水羊股份(300740) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The board ensures report accuracy and completeness; no cash dividends or bonus shares are planned - The company's board of directors and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility; all directors attended the review meeting[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[4] Company Profile and Key Financial Indicators This section details Water Oasis Group Co Ltd's profile and key financial performance Company Profile Water Oasis Group Co Ltd (300740), formerly Yujiahui, is a Shenzhen Stock Exchange-listed company led by Dai Yuefeng Item | Information | :--- | :--- | | Stock Abbreviation | Water Oasis | | Stock Code | 300740 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Water Oasis Group Co Ltd | | Legal Representative | Dai Yuefeng | Key Accounting Data and Financial Indicators The company achieved RMB 2.50 billion revenue (up 9.02%) and RMB 123 million net profit (up 16.54%), with operating cash flow significantly improving Key Financial Data for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 2,499,726,293.89 | 2,292,845,526.07 | 9.02% | | Net Profit Attributable to Shareholders (RMB) | 123,295,453.50 | 105,796,051.99 | 16.54% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (RMB) | 120,592,203.46 | 119,354,926.83 | 1.04% | | Net Cash Flow from Operating Activities (RMB) | 166,359,623.51 | -61,850,822.06 | 368.97% | | Basic Earnings Per Share (RMB/share) | 0.3190 | 0.2717 | 17.41% | | Weighted Average Return on Net Assets | 5.76% | 4.97% | increase 0.79 percentage points | | Indicator | End of Current Period | End of Prior Year | YoY Change | | Total Assets (RMB) | 4,207,715,166.26 | 4,251,106,914.16 | -1.02% | | Net Assets Attributable to Shareholders (RMB) | 2,151,000,384.44 | 2,096,565,253.21 | 2.60% | Non-Recurring Gains and Losses Non-recurring gains and losses totaled RMB 2.70 million, primarily from government grants and investment income Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 37,222.88 | | Government Grants Recognized in Current P&L | 1,440,250.00 | | Fair Value Changes in Financial Assets/Liabilities | 690,354.78 | | Other Non-Operating Income and Expenses | 973,380.00 | | Total | 2,703,250.04 | Management Discussion and Analysis Management discusses operations, core competencies, financial performance, and risk management strategies Principal Business and Operating Performance The company primarily engages in cosmetics R&D, production, and sales, achieving RMB 2.50 billion revenue and RMB 123 million net profit in H1 2025 - The company primarily engages in cosmetics R&D, production, and sales, with product categories covering facial masks, lotions, creams, color cosmetics, and personal care, achieving full online and offline channel coverage and establishing a global sales network[27] 2025年上半年经营业绩 | Indicator | Amount (RMB '0k) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 249,972.63 | 9.02% | | Net Profit Attributable to Parent | 12,329.55 | 16.54% | | Own Brand Operating Revenue | 103,863.82 | - | | Own Brand Gross Margin | 76.83% | Increased by 5.7 percentage points | - The company continues to advance its dual technology empowerment strategy of 'R&D empowering brands' and 'digital empowering organizations', making progress in skin mechanism exploration, innovative raw material development, and digital system construction[39][40][44] - The company adheres to a 'dual business-driven strategy of own brands and CP brands'; own brands have completed high-end and global transformation, while CP brands are strategically positioned across five major categories: skincare, color cosmetics, personal care, fragrances, and health foods[46][47][54] Analysis of Core Competencies Core competencies include dual-business multi-brand strategy, global presence, R&D, digitalization, and management team - The company has achieved parallel development of its own brand system and CP brand system, building a diversified brand portfolio from luxury to mass market[63] - The company has initially achieved a global layout of its brand, R&D, supply chain, market and channel, and organizational capabilities[64] - The company operates multiple R&D centers in Changsha, Shanghai, France, and Japan, with an R&D team of over 200 people, continuously empowering its