Group 1 - The hair medical concept sector increased by 3.82%, ranking fifth among concept sectors, with 18 stocks rising, including Aoyang Health which hit the daily limit, and Tainkang, Jiuzhitang, and Kangyuan Pharmaceutical showing significant gains of 13.80%, 5.79%, and 5.73% respectively [1][2] - The hair medical concept sector attracted a net inflow of 132 million yuan from main funds today, with 10 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 10 million yuan, led by Aoyang Health with a net inflow of 94.61 million yuan [2][3] - Aoyang Health, Nengte Technology, and Shuiyang Shares had the highest net inflow ratios, with 42.28%, 6.86%, and 6.82% respectively [3][4] Group 2 - The top stocks in the hair medical concept sector based on net inflow include Aoyang Health, Shuiyang Shares, and Langzi Shares, with respective net inflows of 94.61 million yuan, 53.93 million yuan, and 24.89 million yuan [2][3] - The trading performance of Aoyang Health showed a daily increase of 10.08% with a turnover rate of 7.13%, while other notable performers included Shuiyang Shares and Langzi Shares with increases of 4.22% and 3.10% respectively [3][4] - The overall market sentiment in the hair medical sector appears positive, as indicated by the significant inflows and stock performance [1][2]

Group 1 - The A-share consumer sector is experiencing fluctuations and adjustments, with significant declines in the beauty care, food processing, and beverage manufacturing sectors [1] - Lafang Home Products has seen a drop of over 7%, indicating a notable downturn in the beauty care segment [1] - Other companies such as Shuiyang Co., Nanjiao Food, Yanjinpuzi, Xiwang Food, Heizhima, and Youyou Food are also among those with significant declines [1]

证券代码：300740 证券简称：水羊股份 公告编号：2025-032 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 ...

Core Viewpoint - The cosmetics retail sales in China for January to April 2025 showed a year-on-year increase of 4%, underperforming the overall retail market by 0.7 percentage points, but this represents an improvement compared to 2024. The industry is characterized by four key trends: innovation in personal care products, breakthroughs in ingredient technology, rising emotional consumption, and the continuation of affordable consumption [1][3]. Investment Recommendations - The company recommends increasing holdings in the personal care sector, highlighting quality companies that benefit from product innovation and opportunities in Douyin channels, with key recommendations including Ruoyuchen (003010), Dengkang Oral (001328), and Runben Co. [2] - In the beauty sector, structural opportunities are identified, with key recommendations for companies like Jinbo Biological, Juzi Biological, and Marubi Co. that are positioned to benefit from the collagen restructuring trend. Additionally, brands like Maogeping, Shumei Co., Proya (603605), and Shanghai Jahwa (600315) are expected to gain from the overall increase in domestic market share [2]. - Companies expected to bottom out and potentially see a turning point include Lafang Household (603630), Shuiyang Co. (300740), Betaini (300957), Furuida (600223), Huaxi Biological, Fulejia (301371), Meilitiantian Medical Health, and Qingsong Co. (300132) [2]. Industry Overview - Demand remains stable, with the rise of domestic brands in the beauty and personal care sectors accelerating. The cosmetics retail sales for January to April 2025 increased by 4% year-on-year, which is a 0.7 percentage point underperformance compared to the overall retail market, but shows improvement from 2024. The overall demand is stable, with leading domestic brands performing well and the rise of new domestic brands spreading from beauty to personal care categories [3][4]. Trends - The industry is witnessing several trends: 1) Personal care transformation with new products in traditional categories, supported by content e-commerce creating a favorable environment for new product launches [4]. 2) Ingredient innovation, particularly in collagen restructuring, with various types and structural innovations expanding application scenarios [4]. 3) Emotional consumption, where cultural, stylistic, and experiential demands are driving the growth of domestic trends in cosmetics and fragrances [4]. 4) Affordable consumption, where the trend for cost-effectiveness continues under supply-demand resonance, benefiting strong supply chains and well-operated brands [4]. Key Companies - Looking ahead to 2025, the market risk appetite is expected to recover significantly. The beauty sector is characterized by substantial changes and a clear trend of rising domestic brands, indicating strong growth potential and leadership in new consumption [5]. The differentiation among brands is increasing, emphasizing the selection of high-growth targets driven by product innovation and attention to marginal improvements [5].

