] 事件概述： 公司发布 2025 年年报。2025 年公司实现营业收入 34.32 亿元，同比增长 94.35%；实现归母净利润 1.94 亿元， 同比增长 84.03%；实现扣非归母净利润 1.89 亿元，同比增长 78.43%。2025Q4 公司实现营业收入 12.93 亿元、 同比增长 111.4%，归母净利润 0.90 亿元、同比增长 86.99%， ...

Core Insights - The establishment of the Feicui Scientific Anti-Aging Research Institute is seen as a positive response to the industry's "trust deficit" amid a surge in oral anti-aging products lacking scientific backing [1] - The research institute collaborates with prestigious institutions like Jinan University and Peking University to discuss aging mechanisms and clinical applications of nutritional interventions [1] - Feicui aims to create a "user-research-product" closed loop by analyzing health data from millions of users to define research topics and quickly translate lab results into verifiable products [1] Product Development - Feicui actively collects consumer feedback to identify common issues and iterates products accordingly, with the popular "Little Purple Bottle" having undergone two iterations within a year to enhance efficacy and user experience [2] - The company has launched new products such as the "Golden Bottle," "Anti-Aging PLUS," and "Fat Metabolism Bottle," expanding its product matrix to 11 offerings that cater to diverse consumer needs [2] - Industry observers believe that Feicui's approach may accelerate the reshaping of the oral anti-aging market, as consumers are increasingly seeking brands with scientific foundations rather than mere appealing narratives [2]