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X @BREAD | ∑:
BREAD | ∑:· 2025-09-19 16:52
Going to be honest: this is beyond my skillsetThat said, I gauge impact by how gleeful domain experts are about the release (and our eng team loves it).William is one of our researchers, so happy to elevate his contributions to the EVM eco.https://t.co/YKSniXPZ1NWilliam Cheung Σ: (@troublor):Meet EDB: https://t.co/nwG2YNN3A6The first source-level smart contract debugger.Demo: https://t.co/B4jcnPh0zD🥳After months of hard work, @i2huer and I finally realized our dream of modern smart contract debugging and tr ...
X @BREAD | ∑:
BREAD | ∑:· 2025-09-19 15:12
Going to be honest: this is beyond my skillsetThat said, I gauge impact by how gleeful domain experts are about the release (and these guys are pumped after ~yr of work).Tagging solidity dev chads for awareness:@0xQuit @optimizoor @0xCygaarhttps://t.co/YKSniXPZ1NWilliam Cheung Σ: (@troublor):Meet EDB: https://t.co/nwG2YNN3A6The first source-level smart contract debugger.🥳After months of hard work, @i2huer and I finally realized our dream of modern smart contract debugging and transaction execution inspectio ...
水羊股份:EDB持续在全球拓展Day SPA专业渠道,并将继续布局高奢酒店、院线渠道
Cai Jing Wang· 2025-09-19 08:43
Core Insights - The company is focusing on high-end brand development and global expansion, particularly through partnerships with luxury hotels and the establishment of exclusive spa experiences [1][2] - The launch of the first EDB brand castle store in Shanghai is expected to enhance the brand's luxury image and has already shown promising sales performance [1] - The company aims to strengthen its brand assets and improve its product system to drive sustained growth for the PA brand, leveraging its high-end brand management capabilities [1][2] Group 1 - The company is collaborating with several five-star hotels globally, including Rosewood, St. Regis, and Waldorf, to expand its EDB spa services [1] - The management highlighted a significant focus on high-end hotel and cinema channels to penetrate luxury consumer segments [1] - The PA brand has experienced rapid growth in the first half of the year, supported by the company's strong brand assets and management expertise [1] Group 2 - The company is optimizing its business layout under the strategy of "high-end and globalization," prioritizing the development of high-end brands like EDB, PA, and RV [2] - There is a continuous improvement in the overall gross margin, indicating enhanced operational quality and efficiency [2] - The company is committed to achieving high-quality revenue growth and improving profitability through meticulous expense management as the share of high-end brands in revenue increases [2]
美妆赛道上半年成绩单出炉,谁掉队、谁赶超?
中国基金报· 2025-08-30 11:52
Core Viewpoint - The beauty industry in China is experiencing a significant performance divergence among leading companies, with a notable increase in quality, as evidenced by the half-year reports of domestic beauty brands [2]. Group 1: Leading Companies Performance - Leading beauty companies such as Proya, Mao Geping, and Shangmei continue to outperform, while Huaxi Biological and Fulejia are lagging behind [2][4]. - Proya reported a revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.8%. However, its main brand experienced a slight revenue decline of 0.08% [5][6]. - Mao Geping, known as the "first stock of high-end domestic beauty," achieved a revenue of 2.588 billion yuan, with a net profit of 670 million yuan, both showing over 30% growth. The gross margin reached 84.2% [6]. - Shangmei's revenue was 4.108 billion yuan, growing 17.3%, with a net profit of 556 million yuan, up 34.7%. The "newpage" brand saw a revenue increase of 146.5% [6][7]. - Juzhi Biological reported a revenue of 3.113 billion yuan, a 22.5% increase, and a net profit of 1.182 billion yuan, up 20.2%, although growth rates have slowed compared to the previous year [7]. Group 2: Underperforming Companies - Huaxi Biological, referred to as the "first stock of hyaluronic acid," reported a revenue decline of 19.57% to 2.261 billion yuan and a net profit drop of 35.38% to 221 million yuan, marking its worst interim report since listing [9]. - The decline in Huaxi's revenue is attributed to a significant drop in its functional skincare business, which saw a 31.62% year-on-year decrease in 2024 [9]. - Fulejia's revenue was 863 million yuan, down 8.15%, with a net profit of 230 million yuan, a decrease of 32.54%. The company faced a substantial increase in sales expenses, which rose by 39.56% [11][12]. Group 3: Second-Tier Companies - Second-tier beauty companies such as Shanghai Jahwa, Marubi, and Shuiyang are showing improved performance [13][14]. - Shanghai Jahwa achieved a revenue of 3.478 billion yuan, a 4.75% increase, and a net profit of 266 million yuan, up 11.66%, attributed to online channel growth [15]. - Marubi reported a revenue of 1.769 billion yuan, a 30.83% increase, but its net profit only grew by 5.21%, indicating a potential profitability challenge [15][16]. - Shuiyang's revenue reached 2.5 billion yuan, a 9.02% increase, with a net profit of 123 million yuan, up 16.54%. The company is transitioning to a global high-end beauty brand management model [16].
