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.

（原标题：午后，突然直线拉升20%涨停！） 食品饮料板块午后局部拉升。个股方面，比亚迪午后下跌，港股比亚迪股份一度跌超3%。 午后，A股维持小幅震荡，截至发稿，沪指微幅上涨。 食品饮料板块拉升 新消费股午后持续走强，美容护理、饮料等板块领涨，水羊股份午后直线拉升至20%涨停，欢乐家、新乳业、均瑶健康、周大生此前涨停，李子 园、东鹏饮料、永安药业、青松股份、明牌珠宝等多股涨超5%。 午后，港股比亚迪股份跌幅一度扩大至超3%，截至发稿，跌幅有所收窄，成交额超28亿港元。A股比亚迪跌幅扩大至2%，成交额超46亿元。 无人驾驶环卫车概念走强 5月28日，A股无人驾驶环卫车概念继续走强，概念股受到市场关注。据人民财讯梳理，多家公司有业务涉及该领域。 启迪环境：目前无人驾驶环卫车实现了在重点项目的示范运营。 福龙马：公司推出的全球首款基于滑板底盘的无人智能清扫机器人，具备全流程无人作业能力，已在全国15省超30城落地应用，通过示范案例有 效带动产品推广。 盈峰环境：公司的机器人设备种类丰富，主要包括以下几种：无人驾驶自卸式洁扫机器人、无人驾驶环卫车、智能小型环卫机器人、光伏清洁机 器人，公司系列产品现已在深圳、长沙、苏州 ...

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]

Group 1 - The cosmetics sector experienced a short-term surge, with Shuiyang Co., Ltd. (300740) rising over 10% [1] - Other companies such as Marubi Biotechnology (603983), Proya Cosmetics (603605), Fulejia (301371), Qingsong Co., Ltd. (300132), and Babi Co., Ltd. also saw increases [1] - There is a notable influx of dark pool funds into these stocks [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year decrease of 5.69%, and a net profit attributable to the parent company of 110 million yuan, a year-on-year decrease of 62.63% [2][4] - In Q4 2024, the company reported operating revenue of 1.192 billion yuan, a year-on-year increase of 6.86%, while the net profit attributable to the parent company was 16 million yuan, a year-on-year decrease of 86.33% [2][4] - In Q1 2025, the company achieved operating revenue of 1.085 billion yuan, a year-on-year increase of 5.19%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 4.67% [2][4] Summary by Sections Financial Performance - The company experienced a strategic adjustment in its brand portfolio in 2024, leading to revenue pressure and a decline in profit margins. However, the gross margin improved by 4.6 percentage points due to an ongoing optimization of brand structure, with a higher proportion of high-end brands [11] - The sales expense ratio increased by 7.7 percentage points year-on-year, attributed to increased brand promotion investments, while the management and R&D expense ratios also saw slight increases [11] - In Q4 2024, the company saw a recovery in revenue growth, with a year-on-year increase of 7%, and a gross margin improvement of 3.1 percentage points [11] - For Q1 2025, the company maintained stable revenue growth of 5%, with a gross margin increase of 2.4 percentage points, indicating effective control over brand marketing expenses [11] Future Outlook - The company aims to establish itself as a "global emerging luxury beauty group," with ongoing investments in high-end brands and market expenses. The revenue is expected to stabilize, and profit margins are anticipated to gradually recover [11] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 230 million yuan, 320 million yuan, and 390 million yuan, respectively [11]

