董事会薪酬与考核委员会 1、本员工持股计划公告前，已召开职工代表大会充分征求意见，本员工持 股计划的制定及内容符合《关于上市公司实施员工持股计划试点的指导意见》《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》等相关 规定。 2、拟参与本员工持股计划的人员符合《关于上市公司实施员工持股计划试 点的指导意见》《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》等相关规定，符合本员工持股计划规定的参加对象范围，主体资格 合法、有效。 水羊集团股份有限公司董事会薪酬与考核委员会 3、本员工持股计划将进一步健全公司的激励与约束机制，充分调动员工的 工作积极性与创造性，有利于公司的持续发展，不存在损害公司及全体股东利益 的情形，不存在公司以摊派、强行分配等方式强制员工参与的情形。 关于 2025 年员工持股计划相关事项的核查意见 水羊集团股份有限公司 水羊集团股份有限公司（以下简称"公司"）董事会薪酬与考核委员会对 2025 年员工持股计划（以下简称"本员工持股计划"）相关事项发表核查意见 如下： 2025 年 12 月 2 日 ...

Group 1 - The core point of the article is that Shuiyang Co., Ltd. announced the convening of its fourth temporary board meeting for 2025, where it discussed the employee stock ownership plan [1] - For the year 2024, the company's revenue composition is entirely from the daily chemical industry, accounting for 100.0% [1] - As of the report date, Shuiyang Co., Ltd. has a market capitalization of 7.9 billion yuan [1]

Market Overview - On December 1, the cosmetics sector rose by 0.26% compared to the previous trading day, with BAWI leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - BAWI shares closed at 15.93, up 2.38% with a trading volume of 16,900 lots and a transaction value of 26.70 million yuan [1] - Shanghai Jahwa closed at 23.61, up 1.77% with a trading volume of 49,400 lots and a transaction value of 116 million yuan [1] - Huachun Color closed at 28.22, up 1.00% with a trading volume of 16,000 lots and a transaction value of 45.40 million yuan [1] - Betaini closed at 41.52, up 0.56% with a trading volume of 27,900 lots and a transaction value of 116 million yuan [1] - Kohn shares closed at 16.44, up 0.55% with a trading volume of 161,900 lots and a transaction value of 263 million yuan [1] - Proya closed at 70.61, up 0.37% with a trading volume of 23,200 lots and a transaction value of 163 million yuan [1] - Qingdao King closed at 7.38, up 0.27% with a trading volume of 85,100 lots and a transaction value of 6.28 million yuan [1] - Marubi closed at 35.47, up 0.11% with a trading volume of 29,300 lots and a transaction value of 103 million yuan [1] - Lafang closed at 20.95, unchanged with a trading volume of 23,000 lots and a transaction value of 4.81 million yuan [1] - Qingsong shares closed at 7.53, down 0.13% with a trading volume of 129,100 lots and a transaction value of 96.89 million yuan [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 49.52 million yuan from institutional funds, while retail investors saw a net inflow of 51.08 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Detailed Fund Flow by Stock - Jiahen Home's main funds saw a net inflow of 7.25 million yuan, while retail funds had a net outflow of 19.70 million yuan [3] - Shanghai Jahwa experienced a net inflow of 3.64 million yuan from main funds, with retail investors contributing a net inflow of 348.90 million yuan [3] - Kohn shares had a net inflow of 3.35 million yuan from main funds, but retail investors saw a net outflow [3] - BAWI experienced a net outflow of 0.50 million yuan from main funds, while retail investors had a net inflow of 164.42 million yuan [3] - Qingdao King saw a net outflow of 0.83 million yuan from main funds, but retail investors contributed a net inflow of 238.25 million yuan [3]

