证券代码：300740 证券简称：水羊股份 公告编号：2024-056 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 第四届董事会 2025 年第一次定期会议决议公告 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、董事会会议召开情况 水羊集团股份有限公司（以下简称"公司"）第四届董事会 2025 年第一次 定期会议于 2025 年 8 月 20 日在公司六楼会议室召开，由董事长戴跃锋先生主 持，以现场及通讯投票的方式进行表决，本次董事会应出席董事 7 名，实际出席 董事 7 名，符合《水羊集团股份有限公司章程》（以下简称《公司章程》）规定 的法定人数。公司部分高级管理人员列席了本次会议。本次会议通知于 2025 年 8 月 8 日通过书面形式送达至各位董事，本次会议的召集、召开和表决程序符合 《中华人民共和国公司法》等法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 会议经过讨论，一致通过以下决议： 1、审议通过了《关于<2025 年半年度报告>及其摘要的议案》 经审议，董事会一致认为：公司《2025 年半年度报告》及《20 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) The board ensures report accuracy and completeness; no cash dividends or bonus shares are planned - The company's board of directors and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility; all directors attended the review meeting[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section details Water Oasis Group Co Ltd's profile and key financial performance [Company Profile](index=6&type=section&id=一、公司简介) Water Oasis Group Co Ltd (**300740**), formerly Yujiahui, is a Shenzhen Stock Exchange-listed company led by Dai Yuefeng Item | Information | :--- | :--- | | Stock Abbreviation | Water Oasis | | Stock Code | **300740** | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Water Oasis Group Co Ltd | | Legal Representative | Dai Yuefeng | [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) The company achieved **RMB 2.50 billion** revenue (up **9.02%**) and **RMB 123 million** net profit (up **16.54%**), with operating cash flow significantly improving Key Financial Data for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | **2,499,726,293.89** | **2,292,845,526.07** | **9.02%** | | Net Profit Attributable to Shareholders (RMB) | **123,295,453.50** | **105,796,051.99** | **16.54%** | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (RMB) | **120,592,203.46** | **119,354,926.83** | **1.04%** | | Net Cash Flow from Operating Activities (RMB) | **166,359,623.51** | **-61,850,822.06** | **368.97%** | | Basic Earnings Per Share (RMB/share) | **0.3190** | **0.2717** | **17.41%** | | Weighted Average Return on Net Assets | **5.76%** | **4.97%** | increase **0.79 percentage points** | | **Indicator** | **End of Current Period** | **End of Prior Year** | **YoY Change** | | Total Assets (RMB) | **4,207,715,166.26** | **4,251,106,914.16** | **-1.02%** | | Net Assets Attributable to Shareholders (RMB) | **2,151,000,384.44** | **2,096,565,253.21** | **2.60%** | [Non-Recurring Gains and Losses](index=8&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses totaled **RMB 2.70 million**, primarily from government grants and investment income Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | **37,222.88** | | Government Grants Recognized in Current P&L | **1,440,250.00** | | Fair Value Changes in Financial Assets/Liabilities | **690,354.78** | | Other Non-Operating Income and Expenses | **973,380.00** | | **Total** | **2,703,250.04** | [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) Management discusses operations, core competencies, financial performance, and risk management strategies [Principal Business and Operating Performance](index=9&type=section&id=一、报告期内公司从事的主要业务) The company primarily engages in cosmetics R&D, production, and sales, achieving **RMB 2.50 billion** revenue and **RMB 123 million** net profit in H1 2025 - The company primarily engages in cosmetics R&D, production, and sales, with product categories covering facial masks, lotions, creams, color cosmetics, and personal care, achieving full online and offline channel coverage and establishing a global sales network[27](index=27&type=chunk) 2025年上半年经营业绩 | Indicator | Amount (RMB '0k) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | **249,972.63** | **9.02%** | | Net Profit Attributable to Parent | **12,329.55** | **16.54%** | | Own Brand Operating Revenue | **103,863.82** | - | | Own Brand Gross Margin | **76.83%** | Increased by **5.7 percentage points** | - The company continues to advance its dual technology empowerment strategy of 'R&D empowering brands' and 'digital