i：指本次可转债当年票面利率。 （1）本次可转债采用每年付息一次的付息方式，计息起始日为本次可转债发 行首日。 （2）付息日：每年的付息日为自本次可转债发行首日起每满一年的当日。如 该日为法定节假日或休息日，则顺延至下一个交易日，顺延期间不另付息。每相 邻的两个付息日之间为一个计息年度。 证券代码：300740 证券简称：水羊股份 债券代码：123188 债券简称：水羊转债 华泰联合证券有限责任公司 关于水羊集团股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》 （以下简称"《管理办法》"）、 《水羊 集团股份有限公司（作为发行人）与华泰联合证券有限责任公司（作为受托管理 人）关于水羊集团股份有限公司向不特定对象发行可转换公司债券之债券受托管 理协议》 （以下简称"《受托管理协议》"）、 《水羊集团股份有限公司向不特定对象 发行可转换公司债券并在创业板上市募集说明书》 （以下简称"《募集说明书》"）、 《水羊集团股份有限公 ...

公司始终认为，对于高端品牌而言，线下是品牌与用户深度连接的一 个重要渠道。从去年开始，EDB 进一步加快了线下渠道的拓展和布局。经过 一年多的筹备，今年 2 月 14 日，由创始人带领多位法国艺术家亲自操刀的 亚洲首家城堡店上海张园店正式开业，近半年业绩超出预期，SPA 预约持续 预约一个月以上，一次购买 39,800 元的 SPA 消费，刷新了品牌单次消费客 单新高。 上半年，新入驻了西安赛格，郑州大卫城。伴随着新店的不断开设， EDB 已经实现了合肥银泰、杭州武林银泰、上海前滩太古里、武汉 SKP、西 安开元、深圳湾万象城、上海张园城堡店、西安赛格 8 家正式直营门店。 品牌独创 SAHO 护肤艺术，通过创新的 5 感 SPA，给每位用户带来了视、触、 嗅、听全方位的极致体验，现在 SPA 预约基本提前一个月预约满。此外， 品牌还持续与瑰丽、拜尔斯道夫等高奢酒店、美容院展开合作。今年以来， 国内线下实现了超高增速。 线下门店选址模型、财务模型、运营模式已经跑出，将在多个线下百 货商场开启 POPUP 店铺，测试客流情况。品牌已经启动三年中国 50 店计划， 预计在 2027 年全国开出 50 家带 SPA ...

美容护理/化妆品 水羊股份（300740.SZ） 2025 年 05 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 12.67 | | 一年最高最低(元) | 20.55/9.60 | | 总市值(亿元) | 49.20 | | 流通市值(亿元) | 45.28 | | 总股本(亿股) | 3.88 | | 流通股本(亿股) | 3.57 | | 近 3 个月换手率(%) | 139.33 | 股价走势图 《加大费用投放致 H1 利润下滑，看好 后续效果释放—公司信息更新报告》 -2024.7.31 "高奢美妆集团"打法逐渐清晰，Q1 渐入佳境 ——公司信息更新报告 | 黄泽鹏（分析师） 初敏（分析师） 程婧雅（联系人） | | --- | | huangzepeng@kysec.cn chumin@kysec.cn chengjingya@kysec.cn | | 证书编号：S0790519110001 证书编号：S0790522080008 证书编号：S0790123070033 | |  2024 年主动传略调整业绩承压 ...

Group 1: Company Overview - Water Sheep Co. aims for globalization, planning to expand in the top ten global cities with three store formats, focusing on the US, China, UK, and France [1] - The RV brand business is primarily in the US, with minimal short-term tariff impact, focusing on team adjustments, business operations, and brand upgrades this year [1] - EDB is expected to achieve around 20% revenue growth this year, with a focus on offline channels and reducing head sales [1] Group 2: Performance and Growth - The PA brand experienced over 300% growth last year and is expected to maintain 100% growth this year, with efforts to strengthen global channel construction and product line expansion [1] - The CP brand is showing a positive development trend, with tariff policies benefiting the company and contributing positively to profits [1] - The company aims for revenue growth and breakeven this year after resolving inventory issues with Yuni [1] Group 3: Marketing and Product Strategy - The company is reducing investment in celebrity endorsements and focusing more on offline experience stores and healthy channel development [1] - The company plans to expand into mainstream categories like creams and sunscreens, as EDB and PA have low user overlap [1] - The high-end brand's profitability is improving, while the mass brand is achieving breakeven [1] Group 4: Research and Development - The company is increasing R&D investment while adopting a steady pace for market expenses, avoiding aggressive spending [1] - The high-end brand prioritizes stable operations in daily sales channels and long-term brand building over special promotions [1]

