水羊股份“赌”出两家拟上市企业！

Core Viewpoint - Water Sheep Co., Ltd. has successfully invested in another company, Hunan Xizi Health Group Co., Ltd., which has recently submitted its IPO application to the Hong Kong Stock Exchange [1] Investment Overview - Water Sheep invested 5 million yuan in Xizi Health in October 2020, acquiring approximately 181,100 yuan of registered capital [2] - This marks the second company in recent times that Water Sheep has helped enter the IPO process, following Shanghai Jiakai Biological Co., Ltd., which updated its listing application status to "under inquiry" on January 6 this year [3][4] Company Profiles - Xizi Health focuses on online channels for sports nutrition and functional foods, with brands including FoYes, fiboo, Guben Diary, and HotRule, offering products like protein powder and functional gummies [5] - Water Sheep holds 0.47% of Xizi Health's shares, making it the twelfth largest shareholder [6] Investment Strategy - Water Sheep has participated in three rounds of financing for Jiakai Biological, which specializes in the research, production, and sales of cosmetic functional ingredients [7] - The investment agreements include buyback clauses, ensuring that if Jiakai Biological does not achieve a qualified IPO by December 31, 2025, Water Sheep can request a buyback of shares at a specified return rate [8][10] Risk Management - The buyback agreements cover various conditions, including the integrity of the actual controllers and significant changes in the company's main business [12] - Water Sheep's role has evolved from a major customer to an important shareholder, indicating a shift towards a collaborative industry approach [12] Market Trends - Both Xizi Health and Jiakai Biological align with the trend of health-oriented consumerism, representing early bets on long-term value [13] - Water Sheep's investments reflect a "racehorse" strategy, diversifying risks across multiple brands and potentially incubating future growth highlights [15] Broader Investment Landscape - Water Sheep has expanded its portfolio to include high-end brands and various companies across the beauty industry, establishing a comprehensive ecosystem [14] - The company has invested in upstream, midstream, and downstream segments of the beauty industry, with varying ownership stakes reflecting strategic importance [16][17] Conclusion - Water Sheep's investment strategy emphasizes ecological synergy, connecting raw materials, brands, and content to enhance overall competitiveness and risk resilience, aiming to evolve into a "beauty brand ecosystem group" [18][19]