11月25日，水羊股份盘中上涨2.09%，截至13:53，报19.50元/股，成交1.74亿元，换手率2.50%，总市值 76.05亿元。 资金流向方面，主力资金净流出34.60万元，特大单买入0.00元，占比0.00%，卖出104.86万元，占比 0.60%；大单买入3794.16万元，占比21.86%，卖出3723.90万元，占比21.45%。 水羊股份今年以来股价涨47.50%，近5个交易日跌9.89%，近20日跌11.84%，近60日跌9.60%。 今年以来水羊股份已经1次登上龙虎榜，最近一次登上龙虎榜为5月28日，当日龙虎榜净买入2448.89万 元；买入总计2.08亿元 ，占总成交额比20.90%；卖出总计1.84亿元 ，占总成交额比18.44%。 截至11月10日，水羊股份股东户数3.00万，较上期增加10.64%；人均流通股11966股，较上期减少 9.61%。2025年1月-9月，水羊股份实现营业收入34.09亿元，同比增长11.96%；归母净利润1.36亿元，同 比增长44.01%。 分红方面，水羊股份A股上市后累计派现1.42亿元。近三年，累计派现7781.42万元。 机构持仓方面，截止 ...

Group 1 - The core viewpoint of the news is that Shuiyang Group Co., Ltd. has seen a significant increase in its stock price, rising by 5.08% to 22.74 CNY per share, with a trading volume of 671 million CNY and a turnover rate of 8.39%, resulting in a total market capitalization of 8.869 billion CNY [1] - Shuiyang Group, established on November 1, 2012, and listed on February 8, 2018, is primarily engaged in the research, production, and sales of cosmetics [1] - The main revenue composition of Shuiyang Group includes 81.84% from lotions and creams, 17.32% from masks, and 0.84% from other supplementary products [1] Group 2 - From the perspective of fund holdings, a fund under Industrial Bank has heavily invested in Shuiyang Group, with the "Industrial Consumption Selected Mixed A" fund holding 773,200 shares, accounting for 4.8% of the fund's net value, making it the ninth largest holding [2] - The "Industrial Consumption Selected Mixed A" fund was established on December 16, 2020, with a current scale of 207 million CNY, and has achieved a year-to-date return of 0.99%, ranking 7811 out of 8138 in its category [2] - The fund manager, Jiang Lisi, has been in charge for 4 years and 340 days, with the fund's total asset size at 369 million CNY, and the best and worst returns during her tenure being -1.92% and -25.64%, respectively [2]

Core Viewpoint - Water Sheep Co., Ltd. has shown significant stock performance with a year-to-date increase of 61.72%, despite recent fluctuations in trading volume and net capital outflow [1][2]. Financial Performance - For the period from January to September 2025, Water Sheep achieved a revenue of 3.409 billion yuan, representing a year-on-year growth of 11.96%. The net profit attributable to shareholders was 136 million yuan, marking a 44.01% increase [2]. - Cumulative cash dividends since the A-share listing amount to 142 million yuan, with 77.8142 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 10, 2023, Water Sheep's stock price was 21.38 yuan per share, with a market capitalization of 8.338 billion yuan. The stock experienced a 2.00% increase during the trading session [1]. - The stock has been on the龙虎榜 (top trading list) once this year, with the last appearance on May 28, where it recorded a net purchase of 24.4889 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 27,100, with an average of 13,238 circulating shares per person, a slight decrease of 0.44% [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the sixth-largest shareholder, increasing its stake by 5.6594 million shares [3].

Core Viewpoint - The IPO application of Beijing Plant Doctor Cosmetics Co., Ltd. has been suspended due to outdated financial data, which poses challenges for its ambition to become the first listed single-brand cosmetics store in China [4][3]. Company Overview - Beijing Plant Doctor was established in 1994 and has over 30 years of experience in the cosmetics industry, focusing on skincare products since 2004 [8]. - The company aims to raise approximately 998 million yuan through its IPO, with plans to invest in marketing, brand building, headquarters and R&D center construction, information system upgrades, and production base technology transformation [6]. Financial Performance - The company's revenue has shown steady growth, with projected revenues of 2.12 billion yuan, 2.15 billion yuan, and 2.16 billion yuan for 2022, 2023, and 2024 respectively, and net profits of 170 million yuan, 230 million yuan, and 240 million yuan for the same years [8]. - The revenue composition is primarily from core products such as lotions, creams, serums, and masks, which account for over 99% of total revenue [9]. Market Position - According to Euromonitor data, Plant Doctor ranks 8th among domestic brands in the Chinese cosmetics market and 7th in the skincare segment for 2024 [8]. - If the IPO is successful, the company will have over 4,000 offline stores, solidifying its position as the first single-brand cosmetics stock in China [7]. Competitive Landscape - The Chinese cosmetics market is characterized by a concentration of leading brands, with L'Oréal, Procter & Gamble, and Estée Lauder holding significant market shares of 14.4%, 7.9%, and 5.1% respectively [14]. - Plant Doctor's market share is relatively small at 0.8%, with local competitors like Proya, Naturals, and Pechoin holding a combined market share of 6.3% [14]. Sales Channel Strategy - The company has a significant number of offline stores, totaling 4,328 by the end of 2024, which is much higher than its competitors [15]. - The sales revenue from offline channels accounts for 70-80% of total sales, while online sales contribute around 20% [16]. Profitability Challenges - The reliance on offline sales has led to higher rental liabilities and financial expenses, resulting in a financial expense ratio that exceeds that of competitors [17]. - The company primarily uses a distribution model, with 64% of revenue coming from distributors, which has lower profit margins compared to direct sales [17][18]. R&D and Management - The company has invested in R&D, with expenses of 73.77 million yuan, 75.88 million yuan, and 66.33 million yuan from 2022 to 2024, representing 3.48%, 3.53%, and 3.08% of revenue respectively [25]. - Future plans include increasing R&D investment and optimizing management platforms, although the recent IPO suspension adds uncertainty to these goals [28].

