关于不提前赎回"水羊转债"的公告 证券代码：300740 证券简称：水羊股份 公告编号：2025-061 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 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、自 2025 年 8 月 7 日至 2025 年 8 月 27 日，水羊集团股份有限公司（以 下简称"公司"）股票已满足任意连续三十个交易日中至少十五个交易日的收盘 价格不低于当期转股价格（13.54 元/股）的 130%（含 130%，即 17.60 元/股）， 已触发"水羊转债"有条件赎回条款。 2、公司于 2025 年 8 月 27 日召开第四届董事会 2025 年第二次临时会议， 审议通过了《关于不提前赎回"水羊转债"的议案》，董事会决定本次不行使"水 羊转债"的提前赎回权利，不提前赎回"水羊转债"，且在未来 6 月内（即 2025 年 8 月 28 日至 2026 年 2 月 27 日），如再次触发"水羊转债"上述有条件赎回 条款时，公司均不行使提前赎回权利。自 2026 年 2 月 27 日后首个交易日重新 计算，若 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 25.03 | 2.08% | | 19.51万 | | 4.98亿 | | 603983 | 丸美生物 | 40.94 | -2.13% | | 6.04万 | | 2.52亿 | | 300740 | 水羊股份 | 23.07 | -3.07% | | 40.75万 | | 9.57亿 | | 300849 | 锦盛新材 | 13.08 | -3.18% | | 4.79万 | | 6366.17万 | | 600223 | 福瑞达 | 8.23 | -3.29% | | 23.11万 | | 1.93亿 | | 002094 | 青岛金王 | 8.75 | -3.31% | | 75.07万 | | 6.68亿 | | 600315 | 上海家化 | 25.47 | -3.34% | | 15.29万 | | 3.96亿 | | 300957 | 贝泰妮 | 46.96 | -3 ...

Market Performance - The three major indices showed mixed results, with the Shanghai Composite Index down 0.39%, the Shenzhen Component Index up 0.26%, and the ChiNext Index down 0.76% [2] - Over 2,700 stocks rose in the two markets, with a total trading volume of approximately 2.68 trillion yuan [3] Apple Supply Chain Stocks - Apple-related stocks experienced significant movements, with GoerTek (002241.SZ) and Lingyi iTech (002600.SZ) rising by 10%, and Luxshare Precision (002475.SZ) increasing by over 6% [3] - GoerTek, as a leading player in the Apple supply chain, has benefited from the AI wave, achieving six consecutive quarters of year-on-year growth in net profit attributable to shareholders from Q1 2024 to Q2 2024 [3] Consumer Electronics Sector - The high demand in the consumer electronics sector is attributed to both AI stimulation and domestic "national subsidy" policies, which are reviving mid-range consumption and driving structural recovery in mobile phones and tablets [3] Livestock Industry - Livestock stocks showed strong performance, with Xiaoming Co. (300967.SZ) rising over 10% and Muyuan Foods (002714.SZ) increasing by over 7% [3] - The National Development and Reform Commission reported that the average pig-to-grain price ratio fell below 6:1, entering a warning zone, prompting the government to initiate central frozen pork reserves [4] Gaming Sector - The gaming sector saw positive movements, with 37 Interactive Entertainment (002555.SZ) rising by 10% and other companies like Digital Soul (603258.SZ) and Giant Network (002558.SZ) also increasing [4] - A report from Guotai Junan highlighted that the National Press and Publication Administration approved a record 166 domestic online games on August 25, 2025, indicating a stable approval rhythm and a rich supply of gaming products [4] Beauty and Personal Care Sector - The beauty and personal care sector performed well, with Shuiyang Co. (300740.SZ) rising over 10% and other companies like Proya Cosmetics (603605.SH) and Huaxi Biological (688363.SH) also increasing [5] - According to a report from Dongfang Securities, the domestic cosmetics industry is entering a phase of steady and high-quality development, driven by economic growth, demographic shifts, cultural confidence, and the rise of domestic brands [5] Declining Sectors - The banking, securities, and semiconductor sectors faced declines, with companies like Chipone Technology (688521.SH) dropping over 9% and Haiguang Information (688041.SH) down over 6% [5] - The military and rare earth sectors also weakened, with China Rare Earth (000831.SZ) and Northern Rare Earth (600111.SH) falling nearly 7% [5]

每经AI快讯，8月26日，美容护理板块震荡走强，嘉亨家化20%涨停，水羊股份涨超5%，敷尔佳、珀莱 雅、拉芳家化等跟涨。 （文章来源：每日经济新闻） ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Core Insights - The company reported a revenue of 2.5 billion yuan for the first half of 2025, representing a year-on-year increase of 9.02% [1] - The net profit attributable to shareholders reached 123 million yuan, up 16.54% year-on-year, while the net profit excluding non-recurring items was 121 million yuan, a slight increase of 1.04% [1] - The company is focusing on high-end brand development, with self-owned brand revenue accounting for over 40% of total revenue [1] Financial Performance - The gross margin for the first half of 2025 was 64.61%, an increase of 3.13 percentage points year-on-year [2] - In Q2 2025, the gross margin improved to 65.27%, up 3.67 percentage points year-on-year [2] - The net profit margin for the first half of 2025 was 4.93%, an increase of 0.32 percentage points year-on-year, while the net profit margin excluding non-recurring items was 4.82%, a decrease of 0.38 percentage points [2] Brand Development - The company is establishing a high-end brand matrix, with brands like Ifidan, PA, and RV contributing to long-term growth [3] - Ifidan is positioned as a French luxury skincare brand, enhancing market recognition through innovative product combinations and experiential retail [3] - RV's flagship product "One Night Rejuvenation Oil" continues to lead sales on platforms like Tmall, indicating strong brand presence [3] Investment Outlook - The company is projected to achieve net profits of 250 million, 340 million, and 430 million yuan for the years 2025 to 2027, with year-on-year growth rates of 129.6%, 32.7%, and 28.0% respectively [4] - Corresponding price-to-earnings ratios are expected to be 33X, 25X, and 20X for the same years [4]

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 ...

Core Viewpoint - Haitong International's report indicates that Shuiyang Co. achieved growth in both revenue and profit in H1 2025, driven by its own brand which enhanced overall gross margin [1] Financial Performance - In H1 2025, the company reported revenue of 2.5 billion yuan, representing a year-on-year increase of 9.02%, attributed to ongoing optimization of business layout and focus on high-end brand development [1] - Operating cash flow saw a significant increase of 369.0% to 166 million yuan, primarily due to effective management practices including procurement planning and inventory optimization [1] Strategic Initiatives - The company plans to continue its stock incentive program and maintain stable expense allocation in the second half of the year, emphasizing refined management [1] - The transformation and upgrade of the company's own brand towards high-end and global markets have been preliminarily completed [1] Brand Development - The French luxury skincare brand EDB has undergone product optimization and is expanding its presence in both online and offline channels [1] - In online channels, the company is reducing reliance on top influencers and increasing the proportion of self-broadcasting and direct sales; in offline channels, it aims to accelerate store openings, planning to establish 50 stores nationwide by 2027, with over ten already opened in key cities [1]

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]