格隆汇10月9日丨水羊股份(300740.SZ)公布，截至2025年9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9月30日总股本390,005,506股的 2.08%，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。 ...

证券代码：300740 证券简称：水羊股份 公告编号：2025-067 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) - **Industry**: High-end beauty and skincare Key Points and Arguments 1. **Strategic Transformation**: Water Sheep Co. is undergoing a strategic transformation focusing on high-end brands, leveraging e-commerce and digitalization to enhance operational efficiency and brand positioning [2][6][9] 2. **High-end Brand Matrix**: The company has developed a high-end brand matrix, which includes brands like Yufei Dan (伊菲丹), PA, and Revive, aiming for a global luxury beauty transformation [2][9] 3. **Market Trends**: The high-end beauty market in China is characterized by a shift towards scientific skincare concepts, with a growing consumer base among affluent women, providing significant growth opportunities for niche high-end brands [3][5] 4. **Performance Expectations**: For 2025, the company anticipates significant profit recovery and growth, with high-end brands expected to contribute over 1.5 billion RMB in revenue [3][27] 5. **Brand Contributions**: Yufei Dan's core products, including super masks and CP combinations, contribute 60%-70% of overall revenue, indicating strong market demand and brand positioning [10] 6. **International Expansion**: The Revive brand, with products priced between 2,000 RMB and over 10,000 RMB, has seen significant sales growth, achieving over 10 million RMB in GMV in the first half of 2025 [4][20] 7. **Resource Allocation**: Starting in 2024, resources will be concentrated on high-end brands, with a reduction in support for mass-market skincare products [9][11] 8. **PA Brand Strategy**: PA focuses on the unique HP DNA repair component, targeting younger consumers with a need for effective and quick skincare solutions [15][17] 9. **Sales Growth**: The company has reported substantial growth in its brands, with PA experiencing over 200% growth and Yufei Dan maintaining a doubling growth rate [27] 10. **Operational Adjustments**: The company is adjusting its operational strategies to enhance profitability, including reducing reliance on influencer marketing and focusing on sustainable growth [14][26] Additional Important Insights 1. **Consumer Insights**: The company emphasizes the importance of consumer insights and rapid product iteration as key drivers of market share in the domestic beauty sector [5] 2. **Brand Positioning**: Yufei Dan differentiates itself through a narrative of French skincare experience and aristocratic storytelling, which has resonated well with consumers [7][8] 3. **Market Challenges**: The company has faced challenges due to adjustments in Johnson & Johnson's business, but has successfully diversified its partnerships to mitigate risks [26] 4. **Future Plans**: Water Sheep Co. plans to open 50 stores in China over the next three years, enhancing its offline presence and brand visibility [11][12] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on high-end beauty brands and its growth trajectory in the competitive market.

Group 1 - The cosmetics sector increased by 0.26% on September 30, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] - Key stocks in the cosmetics sector showed varied performance, with Shuiyang Co., Ltd. closing at 21.85, up 2.29%, and Proya Cosmetics Co., Ltd. closing at 80.79, down 0.04% [1][2] Group 2 - The net outflow of main funds in the cosmetics sector was 9.444 million yuan, while retail investors saw a net inflow of 8.3265 million yuan [2] - The table of fund flows indicates that Shuiyang Co., Ltd. had a main fund net inflow of 12.6721 million yuan, while retail investors had a net outflow of 16.2603 million yuan [3] - Other notable fund flows include Jiahen Home Chemical with a main fund net inflow of 9.0194 million yuan and a retail net outflow of 13.1271 million yuan [3]

Group 1 - The cosmetics sector experienced a slight increase of 0.1% on September 26, with Qingdao King leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Key stocks in the cosmetics sector showed varied performance, with Qingdao King rising by 3.49% to a closing price of 8.00 [1] Group 2 - The cosmetics sector saw a net inflow of 55.80 million yuan from main funds, while retail investors experienced a net outflow of 30.36 million yuan [2] - Major stocks like Qingdao King and Shanghai Jahwa had significant net inflows from main funds, indicating investor interest [3] - The overall trading volume and turnover in the cosmetics sector reflected active market participation, with Qingdao King achieving a turnover of 3.83 billion yuan [1][2]

证券代码：300740 证券简称：水羊股份 公告编号：2025-066 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 关于公司控股股东及其一致行动人部分股份解除质押及质押延期回 购的公告 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。 水羊集团股份有限公司（以下简称"公司"）于近日接到公司控股股东湖南 御家投资管理有限公司（以下简称"御家投资"）及其一致行动人长沙汀汀企业 管理咨询合伙企业（有限合伙）（以下简称"汀汀咨询"）的通知，御家投资、 汀汀咨询对其持有公司的部分股份办理了解除质押及延期购回手续，具体事项如 下： | | 是否为控 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次解除质 | 占其所 | 占公司 | | | | | | 第一大股 | 押股份数量 | 持股份 | 总股本 | 质押起始日期 | 质押解除日 | 质权人 | | 名称 | | （股） | 比例 | 比例 | | | | | | 东及其一 | | | | ...

