证券代码：300740 证券简称：水羊股份 公告编号：2025-032 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 水羊集团股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第三 届董事会 2025 年第一次临时会议，审议通过了《关于〈水羊集团股份有限公司 回购公司股份方案〉的议案》，拟使用不低于人民币 5,000 万元（含），不超过人 民币 10,000 万元（含）的自有资金和股票回购专项贷款资金以集中竞价交易方 式回购公司已发行的部分人民币普通股（A 股）股份（以下简称"本次回购"）， 回购股份的价格不超过人民币 18.00 元/股（含），回购的股份将全部用于实施员 工持股计划或者股权激励。若公司未能自本次回购实施完成之日起三年内将已回 购的股份用于前述用途的，未使用部分的回购股份将依法予以注销。具体内容详 见公司于 2025 年 4 月 16 日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于回购公司股份方案的公告》（公告 ...

Summary of Water Sheep Co. Conference Call Company Overview - **Company**: Water Sheep Co. (水羊股份) - **Core Brand**: Yi Fan (一帆单品) - **Industry**: Beauty and Personal Care Key Points Performance and Growth Expectations - Yi Fan single product did not meet expectations in 2024, but Q1 2025 shows recovery with expected growth of over 10% year-on-year, aiming for an annual growth rate exceeding 20% [2][5] - Profit margins are expected to improve year-on-year due to optimized marketing strategies, shifting from celebrity endorsements to other advertising methods [2][4] Product Diversification - The company is expanding its product categories, moving from reliance on CP series (60%-70% of sales) to include new categories like sunscreen and creams, which are performing well [2][6] - This diversification is seen as a way to mitigate risks and enhance overall profitability [2] Offline Channel Development - Water Sheep Co. is investing heavily in offline channels, which currently account for about 10% of sales, with plans for continued expansion [2][7] - New stores, such as the Zhang Yuan image store and locations in SKP and Wulin Yintai, have been profitable, with expectations for offline channel growth exceeding 20% for the year [2][7] Brand Strategy and Performance - The Yuni Fang brand experienced a decline in 2024 but is being repositioned for 2025, targeting lower-tier markets with promising early results indicating a significant reduction in losses, potentially achieving breakeven [2][8] - The PA brand has completed global ownership acquisition and is positioned in the light luxury segment, with good brand assets and potential for revenue growth in 2025 [2][9] - RV brand has already generated profits, and the company plans to refine its positioning and develop products suited for Chinese consumers [2][9] Agency Business Insights - The agency business generated approximately 2.6 billion yuan in revenue in 2024, impacted by the spin-off of Johnson & Johnson's health division, leading to a decline in related agency business [2][10] - Despite a decrease in agency revenue, the introduction of new brands has stabilized overall income, with a net profit margin of about 3% [2][10] Overall Financial Outlook - The company anticipates a significant rebound in profits for 2025, with expectations of reaching over 200 million yuan in profit, supported by the recovery of various brands [2][3][11] - Water Sheep Co. is currently valued relatively low in the beauty industry, presenting a high safety margin and potential for investors [2][14] Emerging Brands and Market Trends - The Misty Bright Drink brand has shown excellent sales performance on Douyin, with potential positive contributions to overall profits if sales continue to grow [2][13] - Smaller brands like VAA and HBS are also showing promising trends, contributing to the overall improvement in company performance as they mature [2][9] Conclusion Water Sheep Co. is strategically repositioning its brands and diversifying its product offerings while expanding its offline presence. The company is expected to recover from previous losses and achieve significant profit growth in 2025, making it an attractive investment opportunity in the beauty and personal care sector.

Group 1 - The new consumption concept stocks continue to strengthen, with significant gains in sectors such as beauty care and beverages [1] - Shuiyang Co., Ltd. experienced a 20% limit-up in the afternoon trading session [1] - Other companies like Huanlejia, New Dairy Industry, Junyao Health, and Zhou Dashing also reached their limit-up previously, indicating strong market performance [1] Group 2 - Several stocks, including Liziyuan, Dongpeng Beverage, Yong'an Pharmaceutical, Qingsong Co., and Mingpai Jewelry, saw increases of over 5% [1]