Group 1 - The cosmetics sector is experiencing a rise, with Betaini (300957) increasing by over 10% [1] - Other companies such as Babi Co., Water Sheep Co. (300740), Fulejia (301371), Lafang Jiahua (603630), and Furida (600223) are also seeing gains [1]

Investment Rating - The report maintains a "Positive" investment outlook for the beauty and personal care industry, emphasizing the potential of domestic brands in the offline channel [3]. Core Insights - The report highlights the transformation of offline channels as a key growth driver for beauty brands, especially in the context of slowing e-commerce growth [4][5]. - It identifies the need for brands to enhance their offline presence to create a differentiated competitive advantage [5][7]. Summary by Sections 1. Online Channel Competition Intensifies, Offline Channel Advantages Emerge - E-commerce growth is slowing, with China's physical goods online retail expected to reach 13.1 trillion yuan in 2024, growing at 6.5% [4][15]. - The number of internet users in China is projected to reach 1.108 billion by the end of 2024, with an internet penetration rate of 78.6% [4][15]. - New consumption policies are being implemented to boost offline consumption, enhancing brand influence and customer engagement [4][27]. 2. Multi-Dimensional Analysis of Offline Channel Formats - Offline channels serve both sales and brand marketing functions, with a variety of formats emerging to meet consumer needs [40]. - High-end beauty counters are experiencing a phase of quality improvement, with a significant increase in average sales per counter from 3.36 million yuan in 2019 to nearly 5 million yuan in 2023 [46][50]. - The report notes that high-end brands are increasingly occupying the beauty counter space, with a 32% increase in high-end counters from 2019 to 2023 [50][53]. 3. Brand Strategies in Offline Channel Development - Domestic brands are actively expanding their offline presence, with several launching flagship stores in major cities [38][39]. - The report recommends specific companies for investment, including: - Shangmei Co., which is developing a balanced multi-brand matrix [5]. - Shanghai Jahwa, known for its extensive presence in supermarkets and counters [5]. - Proya, which is focusing on offline channels with its energy series [5]. - Betaini, leveraging pharmacy channels to establish a professional image [5]. - Maogeping, which has a unique offline counter layout [5]. - Runben, a leading brand in maternal and infant products, expanding its offline market [5].

Summary of Water Sheep Co. Conference Call Company Overview - **Company**: Water Sheep Co. (水羊股份) - **Core Brand**: Yi Fan (一帆单品) - **Industry**: Beauty and Personal Care Key Points Performance and Growth Expectations - Yi Fan single product did not meet expectations in 2024, but Q1 2025 shows recovery with expected growth of over 10% year-on-year, aiming for an annual growth rate exceeding 20% [2][5] - Profit margins are expected to improve year-on-year due to optimized marketing strategies, shifting from celebrity endorsements to other advertising methods [2][4] Product Diversification - The company is expanding its product categories, moving from reliance on CP series (60%-70% of sales) to include new categories like sunscreen and creams, which are performing well [2][6] - This diversification is seen as a way to mitigate risks and enhance overall profitability [2] Offline Channel Development - Water Sheep Co. is investing heavily in offline channels, which currently account for about 10% of sales, with plans for continued expansion [2][7] - New stores, such as the Zhang Yuan image store and locations in SKP and Wulin Yintai, have been profitable, with expectations for offline channel growth exceeding 20% for the year [2][7] Brand Strategy and Performance - The Yuni Fang brand experienced a decline in 2024 but is being repositioned for 2025, targeting lower-tier markets with promising early results indicating a significant reduction in losses, potentially achieving breakeven [2][8] - The PA brand has completed global ownership acquisition and is positioned in the light luxury segment, with good brand assets and potential for revenue growth in 2025 [2][9] - RV brand has already generated profits, and the company plans to refine its positioning and develop products suited for Chinese consumers [2][9] Agency Business Insights - The agency business generated approximately 2.6 billion yuan in revenue in 2024, impacted by the spin-off of Johnson & Johnson's health division, leading to a decline in related agency business [2][10] - Despite a decrease in agency revenue, the introduction of new brands has stabilized overall income, with a net profit margin of about 3% [2][10] Overall Financial Outlook - The company anticipates a significant rebound in profits for 2025, with expectations of reaching over 200 million yuan in profit, supported by the recovery of various brands [2][3][11] - Water Sheep Co. is currently valued relatively low in the beauty industry, presenting a high safety margin and potential for investors [2][14] Emerging Brands and Market Trends - The Misty Bright Drink brand has shown excellent sales performance on Douyin, with potential positive contributions to overall profits if sales continue to grow [2][13] - Smaller brands like VAA and HBS are also showing promising trends, contributing to the overall improvement in company performance as they mature [2][9] Conclusion Water Sheep Co. is strategically repositioning its brands and diversifying its product offerings while expanding its offline presence. The company is expected to recover from previous losses and achieve significant profit growth in 2025, making it an attractive investment opportunity in the beauty and personal care sector.

