Investment Rating - Industry rating: Recommended [5] Core Insights - The beauty sector experienced a stable conclusion during the 618 shopping festival, with significant changes in platform and brand dynamics driven by reduced commission policies and interest-based content ecosystems [1][2] - The total GMV for beauty products across four major e-commerce platforms (Taobao, JD, Douyin, Kuaishou) during the 618 period was between 600-700 billion yuan, reflecting a year-on-year growth of over 10% [1] - Taobao maintained the largest market share at 41.3%, followed by Douyin at 35.7%, JD at 14.8%, and Kuaishou at 8.2% [1][13] Summary by Sections E-commerce Platform Dynamics - Douyin's beauty segment is rapidly growing, supported by merchant subsidies and interest-driven consumer engagement, achieving double-digit growth [2] - Douyin's promotional strategies included a 1.4 billion yuan subsidy for merchants in May, with individual merchant reductions reaching up to 2.99 million yuan [2] Skincare and Makeup Categories - In the skincare category, domestic brands like Proya and Han Shu led the market, maintaining their top positions on Taobao and Douyin [3] - The top five brands in the skincare category on Taobao remained stable, with Proya and Han Shu continuing to dominate [3] - In the makeup and fragrance category, new domestic brands are emerging, with Ti Luo Wei achieving rapid growth by focusing on base makeup products [4] International and Domestic Brand Strategies - International brands are performing well due to localized marketing strategies and a willingness to engage with local consumers [8] - Domestic brands are expected to break out of the competitive cycle focused on ingredients and efficacy, emphasizing brand influence and comprehensive user experience [8] Investment Recommendations - Focus on domestic companies with strong brand equity and comprehensive channel strategies, particularly Proya and Han Shu [9] - Highlight technology-driven skincare brands like Betaini and Juzi Biology that target specific consumer needs [9] - Consider daily chemical brands with strong cost-performance ratios and excellent management of emerging channels, such as Runben and Dengkang [9]

Group 1: Company Overview and Strategy - Water Sheep Group has adopted a "high-end, global" development strategy following the acquisition of luxury skincare brands RV and PA [2][3] - The company is positioned as the only Chinese beauty brand management group successfully managing multiple high-end and light luxury brands [2][3] - The company aims to build a global brand image matrix in major cities worldwide by 2027, with a focus on high-end channels, especially in Europe and the US [4][26] Group 2: Brand Performance and Growth - EDB, a French luxury skincare brand, has seen a 40% increase in sales through Tmall, with overall healthy growth in the first half of the year [2][3][6] - The brand's SPA services have achieved significant success, with a single purchase reaching 39,800 yuan, and appointments booked a month in advance [3][4] - RV brand has experienced over 100% growth in the US market, with significant social media engagement and product popularity [7][8] Group 3: Customer Loyalty and Sales Metrics - EDB's member repurchase rate is 50% over three years, contributing approximately 80% of the brand's revenue [6] - The average customer value for EDB is 5,000 yuan, indicating strong customer loyalty and brand resonance [6] - The company emphasizes quality growth over quantity, focusing on sustainable customer relationships rather than short-term sales spikes [5][6] Group 4: Future Plans and Market Expansion - EDB plans to open 50 SPA stores across China by 2027, with a focus on enhancing customer experience [4][24] - The company is exploring new product categories and expanding its product line to enhance brand offerings [18] - The strategy includes leveraging local teams for international markets, particularly in the US and France, while using agents for other regions [25][26] Group 5: Organizational Development and R&D - The company is investing in R&D and organizational development to support its global and high-end strategy, with centers in multiple countries [13][14] - Recruitment efforts focus on attracting top talent in R&D and brand management to enhance the company's capabilities [14] - The company believes in long-term investment in brand and organizational development to navigate market uncertainties [14]

