Group 1 - The cosmetics sector increased by 0.56% on September 1, with Lafang Jiahua leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Lafang Jiahua's stock price rose by 9.99% to 26.97, with a trading volume of 114,000 shares and a transaction value of 300 million yuan [1] Group 2 - The cosmetics sector saw a net inflow of 15.558 million yuan from institutional investors, while retail investors contributed a net inflow of 45.296 million yuan [2] - Major stocks in the sector experienced varied capital flows, with Lafang Jiahua having a net inflow of 75.247 million yuan from institutional investors [3] - Other companies like Jiahen Jiahua and Huaye Fragrance also saw significant net inflows, while stocks like Marubi Biological and Shanghai Jahwa experienced net outflows from institutional and retail investors [3]

Group 1 - The cosmetics sector increased by 1.05% on August 29, with Jiaheng Jiahua leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] - Jiaheng Jiahua's stock price rose by 20.01% to 31.85, with a trading volume of 138,900 shares and a transaction value of 434 million yuan [1] Group 2 - The cosmetics sector saw a net inflow of 10.35 million yuan from institutional investors, while retail investors contributed a net inflow of 88.15 million yuan [2] - Major stocks in the sector experienced varied capital flows, with Jiaheng Jiahua having a net inflow of 76.21 million yuan from institutional investors [3] - Shanghai Jiahua had a net inflow of 35.86 million yuan from institutional investors, but a net outflow of 51.01 million yuan from retail investors [3]

华泰联合证券有限责任公司（以下简称"华泰联合证券""保荐人"）作为水 羊集团股份有限公司（以下简称"水羊股份""公司"）向不特定对象发行可转换 公司债券的持续督导保荐人，根据《证券发行上市保荐业务管理办法》《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》《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，经 审慎核查，就水羊股份不行使"水羊转债"的提前赎回权利，发表如下核查意见： 华泰联合证券有限责任公司关于 水羊集团股份有限公司 不提前赎回"水羊转债"的核查意见 一、可转换公司债券基本情况 （一）可转债发行情况 （二）可转债上市情况 经深圳证券交易所同意，公司可转债于 2023 年 4 月 25 日起在深圳证券交易 所挂牌交易，债券简称"水羊转债"，债券代码"123188"。 （三）可转债转股期限 本次可转债转股的起止日期为自可转债发行结束之日（2023 年 4 月 11 日） 起满六个月后的第一个交易日（2023 年 10 月 11 日）起至可转债到期日（2029 年 4 月 3 日）止。 （四）可转债价格调整情况 1 本次发行的可转债的初始转股价 ...

证券代码：300740 证券简称：水羊股份 公告编号：2025-060 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 年第二次临时会议决议公告 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 年第二次临 时会议于 2025 年 8 月 27 日在公司六楼会议室紧急召开，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《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。因情况紧急，本次会议通知于 2025 年 8 月 27 日以口头、电话方式 发出，会议召集人在会上对本次召开紧急会议情况作出说明，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。 上市募集说明书》中可转换公司债券有条件赎回条款的相关约定，自 2025 年 8 月 7 日至 2025 年 8 月 27 日，公司股票已满足任意连续三十个交易日 ...

关于不提前赎回"水羊转债"的公告 证券代码：300740 证券简称：水羊股份 公告编号：2025-061 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 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、自 2025 年 8 月 7 日至 2025 年 8 月 27 日，水羊集团股份有限公司（以 下简称"公司"）股票已满足任意连续三十个交易日中至少十五个交易日的收盘 价格不低于当期转股价格（13.54 元/股）的 130%（含 130%，即 17.60 元/股）， 已触发"水羊转债"有条件赎回条款。 2、公司于 2025 年 8 月 27 日召开第四届董事会 2025 年第二次临时会议， 审议通过了《关于不提前赎回"水羊转债"的议案》，董事会决定本次不行使"水 羊转债"的提前赎回权利，不提前赎回"水羊转债"，且在未来 6 月内（即 2025 年 8 月 28 日至 2026 年 2 月 27 日），如再次触发"水羊转债"上述有条件赎回 条款时，公司均不行使提前赎回权利。自 2026 年 2 月 27 日后首个交易日重新 计算，若 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 25.03 | 2.08% | | 19.51万 | | 4.98亿 | | 603983 | 丸美生物 | 40.94 | -2.13% | | 6.04万 | | 2.52亿 | | 300740 | 水羊股份 | 23.07 | -3.07% | | 40.75万 | | 9.57亿 | | 300849 | 锦盛新材 | 13.08 | -3.18% | | 4.79万 | | 6366.17万 | | 600223 | 福瑞达 | 8.23 | -3.29% | | 23.11万 | | 1.93亿 | | 002094 | 青岛金王 | 8.75 | -3.31% | | 75.07万 | | 6.68亿 | | 600315 | 上海家化 | 25.47 | -3.34% | | 15.29万 | | 3.96亿 | | 300957 | 贝泰妮 | 46.96 | -3 ...