Core Viewpoint - Water Sheep Co., Ltd. has shown significant stock performance with a year-to-date increase of 77.84%, despite a slight decline of 0.17% in the last five trading days [1] Group 1: Stock Performance - As of October 20, Water Sheep's stock price reached 23.51 CNY per share, with a market capitalization of 9.169 billion CNY [1] - The stock has experienced a 6.04% increase over the last 20 days and a 43.70% increase over the last 60 days [1] - The company has appeared on the trading leaderboard once this year, with a net buy of 24.4889 million CNY on May 28 [1] Group 2: Financial Performance - For the first half of 2025, Water Sheep reported a revenue of 2.5 billion CNY, reflecting a year-on-year growth of 9.02%, and a net profit of 123 million CNY, up 16.54% [2] - Cumulative cash dividends since the A-share listing amount to 142 million CNY, with 77.8142 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 10, the number of shareholders for Water Sheep stood at 27,000, with an average of 13,296 circulating shares per person [2] - Notable new shareholders include BlackRock China New Horizons Mixed A and Hong Kong Central Clearing Limited, holding 2.6 million shares and 2.5239 million shares respectively [3]

Company Overview - Shuiyang Co., Ltd. is located in Changsha, Hunan Province, and was established on November 1, 2012. The company went public on February 8, 2018. Its main business involves the research, production, and sales of cosmetics [1][2] - The revenue composition of the main business includes: 81.84% from lotions and creams, 17.32% from masks, and 0.84% from other products [1] Financial Performance - For the first half of 2025, Shuiyang Co., Ltd. achieved operating revenue of 2.5 billion yuan, representing a year-on-year growth of 9.02%. The net profit attributable to shareholders was 123 million yuan, with a year-on-year increase of 16.54% [2] - Since its A-share listing, the company has distributed a total of 142 million yuan in dividends, with 77.81 million yuan distributed over the past three years [3] Stock Performance - As of September 22, the stock price of Shuiyang Co., Ltd. increased by 2.00%, reaching 21.93 yuan per share, with a total market capitalization of 8.553 billion yuan [1] - The stock has risen by 65.89% year-to-date, with a slight decline of 0.86% over the last five trading days, and a 30.93% increase over the past 60 days [1] Shareholder Information - As of September 10, the number of shareholders for Shuiyang Co., Ltd. was 27,000, with an average of 13,296 circulating shares per person [2] - Notable institutional shareholders include BlackRock China New Horizons Mixed A and Hong Kong Central Clearing Limited, both of which are new entrants among the top ten circulating shareholders [3] Market Activity - The company has seen a net inflow of main funds amounting to 6.1559 million yuan, with significant buying activity from large orders [1] - Shuiyang Co., Ltd. has appeared on the trading leaderboard once this year, with a net purchase of 24.4889 million yuan on May 28 [1] Industry Context - Shuiyang Co., Ltd. operates within the beauty and personal care sector, specifically in the branded cosmetics segment. It is associated with concepts such as margin financing, share buybacks, and e-commerce [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 2.5 billion yuan for the first half of 2025, representing a year-on-year growth of 9.02%. The net profit attributable to the parent company was 123 million yuan, up 16.54% year-on-year [5] - The company continues to focus on high-end self-owned brands, with significant growth in its product lines, particularly in skincare [11] - The gross margin improved to 64.61%, an increase of 3.13 percentage points, while the net margin slightly increased to 4.94%, up 0.17 percentage points [11] Financial Performance - For the first half of 2025, the company achieved a revenue of 2.5 billion yuan, with a net profit of 123 million yuan, and a non-recurring net profit of 121 million yuan [5] - The second quarter of 2025 saw a revenue of 1.414 billion yuan, a year-on-year increase of 12.16%, and a net profit of 81 million yuan, up 23.76% year-on-year [5] - The company expects revenues of 4.69 billion yuan, 5.22 billion yuan, and 5.85 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 10.67%, 11.32%, and 12.06% [11] Brand and Product Development - The company’s self-owned brands generated 1.039 billion yuan in revenue, accounting for 41.55% of total revenue, with a gross margin of 76.83% [11] - The product categories of water emulsion cream and masks achieved revenues of 1.997 billion yuan and 423 million yuan, respectively, with year-on-year growth rates of 11.70% and 17.96% [11] - The company plans to open 50 SPA stores nationwide by 2027 to enhance its offline presence [11] Valuation and Investment Recommendations - The current market capitalization corresponds to a price-to-earnings ratio (P/E) of 31.3, 26.5, and 22.8 for the years 2025, 2026, and 2027 respectively [11] - The company is expected to see a significant increase in net profit, with projections of 275 million yuan, 325 million yuan, and 377 million yuan for 2025, 2026, and 2027, reflecting growth rates of 149.9%, 18.3%, and 16.0% [11]