empowering organizations', making progress in skin mechanism exploration, innovative raw material development, and digital system construction[39](index=39&type=chunk)[40](index=40&type=chunk)[44](index=44&type=chunk) - The company adheres to a 'dual business-driven strategy of own brands and CP brands'; own brands have completed high-end and global transformation, while CP brands are strategically positioned across five major categories: skincare, color cosmetics, personal care, fragrances, and health foods[46](index=46&type=chunk)[47](index=47&type=chunk)[54](index=54&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=二、核心竞争力分析) Core competencies include dual-business multi-brand strategy, global presence, R&D, digitalization, and management team - The company has achieved parallel development of its own brand system and CP brand system, building a diversified brand portfolio from luxury to mass market[63](index=63&type=chunk) - The company has initially achieved a global layout of its brand, R&D, supply chain, market and channel, and organizational capabilities[64](index=64&type=chunk) - The company operates multiple R&D centers in Changsha, Shanghai, France, and Japan, with an R&D team of over **200** people, continuously empowering its brands[65](index=65&type=chunk) - The company has completed full-link digitalization from R&D to sales and actively applies AI technology to enhance organizational efficiency[67](index=67&type=chunk) [Analysis of Principal Business](index=17&type=section&id=三、主营业务分析) R&D investment increased by **37.31%**, operating cash flow improved by **368.97%**, with lotions/creams as the main revenue source 主要财务数据同比变动 | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | **43,713,876.78** | **31,836,394.52** | **37.31%** | Primarily due to increased R&D personnel salaries, consulting, and testing fees in this period | | Net Cash Flow from Operating Activities (RMB) | **166,359,623.51** | **-61,850,822.06** | **368.97%** | Primarily due to reduced expenditures on goods purchased in this period compared to the prior period | | Net Cash Flow from Investing Activities (RMB) | **-36,715,094.71** | **-60,838,363.18** | **39.65%** | Primarily due to reduced cash payments for fixed asset construction and wealth management in this period compared to the prior period | | Net Cash Flow from Financing Activities (RMB) | **-127,437,291.96** | **-9,509,249.88** | **-1,240.14%** | Primarily due to the company's share repurchase in this period | 分产品或服务情况 | Product/Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Facial Masks | **422,699,558.00** | **114,221,993.50** | **72.98%** | **17.96%** | Increased by **5.11 percentage points** | | Lotions and Creams | **1,997,480,620.14** | **758,040,264.31** | **62.05%** | **11.70%** | Increased by **3.45 percentage points** | [Analysis of Assets and Liabilities](index=18&type=section&id=五、资产及负债状况分析) Total assets were **RMB 4.21 billion** (down **1.02%**), with stable asset structure and decreased borrowings 资产构成重大变动情况 | Item | End of Current Period (RMB) | Proportion of Total Assets | End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | **476,981,760.32** | **11.34%** | **476,961,197.20** | **11.22%** | **0.12%** | | Accounts Receivable | **398,559,256.10** | **9.47%** | **347,378,281.70** | **8.17%** | **1.30%** | | Inventories | **806,475,780.06** | **19.17%** | **829,648,510.18** | **19.52%** | **-0.35%** | | Fixed Assets | **921,440,485.25** | **21.90%** | **918,052,551.16** | **21.60%** | **0.30%** | | Short-term Borrowings | **283,751,461.90** | **6.74%** | **352,934,871.90** | **8.30%** | **-1.56%** | | Long-term Borrowings | **419,465,120.60** | **9.97%** | **545,079,137.70** | **12.82%** | **-2.85%** | [Risks and Countermeasures](index=26&type=section&id=十、公司面临的风险和应对措施) The company faces risks in supply chain, competition, user experience, investment, and macroeconomic fluctuations - The company identified five major risks: - **Supply Chain Management Risk**: High requirements for inventory and product shelf-life management - **Intense Industry Competition Risk**: Facing competitive pressures such as price