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting the resilience of domestic brands and the impact of new consumption trends [2]. Core Insights - The beauty and personal care sector experienced a robust recovery in H1 2025, with a retail sales growth of 2.9%, reversing the previous decline due to favorable consumption policies and improved income expectations [5][6]. - Domestic brands are gaining market share, with top local brands now competing closely with international counterparts, indicating a significant shift in consumer preferences [10][11]. - The report categorizes companies into three groups based on performance: those with strong brand matrices benefiting from multi-brand strategies, those capitalizing on consumer trends like domestic brands and collagen products, and those showing signs of strategic improvement [20][23]. Summary by Sections Industry Overview - The beauty market is projected to grow steadily, with a forecasted retail sales decline of 1.1% in 2024, followed by a recovery in H2 2025 [5][6]. - The domestic market share is expected to increase, with local brands achieving significant breakthroughs in both skincare and makeup segments [10][11]. Company Performance - **Cosmetics Sector**: - Major companies like Up Beauty and Proya reported revenue growth of 17.3% and 7.2% respectively in H1 2025, with net profits increasing by 30.6% and 13.8% [20][21]. - Other notable performers include Marubi and Water Sheep, with revenue growth of 30.8% and 9.0% respectively [21][22]. - **Personal Care Sector**: - Companies like Ruibin and Zhenjia showed remarkable growth, with Ruibin's revenue increasing by 67.6% and Zhenjia's by 157.11% in H1 2025 [5][20]. - **Medical Aesthetics Sector**: - Companies like Aimeike and Langzi reported mixed results, with Aimeike's revenue declining by 21.6% while Langzi's net profit surged by 64.1% [20][24]. Investment Recommendations - The report recommends investing in companies with strong brand matrices and low PE multiples, such as Up Beauty and Proya, as well as those benefiting from the Douyin traffic boost like Marubi and Water Sheep [20][24]. - It also suggests focusing on high-value segments and innovative products from brands like Ruibin and Furuida, and highlights opportunities in the maternal and infant sector with companies like Shengbeila and Haiziwang [20][24].

Group 1 - The core announcement is about the share pledge and repurchase situation of the company, specifically regarding the actions taken by its controlling shareholder, Hunan Yujia Investment Management Co., Ltd. [1] - Tingting Consulting has released a pledge on 8 million shares, with the pledge starting on September 23, 2024, and set to be released on September 19, 2025, with Guotai Junan Securities Co., Ltd. as the pledgee [2] - The repurchase of the pledged shares by Tingting Consulting has been postponed, with the same number of shares (8 million) involved, representing 17.97% of its holdings and 2.05% of the company's total share capital [3] Group 2 - As of the announcement date, the cumulative pledged shares of major shareholders include Dai Yuefeng with 18.8 million shares pledged (48.10% of his holdings), Yujia Investment with 41.64 million shares pledged (43.42% of its holdings), and Tingting Consulting with 16 million shares pledged (35.94% of its holdings) [4] - The total pledged shares among these three shareholders amount to 76.44 million, which is 42.58% of their combined holdings and 19.60% of the company's total share capital [4] - The announcement clarifies that the share pledge and repurchase do not relate to the company's operational needs, and Tingting Consulting is in good credit standing, indicating no risk of forced liquidation that would adversely affect the company's operations or governance [4]

证券代码：300740 证券简称：水羊股份 公告编号：2025-065 债券代码：123188 债券简称：水羊转债 | | 汀汀 咨询 | 是 | 5,500,000 | 12.35% | | 1.41% | 2024 年 9 月 23 日 | 2025 年 9 19 日 | 月 | 国泰海通证 券股份有限 公司 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 二、本次控股股东之一致行动人部分股份质押延期购回的基本情况 | | | | | | | | | 是否为 | | | | | | | | | | | | | 控 | | | | | | | | | | | | | 股股东 | | | | | | | | | | | | | 或 | | | | | | | | | | | | 股东 | 第一大 | 本次延期 购回质押 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否 为补 | 质押起始 | 质押原到 | 延期后质 | 质权 | 质押 | | 名称 | 股 | 股 ...

Market Overview - The Shanghai Composite Index rose by 0.22% on September 22, with 11 sectors experiencing gains, led by the electronics and computer sectors, which increased by 3.71% and 1.70% respectively [1] - The total net outflow of capital from the two markets was 18.892 billion yuan, with only four sectors seeing net inflows [1] Sector Performance - The electronics sector had the highest net inflow of capital, amounting to 9.357 billion yuan, coinciding with its 3.71% increase [1] - The computer sector followed with a net inflow of 2.081 billion yuan and a daily increase of 1.70% [1] - The power equipment sector experienced the largest net outflow, totaling 4.662 billion yuan, while the pharmaceutical and biological sector saw a net outflow of 3.371 billion yuan [1] Beauty and Personal Care Industry - The beauty and personal care sector declined by 1.36%, with a net outflow of 223 million yuan [2] - Out of 29 stocks in this sector, 8 rose while 21 fell [2] - The top three stocks with the highest net outflow included Aimeike, Pola, and Qingdao King, with outflows of 73.5801 million yuan, 27.1153 million yuan, and 24.1188 million yuan respectively [2] Capital Flow in Beauty and Personal Care - The top stock with net inflow in the beauty sector was Shuiyang Co., with an inflow of 13.0672 million yuan [3] - Other notable inflows were from Runben Co. and Jinsong New Materials, with inflows of 4.8789 million yuan and 2.4414 million yuan respectively [3] - The overall capital flow data indicates a challenging environment for the beauty and personal care sector, with significant outflows from major companies [2][3]