1，整体走势：市场全天震荡调整，三大指数小幅下跌。截止收盘沪指跌0.02%，深成指跌0.26%，创业 板指跌0.31%。 2，行业板块：饮料制造、可控核聚变、垃圾分类、深海科技等板块涨幅居前，电商、化学原料、CRO、 造纸等板块跌幅居前。 3，热门概念：无人物流车概念继续活跃，通达电气、云内动力、劲旅环境等涨停。新消费概念逆势大 涨，水羊股份、明牌珠宝、周大生、均瑶健康等涨停。核电、可控核聚变概念延续强势，合锻智能、融 发核电、雪人股份等涨停。 ...

Group 1 - The food and beverage sector experienced a midday rally, with new consumption stocks, particularly in beauty care and beverages, leading the gains. Water Sheep Co. surged to a 20% limit up, while other stocks like Happy Home, New Dairy, Junyao Health, and Zhou Dazheng also hit limit up previously. Stocks such as Liziyuan, Dongpeng Beverage, Yong'an Pharmaceutical, Qingsong Co., and Mingpai Jewelry rose over 5% [3] - BYD's stock in Hong Kong saw a decline of over 3% at one point, with trading volume exceeding 2.8 billion HKD. In the A-share market, BYD's decline expanded to 2%, with trading volume surpassing 4.6 billion CNY [4] Group 2 - The concept of autonomous sanitation vehicles gained traction in the A-share market, attracting market attention. Several companies are involved in this field [5] - Qidi Environment reported that autonomous sanitation vehicles have achieved demonstration operations in key projects. Yutong Heavy Industry indicated that the revenue from autonomous products will be low in 2024, and the market for such products is still in the exploratory phase, influenced by market demand and policy changes [6] - Fulongma launched the world's first autonomous intelligent cleaning robot based on a skateboard chassis, which has been implemented in over 30 cities across 15 provinces in China. Yingfeng Environment offers a variety of robotic equipment, including autonomous cleaning robots and solar cleaning robots, with operations already established in cities like Shenzhen, Changsha, and Suzhou [6]

Group 1 - The new consumption concept stocks continue to strengthen, with significant gains in sectors such as beauty care and beverages [1] - Shuiyang Co., Ltd. experienced a 20% limit-up in the afternoon trading session [1] - Other companies like Huanlejia, New Dairy Industry, Junyao Health, and Zhou Dashing also reached their limit-up previously, indicating strong market performance [1] Group 2 - Several stocks, including Liziyuan, Dongpeng Beverage, Yong'an Pharmaceutical, Qingsong Co., and Mingpai Jewelry, saw increases of over 5% [1]