wars and advertising wars from domestic and international brands - **Declining User Experience Risk**: Online sales channels are highly sensitive to product, marketing, logistics, and after-sales service aspects - **Investment Risk**: External mergers and acquisitions may lead to goodwill impairment risks, and industrial fund investments carry risks of not meeting expectations - **Macroeconomic Fluctuation Risk**: Consumer purchasing power is affected by the overall economic climate[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=第四节%20公司治理、环境和社会) This section covers the company's profit distribution plan and employee incentive programs [Profit Distribution Plan](index=29&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no profit distribution for H1 2025, including no cash dividends or bonus shares - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[113](index=113&type=chunk) [Equity Incentive and Employee Stock Ownership](index=29&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company cancelled some unvested restricted shares from its **2023** incentive plan - On April **25**, **2025**, the company's board of directors approved the 'Proposal on Cancelling Certain Restricted Shares Granted but Not Yet Vested Under the **2023** Restricted Stock Incentive Plan'[114](index=114&type=chunk) [Significant Matters](index=31&type=section&id=第五节%20重要事项) Significant events include litigation, related party transactions, and major contracts, particularly guarantees for subsidiaries [Litigation Matters](index=32&type=section&id=八、诉讼事项) No significant litigation; other unresolved cases involve **RMB 53.50 million**, not expected to have a major impact 其他诉讼事项 | Litigation Type | Amount Involved (RMB '0k) | Status | | :--- | :--- | :--- | | Unresolved Litigation | **5,349.65** | Under trial/arbitration/mediation | | Resolved Litigation | **397.89** | Adjudicated/Enforcement in progress/Enforcement completed | [Significant Related Party Transactions](index=32&type=section&id=十一、重大关联交易) Related-party transactions totaled **RMB 122 million**, within limits, primarily with entities controlled by the actual controller 与日常经营相关的关联交易 | Related Party | Related Party Transaction Type | Amount Incurred in Current Period (RMB '0k) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | | Hunan Zhuoyancang Logistics Co Ltd | Procurement of warehousing and distribution services | **7,721.54** | **78.71%** | | Hunan Zhuoyancang Logistics Co Ltd | Provision of property leasing | **103.29** | **48.13%** | | Hunan Shuiyang New Media Co Ltd | Procurement of promotion services | **4,172.81** | **4.08%** | | Hunan Shuiyang New Media Co Ltd | Provision of property leasing and management services | **250.27** | **50.93%** | | **Total** | -- | **12,247.91** | -- | [Significant Contracts and Their Performance](index=34&type=section&id=十二、重大合同及其履行情况) Total actual guarantee balance for subsidiaries was **RMB 1.52 billion**, accounting for **70.76%** of net assets 重大担保情况 | Item | Amount (RMB '0k) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in Reporting Period | **300,000** | | Total Approved Guarantee Limit for Subsidiaries at Period End | **1,090,000** | | Total Actual Guarantee Balance for Subsidiaries at Period End | **152,194.67** | | Proportion of Total Actual Guarantees to Company's Net Assets | **70.76%** | [Share Changes and Shareholder Information](index=39&type=section&id=第六节%20股份变动及股东情况) This section outlines share capital changes, including convertible bond conversions and repurchases, and major shareholder information [Share Changes](index=39&type=section&id=一、股份变动情况) Total share capital increased to **390 million shares** due to convertible bond conversions; **8.10 million** shares were repurchased - During the reporting period, due to the conversion of 'Shuiyang Convertible Bonds', the company's total share capital increased by **1,665,614** shares to **390,004,140** shares[150](index=150&type=chunk)[151](index=151&type=chunk) - The company initiated a share repurchase plan, intending to use **RMB 50 million** to **RMB 100 million** to repurchase shares for employee stock