Core Viewpoint - The beauty and personal care sector is experiencing significant upward momentum, driven by strong domestic consumption and strategic efforts from companies to enhance their competitive positioning [3][5]. Industry Performance - The "Beauty and Personal Care" sector index reached a new high of 945.83 points on May 9, after recovering from a low of 756.20 points in early April [4][5]. - The sector's growth is supported by government policies aimed at boosting consumption and expanding domestic demand, alongside the ongoing development of both online and offline sales channels [5][6]. Company Highlights - Major companies in the sector, such as Marubi Biotechnology, Water Sheep Co., and Betaini, have seen significant stock price increases recently, with Marubi's stock rising by 22.55% and Water Sheep's by 15.45% as of May 9 [6]. - Marubi Biotechnology reported a revenue of 2.97 billion yuan for 2024, marking a year-on-year growth of 33.44%, with its main brand contributing 69.24% of total revenue [7]. - Water Sheep Co. experienced a revenue decline of 5.69% to 4.24 billion yuan in 2024, with a significant drop in net profit by 62.63% [8][9]. - Betaini's revenue for 2024 was 5.736 billion yuan, a 3.87% increase, but net profit fell by 33.53% [10][11]. Market Dynamics - The competitive landscape is intensifying, with domestic brands gaining market share due to their high cost-performance ratio and refined operations [5][6]. - The differentiation in channel flow and brand competition is becoming more pronounced, with leading domestic brands expected to maintain their market leadership through a combination of brand strength, channel strategy, product quality, and operational efficiency [5][6].

Group 1: Company Strategy and Market Positioning - The company aims to establish a global high-end beauty brand management group, focusing on long-term strategic investments to navigate short-term uncertainties [9][11]. - EDB brand plans to open stores in the top 10 global cities, with a strategy of "10+3" to enhance brand experience [3][6]. - The company is committed to optimizing its supply chain management and increasing production capacity utilization [12]. Group 2: Financial Performance and Growth Projections - EDB expects a revenue growth of approximately 20% for the year, driven by the expansion of offline channels [6]. - In Q1 2025, the company reported a revenue of 1.08 billion, a 5 million increase from Q1 2024 [8]. - The sales expenses for Q1 2025 were 538 million, up from 478 million in Q1 2024, indicating a rise in marketing investments [8]. Group 3: Product Development and Brand Management - The company plans to upgrade the EDB rich cream product line in the second half of the year, focusing on high-frequency consumer products [2][17]. - EDB's offline channel growth in China exceeded 100%, reflecting strong market demand [6][18]. - The company is enhancing its brand image through high-profile endorsements and marketing campaigns targeting high-net-worth customers [11]. Group 4: Market Challenges and Opportunities - The company is navigating challenges in the beauty industry, including rising costs and competitive pressures, while maintaining a focus on high-end brand positioning [8][27]. - The global trade environment presents opportunities for the company to strengthen its international brand presence [10]. - The company is exploring the integration of e-commerce channels to boost sales, particularly in the U.S. market [5][13].

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 300740 | 水羊股 份 | 7.34 | 11.92 | 1365.96 | 2.37 | | 002762 | *ST金 比 | 1.87 | 6.12 | 764.00 | 12.09 | | 002172 | 澳洋健 康 | -1.64 | 5.20 | 490.76 | 3.40 | | 600572 | 康恩贝 | 0.00 | 0.81 | 453.06 | 4.92 | | 002566 | 益盛药 业 | 0.56 | 2.84 | 449.27 | 9.45 | | 000516 | 国际医 学 | -2.10 | 1.02 | 173.25 | 1.49 | | 603139 | 康惠制 | -1.57 | 1.79 | -62.03 | -1.77 | | | 药 | | | | | | 000615 | *ST 美 | 0.63 | 1.59 ...

Core Points - The Shanghai Composite Index is at 3343.28 points, slightly down by 0.26%, with a total trading volume of 590.62 billion yuan [1] - 24 A-shares have surpassed their annual moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Huaihe Energy (600575) has the highest deviation rate at 9.45%, with a daily increase of 10.03% and a turnover rate of 4.61% [2] - *ST Changyao (300391) follows with a deviation rate of 3.71%, increasing by 4.37% today [2] - Shuiyang Co., Ltd. (300740) shows a deviation rate of 3.58% with an 8.70% increase [2] Other Notable Stocks - *ST Chuangxing (600193) has a deviation rate of 3.47% and a daily increase of 4.94% [2] - Yahua Electronics (301337) has a deviation rate of 3.40% with a 5.06% increase [2] - Shaanxi Huada (301517) shows a 4.25% increase and a deviation rate of 3.38% [2] Market Overview - The overall A-share market is experiencing fluctuations, with a total trading volume of 590.62 billion yuan, indicating active trading [1]