Group 1: Shuiyang Co., Ltd. - Shuiyang Co., Ltd. aims for globalization, planning to expand three store formats in the top ten global cities, focusing on the US, China, UK, and France [1] - The RV brand business is primarily in the US, with minimal short-term impact from tariffs; the company plans to adjust its team and ensure business operations and brand upgrades in the US market this year [1] - EDB is expected to achieve around 20% revenue growth this year, with a focus on offline channels and reducing head sales [1] - The PA brand saw over 300% growth last year and is expected to maintain 100% growth this year, with efforts to strengthen global channel construction and product line expansion [1] - The company is reducing investment in celebrity endorsements and focusing more on offline experience stores and stable channel development [1] Group 2: Longci Technology - Longci Technology has a minimal direct export to the US, thus limited impact from US tariff policies [2] - The company aims for a long-term permanent magnet production capacity of 60,000 tons, with an expected capacity of 50,000 tons this year [2] - The Vietnam factory's permanent magnet capacity has expanded to 10,000 tons per year, while the Thailand soft magnet factory plans for 8,000 tons capacity [2] - The company is focusing on developing chip inductors and automotive inductors, leveraging customer synergy to penetrate the automotive inductor market [2] Group 3: Dongfang Yuhong - Dongfang Yuhong's overseas business revenue grew rapidly in Q1 2025, with the Malaysia factory completed in Q1 [3] - The company is enhancing operational efficiency through organizational restructuring, redundancy elimination, and workflow simplification [3] - The company is focusing on expanding its product categories, with non-waterproof product revenue accounting for half of total revenue this year [3] - The integration of the architectural coating business with the sand powder group aims to achieve supply chain and process synergy, enhancing cost reduction and efficiency [3]

Core Viewpoint - The high-end transformation of Shuiyang Group is facing challenges, as evidenced by a significant decline in revenue and profit in the 2024 annual report, raising questions about whether this strategy is beneficial or detrimental to the company [1]. Financial Performance - Shuiyang Group reported a revenue of 4.237 billion yuan in 2024, a year-on-year decrease of 5.69% [1]. - The net profit attributable to shareholders fell by 62.63% to 110 million yuan, while the non-recurring net profit decreased by 56.74% to 118 million yuan [1]. - Sales expenses increased by 11.89% to 2.079 billion yuan, accounting for 49.07% of total revenue [6]. Business Strategy - The company is transitioning to become a "global new luxury beauty group," which involves restructuring its business and increasing investment in high-end brands [1][2]. - Shuiyang Group has made significant acquisitions, including the purchase of the French luxury skincare brand EDB for over 300 million yuan and the acquisition of the American luxury skincare brand RéVive [2][3]. Product Performance - Revenue from self-owned brands reached 1.651 billion yuan, representing approximately 38.97% of total revenue, with a gross margin of 74.27% [3]. - All product categories, including creams, masks, and brand management services, experienced revenue declines, with creams generating 3.351 billion yuan (down 4.38%) and masks generating 734 million yuan (down 10.8%) [4][5]. Research and Development - R&D expenses increased by only 7.32% to 82.1755 million yuan, indicating a lower investment compared to sales expenses [7]. - The company has established a stock incentive plan, but it failed to meet performance targets, resulting in the cancellation of unvested shares for 258 individuals [7][8].

Group 1: Company Overview and Strategy - The company aims to build a "new high-end luxury beauty brand management group" through high-end and global strategies, focusing on brand globalization and optimizing business structure [2][3][8]. - In 2024, the company achieved a revenue of 4.237 billion CNY, with self-owned brands generating 1.651 billion CNY, maintaining a stable revenue share [3][8]. Group 2: Self-Owned Brands Performance - The self-owned brand segment achieved a revenue of 1.651 billion CNY, with a gross margin of 74.27% in 2024, indicating an improvement in product structure and profitability [3][9]. - The French luxury skincare brand EDB saw significant growth, with a focus on high-net-worth customers and successful marketing campaigns, leading to a strong brand presence [4][17]. - The brand PA, acquired in 2024, experienced over 300% growth, with expectations for continued expansion in both domestic and international markets [6][20]. Group 3: CP Brands Performance - The CP brand segment consists of five main categories, with a focus on quality and resource allocation, although the performance of the Kefu (formerly Johnson & Johnson) brand declined significantly [8][9]. - Other CP brands, such as ESI and Mistique, reported good growth, with ESI's GMV doubling year-on-year [8][9]. Group 4: Financial Performance - The company reported a net profit of 110 million CNY in 2024, a decrease of 62.63% year-on-year, attributed to increased market expenses and external economic pressures [9][12]. - The overall gross margin improved to 63.01%, up from 58.44% in 2023, driven by a higher proportion of high-margin products [9][12]. Group 5: Research and Development - The company applied for 28 patents and published 15 papers in 2024, emphasizing its commitment to R&D and innovation [10][11]. - R&D expenses accounted for 4.98% of self-owned brand revenue, aligning with international standards for leading beauty companies [9][11]. Group 6: Market Outlook and Challenges - The company anticipates a focus on high-end brands and a strategic reduction in lower-end brands to improve profitability [27][30]. - The external economic environment remains challenging, but the company is committed to maintaining a strong brand presence and sustainable growth [11][30].