Group 1 - The cosmetics sector experienced a short-term surge, with Shuiyang Co., Ltd. (300740) rising over 10% [1] - Other companies such as Marubi Biotechnology (603983), Proya Cosmetics (603605), Fulejia (301371), Qingsong Co., Ltd. (300132), and Babi Co., Ltd. also saw increases [1] - There is a notable influx of dark pool funds into these stocks [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year decrease of 5.69%, and a net profit attributable to the parent company of 110 million yuan, a year-on-year decrease of 62.63% [2][4] - In Q4 2024, the company reported operating revenue of 1.192 billion yuan, a year-on-year increase of 6.86%, while the net profit attributable to the parent company was 16 million yuan, a year-on-year decrease of 86.33% [2][4] - In Q1 2025, the company achieved operating revenue of 1.085 billion yuan, a year-on-year increase of 5.19%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 4.67% [2][4] Summary by Sections Financial Performance - The company experienced a strategic adjustment in its brand portfolio in 2024, leading to revenue pressure and a decline in profit margins. However, the gross margin improved by 4.6 percentage points due to an ongoing optimization of brand structure, with a higher proportion of high-end brands [11] - The sales expense ratio increased by 7.7 percentage points year-on-year, attributed to increased brand promotion investments, while the management and R&D expense ratios also saw slight increases [11] - In Q4 2024, the company saw a recovery in revenue growth, with a year-on-year increase of 7%, and a gross margin improvement of 3.1 percentage points [11] - For Q1 2025, the company maintained stable revenue growth of 5%, with a gross margin increase of 2.4 percentage points, indicating effective control over brand marketing expenses [11] Future Outlook - The company aims to establish itself as a "global emerging luxury beauty group," with ongoing investments in high-end brands and market expenses. The revenue is expected to stabilize, and profit margins are anticipated to gradually recover [11] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 230 million yuan, 320 million yuan, and 390 million yuan, respectively [11]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed growth in Q1 2025, driven by its own brand and CP brand strategies focusing on high-end and global markets [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.237 billion yuan, a year-on-year decrease of 5.7%, with a net profit attributable to shareholders of 110 million yuan, down 62.6% [1]. - For Q1 2025, the company reported revenue of 1.085 billion yuan, an increase of 5.2% year-on-year, and a net profit of 42 million yuan, up 4.7% [1]. - The non-recurring net profit for 2024 was 118 million yuan, reflecting a decline of 56.7% year-on-year, while for Q1 2025, it was 41 million yuan, down 22.8% [1]. Group 2: Business Strategy - The company has completed the initial transformation of its own brand system towards high-end and global markets, with own brand revenue reaching 1.651 billion yuan, maintaining a stable proportion of overall revenue [1]. - The high-end self-owned brand revenue proportion is continuously increasing, and the product structure of self-owned brands has been further optimized, leading to improved gross margin levels [1]. - The CP brand segment includes skincare, makeup, personal care, perfume, and health food categories, with ongoing improvements in brand matrix layout and a focus on resource allocation and quality [1][2]. Group 3: External Factors and Profit Pressure - In 2024, the company increased investments in high-end brands like EDB and PA, but the conversion effect of these investments fell short of expectations due to external environmental impacts [2]. - Non-business factors such as hedging losses, reduced government subsidies, and decreased investment income have also pressured profits in 2024 [2]. - Despite these challenges, the company is seeing a continuous increase in the revenue share of high-margin brands and products, leading to a noticeable improvement in overall gross margin [2]. Group 4: Future Outlook - The company is expected to continue its "high-end and global" strategy, with projected revenues of 4.590 billion yuan, 4.889 billion yuan, and 5.150 billion yuan for 2025-2027, corresponding to growth rates of 8.3%, 6.5%, and 5.3% respectively [3]. - The net profit attributable to shareholders is forecasted to be 247 million yuan, 322 million yuan, and 363 million yuan for the same period, with growth rates of 124.4%, 30.4%, and 13.0% respectively [3]. - Earnings per share (EPS) are projected to be 0.64 yuan, 0.83 yuan, and 0.94 yuan for 2025-2027 [3].