证券代码：300740 证券简称：水羊股份 公告编号：2025-031 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 关于回购公司股份的进展公告 股份的进展情况公告如下： 一、回购公司股份的进展情况 截至 2025 年 4 月 30 日，公司通过股份回购专用证券账户以集中竞价交易 方式回购公司股份 8,097,150 股，占公司截至 2025 年 4 月 30 日总股本 388,338,526 股的 2.09%，最高成交价为 12.49 元/股，最低成交价为 11.56 元/ 股，成交金额为 97,819,875.32 元（不含交易费用）。本次回购符合公司回购股 份方案及相关法律法规的要求。 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 2025 年 4 月 15 日召开第三 届董事会 2025 年第一次临时会议，审议通过了《关于〈水羊集团股份有限公司 回购公司股份方案〉的议案》，拟使用不低于人民币 5,000 万元（含），不超过人 民币 10,000 万元（含）的自有资金和股票回购专项贷款资金 ...

Core Viewpoint - Water Sheep Co., Ltd. has consistently missed its performance targets over the past seven quarters, raising concerns about its strategic direction and financial health [1][2][6]. Financial Performance - In Q4 2024 and Q1 2025, Water Sheep reported revenues of 1.19 billion and 1.09 billion respectively, with year-on-year growth of 6.9% and 5.2% [1]. - The company's net profit attributable to shareholders for the same periods was 10 million and 40 million, showing declines of 86.8% and 22.8% year-on-year [1]. - The company has failed to meet its net profit targets set in its 2023 equity incentive plan, achieving only 290 million and 110 million against targets of 300 million and 400 million for 2023 and 2024 respectively [1][2]. Strategic Initiatives - Water Sheep has attempted to transform into a high-end beauty brand management group by acquiring luxury brands such as Ifidan and Perhejo, with the goal of becoming a global player in the high-end market [3][5]. - The company has labeled itself as a "newly emerging high-end beauty brand management group" following its acquisitions, despite lacking prior experience in luxury brand operations [5]. Market Position and Competition - In 2024, Water Sheep's revenue was 4.24 billion with a net profit of 120 million, contrasting sharply with competitor Proya, which reported 10.78 billion in revenue and 1.52 billion in net profit [6]. - The company has faced significant losses in its traditional mid-range brands, raising questions about its ability to sustain multiple high-end brands simultaneously [6][11]. Financial Health - As of Q1 2025, Water Sheep had cash and cash equivalents of 530 million against interest-bearing liabilities of 1.64 billion, indicating a precarious financial position [6]. - The company has recorded negative cash flow from investing activities over the past four years, totaling -1.01 billion, suggesting challenges in funding its expansion strategy [6]. Marketing and Sales Strategy - Water Sheep has invested heavily in marketing, with sales expenses reaching approximately 2 billion annually, yet the effectiveness of this strategy in establishing high-end brands remains uncertain [7][9]. - The company has adopted aggressive marketing tactics, including high-profile endorsements and premium retail placements, but these efforts may not guarantee long-term success in the luxury market [9].

