Investment Rating - The report initiates coverage with a "Buy" rating for the company Water Sheep Co., Ltd. [14] Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 2.5% from September 12 to September 19, 2025 [3][4] - The upcoming Double 11 shopping festival is expected to drive significant growth for domestic brands, with recommendations to focus on strong alpha stocks [9][10] - Water Sheep Co., Ltd. is highlighted for its dual business model of proprietary and CP brands, with stable revenue projections of 4-5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024 [10][11] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices declining [3][4] - The Shenwan Cosmetics Index fell by 2.6%, while the Shenwan Personal Care Index decreased by 0.6% [4][6] Upcoming Events - The Double 11 shopping festival preparations are in full swing, with domestic brands like Up Beauty and Proya launching new products to capture market share [9] - Key influencers are negotiating promotional strategies to enhance sales during the festival [9] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. is positioned as a leading tech-driven beauty company with a stable revenue forecast and improving profit margins [10][11] - The company has a well-structured brand matrix and is expanding its high-end product lines, with significant growth in its proprietary brands [11][12] - Expected net profits for Water Sheep Co., Ltd. are projected to be 258 million, 331 million, and 398 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth [14] Market Trends - The Chinese beauty market is witnessing a shift towards domestic brands, with significant market share gains for local players [27] - The overall retail sales of cosmetics showed a growth of 5.1% in August 2025, indicating a recovery in consumer spending [18][21] International Recognition - Chinese beauty brands performed notably at the IFSCC conference, showcasing their advancements in cosmetic science and securing significant awards [22][24]

Core Viewpoint - Aimeike announced its profit distribution plan for the first half of 2025, proposing a cash dividend of 12.00 RMB per 10 shares to all shareholders [2] Summary by Relevant Sections - **Profit Distribution Plan** - The profit distribution plan is based on a total share capital of 301,426,187 shares, excluding 1,165,874 repurchased shares [2] - The cash dividend will be distributed on a per-share basis, amounting to 12.00 RMB (including tax) for every 10 shares held [2] - **Key Dates** - The record date for shareholders to be eligible for the dividend is September 25, 2025 [2] - The ex-dividend date is set for September 26, 2025 [2]

Dividend Plan Key Points - Dividend Standard: Cash dividend of 12 yuan per 10 shares (including tax) [1] - Total Dividend Amount: 361.71 million yuan, accounting for 45.82% of the net profit attributable to shareholders for the first half of 2025 [1] - Distribution Base: Based on total share capital of 302,592,061 shares minus repurchased shares of 1,165,874, resulting in a base of 301,426,187 shares [1] - No Stock Bonus: Only cash dividends will be distributed, with no capital reserve fund conversion into share capital [1] Key Dates - Share Registration Date: September 25, 2025 [1] - Ex-Dividend Date: September 26, 2025 [1] - Dividend Payment Date: September 26, 2025 [1] Ex-Dividend Arrangement - Dividend Calculation: 11.953764 yuan per 10 shares (including tax) [1] - Ex-Dividend Price: Closing price before the ex-dividend date minus 1.1953764 yuan [1] Additional Points - Repurchased shares of 1,165,874 will not participate in the dividend [1] - Adjustment of the restricted stock incentive plan's vesting price [1] - Minimum reduction price for certain specific shareholders adjusted to 34.16 yuan per share [1]

Group 1 - The company Aimeike announced a profit distribution plan, distributing 12 RMB in cash (including tax) for every 10 shares to all shareholders, based on approximately 301 million shares after excluding about 1.17 million repurchased shares [1] - The record date for the distribution is set for September 25, 2025, and the ex-dividend date is September 26, 2025 [1]

Core Viewpoint - The company Aimeike announced a cash dividend distribution of 1.2 yuan per share (before tax) for the first half of 2025, totaling 362 million yuan, which accounts for 45.82% of the net profit attributable to shareholders for the same period [1] Summary by Category - **Dividend Details** - A cash dividend of 1.2 yuan per share will be distributed [1] - The total amount of the dividend is 362 million yuan [1] - The dividend represents 45.82% of the net profit attributable to shareholders for the first half of 2025 [1] - **Shareholder Impact** - The dividend distribution does not involve stock bonuses or capital increases [1] - Shares repurchased by the company will not participate in the dividend distribution [1]

