Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company achieved a revenue of 2.5 billion yuan in H1 2025, representing a year-on-year increase of 9.02%, and a net profit of 123 million yuan, up 16.54% year-on-year [1] - The self-owned brand revenue accounted for over 40% of total revenue, with significant contributions from mask products and lotion/cream products [1][2] - The gross margin improved by 3.13 percentage points year-on-year to 64.61% in H1 2025, with self-owned brand gross margin reaching 76.83% [2] - The company is focusing on high-end brand development, with several brands contributing to long-term growth potential [3] Financial Performance Summary - For H1 2025, the company reported a net profit margin of 4.93%, an increase of 0.32 percentage points year-on-year [2] - The projected net profits for 2025, 2026, and 2027 are 253 million yuan, 335 million yuan, and 429 million yuan, respectively, with growth rates of 129.6%, 32.7%, and 28.0% [4][5] - The company’s PE ratios for the next three years are projected to be 33X, 25X, and 20X [4][5]

金融界消息 截至2025年8月25日收盘，水羊股份（300740）报收于21.57元，上涨5.12%，换手率 10.21%，成交量36.67万手，成交金额7.83亿元。 水羊股份最新一期业绩显示，截至2025中报，公司营业总收入25.00亿元、同比增长9.02%，归属净利润 1.23亿元，同比增长16.54%，扣非净利润1.21亿元，同比增长1.04%，流动比率2.213、速动比率1.362、 资产负债率48.93%。 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。 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。 资金流向方面，今日主力资金净流入3533.77万元，占比成交额4.51%。其中，超大单净流入1240.65万 元、占成交额1.58%，大单净流入2293.12万元、占成交额2.93%，中单净流出流入2380.7 ...

格隆汇8月25日｜海通国际研报指出，水羊股份25H1营收利润实现双增，自有品牌带动整体毛利率提 升。公司25H1实现营收25.00亿元，同比增长9.02%，主要得益于公司在高端化、全球化战略指引下， 对业务布局的持续优化，以及对高端品牌打造的聚焦。经营性现金流方面，公司25H1经营性现金流大 幅增长369.0%至1.66亿元，主要得益于公司在精细化管理方面的成效，包括合理制定采购计划、优化库 存管理，以及盈利能力的提升。公司表示将继续推进股权激励计划，下半年费用投放保持平稳，注重精 细化管理。公司自主品牌初步完成了高端化、全球化的转型升级。法国高奢护肤品牌伊菲丹EDB产品优 化升级，线上线下渠道同时布局。在线上渠道，公司降低对头部主播的依赖，提升自播和平销的占比； 线下渠道则加快门店布局，计划到2027年在全国开设50家门店，目前已在多个核心城市开设了超过十个 门店。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has accelerated growth in Q2, with a focus on high-end brand development and ongoing global transformation [4][5] - In H1 2025, the company achieved revenue of 2.5 billion yuan, a year-on-year increase of 9%, and a net profit attributable to the parent company of 123 million yuan, up 16.5% year-on-year [5] - The company maintains its profit forecast, expecting net profits of 260 million, 320 million, and 400 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 139%, 21%, and 25.1% [5] Financial Performance - In H1 2025, the company's self-owned brand revenue reached 1.04 billion yuan, accounting for 41.55% of total revenue, with a gross margin of 76.83%, up 5.7 percentage points year-on-year [5] - The overall gross margin for H1 2025 was 64.6%, an increase of 3.1 percentage points year-on-year, and the net margin was 4.9%, up 0.2 percentage points year-on-year [5] - The company’s financial metrics indicate a P/E ratio of 30.5 for 2025, 25.2 for 2026, and 20.1 for 2027 [5][7] Brand Development - The company is focusing on high-end brand construction, with significant improvements in brand structure and performance [4][5] - The EDB subsidiary achieved revenue of 150 million yuan in H1 2025, with a net profit of 35 million yuan, maintaining a net margin of 22.7% [5] - The company has successfully launched new products in the Chinese market and is experiencing rapid growth in online sales channels [5][6]