brands[65] - The company has completed full-link digitalization from R&D to sales and actively applies AI technology to enhance organizational efficiency[67] Analysis of Principal Business R&D investment increased by 37.31%, operating cash flow improved by 368.97%, with lotions/creams as the main revenue source 主要财务数据同比变动 | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 43,713,876.78 | 31,836,394.52 | 37.31% | Primarily due to increased R&D personnel salaries, consulting, and testing fees in this period | | Net Cash Flow from Operating Activities (RMB) | 166,359,623.51 | -61,850,822.06 | 368.97% | Primarily due to reduced expenditures on goods purchased in this period compared to the prior period | | Net Cash Flow from Investing Activities (RMB) | -36,715,094.71 | -60,838,363.18 | 39.65% | Primarily due to reduced cash payments for fixed asset construction and wealth management in this period compared to the prior period | | Net Cash Flow from Financing Activities (RMB) | -127,437,291.96 | -9,509,249.88 | -1,240.14% | Primarily due to the company's share repurchase in this period | 分产品或服务情况 | Product/Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Facial Masks | 422,699,558.00 | 114,221,993.50 | 72.98% | 17.96% | Increased by 5.11 percentage points | | Lotions and Creams | 1,997,480,620.14 | 758,040,264.31 | 62.05% | 11.70% | Increased by 3.45 percentage points | Analysis of Assets and Liabilities Total assets were RMB 4.21 billion (down 1.02%), with stable asset structure and decreased borrowings 资产构成重大变动情况 | Item | End of Current Period (RMB) | Proportion of Total Assets | End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 476,981,760.32 | 11.34% | 476,961,197.20 | 11.22% | 0.12% | | Accounts Receivable | 398,559,256.10 | 9.47% | 347,378,281.70 | 8.17% | 1.30% | | Inventories | 806,475,780.06 | 19.17% | 829,648,510.18 | 19.52% | -0.35% | | Fixed Assets | 921,440,485.25 | 21.90% | 918,052,551.16 | 21.60% | 0.30% | | Short-term Borrowings | 283,751,461.90 | 6.74% | 352,934,871.90 | 8.30% | -1.56% | | Long-term Borrowings | 419,465,120.60 | 9.97% | 545,079,137.70 | 12.82% | -2.85% | Risks and Countermeasures The company faces risks in supply chain, competition, user experience, investment, and macroeconomic fluctuations - The company identified five major risks: - Supply Chain Management Risk: High requirements for inventory and product shelf-life management - Intense Industry Competition Risk: Facing competitive pressures such as price wars and advertising wars from domestic and international brands - Declining User Experience Risk: Online sales channels are highly sensitive to product, marketing, logistics, and after-sales service aspects - Investment Risk: External mergers and acquisitions may lead to goodwill impairment risks, and industrial fund investments carry risks of not meeting expectations - Macroeconomic Fluctuation Risk: Consumer purchasing power is affected by the overall economic climate[101][102][103][105][107] Corporate Governance, Environment, and Society This section covers the company's profit distribution plan and employee incentive programs Profit Distribution Plan The company plans no profit distribution for H1 2025, including no cash dividends or bonus shares - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[113] Equity Incentive and Employee Stock Ownership The company cancelled some unvested restricted shares from its 2023 incentive plan - On April 25, 2025, the company's board of directors approved the 'Proposal on Cancelling Certain Restricted Shares Granted but Not Yet Vested Under the 2023 Restricted Stock Incentive Plan'[114] Significant Matters Significant events include litigation, related party transactions, and major contracts, particularly guarantees for subsidiaries Litigation Matters No significant litigation; other unresolved cases involve RMB 53.50 million, not expected to have a major impact 其他诉讼事项 | Litigation Type | Amount Involved (RMB '0k) | Status | | :--- | :--- | :--- | | Unresolved Litigation | 5,349.65 | Under trial/arbitration/mediation | | Resolved Litigation | 397.89 | Adjudicated/Enforcement in progress/Enforcement completed | Significant Related Party Transactions Related-party transactions totaled RMB 122 million, within limits, primarily with entities controlled by the actual controller 与日常经营相关的关联交易 | Related Party | Related Party Transaction Type | Amount Incurred in Current Period (RMB '0k) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | | Hunan Zhuoyancang Logistics Co Ltd | Procurement of warehousing and distribution services | 7,721.54 | 78.71% | | Hunan Zhuoyancang Logistics Co Ltd | Provision of property leasing | 103.29 | 48.13% | | Hunan Shuiyang New Media Co Ltd | Procurement of promotion services | 4,172.81 | 4.08% | | Hunan Shuiyang New Media Co Ltd | Provision of property leasing and management services | 250.27 | 50.93% | | Total | -- | 12,247.91 | -- | Significant Contracts and Their Performance Total actual guarantee balance for subsidiaries was RMB 1.52 billion, accounting for 70.76% of net assets 重大担保情况 | Item | Amount (RMB '0k) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in Reporting Period | 300,000 | | Total Approved Guarantee Limit for Subsidiaries at Period End | 1,090,000 | | Total Actual Guarantee Balance for Subsidiaries at Period End | 152,194.67 | | Proportion of Total Actual Guarantees to Company's Net Assets | 70.76% | Share Changes and Shareholder Information This section outlines share capital changes, including convertible bond conversions and repurchases, and major shareholder information Share Changes Total share capital increased to 390 million shares due to convertible bond conversions; 8.10 million shares were repurchased - During the reporting period, due to the conversion of 'Shuiyang Convertible Bonds', the company's total share capital increased by 1,665,614 shares to 390,004,140 shares[150][151] - The company initiated a share repurchase plan, intending to use RMB 50 million to RMB 100 million to repurchase shares for employee stock ownership plans or equity incentives; as of July 31, 2025, 8,097,150 shares have been repurchased, with a transaction amount of RMB 97.82 million[154][155] Shareholder Numbers and Shareholding Structure Total common shareholders were 25,713; top three shareholders, acting in concert, held 46.03% of shares 前十大股东持股情况 | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | | Hunan Yujia Investment Management Co Ltd | 24.59% | 95,904,214 | | Changsha Tingting Enterprise Management Consulting Partnership (Limited Partnership) | 11.42% | 44,523,000 | | Dai Yuefeng | 10.02% | 39,086,611 | | Changsha Yutou Investment Management Partnership (Limited Partnership) | 3.39% | 13,212,533 | | Du Jingyu | 2.03% | 7,899,998 | - Mr Dai Yuefeng, the company's actual controller, Hunan Yujia Investment Management Co Ltd, and Changsha Tingting Enterprise Management Consulting Partnership (Limited Partnership) are parties acting in concert[160] Bond-Related Information This section provides an overview of the company's convertible corporate bonds, including conversion status and credit ratings Convertible Corporate Bonds Total RMB 695 million convertible bonds were issued; RMB 22.55 million converted, with RMB 672 million remaining 报告期转债变动情况 | Item | Amount (RMB) | | :--- | :--- | | Before this change | 694,890,000.00 | | Current conversion to shares | 22,554,800.00 | | After this change | 672,335,200.00 | 累计转股情况 | Item | Amount/Quantity | | :--- | :--- | | Total Issue Amount (RMB) | 694,987,000.00 | | Accumulated Conversion Amount (RMB) | 22,651,800.00 | | Unconverted Amount (RMB) | 672,335,200.00 | | Proportion of Unconverted Amount to Total Issue Amount | 96.74% | - China Chengxin International maintained the company's corporate credit rating at A+ with a stable outlook, and the credit rating for 'Shuiyang Convertible Bonds' at A+[180] Financial Report This section presents the company's unaudited H1 2025 consolidated and parent company financial statements Financial Statements This section includes the company's unaudited H1 2025 consolidated and parent company financial statements Consolidated Balance Sheet Total assets were RMB 4.21 billion, total liabilities RMB 2.06 billion, with an asset-liability ratio of 48.93% Consolidated Income Statement Total operating revenue was RMB 2.50 billion, total operating costs RMB 2.33 billion, resulting in RMB 124 million net profit Consolidated Cash Flow Statement Net cash flow from operating activities was RMB 166 million, investing activities -RMB 37 million, and financing activities -RMB 127 million - The company's semi-annual financial report is unaudited[184]