Group 1 - EDB is collaborating with several ultra-luxury hotels globally, including Rosewood, St. Regis, and Waldorf, to enhance its SPA channel presence in countries like France, Germany, Mexico, and Italy [1] - The company plans to launch an upgraded version of its rich cream in the second half of this year, which is a key focus area for EDB moving forward [1] - EDB aims to complete its "10+3" strategy by establishing three types of stores in the top ten global cities, including Beijing, Shanghai, and Hong Kong, to improve brand experience [1] Group 2 - EDB expects to achieve approximately 20% revenue growth for the year, focusing on enhancing offline interactive experiences and reducing reliance on top-tier sales [2] - The company is working on revitalizing its brand image and aims for positive revenue growth and a balance between profit and loss this year [2] - RV brand has shown stable performance during adjustments in overseas markets, with promising results from initial tests in the Chinese market [2]

Core Viewpoint - The beauty and personal care sector is experiencing significant upward momentum, driven by strong domestic consumption and strategic efforts from companies to enhance their competitive positioning [3][5]. Industry Performance - The "Beauty and Personal Care" sector index reached a new high of 945.83 points on May 9, after recovering from a low of 756.20 points in early April [4][5]. - The sector's growth is supported by government policies aimed at boosting consumption and expanding domestic demand, alongside the ongoing development of both online and offline sales channels [5][6]. Company Highlights - Major companies in the sector, such as Marubi Biotechnology, Water Sheep Co., and Betaini, have seen significant stock price increases recently, with Marubi's stock rising by 22.55% and Water Sheep's by 15.45% as of May 9 [6]. - Marubi Biotechnology reported a revenue of 2.97 billion yuan for 2024, marking a year-on-year growth of 33.44%, with its main brand contributing 69.24% of total revenue [7]. - Water Sheep Co. experienced a revenue decline of 5.69% to 4.24 billion yuan in 2024, with a significant drop in net profit by 62.63% [8][9]. - Betaini's revenue for 2024 was 5.736 billion yuan, a 3.87% increase, but net profit fell by 33.53% [10][11]. Market Dynamics - The competitive landscape is intensifying, with domestic brands gaining market share due to their high cost-performance ratio and refined operations [5][6]. - The differentiation in channel flow and brand competition is becoming more pronounced, with leading domestic brands expected to maintain their market leadership through a combination of brand strength, channel strategy, product quality, and operational efficiency [5][6].

Group 1: Company Strategy and Market Positioning - The company aims to establish a global high-end beauty brand management group, focusing on long-term strategic investments to navigate short-term uncertainties [9][11]. - EDB brand plans to open stores in the top 10 global cities, with a strategy of "10+3" to enhance brand experience [3][6]. - The company is committed to optimizing its supply chain management and increasing production capacity utilization [12]. Group 2: Financial Performance and Growth Projections - EDB expects a revenue growth of approximately 20% for the year, driven by the expansion of offline channels [6]. - In Q1 2025, the company reported a revenue of 1.08 billion, a 5 million increase from Q1 2024 [8]. - The sales expenses for Q1 2025 were 538 million, up from 478 million in Q1 2024, indicating a rise in marketing investments [8]. Group 3: Product Development and Brand Management - The company plans to upgrade the EDB rich cream product line in the second half of the year, focusing on high-frequency consumer products [2][17]. - EDB's offline channel growth in China exceeded 100%, reflecting strong market demand [6][18]. - The company is enhancing its brand image through high-profile endorsements and marketing campaigns targeting high-net-worth customers [11]. Group 4: Market Challenges and Opportunities - The company is navigating challenges in the beauty industry, including rising costs and competitive pressures, while maintaining a focus on high-end brand positioning [8][27]. - The global trade environment presents opportunities for the company to strengthen its international brand presence [10]. - The company is exploring the integration of e-commerce channels to boost sales, particularly in the U.S. market [5][13].

证券代码：300740 证券简称：水羊股份 公告编号：2025-031 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 关于回购公司股份的进展公告 股份的进展情况公告如下： 一、回购公司股份的进展情况 截至 2025 年 4 月 30 日，公司通过股份回购专用证券账户以集中竞价交易 方式回购公司股份 8,097,150 股，占公司截至 2025 年 4 月 30 日总股本 388,338,526 股的 2.09%，最高成交价为 12.49 元/股，最低成交价为 11.56 元/ 股，成交金额为 97,819,875.32 元（不含交易费用）。本次回购符合公司回购股 份方案及相关法律法规的要求。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 水羊集团股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第三 届董事会 2025 年第一次临时会议，审议通过了《关于〈水羊集团股份有限公司 回购公司股份方案〉的议案》，拟使用不低于人民币 5,000 万元（含），不超过人 民币 10,000 万元（含）的自有资金和股票回购专项贷款资金 ...