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
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]
水羊股份:目前有EDB、RV品牌进驻线下免税渠道
Zheng Quan Ri Bao Wang· 2025-08-14 12:41
Core Viewpoint - The company, Shuiyang Co., Ltd. (300740), is actively engaging in the duty-free market by introducing its EDB and RV brands into offline duty-free channels, indicating a strategic adjustment to capitalize on market opportunities [1] Company Strategy - The company is focusing on the integration of its EDB and RV brands into offline duty-free channels, showcasing a proactive approach to market expansion [1] - Continuous monitoring of market opportunities will guide the company's operational strategy adjustments [1]
日化护肤年报|水羊股份:净利润跌超6成 近5成收入做营销未能拉动营收增长
Xin Lang Zheng Quan· 2025-05-14 08:54
水羊股份的困境本质是传统美妆企业在高端化转型与市场适应性上的系统性风险。短期来看,优化库存 结构、控制销售费用与应收账款风险是止血关键;长期则需重新定义品牌价值,聚焦细分市场与技术壁 垒,提升产品竞争力与市场转化效率。唯有从根本上解决高端化战略的执行偏差与现金流压力,水羊股 份才能在美妆行业的激烈竞争中重拾增长动能。 2024年,水羊股份交出了一份令市场失望的成绩单。全年营收42.37亿元,同比下降5.69%;归母净利润 仅为1.10亿元,同比暴跌62.63%。 尽管公司毛利率有所提升,但销售费用激增、高端品牌投入未达预期以及现金流紧张等问题,暴露出其 在行业竞争加剧与战略转型中的多重风险。曾经的"互联网消费品品牌第一股",正面临高端化战略受挫 与运营效率低下的双重考验。 水羊股份的业绩下滑根源在于高端化战略的执行不力与市场适应性不足。公司近年来持续加码高端品牌 布局,试图通过"全球新晋高奢美妆集团"的定位提升品牌溢价能力。然而,报告期内,高端品牌如 EDB、PA等的市场表现与预期收益之间存在显著差距,未能有效拉动销售增长。尽管EDB品牌在全球 市场的布局初具规模,但在国内市场的高定价策略与消费者对性价比的追 ...
水羊股份(300740):公司信息更新报告:“高奢美妆集团”打法逐渐清晰,Q1渐入佳境
KAIYUAN SECURITIES· 2025-05-03 07:20
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has faced performance pressure due to proactive strategic adjustments in 2024, but revenue and profit showed year-on-year growth in Q1 2025. The company reported a revenue of 4.237 billion yuan in 2024, down 5.7% year-on-year, and a net profit attributable to shareholders of 110 million yuan, down 62.6% year-on-year. However, Q1 2025 saw a revenue of 1.085 billion yuan, up 5.2% year-on-year, and a net profit of 42 million yuan, up 4.7% year-on-year. The company is increasing investment in high-end brands, although the conversion effect has not met expectations, leading to losses in some mass-market brands. The profit forecasts for 2025-2026 have been revised downwards, with new forecasts for 2027 introduced, expecting net profits of 260 million, 320 million, and 400 million yuan for 2025-2027, representing year-on-year growth of 139%, 21%, and 25.1% respectively. The current stock price corresponds to P/E ratios of 18.7, 15.5, and 12.4 for 2025-2027 [5][6][7]. Financial Summary - In 2024, the company achieved a gross margin of 63%, up 4.57 percentage points year-on-year, benefiting from an increase in the proportion of high-margin proprietary brands. The net profit margin for 2024 was 2.6%, down 4 percentage points year-on-year, primarily due to increased market investment in core brands [5][6]. - The company aims for overall improvement in high-end brand revenue and profitability, with mass-market brands expected to break even. The proprietary brand revenue in 2024 was 1.65 billion yuan, accounting for 39% of total revenue. The EDB segment is expected to see double-digit growth in Q1 2025, with a projected annual revenue increase of around 20% [6][7]. - The financial projections indicate a revenue of 4.417 billion yuan for 2025, with a year-on-year growth of 4.3%. The net profit attributable to shareholders is expected to be 263 million yuan, reflecting a significant recovery from the previous year [7][10].
【私募调研记录】凯丰投资调研水羊股份
Zheng Quan Zhi Xing· 2025-05-01 00:09
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]
【私募调研记录】汐泰投资调研水羊股份、龙磁科技等3只个股(附名单)
Zheng Quan Zhi Xing· 2025-05-01 00:09
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]