证券日报网讯 12月17日晚间，水羊股份发布公告称，公司2025年第二次临时股东会审议通过《关于及 摘要的议案》《关于的议案》《关于提请股东会授权董事会办理2025年员工持股计划相关事项的议 案》。 （编辑 王雪儿） ...

Group 1 - The 2025 Hunan Top 100 Private Enterprises list was officially released, featuring companies such as SANY Group, BYD Auto, and Lens Technology [1] - The list was compiled based on a survey conducted by the Hunan Federation of Industry and Commerce, focusing on private enterprises with annual revenues exceeding 500 million yuan [1] Group 2 - The list includes a diverse range of industries, such as manufacturing, retail, and technology, highlighting the economic strength of Hunan's private sector [3][4][5] - Notable companies in the list include Hunan Five Rivers Holdings in the metal products industry and Hunan Yufeng New Energy Battery Materials in the electronics sector [3][4]

Group 1 - Finnish Prime Minister Orpo formally apologized to the citizens of China, South Korea, and Japan for recent racist remarks made by a member of parliament, emphasizing that racism and discrimination have no place in Finnish society [2] - Oracle's stock fell nearly 5.4% after a major investor withdrew from a $10 billion data center project, raising concerns about the company's debt levels and spending [3][4] - The Nasdaq index dropped nearly 2%, with significant declines in AI-related stocks, including Broadcom, Nvidia, and AMD, as investors continued to pull out of the AI sector [3][4] Group 2 - Google launched a new AI model, Gemini 3 Flash, which is set to replace the previous version as the default model for Google Search, indicating a competitive push against OpenAI [7] - Amazon restructured its AI team, integrating its general AI team with chip development and quantum computing research, in response to competitive pressures from Microsoft and Google [8][9] - Xiaomi's AI model, Xiaomi MiMo-V2-Flash, was introduced by a new team member, showcasing advancements in speed and cost-effectiveness compared to other leading models [11] Group 3 - FIFA announced a total prize pool of $727 million for the 2026 World Cup, with a 50% increase compared to the 2022 Qatar World Cup, attributed to the expansion of participating teams from 32 to 48 [13] - Vanke proposed a new extension plan for its maturing medium-term notes, extending the principal repayment period by 12 months and adjusting interest payment schedules [14][15] - Alibaba's investment arm reduced its stake in Huayi Brothers, decreasing its holding from 3.47% to 2.40%, which is expected to stabilize the company's shareholding structure [16]

Core Viewpoint - The competition for exclusive agency rights between Ruoyuchen and Shuiyang Co. regarding the Spanish medical beauty brand Mestique's oral beauty product line in China has emerged, with both companies claiming to hold exclusive rights [1][2][3]. Summary by Sections Agency Rights Dispute - Ruoyuchen claims to be the exclusive general agent for Mestique's core oral beauty product line in China, responsible for brand promotion and sales [2][3]. - Shuiyang Co. asserts that it has a valid exclusive distribution agreement with Mestique, managing all official online channels in China [2][3]. Financial Performance and Market Position - Ruoyuchen's financial performance has shown volatility since its IPO, with 2021 revenue at 1.288 billion yuan, a 13.44% increase, but a net profit decline of 67.02% [4]. - In contrast, Ruoyuchen's revenue growth has improved significantly in 2023, with increases of 12.25%, 29.26%, and 85.3% in the first three quarters of 2023, 2024, and 2025 respectively [5]. Strategic Importance of Mestique - Both companies recognize the importance of securing the agency rights for Mestique's products, which have a market size in the millions, to enhance their growth prospects [1][4]. - Mestique's oral beauty products, particularly the Brightening Drink, have gained significant market traction, with Shuiyang Co. reporting a 50% increase in GMV due to effective marketing strategies [6]. Industry Trends - The beauty industry is witnessing a shift towards self-owned brands among beauty operators, with Ruoyuchen focusing on enhancing its brand management capabilities and expanding its product portfolio [5][6]. - Experts suggest that developing strong self-owned brands may be a more sustainable growth path for beauty operators, as seen in Ruoyuchen's recent performance [6].

Core Viewpoint - The competition for exclusive agency rights in the oral beauty product market between Ruoyuchen and Shuiyang Co. is intensifying, with both companies claiming to be the exclusive agent for the Spanish brand Mestique in China [1][3][4]. Summary by Sections Agency Rights Dispute - Ruoyuchen claims to be the exclusive agent for Mestique's core oral beauty product line in China, responsible for brand promotion and sales [3][4]. - Shuiyang Co. asserts that it holds the exclusive distribution agreement with Mestique, managing all official online channels in China [3][4]. - The dispute highlights the importance of exclusive agency rights in a market with a significant scale, estimated in the millions [1][3]. Market Potential - The oral beauty product market is experiencing rapid growth, with user numbers exceeding 65 million in 2023, a 28% increase year-on-year [7]. - The demographic of 18-35-year-old women constitutes 72% of the consumer base, indicating a strong market potential [7]. Company Performance - Ruoyuchen has been undergoing a transformation, shifting from brand operation to brand management, which has shown positive results in recent years [5][6]. - Financial data shows Ruoyuchen's revenue growth from 2023 to 2025, with increases of 12.25%, 29.26%, and 85.3% respectively, alongside significant net profit growth [5][6]. Competitive Landscape - The oral beauty market is becoming increasingly competitive, with new entrants like Shiseido and Amorepacific launching their own brands and products [8]. - The presence of various players in the market poses challenges for both Ruoyuchen and Shuiyang Co. in maintaining their market positions [8]. Strategic Directions - Industry experts suggest that developing strong proprietary brands may be a beneficial direction for beauty operators, as seen in Ruoyuchen's recent performance [9].

