Guangzhou Ruoyuchen Technology Co., Ltd. provides e-commerce services to brand owners in China and internationally. Its offerings include omnichannel operation, digital marketing, customer relationship management, live streaming, content-based recommendations, digitalization, visual design, channel distribution, customer service, and supply chain management. The company was incorporated in 2009 and is headquartered in Guangzhou, China.
Ruoyuchen completes Hong Kong listing filing, plans to issue up to 63.1267 million shares
Guangzhou Ruoyuchen Technology Co., Ltd. announced on October 7 that it recently received the overseas issuance and listing filing notice issued by the China Securities Regulatory Commission. The company plans to issue up to 63.1267 million ordinary shares overseas and list on the Main Board of the Hong Kong Stock Exchange. The filing is valid for 12 months from the date the notice was issued. Ruoyuchen was founded in Guangzhou in May 2011, starting with e-commerce agency operations, and listed on the Main Board of the Shenzhen Stock Exchange on September 25, 2020. It previously submitted prospectuses to the Hong Kong Stock Exchange on September 19, 2025 and April 27, 2026. Completing this filing means the company has achieved a key regulatory milestone in its push toward a dual A-share and H-share capital platform. Over the past two years, the company has shifted its business structure from operating on behalf of brands to building its own brands. In 2025, it achieved operating revenue of 3.432 billion yuan, up 94.35 percent year on year, net profit attributable to shareholders of the listed company of 194 million yuan, up 84.03 percent, and non-GAAP net profit of 189 million yuan, up 78.43 percent. Among these, its own brands achieved operating revenue of 1.813 billion yuan in 2025, up 261.94 percent year on year, accounting for 52.83 percent of the company's total revenue and becoming the largest source of income. Zhanjia achieved operating revenue of 1.069 billion yuan, up 120.8 percent, and Feicui revenue reached 696 million yuan. From 2023 to 2025, own-brand revenue rose from 263 million yuan to 1.813 billion yuan, and its share of total revenue increased from 19.28 percent to 52.83 percent, exceeding half for the first time. Its average gross margin was about 70 percent, significantly higher than the 36.7 percent for agency operations and 46.2 percent for brand management.
Ruoyuchen's first-half net profit and revenue both rise, with own-brand revenue share continuing to increase
Ruoyuchen released its 2026 half-year report, with both revenue and net profit achieving high growth. During the reporting period, the company achieved operating revenue of 2.286 billion yuan, up 73.29 percent year on year; net profit attributable to shareholders of the listed company was 167 million yuan, up 131.72 percent year on year. Among this, own brands, as the core growth engine, achieved revenue of 1.242 billion yuan, up 105.83 percent year on year, accounting for 54.34 percent of overall revenue. Within this, the Zhanjia brand achieved revenue of 740 million yuan, up 66.87 percent year on year, and the Feicui brand achieved revenue of 404 million yuan, up 152.63 percent year on year. Brand management business achieved revenue of 785 million yuan, up 134.17 percent year on year, accounting for 34.35 percent of revenue; e-commerce operations business achieved revenue of 258 million yuan. Operating cash flow grew 100.89 percent to 237 million yuan. In addition, the company completed the acquisition of the high-end skincare brand Erno Laszlo in April 2026, officially entering the high-end skincare track, and integration work is progressing steadily.
Ruoyuchen's first-half net profit attributable to parent reaches 167 million yuan, up 131.7% year on year
Ruoyuchen released its 2026 half-year report, showing first-half net profit attributable to the parent of 167 million yuan, up 131.7% year on year. Operating revenue was 2.29 billion yuan, up 73.3% year on year. Net profit attributable to the parent after deducting non-recurring items was 159 million yuan, up 128.7% year on year. Net operating cash flow was 237 million yuan, up 100.9% year on year. Earnings per share were 0.5383 yuan. In the second quarter, operating revenue was 1.29 billion yuan, up 73.3% year on year, and net profit attributable to the parent was 95.12 million yuan, up 112.1% year on year. As of the end of the second quarter, total assets were 2.72 billion yuan, up 24.6% from the end of the previous year, and net assets attributable to the parent were 795 million yuan, up 10.6% from the end of the previous year. During the reporting period, the company's own-brand business grew 105.83% year on year, accounting for 54.34% of operating revenue. Among these brands, Zhanjia achieved operating revenue of 740 million yuan, up 66.87% year on year, and Feicui achieved operating revenue of 404 million yuan, up 152.63% year on year. Brand management business revenue reached 785 million yuan in the first half, up 134.17% year on year, accounting for 34.35% of total revenue.
Lancy Projects 30% to 60% Growth in First-Half Recurring Operating Profit
Lancy has issued a mid-year earnings forecast, projecting first-half net profit of 65 million to 95 million yuan, a year-on-year decline of 65.78% to 76.59%. However, after stripping out non-recurring items such as the disposal of Ruoyuchen shares and back tax payments, net profit from recurring operating activities is expected to grow 30% to 60% year-on-year. The main reasons for the profit change include a year-on-year decrease of approximately 176 million yuan in investment income from the disposal of Ruoyuchen shares, a loss of about 71.26 million yuan from the decline in the fair value of remaining shares, and a total of around 52.56 million yuan in back corporate income tax and late payment surcharges due to the revocation of its high-tech enterprise status. The company stated that its women's wear and medical aesthetics business segments are actively expanding markets and optimizing product mix, leading to steady revenue growth, while supply chain optimization and refined cost management have reduced the overall cost-to-revenue ratio year-on-year. Lancy is principally engaged in mid-to-high-end women's wear and has also expanded into medical aesthetics and green baby and children's businesses. As of the end of 2025, its fashion women's wear segment had 476 stores, and for the full year 2025, this segment achieved revenue of approximately 2 billion yuan, up 3.85% year-on-year. In the first quarter of 2026, revenue reached about 570 million yuan, an increase of 13.11% year-on-year.
002612.CS · Capital · Positive Recurring operating profit expected to grow 30%-60% year-on-year, indicating strong underlying earnings.
003010.CS · Capital · Negative Lancy's disposal of Ruoyuchen shares reduced investment income by ~176 million yuan, implying a negative impact on Ruoyuchen's stock value or Lancy's stake.
Ruoyuchen expects first-half 2026 net profit attributable to parent to rise 100%–120% year-on-year
Ruoyuchen disclosed an earnings forecast, expecting net profit attributable to the parent for the first half of 2026 to be between 145 million and 159 million yuan, a year-on-year increase of 100% to 120%. Deducted non-recurring net profit is expected to be between 137 million and 151 million yuan, up 95.87% to 116.59% year-on-year, with basic earnings per share of 0.46 yuan to 0.51 yuan. The company said the profit growth mainly stems from the prominent strategic value of its own brands, with revenue from the Zhanjia and Feicui brands growing rapidly, the brand management business maintaining healthy growth, and the company improving personnel efficiency and expense management capabilities through digital and intelligent transformation.
China
Hong Kong SAR China