Workflow
水乳膏霜
icon
Search documents
水羊股份(300740):2025 年中报点评:二季度业绩增速环比提升,业务结构优化逐步显效
EBSCN· 2025-08-23 07:46
2025 年 8 月 23 日 公司研究 二季度业绩增速环比提升,业务结构优化逐步显效 ——水羊股份(300740.SZ)2025 年中报点评 买入(上调) 当前价:20.52 元 作者 分析师:姜浩 执业证书编号:S0930522010001 021-52523680 jianghao@ebscn.com 分析师:孙未未 执业证书编号:S0930517080001 021-52523672 sunww@ebscn.com 分析师:朱洁宇 执业证书编号:S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 3.90 | | --- | --- | | 总市值(亿元): | 80.03 | | 一年最低/最高(元): | 9.60/22.36 | | 近 3 月换手率: | 442.57% | 股价相对走势 要点 事件: 25 年上半年收入/归母净利润同比+9%/+16.5%,二季度增长提速 水羊股份发布 2025 年半年报。公司 2025 年上半年实现营业收入 25 亿元,同比增 长 9%,归母净利润 1.2 亿元,同比增长 16.5% ...
水羊股份(300740):二季度业绩增速环比提升 业务结构优化逐步显效
Xin Lang Cai Jing· 2025-08-23 04:38
25 年上半年收入/归母净利润同比+9%/+16.5%,二季度增长提速水羊股份发布2025 年半年报。公司 2025 年上半年实现营业收入25 亿元,同比增长9%,归母净利润1.2 亿元,同比增长16.5%,扣非净利润 1.2 亿元,同比增长1%,EPS(基本)为0.32 元。 分季度来看,25Q1~Q2 公司单季度收入分别同比+5.2%/+12.2%,归母净利润同比+4.7%/+23.8%,第二 季度公司收入和归母净利润增速环比一季度明显提升。 点评: 自有品牌收入占比达41.6%,主力品类水乳膏霜、面膜实现双位数收入增长分业务板块来看:25 年上半 年自有品牌(包括法国高奢护肤品牌EDB、美国奢华科学功效护肤品牌RV、法国轻奢院线修护品牌 PA、自创品牌御泥坊、英国男士理容品牌H&B 等)合计营业收入为10.4 亿元、占总收入比例为41.6% (较24 年全年的39%进一步提升),代理品牌收入为14.6 亿元。 分渠道来看:公司线上、线下渠道收入25 年上半年占比分别为90%/10%,收入分别同比+9.7%/+3%。 线上渠道按平台拆分来看,自有平台(为公司自营)、第三方平台(包含自营、经销、代销模式)上 ...
从植物医生看化妆品行业发展趋势:植物护肤心智深入人心,线下门店有量有质
Group 1 - The company has been deeply engaged in the plant-based skincare market for 30 years, focusing on the "Plant Doctor" brand, and is one of the largest single-brand beauty store chains in China [4][10] - The company achieved revenue of 2.12 billion, 2.15 billion, and 2.16 billion yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 24% for net profit, indicating strong profitability [4][21] - The company has a well-established sales model that includes a mix of distribution and direct sales, with a comprehensive online and offline presence [4][25] Group 2 - The cosmetics market is steadily growing, transitioning from quantity to quality, with domestic brands, online sales, and niche segments driving growth [4][32] - The skincare segment remains dominant, accounting for 50.5% of the overall cosmetics market in China, with a market size of 271.2 billion yuan in 2024 [36][39] - E-commerce has rapidly risen, with its share of cosmetics sales increasing from 22% in 2016 to 47% in 2024, showcasing the efficiency and flexibility of online platforms [42][43] Group 3 - The company has a strong brand presence, ranking 13th in market share, and has received recognition as a leading plant-based skincare brand [47][50] - The company operates over 4,300 offline stores, providing extensive market coverage, while also achieving significant growth in online sales through platforms like Douyin and Taobao [51][55] - The company has established partnerships with research institutions to develop innovative plant-based ingredients, enhancing its product offerings [60]
比毛戈平、林清轩门店还多的美妆品牌要上市了
Ge Long Hui· 2025-07-05 01:59
Core Viewpoint - Beijing Plant Doctor Cosmetics Co., Ltd. is preparing for an IPO, with plans to issue up to 26.67 million shares, accounting for at least 25% of the total share capital post-issue [2] Financial Performance - The company projects revenue of 2.116 billion yuan, 2.150 billion yuan, and 2.155 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 168 million yuan, 229 million yuan, and 242 million yuan for the same years [2] - The gross profit margins for the years 2022, 2023, and 2024 are expected to be 55.22%, 60.34%, and 58.90% respectively [2] Product Segmentation - The main revenue driver is the water and lotion cream segment, projected to generate 1.218 billion yuan in 2024, accounting for 56.52% of total revenue [3] - The essence and essence oil segment is expected to contribute 465 million yuan, representing 21.59% of total revenue, while face masks account for 16.28% [4] Sales Channels - The company employs a mixed sales model, primarily through distribution (66.72%) and supplemented by direct sales (33.28%) [8] - As of the end of 2024, the company operates 4,328 offline chain stores, with 3,830 authorized specialty stores and 498 direct stores [4] Market Position - Plant Doctor holds a 0.8% market share in the Chinese cosmetics market, ranking 9th among domestic brands [8] - The company’s revenue from the distribution model in 2024 is projected to be 1.366 billion yuan, accounting for 63.37% of total revenue [8] R&D and Competitive Edge - The company maintains a stable R&D expense ratio of 3% to 3.5% over the past three years, which is higher than several listed competitors [9] - Collaboration with the Kunming Institute of Botany has led to the development of a star product featuring Dendrobium orchid [9] Challenges - The company faces inventory pressure, with stock increasing from 192 million yuan at the end of 2023 to 223 million yuan at the end of 2024 [9] - Regulatory penalties on some stores due to violations have raised concerns about potential impacts on sales and performance [9]
水羊股份陷高端化“围城”:净利润下滑超六成,狂砸17亿做推广
Xin Jing Bao· 2025-04-30 08:38
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].