Core Viewpoint - Water Sheep Co., Ltd. is on the right path towards becoming a global high-end beauty brand management group, driven by its dual business strategy of proprietary and CP brands [1][2]. Group 1: Strategic Transformation - In 2024, Water Sheep Co., Ltd. is undergoing a strategic transformation, focusing resources on core high-end businesses amidst a complex external economic environment and internal structural adjustments [2]. - The company has improved its proprietary brand structure, with a significant focus on high-end brands while strategically reducing its mass-market offerings, resulting in a K-shaped resource allocation [2]. - The proprietary brand system has completed a transformation towards high-end and global positioning, with high-end proprietary brand revenue increasing and gross margin reaching 74.27% in 2024 [2]. Group 2: Brand Development - The French luxury skincare brand EviDenS de Beauté (EDB) has shown positive growth in brand strength and sales in 2024, supported by other high-end brands like Pier Augé (PA) and RéVive (RV) [2]. - The mass-market brand YuniFang has been repositioned to focus on "Researching the East," while the high-end makeup brand VAA has achieved over 10 million in revenue through leading products in niche categories [3]. Group 3: R&D and Innovation - The company emphasizes continuous investment in brand and R&D to combat short-term uncertainties, with R&D being a core strategy [4]. - Water Sheep Co., Ltd. has established a global R&D system with centers in multiple locations, including Changsha, Shanghai, France, and Japan, aiming to empower brand development [4]. - In 2024, the company obtained 42 patents, published 15 papers, and participated in significant academic conferences, showcasing its commitment to innovation [4]. Group 4: Financial Performance - The overall gross margin of Water Sheep Co., Ltd. is on an upward trend as the revenue share from high-end brands increases [5]. - The long-term strategy focuses on minimizing losses from non-core businesses while enhancing operational quality, which is expected to strengthen the company's core competitiveness and risk resilience [5].

证券代码：300740 证券简称：水羊股份 公告编号：2025-035 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 2024 年年度股东大会决议公告 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大会决议事项的参 与度，本次股东大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、监事、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； 2、本次股东大会无变更、否决议案的情况； 3、本次股东大会采取现场投票与网络投票表决相结合的方式召开； 4、本次股东大会未涉及变更前次股东大会决议的情况。 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： （1）现场会议召开时间：2025 年 6 月 20 日（星期五）下午 15:00。 1 （2）网络投票时间： 深圳证券交易所交易系统进行网络投票的时间为：2025 年 6 月 20 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 ...

二〇二五年六月 湖南启元律师事务所 关于 水羊集团股份有限公司 2024年年度股东大会的 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 410005 电话：（0731）82953-778 传真：（0731）82953-779 网站：www.qiyuan.com 1 / 10 湖南启元律师事务所 关于水羊集团股份有限公司 2024 年年度股东大会的法律意见书 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 2024 年年度股东大会（以下简称"本 次股东大会"），对本次股东大会的召集和召开程序、出席会议人员资格、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： 湖南 ...

是否为控 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"）于近日接到公司控股股东湖南 御家投资管理有限公司（以下简称"御家投资"）的通知，御家投资对其持有公 司的部分股份办理了延期购回手续，具体事项如下： 一、本次控股股东部分股份质押延期购回的基本情况 | | | | | | 证券代码：300740 证券简称：水羊股份 公告编号：2025-034 水羊集团股份有限公司 | | | 本次延期 | | 占公 | 是否 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | | 占其所 | | 是否 | | | | | | | | | | 股东 | | 购回质押 | | 司总 | | 为补 | 质押起始 | | | 质押原到 | | | 延期后 | | 质 | 质权 | 质押 | | | | | | | | | | | | | | 第一大股 | | 持股份 ...

Core Insights - The "next-use" essence is becoming a must-have option for beauty brands, with the market size in China expected to reach 7.5 billion yuan in 2024, reflecting a year-on-year growth of over 20% [1] - Major brands like OLAY, Proya, and Miss Tina are entering the next-use product space, indicating a trend where "9 out of 10 brands" are adopting this format [1] Market Trends - The next-use essence has emerged as a phenomenon in the beauty sector, highlighted by over 20 next-use essence products launched during the 618 shopping festival [2] - The cumulative filing of "next-use" products reached 6,518 by June 17, 2025, with 5,653 specifically for next-use essences [2] - In the first five months of 2025, 21 out of 24 newly launched next-use products were essences, accounting for over 87% [2] Product Development - The next-use essence market is diversifying, with brands like OLAY and Proya focusing on specific skin issues such as anti-aging and acne treatment [4] - Key ingredients in next-use essences include recombinant collagen, with some products featuring multiple types for targeted anti-aging effects [4] - The introduction of next-use formats is expanding beyond essences to include sunscreen, makeup removers, and even men's skincare products [5] Consumer Demand - Consumer education around next-use essences is maturing, and brands are encouraged to create unique advantages to stand out in a competitive market [5] - The convenience and hygiene of next-use products are appealing to consumers, especially for those with sensitive skin or post-medical treatment needs [5][6] - Social media engagement around next-use products is significant, with topics related to them generating over 1.7 billion views on platforms like Xiaohongshu [9] Industry Challenges - Some industry experts express concerns about the environmental impact of next-use packaging, which often relies on plastic materials [10] - There is a debate about the necessity of next-use formats for all products, with some suggesting that not all formulations require such packaging [10][11] - The industry is exploring more sustainable packaging options to address environmental concerns while maintaining the convenience of next-use products [10]