Group 1 - The cosmetics sector increased by 0.29% on November 28, with Jiaheng Jiahua leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Jiaheng Jiahua's stock price rose by 6.45% to 40.28, with a trading volume of 67,100 shares and a transaction value of 266 million yuan [1] Group 2 - The cosmetics sector experienced a net outflow of 61.04 million yuan from institutional investors, while retail investors saw a net inflow of 76.64 million yuan [2] - Among individual stocks, Marubi Biological had a net outflow of 9.46 million yuan from institutional investors, while Shanghai Jahwa saw a net inflow of 5.63 million yuan [3] - The overall trading activity in the cosmetics sector indicates a mixed sentiment, with some stocks experiencing significant outflows while others attracted retail interest [2][3]

Group 1 - The core viewpoint indicates that both Yifidan and PA are expected to maintain double-digit growth during the Double Eleven shopping festival, driven by increased marketing efforts and strong product performance [1] - Yifidan's Q3 2025 revenue is projected at 3.409 billion with a year-on-year growth of 11.96%, while net profit attributable to shareholders is expected to reach 136 million, reflecting a significant increase of 44.01% [1] - PA's Q3 2025 revenue is anticipated to be 909 million, showing a year-on-year growth of 20.92%, with a turnaround in net profit attributable to shareholders, indicating a recovery from previous losses [1] Group 2 - The investment suggestion emphasizes that the company is focusing on long-term growth through increased resource allocation, particularly in marketing and research and development [2] - The marketing strategy is centered on enhancing brand strength through content marketing on platforms like Xiaohongshu, while also solidifying foundational R&D capabilities to support overall brand development [2] - Looking ahead, the company expects improvements in the high-end brand matrix and profitability as marketing efforts begin to yield results, alongside structural optimization in agency business [2]

Core Viewpoint - The cosmetics sector experienced a 1.6% increase on November 27, with Keshare leading the gains, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.29% and the Shenzhen Component Index declining by 0.25% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3875.26, up 0.29% [1] - The Shenzhen Component Index closed at 12875.19, down 0.25% [1] - The cosmetics sector's individual stock performance is detailed in a table, highlighting significant gainers such as Keshare with a 9.12% increase [1] Group 2: Individual Stock Performance - Keshare (300856) closed at 16.15 with a 9.12% increase and a trading volume of 310,700 shares, amounting to a transaction value of 489 million yuan [1] - Marubi Biological (603983) closed at 35.19, up 4.89%, with a trading volume of 87,200 shares and a transaction value of 304 million yuan [1] - Other notable performers include Water Sheep (300740) with a 2.72% increase and a transaction value of 580 million yuan [1] Group 3: Capital Flow Analysis - The cosmetics sector saw a net outflow of 25.34 million yuan from institutional investors and 82.57 million yuan from retail investors, while individual investors contributed a net inflow of 108 million yuan [2] - A detailed table shows the capital flow for individual stocks, indicating that LaFang (603630) had a net inflow of 5.96 million yuan from institutional investors [3] - Other stocks like Shanghai Jahwa (600315) and Huaye Fragrance (300886) also experienced varying degrees of net inflow and outflow from different investor categories [3]

Market Overview - The cosmetics sector experienced a decline of 1.1% on November 26, with Kesheng Co. leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Notable gainers included: - Shuiyang Co. (300740) with a closing price of 19.85, up 2.58% [1] - Fulejia (301371) also rose by 2.58% to 27.88 [1] - Major decliners included: - Kesheng Co. (300856) fell by 4.88% to 14.80 [2] - Marubi Bio (603983) decreased by 2.95% to 33.55 [2] - Jiahen Home (300955) dropped by 2.85% to 37.84 [2] Trading Volume and Capital Flow - The cosmetics sector saw a net inflow of 7.95 million yuan from institutional investors, while retail investors contributed a net inflow of 7.35 million yuan [2] - However, there was a net outflow of 15.30 million yuan from speculative funds [2] Detailed Capital Flow Analysis - Key stocks with significant capital flow: - Jiahen Home (300955) had a net inflow of 18.65 million yuan from institutional investors, but a net outflow of 19.54 million yuan from retail investors [3] - Fulejia (301371) saw a net inflow of 12.12 million yuan from speculative funds, despite a net outflow from retail investors [3] - Other stocks like Qingdao King (002094) and Shanghai Jahwa (600315) also experienced mixed capital flows, indicating varied investor sentiment [3]

