水羊股份又"押中"一家拟上市企业。 近日，营养科技型企业湖南西子健康集团股份有限公司（下称"西子健康"）正式向港交所递交招股书，启动IPO进程。 据招股书披露，2020年10月，水羊股份作为西子健康A轮投资方，曾以500万元出资认购约18.11万元注册资本。 值得关注的是，这已是水羊股份近期第二家进入IPO流程的被投企业。 今年1月6日，其投资的美妆原料商上海珈凯生物股份有限公司（下称"珈凯生物"），向北交所递交的上市申请状态已更新为"已问询"。 接连两家被投企业步入上市程序，水羊股份的"金手指"属性尽显。 "赌"出两家上市公司 据公开资料，西子健康是一家以线上渠道为核心的运动营养与功能性食品企业，旗下拥有FoYes、fiboo、谷本日记、HotRule四大自有品牌，主营蛋白 粉、肌酸、功能性软糖、咖啡等运动营养及轻食代餐产品。 招股书显示，水羊股份目前持有西子健康0.47%的股份，位列第十二大股东。 此外，水羊股份投资的另一家拟上市企业珈凯生物，主营化妆品功效原料的研发、生产和销售，产品覆盖舒缓、祛斑美白、保湿、修护等九大功效领域。 据招股书披露，水羊股份先后参与珈凯生物三轮融资，且每轮均签订协议，涉及股权 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Wanhe Electric**: Focused on the domestic water heater market and international trade dynamics - **Haida Group**: Engaged in the feed and livestock industry - **Chow Tai Fook**: Involved in the jewelry retail sector - **Jinghong Company**: Focused on fashion retail and IP licensing - **New Australia Company**: Engaged in wool production and export - **Action Education Company**: Involved in educational services - **Babi Foods**: Engaged in the food and beverage sector - **Dongpeng Beverage**: Focused on the beverage industry - **Yuanwei**: Involved in medical supplies and equipment - **Water Sheep Co.**: Engaged in cosmetics - **Xiaoshangpin City**: Involved in small commodity trading Core Insights and Arguments Wanhe Electric - Benefiting from a turbulent international trade environment and strong domestic water heater business, with a product update cycle and space for domestic substitution - Estimated valuation around 12-13 times earnings, with governance improvements accumulating positive effects - Q3 revenue expected to show mid to high single-digit growth, with net profit growth potentially reaching 20%-40% due to low base last year [2][5] Haida Group - Q3 performance driven by feed business, with significant growth in aquaculture feed (over 20%) and pig feed (over 40%) - Overall profit expected to be between 45 to 50 billion yuan, with a focus on high growth in feed business and resilience against extreme weather [4][6][7] Chow Tai Fook - Strong performance during the National Day and Mid-Autumn Festival, with a 10% same-store sales growth in East China - Gross margin for weight-based products increased by about 10 percentage points to 30%, enhancing store profitability [8][9] Jinghong Company - Optimistic Q3 outlook with double-digit revenue growth and faster profit growth, driven by low base effects and improved performance of Teenie Weenie brand - New store monthly efficiency reached 400,000, with IP licensing businesses expected to meet annual performance guidance [10] New Australia Company - Benefiting from a rapid increase in Australian wool prices, with a projected revenue boost starting in Q4 and continuing into H1 2026 - Ongoing expansion projects in Ningxia and Vietnam expected to contribute significantly to revenue [11][12] Action Education Company - Positive Q3 fundamentals with significant growth in collections and strategic adjustments in course offerings - New customer orders outpacing old customer orders, indicating a successful recruitment strategy [13][14] Babi Foods - Anticipated Q3 revenue growth of 15% and profit growth of 20%-25%, driven by improved store performance and new product launches [18] Dongpeng Beverage - Expected Q3 revenue and profit growth of 33% and 35%, respectively, with strong sales momentum in September [19] Yuanwei - Q3 performance stable with slight growth, driven by increased production capacity and successful market transitions [20][21] Water Sheep Co. - Anticipated significant growth during the Double Eleven shopping festival, with a focus on high-end cosmetics and strategic partnerships [23][24] Xiaoshangpin City - New market opening expected to contribute significant revenue, with a projected increase in overall profits for Q3 [28][31] Other Important but Possibly Overlooked Content - Wanhe Electric's competitive advantages include strong domestic market resilience and upgraded supply chain capabilities [5] - Haida Group's nationwide layout helps mitigate extreme weather impacts, enhancing operational stability [6] - Chow Tai Fook's pricing strategy adjustments and product upgrades are key drivers of same-store sales growth [9] - Jinghong Company's focus on high-repurchase-rate brands and new store openings is crucial for future growth [10] - New Australia Company's expansion plans and market conditions indicate a favorable outlook for the wool industry [11][12] - Action Education Company's strategic regional adjustments aim to enhance operational efficiency and profitability [13] - Xiaoshangpin City's cross-border e-commerce platform offers unique market opportunities compared to competitors [29]