Group 1 - The cosmetics sector experienced a decline of 0.93% on January 7, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key individual stock performances in the cosmetics sector included Bawei Co. up 0.85% and Jiaheng Jiahua down 4.96% [2] Group 2 - The net outflow of main funds in the cosmetics sector was 57.67 million yuan, while retail investors saw a net inflow of 39.72 million yuan [2] - The stock with the highest main fund inflow was Shuiyang Co. with 27.77 million yuan, while Jiaheng Jiahua had a significant outflow of 32.2 million yuan [3] - Retail investors showed a negative net flow in several stocks, including Shanghai Jahwa and Kesheng Co. [3]

| 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：水羊股份 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 保荐代表人姓名：张磊清 联系电话：0755-81902000 | | | | | | | | 保荐代表人姓名：陈亿 联系电话：0755-81902000 | | | | | | | | 现场检查人员姓名：张磊清 | | | | | | | | 年度 现场检查对应期间：2025 | | | | | | | | 现场检查时间：2025 年 12 月 24 2025 12 | 日至 | 年 | 月 | 26 | 日 | | | 一、现场检查事项 现场检查意见 | | | | | | | | （一）公司治理 是 否 不适用 | | | | | | | | 现场检查手段：查阅公司章程及公司治理等有关文件；查阅历次股东大会、董事会、监事会 | | | | | | | | 的会议文件、公告文件和公司业务规章制度等；核查控股股东及实际控制人、董事、高管的 | | | | | | | | 持股情况、其他投资情况、董事、高管的兼职情况；查看公司 ...

培训情况报告 华泰联合证券有限责任公司关于 水羊集团股份有限公司持续督导期 2025年培训情况报告 深圳证券交易所： 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"）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 换公司债券的保荐人，根据《深圳证券交易所上市公司自律监管指引第 13 号—— 保荐业务》《深圳证券交易所创业板股票上市规则》和《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》等法规和规则的相关规定 以及水羊股份的实际情况，认真履行保荐机构应尽的职责，对水羊股份的董事、 高级管理人员、中层以上管理人员及上市公司控股股东和实际控制人等相关人员 进行了有计划、多层次的 2025 年度持续督导培训，所培训的内容严格按照中国 证券监督管理委员会及深圳证券交易所有关持续督导的最新要求进行。 一、培训的主要内容 2025 年 12 月 26 日，培训小组通过采取现场授课与线上授课相结合的方式 对公司董事、高级管理人员、中层以上管理人员及上市公司控股股东和实际控制 人等相关人员培训。本次培训重点介绍了上市公司规范运作、募集资金使用规范、 ...

证券代码：300740 证券简称：水羊股份 公告编号：2026-001 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 年第四季度可转换公司债券转股情况的公告 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。 特别提示： 1、水羊转债（债券代码：123188）转股期限为 2023 年 10 月 11 日至 2029 年 4 月 3 日；最新有效的转股价格为人民币 13.54 元/股。 2、2025 年第四季度，共有 584 张"水羊转债"（票面金额人民币 58,400 元）完成转股，合计转成 4,304 股"水羊股份"（股票代码：300740）股票。 根据《深圳证券交易所创业板股票上市规则》《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，水羊集团股份有限公司 （以下简称"公司"）现将 2025 年第四季度可转换公司债券（以下简称"可转 债"）转股及公司总股本变化情况公告如下： 3、截至 2025 年第四季度末，公司剩余可转债票面总金额为人民币 672,258,200 元。 1 一、可转债基本情况 ...

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

Group 1 - The cosmetics sector experienced a rise of 1.33% on December 31, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the cosmetics sector showed varied performance, with Shuiyang Co., Ltd. closing at 23.84, up 9.56%, and Qingdao Kingking closing at 7.65, up 5.23% [1] Group 2 - The cosmetics sector saw a net inflow of 50.68 million yuan from institutional investors, while retail investors experienced a net outflow of 89.73 million yuan [2] - The stock performance of individual companies showed that Qingdao Kingking had a significant net outflow of 50.75 million yuan from institutional investors [3] - Shuiyang Co., Ltd. had a net inflow of 32.23 million yuan from institutional investors, indicating strong interest despite overall retail outflows [3]

证券代码：300740 证券简称：水羊股份 公告编号：2025-078 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 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、持有人会议召开情况 水羊集团股份有限公司（以下简称"公司"）2025 年员工持股计划（以下 简称"本员工持股计划"）第一次持有人会议于 2025 年 12 月 30 日在公司会议 室以现场结合通讯表决方式召开，会议通知于 2025 年 12 月 29 日以电子通讯方 式送达。根据本员工持股计划的规定，本次会议由公司董事会秘书吴小瑾女士召 集和主持，出席会议的持有人 649 人，代表本员工持股计划份额 3,494.8154 万 份。本次会议的召集、召开和表决程序符合本员工持股计划的规定。 二、持有人会议审议情况 1、审议通过了《关于设立 2025 年员工持股计划管理委员会的议案》 （1）负责召集持有人会议，执行持有人会议决议； 为保障本员工持股计划的顺利实施，维护持有人的合法权益，根据《2025 年员工持股计划（草案）》《20 ...

Group 1 - The core viewpoint of the news is that Shuiyang Co., Ltd. has shown significant stock performance and financial growth in 2023, with a notable increase in share price and revenue [1][2][3] Group 2 - As of December 31, Shuiyang's stock price increased by 2.02% to 22.20 CNY per share, with a total market capitalization of 8.658 billion CNY [1] - Year-to-date, Shuiyang's stock price has risen by 67.93%, with a 10.67% increase over the past 20 days [2] - The company reported a revenue of 3.409 billion CNY for the period from January to September 2025, reflecting a year-on-year growth of 11.96%, and a net profit of 136 million CNY, up 44.01% [2] - The main business revenue composition includes 81.84% from creams, 17.32% from masks, and 0.84% from other products [2] - Shuiyang has distributed a total of 142 million CNY in dividends since its A-share listing, with 77.8142 million CNY in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 10.64% to 30,000, while the average circulating shares per person decreased by 9.61% to 11,966 shares [2][3]

Core Viewpoint - The cosmetics sector experienced a slight increase of 0.36% on December 30, with Qingsong Co., Ltd. leading the gains. The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. Group 1: Stock Performance - Qingsong Co., Ltd. (300132) closed at 69.8, up by 6.50%, with a trading volume of 430,400 shares and a transaction value of 366 million yuan [1]. - Marubi Biological Technology (603983) closed at 33.18, increasing by 2.60%, with a trading volume of 44,700 shares and a transaction value of 14.9 million yuan [1]. - Shuiyang Co., Ltd. (300740) closed at 21.76, up by 1.26%, with a trading volume of 160,800 shares [1]. - Other notable stocks include Shanghai Jahwa (600315) with a slight increase of 0.27% and a closing price of 22.52, and Furuida (600223) remaining unchanged at 7.35 [1]. Group 2: Capital Flow - The cosmetics sector saw a net inflow of 46.64 million yuan from institutional investors, while retail investors experienced a net outflow of 68.77 million yuan [2]. - Qingsong Co., Ltd. had a significant net inflow of 34.30 million yuan from institutional investors, while retail investors showed a net outflow of 30.07 million yuan [3]. - Shanghai Jahwa recorded a net inflow of 17.15 million yuan from institutional investors, with a net outflow of 17.20 million yuan from retail investors [3].

（文章来源：证券日报） 证券日报网讯 12月29日，水羊股份发布公告称，公司第四届董事会2025年第五次临时会议审议通过 《关于预计2026年度日常关联交易的议案》。 ...