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

Core Viewpoint - The daily chemical industry in China is experiencing significant growth, driven by rising consumer demand and an increase in living standards, with projections indicating substantial revenue and profit growth in the coming years [1][4][6]. Group 1: Industry Overview - The daily chemical industry is a vital part of the national economy and a significant segment of the fast-moving consumer goods sector, providing essential products for daily use [1][4]. - The industry is expected to see sales revenue from large-scale enterprises increase from CNY 404.14 billion in 2018 to CNY 413.84 billion in 2024, with profits projected to rise from CNY 43.04 billion to CNY 38.63 billion in the same period [1][4][6]. - By 2025, sales revenue is anticipated to reach CNY 435 billion, with total profits expected to hit CNY 40 billion [1][6]. Group 2: Industry Chain - The upstream of the daily chemical industry includes raw materials such as surfactants, matrix materials, natural/plant materials, and packaging materials, with surfactants being crucial for product efficacy [8]. - The midstream involves the production and manufacturing of daily chemical products, while the downstream encompasses sales channels and end consumers, including supermarkets, convenience stores, specialty shops, and e-commerce platforms [8]. Group 3: Development Environment and Policies - The government has implemented various policies to support the development of the daily chemical industry, enhancing the regulatory framework and promoting sustainable growth [10]. - Key policies include the "Cosmetics Sampling Inspection Management Measures" and announcements aimed at optimizing the registration and inspection processes for ordinary cosmetics, which contribute to a more robust industry structure [10][12]. Group 4: Competitive Landscape - The Chinese daily chemical market is characterized by intense competition, with both international brands like L'Oréal and Unilever and domestic brands like Shanghai Jahwa and Proya coexisting [13][15]. - Domestic brands are gaining traction by leveraging their understanding of local markets and flexible strategies, while international brands maintain consumer trust through established reputations [13][15]. Group 5: Industry Trends - The daily chemical industry is witnessing a surge in brand proliferation, with local companies increasingly capturing market share and developing competitive advantages [19]. - There is a growing trend towards personalization in consumer demands, necessitating companies to adapt to diverse regional preferences and consumer behaviors [20]. - The male grooming market is emerging as a new competitive frontier, with increasing demand for male-targeted daily chemical products [20]. - Safety and health concerns are driving consumer preference towards natural and organic products, prompting companies to focus on reducing harmful additives in their offerings [20].

盈利能力持续改善，营运能力保持稳定。2025Q2 公司毛利率/净利率分别为65.27%/5.77%，同比 +3.67/0.48pct，高毛利高端品牌占比持续提升叠加经营改善带动毛利率提升。费用率方面，2025Q2 销 售/管理/研发费用率分别为48.47%/4.80%/1.62%，同比分别+1.20/0.90/0.52pct；销售费用率提升主要系线 上流量成本增加；管理费用率提升主要系并表Revive 海外团队，并对其进行调整优化导致投入提升。 营运能力和现金流都保持稳定。 风险提示：宏观环境风险，销售增加不及预期，行业竞争加剧。 投资建议：公司二季度呈现积极增长态势，经营质量持续提升，在高端化战略的深化推进中，自有品牌 业务表现强劲，伊菲丹、佩尔赫乔和Revive 等通过全球拓展强化市场地位并提升盈利能力；同时代运 营业务稳步复苏，逐步回归正常发常轨道。考虑到短期公司进一步加大品牌投放，但长期高端美妆品牌 持续稳步推进运营，平价品牌御泥坊等也大幅减亏，我们略下调2025年并上调2026-2027 年归母净利润 至2.27/2.96/3.52 （ 原值为2.33/2.66/2.90 亿，对应PE 分别为35/ ...

Group 1: Shuiyang Co., Ltd. - The company emphasizes brand value and aims for sustainable, long-term high-quality growth, relying on user management and loyalty rather than large traffic and price promotions [1] - The PA brand achieves rapid growth through brand asset enhancement, product system improvement, precise market communication, and channel development [1] - The company plans to launch multiple new product categories in the next five years and has initiated a three-year plan to open 50 stores in key luxury markets in China [1] Group 2: Pylon Technologies - In Q2, the company shipped approximately 0.927 GWh, with 60% of sales going to overseas markets and 40% to domestic markets [2] - The company aims to become a top three player in the two-wheeler battery swap market within three years and the global leader within five years [2] - The gross margin is expected to improve due to increased operating rates, with a target gross margin of 15%-20% for the light-duty power business [2] Group 3: Huayang Group - The company is expanding its international brand client base in the automotive electronics sector, securing multiple projects with international car manufacturers [3] - The HUD products are technologically advanced and have achieved mass production, with expectations for continued high growth [3] - The company is exploring opportunities in the robotics sector, leveraging existing technological expertise [3] Group 4: Company Overview - Shenzhen Kaifeng Investment Management Co., Ltd. is a macro-hedge fund management company investing in global commodities, bonds, and equity assets [4] - The company has received multiple awards for its performance and is recognized as a leading private fund management company in China [4] - Kaifeng Investment focuses on macro and industry fundamental research, covering major trading varieties in domestic and international futures markets [4]