Market Performance - The three major indices showed mixed results, with the Shanghai Composite Index down 0.39%, the Shenzhen Component Index up 0.26%, and the ChiNext Index down 0.76% [2] - Over 2,700 stocks rose in the two markets, with a total trading volume of approximately 2.68 trillion yuan [3] Apple Supply Chain Stocks - Apple-related stocks experienced significant movements, with GoerTek (002241.SZ) and Lingyi iTech (002600.SZ) rising by 10%, and Luxshare Precision (002475.SZ) increasing by over 6% [3] - GoerTek, as a leading player in the Apple supply chain, has benefited from the AI wave, achieving six consecutive quarters of year-on-year growth in net profit attributable to shareholders from Q1 2024 to Q2 2024 [3] Consumer Electronics Sector - The high demand in the consumer electronics sector is attributed to both AI stimulation and domestic "national subsidy" policies, which are reviving mid-range consumption and driving structural recovery in mobile phones and tablets [3] Livestock Industry - Livestock stocks showed strong performance, with Xiaoming Co. (300967.SZ) rising over 10% and Muyuan Foods (002714.SZ) increasing by over 7% [3] - The National Development and Reform Commission reported that the average pig-to-grain price ratio fell below 6:1, entering a warning zone, prompting the government to initiate central frozen pork reserves [4] Gaming Sector - The gaming sector saw positive movements, with 37 Interactive Entertainment (002555.SZ) rising by 10% and other companies like Digital Soul (603258.SZ) and Giant Network (002558.SZ) also increasing [4] - A report from Guotai Junan highlighted that the National Press and Publication Administration approved a record 166 domestic online games on August 25, 2025, indicating a stable approval rhythm and a rich supply of gaming products [4] Beauty and Personal Care Sector - The beauty and personal care sector performed well, with Shuiyang Co. (300740.SZ) rising over 10% and other companies like Proya Cosmetics (603605.SH) and Huaxi Biological (688363.SH) also increasing [5] - According to a report from Dongfang Securities, the domestic cosmetics industry is entering a phase of steady and high-quality development, driven by economic growth, demographic shifts, cultural confidence, and the rise of domestic brands [5] Declining Sectors - The banking, securities, and semiconductor sectors faced declines, with companies like Chipone Technology (688521.SH) dropping over 9% and Haiguang Information (688041.SH) down over 6% [5] - The military and rare earth sectors also weakened, with China Rare Earth (000831.SZ) and Northern Rare Earth (600111.SH) falling nearly 7% [5]

每经AI快讯，8月26日，美容护理板块震荡走强，嘉亨家化20%涨停，水羊股份涨超5%，敷尔佳、珀莱 雅、拉芳家化等跟涨。 （文章来源：每日经济新闻） ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Core Insights - The company reported a revenue of 2.5 billion yuan for the first half of 2025, representing a year-on-year increase of 9.02% [1] - The net profit attributable to shareholders reached 123 million yuan, up 16.54% year-on-year, while the net profit excluding non-recurring items was 121 million yuan, a slight increase of 1.04% [1] - The company is focusing on high-end brand development, with self-owned brand revenue accounting for over 40% of total revenue [1] Financial Performance - The gross margin for the first half of 2025 was 64.61%, an increase of 3.13 percentage points year-on-year [2] - In Q2 2025, the gross margin improved to 65.27%, up 3.67 percentage points year-on-year [2] - The net profit margin for the first half of 2025 was 4.93%, an increase of 0.32 percentage points year-on-year, while the net profit margin excluding non-recurring items was 4.82%, a decrease of 0.38 percentage points [2] Brand Development - The company is establishing a high-end brand matrix, with brands like Ifidan, PA, and RV contributing to long-term growth [3] - Ifidan is positioned as a French luxury skincare brand, enhancing market recognition through innovative product combinations and experiential retail [3] - RV's flagship product "One Night Rejuvenation Oil" continues to lead sales on platforms like Tmall, indicating strong brand presence [3] Investment Outlook - The company is projected to achieve net profits of 250 million, 340 million, and 430 million yuan for the years 2025 to 2027, with year-on-year growth rates of 129.6%, 32.7%, and 28.0% respectively [4] - Corresponding price-to-earnings ratios are expected to be 33X, 25X, and 20X for the same years [4]