Company Overview - Water Goat Co., Ltd. is located in Changsha, Hunan Province, and was established on November 1, 2012. The company was listed on February 8, 2018. Its main business involves the research, production, and sales of cosmetics [1][2] - The main revenue composition includes: 81.84% from lotions and creams, 17.32% from masks, and 0.84% from other products [1] Financial Performance - For the first half of 2025, Water Goat achieved operating revenue of 2.5 billion yuan, representing a year-on-year growth of 9.02%. The net profit attributable to the parent company was 123 million yuan, with a year-on-year increase of 16.54% [2] - Since its A-share listing, the company has distributed a total of 142 million yuan in dividends, with 77.81 million yuan distributed over the past three years [3] Stock Market Activity - As of September 2, Water Goat's stock price increased by 2.00%, reaching 22.93 yuan per share, with a trading volume of 521 million yuan and a turnover rate of 6.44%. The total market capitalization is 8.943 billion yuan [1] - Year-to-date, the stock price has risen by 73.45%, with a recent decline of 3.66% over the past five trading days, and increases of 33.24% over the past 20 days and 20.30% over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on May 28, where it recorded a net purchase of 24.49 million yuan [1] Shareholder Information - As of August 8, the number of shareholders for Water Goat was 27,000, an increase of 5.01% from the previous period. The average circulating shares per person decreased by 4.77% to 13,296 shares [2] - Notable institutional holdings include BlackRock China New Horizons Mixed A as the seventh largest shareholder with 2.6 million shares, and Hong Kong Central Clearing Limited as the eighth largest shareholder with 2.524 million shares, both being new shareholders [3]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company has shown a quarter-on-quarter improvement in revenue growth and net profit in Q2 2025, indicating effective business structure optimization [5][9] - The company's self-owned brand revenue has increased to 41.6% of total revenue, with significant growth in key product categories such as lotions and masks [6] - The high-end beauty group strategy is progressing well, with expectations for continued revenue and profit growth from key brands [9] Financial Performance - In H1 2025, the company achieved a revenue of 2.5 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 120 million yuan, up 16.5% [5] - The gross margin improved by 3.1 percentage points to 64.6% in H1 2025, with self-owned brands achieving a gross margin of 76.8% [7] - Operating cash flow turned positive with a net inflow of 170 million yuan, reflecting improved operational efficiency [8] Business Segmentation - Self-owned brands generated 1.04 billion yuan in revenue, while agency brands accounted for 1.46 billion yuan [6] - Online sales contributed 90% of total revenue, with significant growth in third-party platforms like Taobao and Douyin [6] Future Projections - The company expects to achieve net profits of 290 million yuan, 350 million yuan, and 430 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.74, 0.90, and 1.10 yuan [10] - The report anticipates a revenue growth rate of 17.5% in 2025, followed by 16.4% and 16.8% in the subsequent years [10]

Core Insights - The company reported a revenue of 2.5 billion yuan for the first half of 2025, representing a year-on-year increase of 9%, and a net profit attributable to shareholders of 120 million yuan, up 16.5% year-on-year [1] - The growth rate accelerated in the second quarter, with revenue and net profit increasing by 12.2% and 23.8% respectively compared to the first quarter [1] Revenue Breakdown - Own brand revenue accounted for 41.6% of total revenue, with significant growth in key categories such as lotions and masks, achieving double-digit revenue growth [2] - Total revenue from own brands reached 1.04 billion yuan in the first half of 2025, while agency brand revenue was 1.46 billion yuan [2] - Online and offline channel revenues were 90% and 10% respectively, with online revenue growing by 9.7% and offline by 3% year-on-year [2] Product Performance - Revenue from lotions and masks constituted 80% and 17% of total revenue, with respective year-on-year growth of 11.7% and 18% [3] - Gross margin improved by 3.1 percentage points to 64.6%, with own brand gross margin at 76.8%, up 5.7 percentage points [3] Financial Metrics - The company experienced an increase in expense ratio by 3.2 percentage points to 57.5%, driven by higher sales and management expenses [3][4] - Inventory decreased by 8.9% year-on-year to 810 million yuan, with inventory turnover days at 166 days, down 5 days [4] - Accounts receivable decreased by 13.2% year-on-year to 400 million yuan, with turnover days at 27 days, down 7 days [4] Strategic Outlook - The high-end beauty group strategy is progressing well, with expectations for performance improvements as brand presence expands [5] - The company anticipates continued growth in own brand business, with upward revisions to net profit forecasts for 2025-2027 [5] - The company plans to enhance brand positioning and customer engagement through the opening of new stores and innovative customer experiences [5]