Market Overview - The Shanghai Composite Index rose by 0.04% on June 18, with 9 out of 28 sectors experiencing gains, led by the electronics and communications sectors, which increased by 1.50% and 1.39% respectively [1] - The beauty and personal care sector had the largest decline, falling by 1.73%, followed by the real estate sector, which decreased by 1.35% [1] Fund Flow Analysis - The net outflow of capital from the two markets was 17.787 billion yuan, with 5 sectors seeing net inflows. The electronics sector led with a net inflow of 4.346 billion yuan and a daily increase of 1.50% [1] - The banking sector also saw a positive net inflow of 1.314 billion yuan, with a daily increase of 0.92% [1] - The pharmaceutical and biological sector experienced the largest net outflow, totaling 3.729 billion yuan, followed by the computer sector with a net outflow of 3.030 billion yuan [1] Beauty and Personal Care Sector - The beauty and personal care sector saw a decline of 1.73% with a total net outflow of 143 million yuan. Out of 31 stocks in this sector, only 4 rose while 27 fell [2] - The top net inflow stock in this sector was Qingdao Kingking, with a net inflow of 74.344 million yuan, followed by Proya and Weigao Medical with net inflows of 17.755 million yuan and 4.452 million yuan respectively [2] - The stocks with the largest net outflows included Shuiyang Co., Huaye Fragrance, and Furida, with net outflows of 26.310 million yuan, 22.024 million yuan, and 20.338 million yuan respectively [2][3]

证券代码：300740 证券简称：水羊股份 公告编号：2025-034 水羊集团股份有限公司（以下简称"公司"）于近日接到公司控股股东湖南 御家投资管理有限公司（以下简称"御家投资"）的通知，御家投资对其持有公 司的部分股份办理了延期购回手续，具体事项如下： 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次延期 购回质押 股份数量 （股） 占其所 持股份 比例 占公 司总 股本 比例 是否 为限 售股 是否 为补 充质 押 质押起始 日期 质押原到 期日 延期后质 押到期日 质权 人 质押 用途 御家 投资 是 3,100,000 3.23% 0.79% 否 否 2024 年 6 月 13 日 2025 年 6 月 13 日 2026 年 6 月 13 日 中信 证券 股份 有限 公司 股东 资金 需求 440,000 0.46% 0.11% 否 是 2024 年 7 月 10 日 2025 年 6 月 13 日 2026 年 6 月 13 日 中信 证券 股份 有限 公司 补充 质押 一、本次控股股东部分股份质押延期购回的基本情况 1 债券代码：123188 债券简称：水羊转债 水羊集团股 ...

沪指6月13日下跌0.75%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为石油石化、国防军 工、公用事业，涨幅分别为2.05%、1.72%、0.48%。跌幅居前的行业为美容护理、传媒，跌幅分别为 4.12%、2.53%。美容护理行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出476.73亿元，今日有7个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨1.72%，全天净流入资金25.70亿元，其次是石油石化行业，日 涨幅为2.05%，净流入资金为15.12亿元。 主力资金净流出的行业有24个，计算机行业主力资金净流出规模居首，全天净流出资金70.43亿元，其 次是汽车行业，净流出资金为54.28亿元，净流出资金较多的还有医药生物、电子、电力设备等行业。 美容护理行业今日下跌4.12%，全天主力资金净流出4.93亿元，该行业所属的个股共31只，今日；下跌 的有31只。以资金流向数据进行统计，该行业资金净流入的个股有6只，净流入资金居首的是稳健医 疗，今日净流入资金1064.69万元，紧随其后的是贝泰妮、延江股份，净流入资金分别为865.72万元、 375.15万元。美容护 ...