水羊股份: 2025年半年度报告

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Shuiyang Group Co., Ltd. for the first half of 2025, showcasing a growth in revenue and net profit while emphasizing the company's focus on high-end brand development and digital transformation. Financial Performance - The company achieved a revenue of CNY 2,499.73 million, representing a year-on-year increase of 9.02% compared to CNY 2,292.85 million in the same period last year [5] - The net profit attributable to shareholders was CNY 120.59 million, up 16.54% from CNY 103.45 million in the previous year [5] - The basic earnings per share increased by 17.41% to CNY 0.3190 from CNY 0.2717 [5] - The total assets at the end of the reporting period were CNY 4,207.72 million, a slight decrease of 1.02% from CNY 4,251.11 million at the end of the previous year [5] Business Overview - Shuiyang Group primarily engages in the research, production, and sales of cosmetics, covering a wide range of products including masks, lotions, creams, and makeup [6] - The company has established deep partnerships with major e-commerce platforms such as Tmall, Taobao, Douyin, JD.com, and others, ensuring comprehensive online and offline sales channels [6][8] - The company has a global sales network with brand outlets or flagship stores in major cities across China, the UK, France, the US, and Canada [6] Industry Development - The retail sales of consumer goods in China reached CNY 24,545.8 billion, growing by 5.0% year-on-year, with cosmetics retail sales amounting to CNY 229.1 billion, a growth of 2.9% [8] - The demand for beauty products is increasingly diversified, with the Z generation becoming a significant consumer group, emphasizing product efficacy and aesthetic appeal [9] - The industry is witnessing a transformation in sales channels, with traditional e-commerce adjusting to enhance quality and service experiences, while offline channels are shifting towards experiential and service-oriented models [9] Strategic Initiatives - The company is committed to enhancing brand assets and product quality, focusing on building a marketing system that integrates online and offline channels [10] - Shuiyang Group aims to establish itself as a "global emerging luxury beauty group," emphasizing sustainable development and a multi-brand matrix [10] - The company has implemented a digital system that covers various operational aspects, enhancing efficiency in market analysis, product development, and supply chain management [15][16] R&D and Innovation - The company has a robust R&D framework, focusing on skin mechanism exploration and innovative raw material development, with 18 patents applied for and 4 granted during the reporting period [11] - Research on Eastern skin mechanisms and the development of new raw materials based on Chinese plants have been prioritized, showcasing the company's commitment to innovation [12][13] - The company has introduced new product formulations and technologies aimed at improving consumer experience and product efficacy [14][15]