美容护理/化妆品 水羊股份（300740.SZ） 2025 年 05 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 12.67 | | 一年最高最低(元) | 20.55/9.60 | | 总市值(亿元) | 49.20 | | 流通市值(亿元) | 45.28 | | 总股本(亿股) | 3.88 | | 流通股本(亿股) | 3.57 | | 近 3 个月换手率(%) | 139.33 | 股价走势图 《加大费用投放致 H1 利润下滑，看好 后续效果释放—公司信息更新报告》 -2024.7.31 "高奢美妆集团"打法逐渐清晰，Q1 渐入佳境 ——公司信息更新报告 | 黄泽鹏（分析师） 初敏（分析师） 程婧雅（联系人） | | --- | | huangzepeng@kysec.cn chumin@kysec.cn chengjingya@kysec.cn | | 证书编号：S0790519110001 证书编号：S0790522080008 证书编号：S0790123070033 | |  2024 年主动传略调整业绩承压 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has faced performance pressure due to strategic adjustments in 2024, but revenue and profit showed growth in Q1 2025. The company reported a revenue of 4.237 billion yuan in 2024, down 5.7% year-on-year, and a net profit of 110 million yuan, down 62.6% year-on-year. However, Q1 2025 saw a revenue of 1.085 billion yuan, up 5.2% year-on-year, and a net profit of 42 million yuan, up 4.7% year-on-year. The company is increasing investment in high-end brands, although the conversion effect has not met expectations, leading to losses in some mass-market brands. The profit forecasts for 2025-2026 have been revised downwards, with net profits expected to be 260 million yuan and 320 million yuan respectively, reflecting a year-on-year growth of 139% and 21% [5][6][7]. Financial Summary - In 2024, the company achieved a gross margin of 63%, benefiting from an increase in the proportion of high-margin proprietary brands. The net profit margin for 2024 was 2.6%, down 4 percentage points year-on-year. The company’s gross margin is expected to improve to 64.6% in 2025, with a projected net profit margin of 5.9% [5][7][11]. - The company’s revenue is projected to grow from 4.237 billion yuan in 2024 to 4.417 billion yuan in 2025, reflecting a year-on-year increase of 4.3%. The net profit is expected to rebound to 263 million yuan in 2025, with a significant year-on-year growth of 139% [7][10][11]. Business Strategy - The company is focusing on optimizing its business structure and enhancing its high-end brand strategy. The goal for 2025 includes improving the revenue and profitability of high-end brands while achieving breakeven for mass-market brands. The proprietary brand revenue in 2024 was 1.65 billion yuan, accounting for 39% of total revenue [6][10]. - The company plans to launch upgraded products and enhance offline sales channels, with expectations of a 20% revenue growth for high-end brands in 2025. The company is also adjusting strategies for its mass-market brand to return to profitability [6][10].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025 with a slight increase in revenue and net profit [1][2]. Financial Performance - 2024 annual revenue was 4.237 billion yuan, down 5.69% year-on-year; net profit attributable to shareholders was 110 million yuan, down 62.63% year-on-year; and net profit excluding non-recurring items was 118 million yuan, down 56.74% year-on-year [1]. - Q4 2024 revenue was 1.192 billion yuan, up 6.86% year-on-year; net profit attributable to shareholders was 16 million yuan, down 86.33% year-on-year; and net profit excluding non-recurring items was 10 million yuan, down 86.79% year-on-year [1]. - Q1 2025 revenue was 1.085 billion yuan, up 5.19% year-on-year; net profit attributable to shareholders was 42 million yuan, up 4.67% year-on-year; and net profit excluding non-recurring items was 41 million yuan, down 22.78% year-on-year [1]. Profitability Metrics - 2024 annual gross margin was 63.01%, up 4.57 percentage points year-on-year; net profit margin was 2.60%, down 3.95 percentage points year-on-year [2]. - Q1 2025 gross margin was 63.76%, up 2.42 percentage points year-on-year; net profit margin was 3.86%, down 0.02 percentage points year-on-year [2]. Expense Ratios - 2024 annual sales expense ratio was 49.06%, up 7.71 percentage points year-on-year; management expense ratio was 6.15%, up 0.91 percentage points year-on-year; R&D expense ratio was 1.94%, up 0.24 percentage points year-on-year [2]. - Q1 2025 sales expense ratio was 49.55%, up 3.24 percentage points year-on-year; management expense ratio was 5.77%, up 0.11 percentage points year-on-year; R&D expense ratio was 1.92%, up 0.17 percentage points year-on-year [2]. Strategic Initiatives - The company is focusing on self-owned brands and has established a "global new high-end luxury beauty group" label, with significant growth in both online and offline channels [2]. - The company is increasing R&D investment, with R&D expenses accounting for 4.98% of self-owned brand revenue, and has established a research institute for innovative product development [3]. - A share buyback plan of 50 to 100 million yuan is proposed to implement employee stock ownership plans or equity incentives [3]. Future Outlook - The company has revised its revenue and profit forecasts for 2025-2027, expecting revenues of 4.389 billion, 4.871 billion, and 5.537 billion yuan, and net profits of 256 million, 295 million, and 345 million yuan respectively [3]. - The company aims to penetrate the high-end market through brand transformation and innovation, maintaining a "buy" rating [3].

Group 1: Company Overview - Water Sheep Co. aims for globalization, planning to expand in the top ten global cities with three store formats, focusing on the US, China, UK, and France [1] - The RV brand business is primarily in the US, with minimal short-term tariff impact, focusing on team adjustments, business operations, and brand upgrades this year [1] - EDB is expected to achieve around 20% revenue growth this year, with a focus on offline channels and reducing head sales [1] Group 2: Performance and Growth - The PA brand experienced over 300% growth last year and is expected to maintain 100% growth this year, with efforts to strengthen global channel construction and product line expansion [1] - The CP brand is showing a positive development trend, with tariff policies benefiting the company and contributing positively to profits [1] - The company aims for revenue growth and breakeven this year after resolving inventory issues with Yuni [1] Group 3: Marketing and Product Strategy - The company is reducing investment in celebrity endorsements and focusing more on offline experience stores and healthy channel development [1] - The company plans to expand into mainstream categories like creams and sunscreens, as EDB and PA have low user overlap [1] - The high-end brand's profitability is improving, while the mass brand is achieving breakeven [1] Group 4: Research and Development - The company is increasing R&D investment while adopting a steady pace for market expenses, avoiding aggressive spending [1] - The high-end brand prioritizes stable operations in daily sales channels and long-term brand building over special promotions [1]