Core Viewpoint - Water Sheep Co., Ltd. has shown significant stock performance with a year-to-date increase of 77.84%, despite a slight decline of 0.17% in the last five trading days [1] Group 1: Stock Performance - As of October 20, Water Sheep's stock price reached 23.51 CNY per share, with a market capitalization of 9.169 billion CNY [1] - The stock has experienced a 6.04% increase over the last 20 days and a 43.70% increase over the last 60 days [1] - The company has appeared on the trading leaderboard once this year, with a net buy of 24.4889 million CNY on May 28 [1] Group 2: Financial Performance - For the first half of 2025, Water Sheep reported a revenue of 2.5 billion CNY, reflecting a year-on-year growth of 9.02%, and a net profit of 123 million CNY, up 16.54% [2] - Cumulative cash dividends since the A-share listing amount to 142 million CNY, with 77.8142 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 10, the number of shareholders for Water Sheep stood at 27,000, with an average of 13,296 circulating shares per person [2] - Notable new shareholders include BlackRock China New Horizons Mixed A and Hong Kong Central Clearing Limited, holding 2.6 million shares and 2.5239 million shares respectively [3]

Group 1 - The cosmetics sector experienced a significant increase of 3.35% on October 15, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] - Major stocks in the cosmetics sector showed notable price increases, with Shuiyang Co., Ltd. rising by 8.45% to a closing price of 25.03 [1] Group 2 - The net inflow of main funds in the cosmetics sector was 219 million yuan, while retail investors saw a net outflow of 222 million yuan [1] - Shanghai Jahwa's main fund net inflow was 85.02 million yuan, with a retail net outflow of 66.90 million yuan [2] - Shuiyang Co., Ltd. had a main fund net inflow of 46.76 million yuan, but a retail net outflow of 69.20 million yuan [2]

Group 1 - The beauty and personal care sector is experiencing significant growth, with Shanghai Jahwa reaching its daily limit increase [1] - Shuiyang Co., Ltd. has seen an increase of over 8% in its stock price [1] - Other companies such as Kesi Co., Jiaheng Jiahua, Jinbo Biotechnology, and Babi Co. are also witnessing stock price increases [1]

Core Insights - The cosmetics sector experienced a slight increase of 0.31% on October 14, with Shanghai Jahwa leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Company Performance - Shanghai Jahwa (600315) closed at 26.59, up 5.10%, with a trading volume of 102,700 shares and a transaction value of 270 million yuan [1] - Lafang (603630) closed at 24.65, up 4.05%, with a trading volume of 90,200 shares and a transaction value of 221 million yuan [1] - Qingdao Kingway (002094) closed at 7.97, up 1.92%, with a trading volume of 413,400 shares and a transaction value of 329 million yuan [1] - Other notable performers include Bawei (920123) at 17.83 (+1.54%) and Jinsong New Materials (300849) at 13.53 (+0.97%) [1] Fund Flow Analysis - The cosmetics sector saw a net outflow of 13.28 million yuan from institutional investors, while retail investors experienced a net outflow of 46.69 million yuan [2] - Conversely, speculative funds recorded a net inflow of 59.98 million yuan [2] Individual Stock Fund Flow - Shanghai Jahwa had a net inflow of 29.86 million yuan from institutional investors, while retail investors saw a net outflow of 24.90 million yuan [3] - Lafang recorded a net inflow of 21.89 million yuan from institutional investors, with retail investors experiencing a net outflow of 21.61 million yuan [3] - Qingdao Kingway had a net inflow of 16.80 million yuan from institutional investors, while retail investors saw a net outflow of 18.67 million yuan [3]

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, particularly highlighting the potential of specific companies like Water Sheep Co., Ltd. [13] Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index rising by 1.3% from September 29 to October 10, 2025, which is lower than the overall market performance [3][4] - The upcoming Tmall Double 11 event is expected to boost sales, with domestic brands actively participating with competitive discounts [8] - Water Sheep Co., Ltd. is identified as a leading technology-driven beauty company, with stable revenue projections and improving profit margins [9][10] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Cosmetics Index increasing by 1.2%, lagging behind the Shenwan A Index by 0.4 percentage points [3][4] - The top-performing stocks in the sector include Jiaheng Home Care (+35.0%), Yiyi Co., Ltd. (+18.6%), and Yanjing Co., Ltd. (+15.6%) [5] Upcoming Events - Tmall's Double 11 sales event is set to begin on October 15, 2025, with major domestic brands like Proya and Maogeping expected to participate actively [8] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. has a dual business model of proprietary and CP agency brands, with projected revenues stabilizing between 4 to 5 billion yuan from 2021 to 2024 [9] - The company is expected to achieve net profits of 258 million, 331 million, and 398 million yuan for the years 2025, 2026, and 2027, respectively, reflecting significant growth [10][13] Market Trends - The overall retail sales of cosmetics in August 2025 grew by 5.1%, indicating a recovery in consumer demand [17] - The domestic market is seeing a shift in market share, with local brands gaining ground against international competitors [25] E-commerce Insights - Data shows that domestic brands are performing well on platforms like Douyin and Tmall, with significant growth in GMV for brands like Proya and Maogeping [14][15] Company Developments - Proya has filed for an IPO in Hong Kong, with stable revenue growth and a strong online presence [19] - The report highlights the strategic moves of various companies, including partnerships and new product launches, to enhance their market positions [24][23]