Core Viewpoint - The beauty industry is currently witnessing a dispute over the exclusive agency rights of the Spanish aesthetic brand Mestique in China, with both Shuiyang Co., Ltd. and Ruoyuchen claiming to hold these rights [2][3]. Group 1: Company Claims - Shuiyang International, a subsidiary of Shuiyang Co., Ltd., announced on December 15 that it is the exclusive distributor of the Mestique brand in China, having signed a long-term cooperation agreement since 2021 [3]. - Ruoyuchen has also circulated a statement claiming that starting January 1, 2026, it will become the exclusive distributor for Mestique's core oral beauty product line in China, with full rights to operate and market the brand [4][5]. Group 2: Market Position and Product Lines - Mestique, founded in 1985, offers a range of products including oral beauty, skincare, and health supplements, with its oral beauty product "Brightening Drink" being a top seller in the high-end market [2]. - The oral beauty product line constitutes approximately 98% of Mestique's business volume, highlighting its significance to the brand [4]. Group 3: Financial Implications - Shuiyang Co., Ltd. has seen its revenue from its own brands reach 1.039 billion yuan, accounting for 41.55% of total revenue, while its CP (China Partner) brands, including Mestique, generated 1.461 billion yuan, exceeding 50% of total revenue [6]. - The GMV of Mestique within Shuiyang Co., Ltd. increased from 50 million yuan in 2021 to over 500 million yuan by October 2024, indicating its critical role in the company's high-end transformation strategy [6][8]. Group 4: Future Outlook - The impending loss of the core agency rights for Mestique's oral beauty product line poses uncertainty for Shuiyang Co., Ltd.'s future performance, especially as it has been a key driver of growth [8]. - In contrast, Ruoyuchen has been expanding its own brand portfolio and has reported significant profit growth, with net profits increasing by 60.93% and 94.58% in 2023 and 2024, respectively [9].

证券代码：300740 证券简称：水羊股份 公告编号：2025-074 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 2025 年第二次临时股东会决议公告 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。 特别提示 1、为尊重中小投资者利益，提高中小投资者对公司股东会决议事项的参与 度，本次股东会对中小投资者的投票表决情况单独统计。中小投资者是指除公司 董事、高级管理人员以及单独或合计持有公司 5%以上股份的股东以外的其他股 东； 1 （1）现场会议召开时间：2025 年 12 月 17 日（星期三）下午 15:30。 （2）网络投票时间： 2、本次股东会无变更、否决议案的情况； 3、本次股东会采取现场投票与网络投票表决相结合的方式召开； 4、本次股东会未涉及变更前次股东会决议的情况。 一、会议召开和出席情况： （一）会议召开情况 1、会议召开的日期、时间： 深圳证券交易所交易系统进行网络投票的时间为：2025 年 12 月 17 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系 ...

湖南启元律师事务所 关于水羊集团股份有限公司 2025年第二次临时股东会的 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410000 电话：（0731）82953-778 传真：（0731）82953-779 网站：www.qiyuan.com 致：水羊集团股份有限公司 湖南启元律师事务所（以下简称"本所"）接受水羊集团股份有限公司（以下简 称"公司"）的委托，指派本所律师出席了公司 2025 年第二次临时股东会（以下简 称"本次股东会"），对本次股东会的召集和召开程序、出席会议人员及召集人的资 格、表决程序和表决结果的合法有效性进行现场律师见证，并发表本法律意见。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）等我国现行法律、法规、规范性文件以及《水羊集团股份有限公司章 程》（以下简称"《公司章程》"）的有关规定出具本法律意见书。 本所律师声明如下： （一） 本所律师根据本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责 ...

Core Viewpoint - The recent announcements from two companies, Shuiyang International and Ruoyuchen, have put Meisidike in the spotlight regarding its exclusive distribution agreements in China for its oral beauty product line. Group 1: Company Announcements - Shuiyang International claims to be the exclusive distributor in China but does not specify the duration of the agreement [1] - Ruoyuchen has entered a strategic cooperation with Meisidike, with a contract running from January 1, 2026, to December 31, 2028, including an automatic renewal clause [3] - Ruoyuchen will be the exclusive general agent for Meisidike's oral beauty product line in China, which constitutes approximately 98% of the brand's total volume [3][4] Group 2: Operational Details - Ruoyuchen will have full control over the product line's pricing and distribution in the Chinese market [4] - Shuiyang International's announcement lacks clarity on the expiration date and the scope of the licensed product categories [5][6] - Legal experts note that the lack of specific details in the agreements makes it difficult to assess potential conflicts between the two companies [7] Group 3: Market Position and Performance - Meisidike, a Spanish medical beauty brand, has seen significant growth in China, with its sales reaching 5 billion yuan, accounting for half of the brand's global volume [7][10] - The brand's flagship product, the Brightening Drink, is priced at approximately 459.8 yuan per box, translating to 76.7 yuan per 30ml bottle [8] - Ruoyuchen's recent contract with Meisidike is seen as a strategic move to fill a gap in the high-end market segment, complementing its existing product offerings [11][12]

Core Viewpoint - The announcement reveals a conflict regarding exclusive distribution rights for the Spanish beauty brand Mestique's oral beauty health product line in China, with two companies claiming exclusivity [1] Group 1: Company Announcements - Ruoyuchen, an e-commerce operation company, announced it will become the exclusive general agent for Mestique's core oral beauty health product line in China and has obtained irrevocable trademark usage rights [1] - Shuiyang Co., another listed beauty company, stated it has been the exclusive distributor for Mestique's business in China since 2021 and emphasized that no third party has the right to open stores or release information in an "official" capacity [1] Group 2: Ongoing Communications - Shuiyang Co. is currently in a contract with Mestique and is in further communication with the brand regarding the conflicting claims of exclusivity, with future updates to be provided through official announcements [1]