Core Viewpoint - The report highlights the financial performance of Shuiyang Group Co., Ltd. for the first half of 2025, showing an increase in revenue and net profit compared to the same period last year, while also indicating a significant improvement in cash flow from operating activities [1]. Financial Performance - Operating revenue for the reporting period reached CNY 2,499,726,293.89, representing a 9.02% increase from CNY 2,292,845,526.07 in the same period last year [1]. - Net profit attributable to shareholders of the listed company was CNY 123,295,453.50, up 16.54% from CNY 105,796,051.99 year-on-year [1]. - The net profit after deducting non-recurring gains and losses was CNY 120,592,203.46, a slight increase of 1.04% compared to CNY 119,354,926.83 [1]. - The net cash flow from operating activities was CNY 166,359,623.51, a significant increase of 368.97% from a negative cash flow of CNY -61,850,822.06 in the previous year [1]. - Basic earnings per share rose to CNY 0.3190, reflecting a 17.41% increase from CNY 0.2717 [1]. - Diluted earnings per share increased to CNY 0.3055, up 16.60% from CNY 0.2620 [1]. - The weighted average return on equity was reported at 5.76% [1]. Asset and Equity Status - Total assets at the end of the reporting period were CNY 4,207,715,166.26, a decrease of 1.02% from CNY 4,251,106,914.16 at the end of the previous year [2]. - Net assets attributable to shareholders of the listed company increased to CNY 2,151,000,384.44, marking a 2.60% rise from CNY 2,096,565,253.21 [2]. Shareholder Information - The company did not propose any cash dividends, stock bonuses, or capital reserve transfers to shareholders for the reporting period [1]. - The major shareholders include Hunan Yujia Investment Management Co., Ltd. with a 24.59% stake and other significant shareholders holding varying percentages [4][5].

Core Viewpoint - The company has announced that its stock price has met the conditions for the potential redemption of its convertible bonds, which may occur if the stock price remains above a specified threshold for a certain period [1][5]. Summary by Sections Convertible Bond Basic Information - The company issued 6,949,870 convertible bonds on April 4, 2023, with a total amount of RMB 69,498.70 million, after deducting fees [2]. - The bonds were listed for trading on the Shenzhen Stock Exchange starting April 25, 2023, under the name "水羊转债" and code "123188" [2]. Conversion and Redemption Conditions - The conversion period for the bonds is from October 11, 2023, to April 3, 2029 [3]. - The initial conversion price was set at RMB 13.71 per share, which has been adjusted multiple times due to profit distributions and incentive plans, currently standing at RMB 13.54 per share [3][4]. - The company has the right to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [5]. Conditional Redemption Clause - The stock price has been above RMB 17.60 (130% of the current conversion price) for 10 trading days from August 7 to August 20, 2025, indicating a potential trigger for the redemption clause [1][5]. - If the stock price continues to meet the criteria, the company may redeem all or part of the unconverted bonds at face value plus accrued interest [5].

Core Viewpoint - Water Sheep Co., Ltd. reported a revenue of approximately 2.5 billion yuan for the first half of the year, marking a year-on-year increase of 9.02%, and a net profit attributable to shareholders of 123 million yuan, up 16.54% year-on-year, driven by a focus on high-end brand development [2] Group 1: Financial Performance - The company achieved a revenue of about 2.5 billion yuan, reflecting a 9.02% increase compared to the previous year [2] - The net profit attributable to shareholders reached 123 million yuan, representing a year-on-year growth of 16.54% [2] - The self-owned brand revenue for the first half of the year was 1.039 billion yuan, accounting for 41.55% of total revenue, with a gross margin of 76.83%, an increase of 5.7 percentage points year-on-year [2] Group 2: Brand Strategy - Water Sheep Co., Ltd. operates through both self-owned brands and CP brands, with a diverse brand portfolio including "EDB," "RV," "PA," "H&B," "VAA," and "Yunifang," covering various product categories [2] - The company has successfully transitioned its self-owned brand system towards high-end and global markets [2] - The high-end skincare brand EDB has strengthened its luxury image through collaborations with celebrities and high-fashion events, targeting high-net-worth customers [3] Group 3: Channel Development - EDB has enhanced its online and offline channel strategies, with a focus on increasing the proportion of direct sales and reducing reliance on top influencers [3] - The brand's Tmall channel saw a growth of approximately 40% in direct sales [3] - EDB opened its first castle store in Shanghai, exceeding performance expectations, and has plans to establish 50 physical stores with SPA services across China by 2027 [3][4]