Core Insights - The cosmetics sector experienced a rise of 1.51% on October 10, with Shuiyang Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Company Performance - Shuiyang Co. (300740) closed at 23.93, up 8.72%, with a trading volume of 397,000 shares and a transaction value of 931 million yuan [1] - Jiahen Jiahua (300955) closed at 37.76, up 7.95%, with a trading volume of 119,800 shares and a transaction value of 438 million yuan [1] - Lafang Jiahua (603630) closed at 23.80, up 3.30%, with a trading volume of 73,600 shares and a transaction value of 17.5 million yuan [1] - Other notable performers include Bawi Co. (920123) up 2.45%, Shanghai Jahwa (600315) up 1.91%, and Jingsheng New Materials (300849) up 1.40% [1] Fund Flow Analysis - The cosmetics sector saw a net inflow of 96.14 million yuan from institutional investors, while retail investors experienced a net outflow of 98.20 million yuan [1] - Shuiyang Co. had a net inflow of 43.09 million yuan from institutional investors, but a net outflow of 33.48 million yuan from retail investors [2] - Jiahen Jiahua recorded a net inflow of 33.03 million yuan from institutional investors, with a significant net outflow of 67.04 million yuan from retail investors [2]

证券代码：300740 证券简称：水羊股份 公告编号：2025-068 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 2025 年第三季度可转换公司债券转股情况的公告 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。 特别提示： 1、水羊转债（债券代码：123188）转股期限为 2023 年 10 月 11 日至 2029 年 4 月 3 日；最新有效的转股价格为人民币 13.54 元/股。 2、2025 年第三季度，共有 186 张"水羊转债"（票面金额人民币 18,600 元）完成转股，合计转成 1,366 股"水羊股份"（股票代码：300740）股票。 3、截至 2025 年第三季度末，公司剩余可转债票面总金额为人民币 672,316,600 元。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券》等有关规定，水羊集团股份有限公司 （以下简称"公司"）现将 2025 年第三季度可转换公司债券（以下简称"可转 债"）转股及公司总股本变化情况公告如下： 1 一、可转债基本情况 ...

Group 1 - The beauty care sector experienced a significant rally in the afternoon, with Yi Yi Co., Ltd. hitting the daily limit up [1] - Shui Yang Co., Ltd. saw an increase of over 8%, indicating strong market interest [1] - Other companies such as Jia Heng Jia Hua, Jie Ya Co., Ltd., La Fang Jia Hua, and Hao Yue Care also followed the upward trend [1]

Core Viewpoint - The A-share market's cosmetics concept stocks are experiencing a counter-trend rise, driven by the early launch of the 2025 "Double 11" promotional events by major e-commerce platforms [1] Group 1: Market Performance - Shuiyang Co., Ltd. saw a rise of over 9%, with a total market value of 9.372 billion [2] - Mingchen Health increased by over 8.9%, with a market capitalization of 4.392 billion [2] - Jiaheng Jiahua rose by over 5.3%, with a market value of 3.712 billion [2] - Lafang Jiahua increased by over 4.5%, with a total market value of 5.425 billion [2] - Bawei Co., Ltd. rose by 3.02%, with a market capitalization of 2.019 billion [2] Group 2: Year-to-Date Performance - Shuiyang Co., Ltd. has a year-to-date increase of 81.77% [2] - Jiaheng Jiahua has shown a significant year-to-date increase of 136.64% [2] - Lafang Jiahua has a year-to-date increase of 75.53% [2] - Bawei Co., Ltd. has a year-to-date increase of 68.38% [2]

Core Viewpoint - The article emphasizes the significance of technological innovation in the cosmetics industry, particularly through the development of the "Snow Lotus (SAUSSUREA INVOLUCRATA) callus extract" by YNIFANG, marking a milestone in sustainable resource utilization and modern biotechnology in Chinese beauty brands [3][5][39]. Group 1: Innovation and Development - The new ingredient is a result of deep insights into the unique active components of Snow Lotus and the challenges of traditional raw materials regarding sustainability and stability [5][10]. - YNIFANG's strategic shift from resource dependency to technological creation is highlighted, showcasing its commitment to integrating biotechnology with rare Eastern ingredients [5][39]. - The successful registration of this new ingredient enhances YNIFANG's brand with a strong technological foundation, supporting its "Eastern Skin Formula" [5][39]. Group 2: Research and Insights - YNIFANG has built a dedicated database focusing on the characteristics of Eastern women's skin, conducting extensive research over 19 years, including 67,116 hours of research and 135 offline communication sessions [8]. - The brand identified six core characteristics of Eastern skin, such as higher sensitivity and moisture loss, which informed the development of the Snow Lotus extract [8][10]. Group 3: Ingredient Properties and Benefits - The Snow Lotus callus extract focuses on multiple core functions: antioxidant, soothing, and repairing, effectively addressing issues like pigmentation and high moisture loss in Eastern skin [10][34]. - The extract contains rich active components such as flavonoids, polysaccharides, and phenols, which contribute to its skincare potential [13][34]. Group 4: Technological Advancements - YNIFANG employs innovative techniques like plant stem cell culture and constant temperature extraction to ensure sustainable and high-quality production of the Snow Lotus extract [16][18]. - The extraction process uses pure water as the only solvent, eliminating chemical residue risks and preserving the bioactivity of the active components [19][34]. Group 5: Quality Control and Validation - A comprehensive quality control system is established, ensuring active ingredient content meets strict standards, including flavonoids ≥ 15.0% and polysaccharides ≥ 15.0% [20][34]. - The efficacy of the Snow Lotus extract is validated through a three-tier verification system involving in vitro cell experiments, zebrafish tests, and human clinical trials, confirming its antioxidant and skin repair properties [21][30][32]. Group 6: Market Positioning and Product Development - The new ingredient is targeted at the 25-35 age group, addressing common skin concerns such as dullness and pigmentation through various product lines, including creams and serums [15][36]. - This development complements YNIFANG's existing product offerings, enhancing its competitive edge in the Eastern skincare market [37][39].