12月15日，水羊股份旗下"水羊国际"发布声明称，水羊国际是美斯蒂克品牌在中国境内的"独家经销商"，双方自2021年开始长期合作。 水羊国际在声明中称："我司与美斯蒂克品牌签订的独家经销协议目前仍在存续期间，在中国的所有官方线上渠道，包括但不限于品牌官方网站、天猫国际 官方旗舰店、抖音海外旗舰店以及其他经品牌授权的官方账号，均由我司独家经营、持有并直接管理。" 今年4月，水羊股份曾在回复投资者问询时称，公司与美斯蒂克达成了10年的战略签约，目前代理了品牌口服保健类目、专业院线护理、护肤等多个产品品 类。 同时，网络上还流传着一份加盖若羽臣公司公章的12月15日的声明函，若羽臣在其中指出，自2026年1月1日起，若羽臣与美斯蒂克正式达成长期战略合作伙 伴关系。若羽臣将作为美斯蒂克最核心的口服美容保健产品线在中国区域的独家总代理，全面负责相关业务。美斯蒂克已不可撤销地授权若羽臣使用其商 标，在中国市场开设官方旗舰店、销售产品，并全面开展品牌推广及营销活动。 同一品牌，怎么会有两个独家代理？ 近期，美妆行业一场围绕西班牙医美院线品牌美斯蒂克中国代理权的"隔空掐架"引发关注。头部企业水羊股份（300740.SZ）与若 ...

（作者/周琦 编辑/张广凯） 两份"独家公告"，把美斯蒂克推上风口浪尖。 12月15日，水羊国际发布"声明函"，自称中国独家经销商，却不说期限；若羽臣则亮出口服美容"独占"声明。 两家公司公告 值得注意的是，今年4月，水羊股份在投资者平台表示，"与美斯蒂克保持战略合作，依托水羊国际超级CP计划，公司 与美斯蒂克达成了10年的战略签约，目前代理了品牌口服保健类目、专业院线护理、护肤等多个产品品类。" 而观察者网就"存续期具体日期"及"合作品类、范围"等具体内容，询问水羊股份投资者关系处，对方则回应"现在仍在 合作期间，后续以公司公告为准。" 观察者网从知情人士处了解到，此次若羽臣与美斯蒂克战略合作的合同期限为2026年1月1日至2028年12月31日，为期 三年，合同已设置自动续签条款。 水羊股份投资者问答 合作细节包括，若羽臣成为美斯蒂克口服美容产品线的中国区独家总代理，同时也拥有独家经销权（"口服美容"产品 线是美斯蒂克的核心品线，目前占据品牌约98%的体量）。 此外，观察者网在水羊股份"2025年投资者关系活动"注意到，"公司从2021年成为美斯蒂克的中国合作伙伴，签署了长 达10年的深度合作长约。" 具 ...