Core Viewpoint - Water Goat Co., Ltd. has shown a significant increase in stock price this year, but recent trading indicates a decline in the short term, raising questions about future performance and investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Water Goat achieved a revenue of 3.409 billion yuan, representing a year-on-year growth of 11.96%. The net profit attributable to shareholders was 136 million yuan, reflecting a substantial increase of 44.01% compared to the previous year [2]. - The company has distributed a total of 142 million yuan in dividends since its A-share listing, with 77.8142 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 25, Water Goat's stock price rose by 2.09% to 19.50 yuan per share, with a trading volume of 174 million yuan and a turnover rate of 2.50%, resulting in a total market capitalization of 7.605 billion yuan [1]. - The stock has increased by 47.50% year-to-date, but has seen a decline of 9.89% over the last five trading days, 11.84% over the last 20 days, and 9.60% over the last 60 days [1]. Shareholder Structure - As of November 10, the number of shareholders for Water Goat increased to 30,000, a rise of 10.64%. The average number of circulating shares per shareholder decreased by 9.61% to 11,966 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the sixth largest shareholder with 8.1833 million shares, an increase of 5.6594 million shares from the previous period. New shareholders include Huaxia Domestic Demand Driven Mixed A and Caitong Asset Management [3]. Business Overview - Water Goat Co., Ltd. is based in Changsha, Hunan Province, and was established on November 1, 2012. It was listed on February 8, 2018. The company's main business involves the research, production, and sales of cosmetics, with the primary revenue sources being lotions and creams (81.84%), masks (17.32%), and other products (0.84%) [1][2].

Core Insights - Water Sheep Group Co., Ltd. (水羊股份) is a local beauty manufacturing company in Changsha that focuses on research and development to enhance its global market presence [1][3] - The company has invested over 1 billion yuan in R&D, establishing a 12-story research building and creating an integrated and open collaborative R&D platform [3][4] R&D and Production Capabilities - Water Sheep has developed over 8,000 proprietary formula samples, showcasing its strength in R&D and providing diverse beauty product options [4] - The company has participated in the formulation of 29 national and industry standards, holds over 400 patents, and has developed more than 4,000 quality management processes [4][6] - The production process is highly automated, allowing for simultaneous production of various products, which enhances efficiency by over 30% compared to industry averages [6] Future Plans - Water Sheep aims to invest an additional 1 billion yuan over the next decade to expand its global product development and support Changsha in becoming a global R&D center for the cosmetics industry [6]

Market Overview - The cosmetics sector experienced a decline of 2.85% on November 20, with Bavi Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Jiahen Home Cosmetics (300955) closed at 38.29, up 1.48% with a trading volume of 27,300 shares and a turnover of 103 million yuan [1] - Bavi Co. (920123) saw a significant drop of 9.28%, closing at 17.89 with a trading volume of 88,500 shares and a turnover of 163 million yuan [2] - Qingdao Kingway (002094) closed at 7.69, down 2.16%, with a trading volume of 214,700 shares and a turnover of 166 million yuan [1][2] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 377 million yuan from institutional investors, while retail investors saw a net inflow of 323 million yuan [2] - The main capital inflow and outflow for various stocks indicate a mixed sentiment, with some stocks like Jiahen Home Cosmetics seeing a net inflow of 9.93 million yuan from institutional investors [3] Notable Stock Movements - Fuleida (600223) had a net outflow of 25.36 million yuan from institutional investors, but a net inflow of 9.99 million yuan from retail investors [3] - Kesheng Co. (300856) experienced a net outflow of 29.14 million yuan from institutional investors, while retail investors contributed a net inflow of 12.29 million yuan [3]