ownership plans or equity incentives; as of July **31**, **2025**, **8,097,150** shares have been repurchased, with a transaction amount of **RMB 97.82 million**[154](index=154&type=chunk)[155](index=155&type=chunk) [Shareholder Numbers and Shareholding Structure](index=41&type=section&id=三、公司股东数量及持股情况) Total common shareholders were **25,713**; top three shareholders, acting in concert, held **46.03%** of shares 前十大股东持股情况 | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | | Hunan Yujia Investment Management Co Ltd | **24.59%** | **95,904,214** | | Changsha Tingting Enterprise Management Consulting Partnership (Limited Partnership) | **11.42%** | **44,523,000** | | Dai Yuefeng | **10.02%** | **39,086,611** | | Changsha Yutou Investment Management Partnership (Limited Partnership) | **3.39%** | **13,212,533** | | Du Jingyu | **2.03%** | **7,899,998** | - Mr Dai Yuefeng, the company's actual controller, Hunan Yujia Investment Management Co Ltd, and Changsha Tingting Enterprise Management Consulting Partnership (Limited Partnership) are parties acting in concert[160](index=160&type=chunk) [Bond-Related Information](index=45&type=section&id=第七节%20债券相关情况) This section provides an overview of the company's convertible corporate bonds, including conversion status and credit ratings [Convertible Corporate Bonds](index=45&type=section&id=四、可转换公司债券) Total **RMB 695 million** convertible bonds were issued; **RMB 22.55 million** converted, with **RMB 672 million** remaining 报告期转债变动情况 | Item | Amount (RMB) | | :--- | :--- | | Before this change | **694,890,000.00** | | Current conversion to shares | **22,554,800.00** | | After this change | **672,335,200.00** | 累计转股情况 | Item | Amount/Quantity | | :--- | :--- | | Total Issue Amount (RMB) | **694,987,000.00** | | Accumulated Conversion Amount (RMB) | **22,651,800.00** | | Unconverted Amount (RMB) | **672,335,200.00** | | Proportion of Unconverted Amount to Total Issue Amount | **96.74%** | - China Chengxin International maintained the company's corporate credit rating at **A+** with a **stable** outlook, and the credit rating for 'Shuiyang Convertible Bonds' at **A+**[180](index=180&type=chunk) [Financial Report](index=51&type=section&id=第八节%20财务报告) This section presents the company's unaudited H1 **2025** consolidated and parent company financial statements [Financial Statements](index=51&type=section&id=二、财务报表) This section includes the company's unaudited H1 **2025** consolidated and parent company financial statements [Consolidated Balance Sheet](index=51&type=section&id=1、合并资产负债表) Total assets were **RMB 4.21 billion**, total liabilities **RMB 2.06 billion**, with an asset-liability ratio of **48.93%** [Consolidated Income Statement](index=55&type=section&id=3、合并利润表) Total operating revenue was **RMB 2.50 billion**, total operating costs **RMB 2.33 billion**, resulting in **RMB 124 million** net profit [Consolidated Cash Flow Statement](index=59&type=section&id=5、合并现金流量表) Net cash flow from operating activities was **RMB 166 million**, investing activities **-RMB 37 million**, and financing activities **-RMB 127 million** - The company's semi-annual financial report is unaudited[184](index=184&type=chunk)

（原标题：2118.28万元资金今日流出美容护理股） 沪指8月21日上涨0.13%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为农林牧渔、石油石 化，涨幅分别为1.50%、1.39%。美容护理行业位居今日涨幅榜第三。跌幅居前的行业为机械设备、电 力设备，跌幅分别为1.08%、0.98%。 美容护理行业今日上涨0.98%，全天主力资金净流出2118.28万元，该行业所属的个股共29只，今日上涨 的有20只；下跌的有9只。以资金流向数据进行统计，该行业资金净流入的个股有12只，其中，净流入 资金超千万元的有7只，净流入资金居首的是拉芳家化，今日净流入资金3604.00万元，紧随其后的是水 羊股份、福瑞达，净流入资金分别为2538.65万元、2469.64万元。美容护理行业资金净流出个股中，净 流出资金居前的有青岛金王、中顺洁柔、珀莱雅，净流出资金分别为1.14亿元、2035.84万元、1906.39 万元。（数据宝） 美容护理行业资金流向排名 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | -- ...

证券之星消息，8月21日化妆品板块较上一交易日上涨1.27%，水羊股份领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002094 | 青岛金王 | 9.08 | -1.20% | 142.86万 | 13.26 Z | | 603605 | | 86.87 | -0.13% | 9.25万 | 8.05亿 | | 300849 | 锦盛新材 | 13.84 | 0.14% | 5.36万 | 7426.32万 | | 300957 | 贝泰妮 | 46.91 | 0.64% | 6.82万 | 3.21亿 | | 600315 | 上海家化 | 23.40 | 0.65% | 14.13万 | 3.32亿 | | 300856 | 科思股份 | 15.74 | 0.70% | 8.23万 | 1.29亿 | | 300955 | 嘉亨家化 | 20.69 | 0. ...