证券代码：300896 证券简称：爱美客 公告编号：2025-040 号 1、爱美客技术发展股份有限公司（以下简称"公司"或"本公司"）本次 利润分配方案拟向全体股东每10股派发现金股利12元（含税），合计派发现金股 利36,171.14万元（含税），现金分红金额占2025年半年度公司合并报表归属于 母公司所有者净利润的45.82%。 2025 年半年度分红派息实施公告 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。 重要提示： 3、根据公司2025年半年度利润分配方案，公司总股本折算每股现金红利如 下：本次现金分红总额=实际参与现金分红的股本×每10股分红金额÷10股 =301,426,187股×12.000000元÷10股=361,711,424.40元，按照公司除权前总股 本（含回购股份）计算的每10股派息（含税）=361,711,424.40元÷302,592,061 股*10=11.953764元。 爱美客技术发展股份有限公司 本次公司不以资本公积金转增股本，不送红股。 自分配方案披露至实施期间公司股本总额未发生变化，若发生变化公司将按 分配总额固定 ...

Core Viewpoint - The ongoing dispute over the exclusive agency rights for the "AestheFill" product between Aimeike and *ST Suwu has seen new developments, with a recent arbitration decision impacting sales and distribution rights in mainland China [1][2][3]. Summary by Relevant Sections Arbitration Decision - The emergency arbitrator's decision prohibits Korean REGEN Company (Aimeike's subsidiary) from independently selling "AestheFill" in mainland China until the arbitration outcome is determined [1]. - The decision also affirms that DaTou Medical (*ST Suwu's subsidiary) remains the exclusive distributor of AestheFill in mainland China [1][3]. Company Responses - An internal source from Aimeike clarified that the recent decision is not a final arbitration result but a preliminary measure to protect rights before the final ruling [2]. - *ST Suwu stated that REGEN must cease any other sales methods in mainland China, reinforcing their position as the exclusive distributor [3]. Financial Implications - *ST Suwu highlighted that losing the AestheFill rights could significantly impact their revenue, with projected sales of 326 million yuan in 2024, accounting for 20.42% of total revenue, and a gross profit of 269 million yuan, representing 34.80% of total gross profit [16]. - The first quarter of 2025 is expected to see AestheFill sales of 113 million yuan, making up 35.55% of total revenue and 45.77% of gross profit [16]. Product Background - AestheFill, known as "童颜针" (youthful needle), is a regenerative aesthetic injection agent used for filling and improving wrinkles, with a market price ranging from 19,800 yuan to 23,700 yuan per unit [16].

Group 1 - The Biotech Index (970038) closed at 2403.29 points, down 0.55%, with a trading volume of 25.269 billion yuan and a turnover rate of 1.59% [1] - Among the index constituents, 11 stocks rose, led by Jingxin Pharmaceutical with a 2.67% increase, while 38 stocks fell, with Yaoshi Technology leading the decline at 5.11% [1] - The top ten constituents of the Biotech Index include major companies such as Mindray Medical, with a weight of 13.82% and a market cap of 290.246 billion yuan, and other notable firms like Tigermed and Changchun High-tech [1] Group 2 - The net outflow of main funds from the Biotech Index constituents totaled 1.789 billion yuan, while retail investors saw a net inflow of 1.354 billion yuan [3] - Specific stocks like Boteng Co. experienced a net inflow of 73.5819 million yuan from main funds, while others like Jiayin Pharmaceutical saw a net outflow of 4.8669 million yuan [3] - The overall trend indicates a mixed sentiment among institutional and retail investors, with significant movements in individual stocks reflecting varying levels of confidence [3]

| 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 000615 *ST美谷 | -816.02万 | -34.93% | 325.27万 | 13.92% | 490.75万 | 21.01% | | 688363 华熙生物 | -2980.80万 | -12.87% | 1401.94万 | 6.05% | 1578.86万 | 6.82% | | 300896 爱美客 | -9072.07万 | -14.75% | 570.74万 | 0.93% | 8501.33万 | 13.82% | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688363 | 华熙生物 | 57.98 | -0.77% | 3.99万 | | 2.32 Z | | 000615 | *ST美谷 | 3.09 | -1.28% | 7.53万 | | 2336.03万 | | 300896 | 爱美客 | 189. ...

Group 1 - The company, Aimeike (300896), stated on September 15 that it will fulfill its information disclosure obligations according to relevant laws and regulations if there are significant developments in the arbitration case with South Korean REGEN [1]