Group 1 - Chando has submitted its IPO application to the Hong Kong Stock Exchange, with funding primarily aimed at enhancing DTC capabilities and expanding its brand matrix [2] - L'Oreal has invested 442 million yuan in Chando, holding a 6.67% stake, while Huachuang Capital holds 4.20% [2] - Chando's revenue for H1 2025 reached 2.45 billion yuan, a 6.4% year-on-year increase, with its main brand contributing 2.32 billion yuan, a 35.6% increase [2] Group 2 - Coty has announced a strategic review of its mass beauty division, valued at approximately 1.2 billion USD (about 85.59 billion yuan), exploring options including partnerships and spin-offs [3] - The brands involved in this review include CoverGirl, Kylie Cosmetics, and Miss Sporty, along with its independent Brazilian business generating nearly 400 million USD annually [3] - Coty aims to focus on brands with strong profit potential and global growth opportunities, appointing Gordon von Bretten as the new president of consumer beauty [3] Group 3 - Mystique's whitening drink has faced backlash for allegedly causing menstrual irregularities, with numerous complaints regarding its effectiveness and ingredient transparency [4] - The company has responded by clarifying that all ingredients are listed on the packaging and that their marketing complies with regulations [4] - Mystique is a Spanish brand established in 1985, providing high-end beauty products globally [4] Group 4 - HARMAY has opened its first store in Changzhou, marking a significant expansion in Jiangsu province with multiple new locations planned [5] - The brand has opened nine new stores across various cities since March, indicating a shift from previous cautious expansion to aggressive growth [5] - HARMAY now operates 20 stores in 11 cities, including major first-tier and strong second-tier cities [5] Group 5 - CeraVe has partnered with the NBA as its official skincare and haircare partner, enhancing its visibility through various NBA events and digital platforms [6] - This collaboration follows previous marketing efforts involving NBA players, indicating a strategic move into sports marketing [6] Group 6 - SOSU Cosmetics has recalled its Peach Dreams eyeshadow palette due to arsenic levels exceeding EU regulations, posing potential health risks [7] - The brand, founded in 2015, has over 400 products and is sold in more than 2000 stores globally [7] Group 7 - The synthetic biology company Weiming Shiguang has secured several rounds of financing, with the latest round raising tens of millions of yuan to enhance its AI technology platform [8] - The company has completed multiple funding rounds since its establishment in 2021, indicating strong investor interest [8] Group 8 - POLA ORBIS has appointed Takahiro Tabata as the new CEO of Jurlique, aiming to strengthen the brand's operations in China [9] - Jurlique has faced declining sales, with a 9.8% drop in mid-2025, prompting this leadership change as part of a resource consolidation strategy [9] Group 9 - LG Household & Health Care has appointed former L'Oreal executive Lee Sun-joo as its new CEO, effective October 1 [11] - Lee brings over 30 years of experience in the beauty industry, having previously driven significant growth for Kiehl's in South Korea [11] Group 10 - Revlon has appointed Amber Garrison to lead Elizabeth Arden, focusing on brand innovation and market expansion [12] - Garrison's previous experience includes leading digital transformation efforts at Origins, indicating a strategic push towards high-end skincare and fragrance [12] Group 11 - L'Oreal has announced significant management changes within its executive committee, affecting six key positions across various regions and business sectors [13] - The restructuring aims to enhance the strategic importance of the U.S. market and improve operational efficiency [13] Group 12 - Procter & Gamble plans to gradually cease its manufacturing and commercial operations in Pakistan, transitioning to third-party distributors [14] - This decision is part of a global restructuring effort aimed at optimizing its portfolio and supply chain [14] Group 13 - New regulations for the online sale of medical devices have been implemented, requiring e-commerce platforms to establish quality management systems [15][16] - The regulations aim to enhance risk management and ensure compliance with safety standards in the sale of medical devices [15][16] Group 14 - Shanghai has introduced measures to support the cosmetics industry, including financial incentives for innovation and new raw materials [17][18] - The policy aims to promote high-quality development and establish "Shanghai manufacturing" as a new brand [17][18] Group 15 - Douyin has halted live promotions for medical dressings to improve user experience, implementing a dual mechanism for risk management [20] - The platform will allow qualified influencers to sell specific medical devices through live streams in the future [20]

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 9.02% [1] - The net profit attributable to shareholders reached 123 million yuan, up 16.54% year-on-year, while the net profit excluding non-recurring items was 121 million yuan, a slight increase of 1.04% [1] - The company is focusing on high-end brand development, with self-owned brand revenue accounting for over 40% of total revenue [1] Financial Performance - The gross margin for the first half of 2025 was 64.61%, an increase of 3.13 percentage points year-on-year [2] - In Q2 2025, the gross margin improved to 65.27%, up 3.67 percentage points year-on-year [2] - The net profit margin for the first half of 2025 was 4.93%, an increase of 0.32 percentage points year-on-year, while the net profit margin excluding non-recurring items was 4.82%, a decrease of 0.38 percentage points [2] Brand Development - The company is establishing a high-end brand matrix, with brands like Ifidan, PA, and RV contributing to long-term growth [3] - Ifidan is positioned as a French luxury skincare brand, enhancing market recognition through innovative product combinations and experiential retail [3] - RV's flagship product "One Night Rejuvenation Oil" continues to lead sales on platforms like Tmall, indicating strong brand presence [3] Investment Outlook - The company is projected to achieve net profits of 250 million, 340 million, and 430 million yuan for the years 2025 to 2027, with year-on-year growth rates of 129.6%, 32.7%, and 28.0% respectively [4] - Corresponding price-to-earnings ratios are expected to be 33X, 25X, and 20X for the same years [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Insights - The company reported a revenue of 2.5 billion yuan for H1 2025, representing a year-on-year increase of 9.02%, and a net profit attributable to shareholders of 123 million yuan, up 16.54% year-on-year [1]. - The gross margin improved significantly to 64.61% in H1 2025, an increase of 3.13 percentage points year-on-year, driven by an increase in the proportion of proprietary brands [2]. - The company is focusing on a dual business strategy of proprietary brands and CP brand operations, with proprietary brand revenue reaching 1.039 billion yuan in H1 2025, accounting for 41.55% of total revenue [3]. - The company is building a global high-end beauty group, enhancing its brand matrix and achieving significant sales growth through various marketing strategies [4]. Financial Performance Summary - For H1 2025, the company achieved a revenue of 2.5 billion yuan and a net profit of 123 million yuan, with a gross margin of 64.61% [1][2]. - The company expects revenues of 4.655 billion yuan, 4.968 billion yuan, and 5.290 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 250 million yuan, 320 million yuan, and 400 million yuan for the same years [4][11]. - The company’s financial ratios indicate a projected PE of 33x for 2025, decreasing to 21x by 2027 [4][11].