Group 1 - The beauty and personal care concept stocks experienced significant fluctuations, with Jieya Co., Ltd. and Shuiyang Co., Ltd. rising over 10% [1] - Huaye Fragrance and Huaxi Biotechnology increased by more than 5% [1] - Lafang Home Products, Jinbo Biotechnology, and Zhongshun Jierou saw gains of over 3% [1]

证券代码：300740 证券简称：水羊股份 公告编号：2025-055 债券代码：123188 债券简称：水羊转债 1 一、可转债基本情况 1、可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）《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）核准，公司于 2023 年 4 月 4 日向不特定对象发行了 6,949,870 张可转债，每张面值 100 元，发行总额 69,498.70 万元。本次发行可转债募集资 金为人民币 69,498.70 万元，扣除保荐及承销费 424.00 万元（含税）的余额 69,074.70 万元已由保荐机构（主承销商）于 2023 年 4 月 11 日汇入公司指定的 募集资金专项存储账户。本次发行过程中，公司应支付相关发行费用合计人民币 802.87 万元（不含税），扣除不含税发行费用实际募集资金净额为人民币 68,695.83 万元。天职国际会计师事务所（特殊普通合伙）对本次发行募集资金 到达公司账户情况进行了审验，并于 2023 年 4 月 11 日出具了天职业字 [2022]33936-10 号《验 ...

证券之星消息，8月19日化妆品板块较上一交易日上涨0.25%，青松股份领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300132 | 青松股份 | 6.35 | 4.79% | 46.79万 | | 2.93亿 | | 300886 | 华业香料 | 31.15 | 2.50% | 5.12万 | | · 1.57亿 | | 300740 | 水羊股份 | 18.90 | 2.38% | 21.47万 | | 4.05亿 | | 837023 | 芭薇股份 | 19.10 | 1.76% | 4.14万 | | 7911.63万 | | 300955 | 嘉亨家化 | 20.60 | 1.38% | 3.04万 | | 6227.35万 | | 603983 | 丸美生物 | 43.78 | 1.34% | 4.54万 | | 2666T | | ...

Group 1 - The cosmetics sector increased by 1.2% on August 15, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] - Key stocks in the cosmetics sector showed various performance, with Shuiyang Co., Ltd. closing at 18.09, up 2.67%, and Marubi Biological Technology Co., Ltd. closing at 41.52, up 2.42% [1] Group 2 - The cosmetics sector experienced a net outflow of 104 million yuan from main funds, while retail investors saw a net inflow of 165 million yuan [2] - Notable stocks with negative performance included Qingdao Kingking, which closed at 8.74, down 1.80% [2] - The trading volume and turnover for several stocks were significant, with Shuiyang Co., Ltd. achieving a turnover of 276 million yuan [1][2]

通过天眼查大数据分析，水羊集团股份有限公司共对外投资了29家企业，参与招投标项目1次，知识产 权方面有商标信息1026条，专利信息7条，此外企业还拥有行政许可2个。 水羊股份最新一期业绩显示，截至2025一季报，公司营业总收入10.85亿元、同比增长5.19%，归属净利 润4188.30万元，同比增长4.67%，扣非净利润4118.07万元，同比减少22.78%，流动比率2.421、速动比 率1.493、资产负债率48.99%。 来源：金融界 金融界消息 截至2025年8月14日收盘，水羊股份（300740）报收于17.62元，下跌4.45%，换手率5.7%， 成交量20.47万手，成交金额3.67亿元。 天眼查商业履历信息显示，水羊集团股份有限公司，成立于2012年，位于长沙市，是一家以从事化学原 料和化学制品制造业为主的企业。企业注册资本38824.1544万人民币，实缴资本12000万人民币。公司 法定代表人为戴跃锋。 资金流向方面，今日主力资金净流出4333.98万元，占比成交额11.81%。其中，超大单净流出739.79万 元、占成交额2.02%，大单净流出3594.19万元、占成交额9.79%，中 ...

Core Viewpoint - The company, Shuiyang Co., Ltd. (300740), is actively engaging in the duty-free market by introducing its EDB and RV brands into offline duty-free channels, indicating a strategic adjustment to capitalize on market opportunities [1] Company Strategy - The company is focusing on the integration of its EDB and RV brands into offline duty-free channels, showcasing a proactive approach to market expansion [1] - Continuous monitoring of market opportunities will guide the company's operational strategy adjustments [1]