Group 1: Chip Motion Technology - The company achieved revenue of 253.13 million yuan in the first half of 2025, representing a year-on-year growth of 84.34%, and net profit increased by 173.37% [1] - The company utilizes advanced MEMS technology, with products widely applied in industrial, automotive, and meteorological fields, replacing mechanical gyroscopes [1] - The demand for FM accelerometers is strong, and the company has invested in a Wuhan company to develop MEMS mirrors for optical switches, indicating significant market potential [1] Group 2: Water Sheep Co., Ltd. - The company focuses on brand asset development and aims for sustainable, long-term high-quality growth without relying on large traffic or price promotions [2] - The PA brand has achieved rapid growth through brand asset enhancement, product system improvement, and precise market communication [2] - The company plans to launch multiple new product categories over the next five years and has initiated a three-year plan to open 50 stores in key luxury business districts in China [2] Group 3: Babi Food - Babi Food reported revenue of 835 million yuan in the first half of 2025, a year-on-year increase of 9.31%, with net profit rising by 18.08% [3] - The company is expanding through optimizing single-store models, external acquisitions, and group meal business development, with 1,027 new stores opened [3] - The group meal business has exceeded expectations, with a 20% revenue contribution from external group meals, and the company maintains a stable and proactive dividend policy [3] Group 4: Weic Technology - Weic Technology's overall capacity utilization reached 90% in the first half of 2025, with expectations to approach full capacity by September [4] - The company anticipates a doubling of revenue from computing power business for the full year, with high-end testing services showing strong growth [4] - The company plans capital expenditures of 1.3 to 1.4 billion yuan for equipment this year, with stable pricing expected [4] Group 5: Changxin Fund - Changxin Fund has an asset management scale of 191.88 billion yuan, ranking 37th among 210 funds, with 919.11 billion yuan in non-monetary public funds [4] - The fund has 175 public funds under management and 34 fund managers, ranking 40th and 38th respectively [4] - The best-performing fund in the past year is the Changxin Electronic Information Quantitative Flexible Allocation Mixed A, with a net value growth of 104.17% [4]

Group 1: 崇达技术 (Chongda Technology) - The company is implementing effective measures to improve profitability, including focusing on high-value customers, optimizing sales structure, and enhancing cost management [1] - The company has a production capacity utilization rate of 85%, with new capacities including multiple factories in Zhuhai and a production base in Thailand [1] - The subsidiary San De Guan is expected to reduce losses by 14.03 million yuan in 2024 and achieve profitability in the second half of 2025 [1] Group 2: 开立医疗 (Kaili Medical) - The company's overseas sales revenue for the first half of 2025 is expected to remain stable compared to the same period last year, driven by high base effects [2] - The company is focusing on localizing overseas personnel and enhancing new product registrations, particularly for high-end products like HD-650 [2] - The sales gross margin is expected to stabilize after a slight decline, with ongoing high R&D investment driving product advancement [2] Group 3: 小商品城 (Small Commodity City) - The company is optimistic about export growth in the second half of the year, with ongoing construction and leasing activities for commercial properties [3] - The cross-border payment license is expected to be approved next year, which will enhance the company's operational capabilities [3] - The Chinagoods platform is expected to achieve rapid growth through the introduction of a trade model [3] Group 4: 水羊股份 (Shuiyang Co., Ltd.) - The company emphasizes brand asset development and aims for sustainable, high-quality growth without relying on discounts [4] - The PA brand is experiencing rapid growth through effective market communication and channel optimization [4] - The company plans to launch multiple new product categories over the next five years and is focusing on high-end markets [4] Group 5: 新益昌 (Xinyi Chang) - The company is positioned to benefit from the growing Mini LED industry as major manufacturers accelerate their investments [5] - The company has developed its own robotics capabilities, which provide cost and production cycle advantages [5] - The Mini LED and semiconductor sectors are expected to be the main growth drivers for the company in the future [6]