Group 1: Market Overview - Nearly 1500 A-share listed companies have announced share buybacks this year, with 394 companies announcing buyback and increase plans since the second quarter [1] - A total of 879 listed companies have implemented buybacks, with a cumulative buyback amount of 607.87 billion yuan [1] - In the second quarter, three listed companies from Hunan have implemented buybacks totaling nearly 400 million yuan [1] Group 2: Major Companies Involved in Buybacks - Guizhou Moutai, Xugong Machinery, Muyuan Foods, CATL, and COSCO Shipping have the highest buyback amounts, with 4.05 billion yuan, 2.14 billion yuan, 1.61 billion yuan, 1.55 billion yuan, and 1.37 billion yuan respectively [1] - Hikvision, Sanan Optoelectronics, Sany Heavy Industry, and Zijin Mining have all conducted buybacks exceeding 1 billion yuan [1] - Beijing-Shanghai High-Speed Railway has a buyback amount exceeding 900 million yuan [1] Group 3: Specific Company Buyback Details - Kemin Foods has a main business in the development, production, and sales of noodle products, with a buyback amount of 199 million yuan, representing 99.74% of the planned buyback funds [2] - Shuiyang Co., specializing in skincare products, has a buyback amount of approximately 97.82% of its planned buyback funds, totaling about 97.82 million yuan [2] - Weisheng Information, focusing on IoT products, has completed a buyback of 90 million yuan, which is 60.01% of its planned buyback funds [3]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed growth in Q1 2025, driven by its own brand and CP brand strategies focusing on high-end and global markets [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.237 billion yuan, a year-on-year decrease of 5.7%, with a net profit attributable to shareholders of 110 million yuan, down 62.6% [1]. - For Q1 2025, the company reported revenue of 1.085 billion yuan, an increase of 5.2% year-on-year, and a net profit of 42 million yuan, up 4.7% [1]. - The non-recurring net profit for 2024 was 118 million yuan, reflecting a decline of 56.7% year-on-year, while for Q1 2025, it was 41 million yuan, down 22.8% [1]. Group 2: Business Strategy - The company has completed the initial transformation of its own brand system towards high-end and global markets, with own brand revenue reaching 1.651 billion yuan, maintaining a stable proportion of overall revenue [1]. - The high-end self-owned brand revenue proportion is continuously increasing, and the product structure of self-owned brands has been further optimized, leading to improved gross margin levels [1]. - The CP brand segment includes skincare, makeup, personal care, perfume, and health food categories, with ongoing improvements in brand matrix layout and a focus on resource allocation and quality [1][2]. Group 3: External Factors and Profit Pressure - In 2024, the company increased investments in high-end brands like EDB and PA, but the conversion effect of these investments fell short of expectations due to external environmental impacts [2]. - Non-business factors such as hedging losses, reduced government subsidies, and decreased investment income have also pressured profits in 2024 [2]. - Despite these challenges, the company is seeing a continuous increase in the revenue share of high-margin brands and products, leading to a noticeable improvement in overall gross margin [2]. Group 4: Future Outlook - The company is expected to continue its "high-end and global" strategy, with projected revenues of 4.590 billion yuan, 4.889 billion yuan, and 5.150 billion yuan for 2025-2027, corresponding to growth rates of 8.3%, 6.5%, and 5.3% respectively [3]. - The net profit attributable to shareholders is forecasted to be 247 million yuan, 322 million yuan, and 363 million yuan for the same period, with growth rates of 124.4%, 30.4%, and 13.0% respectively [3]. - Earnings per share (EPS) are projected to be 0.64 yuan, 0.83 yuan, and 0.94 yuan for 2025-2027 [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经公司研究院 作者：新消费主张/cici 截至2025年4月30日，日化护肤上市公司已完成2024年财报的披露，对此我们挑选了14家具有代表性的 上市公司进行库存状况分析。 在我们所选取的日化护肤公司中，2024年，从存货规模及存货占总资产比例变化来看水羊股份存货占全 部资产的比重较高，约为19.52%；从存货周转效率来看，仅有丸美股份、青松股份2家公司存货周转状 况有所改善，其余8家公司存货周转天数均不同程度变长，相应的存货周转效率不同程度下降。 其中最值得一提的便是锦波生物、华熙生物、贝泰妮这三家上市公司，首先，这三家上市公司的存货规 模及存货占总资产的比例均有所提升；其次，这三家上市公司的存货周转天数均超出了270天（9个月） 且存货周转效率仍进一步下降。 存货规模&占比：过半数公司存货规模及占比双增 水羊股份存货占比最高 | | | 存货规模(亿)及同比变动 | | | --- | --- | --- | --- | | | 2023年 | 2024年 | 同比 | | 创尔生物 | 7.97 | 6.61 | 62 ...

Group 1 - EDB is collaborating with several ultra-luxury hotels globally, including Rosewood, St. Regis, and Waldorf, to enhance its SPA channel presence in countries like France, Germany, Mexico, and Italy [1] - The company plans to launch an upgraded version of its rich cream in the second half of this year, which is a key focus area for EDB moving forward [1] - EDB aims to complete its "10+3" strategy by establishing three types of stores in the top ten global cities, including Beijing, Shanghai, and Hong Kong, to improve brand experience [1] Group 2 - EDB expects to achieve approximately 20% revenue growth for the year, focusing on enhancing offline interactive experiences and reducing reliance on top-tier sales [2] - The company is working on revitalizing its brand image and aims for positive revenue growth and a balance between profit and loss this year [2] - RV brand has shown stable performance during adjustments in overseas markets, with promising results from initial tests in the Chinese market [2]

Core Insights - The performance of domestic beauty companies in China is showing significant divergence, with some achieving remarkable growth while others face declines, indicating a reshaping of the market landscape [1][4][42] Group 1: Company Performance - Proya has become the first domestic beauty company to enter the 10 billion yuan club, with a revenue of 10.778 billion yuan, growing by 21.04% [2] - Other companies like Shangmei and Juzi Biological also reported substantial revenue increases of 62.08% and 57.17% respectively, while Shanghai Jahwa experienced a revenue decline of 13.93% [2][3] - Six beauty companies have revenues exceeding 5 billion yuan, suggesting that this threshold will soon become a significant benchmark for the top 10 domestic beauty brands [1] Group 2: Profitability Trends - Juzi Biological leads in profitability with a profit of 2.062 billion yuan, up 42.06%, while Proya's profit reached 1.552 billion yuan, growing by 30% [3] - In contrast, Shanghai Jahwa reported a loss of 833 million yuan, marking a 266.60% decline, highlighting the stark differences in profitability among companies [3][11] Group 3: Market Dynamics - The current market dynamics indicate a shift towards efficacy-driven products, with companies that successfully launched standout products seeing better performance [4][5] - The competition is intensifying, with new entrants emerging and established brands needing to adapt to changing consumer preferences and market trends [7][30] Group 4: R&D and Strategic Focus - Companies are increasingly focusing on R&D, with most reporting a rise in R&D expenditures, indicating a strategic shift towards innovation and efficacy [20][21] - The trend of acquisitions and investments in technology is becoming a key strategy for companies aiming to enhance market share and scale [23][24] Group 5: Emerging Opportunities - The male skincare market is growing rapidly, presenting new opportunities for brands to capture this segment [36] - The aging population is creating demand for products targeting older consumers, which remains largely untapped [39] - As online sales plateau, brands are shifting focus to offline channels, indicating a potential new battleground for market share [40]