Core Viewpoint - Water Sheep Co., Ltd. reported a revenue of approximately 2.5 billion yuan for the first half of the year, marking a year-on-year increase of 9.02%, and a net profit attributable to shareholders of 123 million yuan, up 16.54% year-on-year, driven by a focus on high-end brand development and improved brand structure [1] Group 1: Financial Performance - The company achieved a revenue of about 2.5 billion yuan, reflecting a 9.02% year-on-year growth [1] - The net profit attributable to shareholders reached 123 million yuan, representing a 16.54% increase compared to the previous year [1] - The self-owned brand revenue for the first half of the year was 1.039 billion yuan, accounting for 41.55% of total revenue, with a gross margin of 76.83%, up 5.7 percentage points year-on-year [1] Group 2: Brand Strategy and Development - Water Sheep Co., Ltd. operates multiple brands including "EDB," "RV," "PA," "H&B," "VAA," and "Yunifang," covering a wide range of product categories from high-end to mass-market [1] - The company has successfully transitioned its self-owned brand structure towards high-end and global markets [1] - The EDB brand has strengthened its high-end image through collaborations with celebrities and high-fashion events, targeting high-net-worth customers [2] Group 3: Channel Strategy - EDB has enhanced its online and offline multi-channel layout, with a focus on increasing the proportion of direct sales and reducing reliance on top influencers [2] - The brand's Tmall channel saw a growth of approximately 40% in direct sales [2] - EDB opened its first castle store in Asia in Shanghai, exceeding performance expectations, with a single SPA purchase reaching a new high of 39,800 yuan [2] Group 4: Future Outlook - The chairman of Water Sheep Co., Ltd. indicated a clear improvement in the brand structure for 2024, with a strategic focus on high-end brands and a downward adjustment of mass-market brands [3] - The company plans to implement a "three-year plan" to open 50 SPA-integrated stores across China by 2027 [2]

Group 1 - The company Shuiyang Co., Ltd. announced on August 21 that it has made a provision for asset impairment totaling 31.7069 million yuan for the first half of 2025, which will reduce the total profit in the consolidated financial statements for that period by the same amount [2] - The company's revenue for the year 2024 is entirely derived from the daily chemical industry, with a 100% contribution from this sector [2]

Core Viewpoint - Shuiyang Co., Ltd. reported a positive performance in its semi-annual earnings, indicating growth in both revenue and net profit for the first half of 2025 compared to the previous year [2] Financial Performance - The company's revenue for the first half of 2025 is approximately 2.5 billion yuan, representing a year-on-year increase of 9.02% [2] - The net profit attributable to shareholders of the listed company is around 123 million yuan, showing a year-on-year growth of 16.54% [2] - Basic earnings per share are reported at 0.319 yuan, which is an increase of 17.41% year-on-year [2]

Core Viewpoint - Water Sheep Co., Ltd. (300740.SZ) reported a revenue of 2.4997 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.02% [1] - The net profit attributable to shareholders reached 123 million yuan, marking a year-on-year increase of 16.54% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 121 million yuan, showing a year-on-year growth of 1.04% [1] - The basic earnings per share stood at 0.3190 yuan [1] Financial Performance - Revenue for the first half of 2025: 2.4997 billion yuan, up 9.02% year-on-year [1] - Net profit attributable to shareholders: 123 million yuan, up 16.54% year-on-year [1] - Net profit after deducting non-recurring gains and losses: 121 million yuan, up 1.04% year-on-year [1] - Basic earnings per share: 0.3190 yuan [1]

水羊集团股份有限公司董事会 关于 2025 年半年度募集资金存放与使用情况的专项报告 （除另有注明外，所有金额均以人民币元为货币单位） 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司募集资金监管规则》、 深圳证券交易所颁布的《深圳证券交易所上市公司自律监管指引第 2 号-创业板上市公司规 范运作》及相关公告格式规定，将水羊集团股份有限公司（以下简称"公司"）2025 年半年 度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 2022 年 4 月 26 日，公司第二届董事会 2022 年第一次定期会议审议通过了《关于公司 向不特定对象发行可转换公司债券方案的议案》。经中国证监会于 2023 年 2 月 9 日出具的《关 于同意水羊集团股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 [2023]283 号），公司获准向不特定对象发行面值总额 69,498.70 万元可转换公司债券（以下 简称"可转债"）。公司本次发行的可转债募集资金总额为 ...

| 非经营性资 | | 占用方与上 | 上市公司核 | 2025 年期 | 2025 年半年度 | 2025 年半 | 2025 年半 | 2025 年期 | | 占用性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金占用 | 资金占用方名称 | 市公司的关 | 算的会计科 | 初占用资 | 占用累计发生金 | 年度占用资 | 年度偿还累 | 末占用资 | 占用形成原因 | 质 | | | | 联关系 | 目 | 金余额 | 额（不含利息） | 金的利息 | 计发生金额 | 金余额 | | | | 现大股东及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前大股东及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 总计 | | | | | | | | | | | | 其它关联资 | | ...

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 年半年度计提资产减值准备的公告 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。 一、本次计提资产减值准备情况概述 证券代码：300740 证券简称：水羊股份 公告编号：2025-059 1、本次计提资产减值准备的原因 水羊集团股份有限公司（以下简称"公司"）根据《企业会计准则》及公司 会计政策的相关规定，为真实、准确反映公司截至 2025 年 6 月 30 日的财务状 况、资产价值及经营成果，基于谨慎性原则，对公司的各类资产进行了全面检查 和减值测试，拟对公司截至 2025 年 6 月 30 日合并报表范围内有关资产计提相 应的减值准备。 2、本次计提资产减值准备的资产范围和总金额 公司对截至 2025 年 6 月 30 日存在可能发生减值迹象的应收账款、其他应收 款、存货等资产进行减值测试，对应收账款、其他应收款、存货等计提资产减值 准备，计提金额合计 3,170.69 万元。 本次计提减值损失具体构成如下： 1 | 项目 | 计提资产减值准备（元） | | --- | --- ...