Investment Rating - The report maintains a "Buy" rating for Proya and a "Hold" rating for other companies in the beauty and personal care sector [5][9]. Core Insights - The beauty and personal care sector has shown mixed performance, with Proya launching new medical-grade collagen products and Lin Qingxuan preparing for an IPO in Hong Kong [2][20][23]. - The Tmall 618 pre-sale rankings for beauty products show Proya, Lancôme, and L'Oréal leading the market, indicating strong brand presence [20][21]. - The overall market performance for the week ending May 30, 2025, saw the retail sector increase by 0.69%, while the beauty care sector decreased by 0.72% [12][14]. Summary by Sections Market Performance - For the week of May 26 to May 30, 2025, the retail sector increased by 0.69%, social services by 0.18%, and beauty care decreased by 0.72%, ranking 12th, 14th, and 25th among 31 primary industries respectively [12][14]. - The professional chain, general retail, and professional services sectors saw the highest gains, with increases of 2.24%, 1.72%, and 0.92% respectively [14]. Key Industry Events and News - Proya launched a new medical-grade collagen patch, approved as a Class II medical device, aimed at treating superficial wounds and post-procedure care [23]. - Lin Qingxuan submitted its IPO application to the Hong Kong Stock Exchange, with significant sales figures for its signature camellia oil product [20]. - Tmall's 618 pre-sale rankings for beauty products remained stable, with Proya, Lancôme, and L'Oréal maintaining their top three positions [20][21]. Company Announcements - Proya's new medical product is priced at 198 yuan for a box of five patches, indicating a strategic move into the medical beauty segment [23]. - Ji Hong Technology announced its H-share listing, with a global offering of 67.91 million shares at a price of 7.68 HKD per share, aiming to raise approximately 420 million HKD [27].

Summary of Water Sheep Co. Conference Call Company Overview - **Company**: Water Sheep Co. (水羊股份) - **Core Brand**: Yi Fan (一帆单品) - **Industry**: Beauty and Personal Care Key Points Performance and Growth Expectations - Yi Fan single product did not meet expectations in 2024, but Q1 2025 shows recovery with expected growth of over 10% year-on-year, aiming for an annual growth rate exceeding 20% [2][5] - Profit margins are expected to improve year-on-year due to optimized marketing strategies, shifting from celebrity endorsements to other advertising methods [2][4] Product Diversification - The company is expanding its product categories, moving from reliance on CP series (60%-70% of sales) to include new categories like sunscreen and creams, which are performing well [2][6] - This diversification is seen as a way to mitigate risks and enhance overall profitability [2] Offline Channel Development - Water Sheep Co. is investing heavily in offline channels, which currently account for about 10% of sales, with plans for continued expansion [2][7] - New stores, such as the Zhang Yuan image store and locations in SKP and Wulin Yintai, have been profitable, with expectations for offline channel growth exceeding 20% for the year [2][7] Brand Strategy and Performance - The Yuni Fang brand experienced a decline in 2024 but is being repositioned for 2025, targeting lower-tier markets with promising early results indicating a significant reduction in losses, potentially achieving breakeven [2][8] - The PA brand has completed global ownership acquisition and is positioned in the light luxury segment, with good brand assets and potential for revenue growth in 2025 [2][9] - RV brand has already generated profits, and the company plans to refine its positioning and develop products suited for Chinese consumers [2][9] Agency Business Insights - The agency business generated approximately 2.6 billion yuan in revenue in 2024, impacted by the spin-off of Johnson & Johnson's health division, leading to a decline in related agency business [2][10] - Despite a decrease in agency revenue, the introduction of new brands has stabilized overall income, with a net profit margin of about 3% [2][10] Overall Financial Outlook - The company anticipates a significant rebound in profits for 2025, with expectations of reaching over 200 million yuan in profit, supported by the recovery of various brands [2][3][11] - Water Sheep Co. is currently valued relatively low in the beauty industry, presenting a high safety margin and potential for investors [2][14] Emerging Brands and Market Trends - The Misty Bright Drink brand has shown excellent sales performance on Douyin, with potential positive contributions to overall profits if sales continue to grow [2][13] - Smaller brands like VAA and HBS are also showing promising trends, contributing to the overall improvement in company performance as they mature [2][9] Conclusion Water Sheep Co. is strategically repositioning its brands and diversifying its product offerings while expanding its offline presence. The company is expected to recover from previous losses and achieve significant profit growth in 2025, making it an attractive investment opportunity in the beauty and personal care sector.