水羊股份 20250918 摘要 水羊股份 2025 年上半年核心大众品牌御泥坊实现个位数增长并止跌回 升，亏损大幅收窄至单季度几百万，表明其品牌升级和渠道调整策略初 见成效。 轻奢品牌 HB 增速接近翻倍，全年体量有望达大几千万；VAA 上半年增 长显著，全年体量预计过亿，轻奢品牌成为公司增长新动力。 高端品牌伊菲丹通过调整渠道结构，提升天猫、京东及线下渠道占比， 2025 上半年利润率提升至 18%以上，实现 20%的增速，表明其盈利能 力增强。 高端彩妆 PA 完成收购后基数较小但增速快，上半年利润率超过 5%，未 来有望成为新的增长点；RV 聚焦海外团队调整和渠道优化，亏损状态预 计不会拖累集团利润。 公司将加大防晒产品及新推面霜的推广力度，扩张线下直营店并配备 SPA 区域，增强用户体验，提升复购率，伊菲丹中期目标销售额 20 亿 以上。 水羊股份已转型为全球高奢管理集团，通过沈阳国际平台积累口碑与资 源，代运营业务贡献稳定现金流，并作为筛选潜在收购标的的窗口。 预计公司 2025 年有望实现 2.5 亿以上利润，2026 年至少实现 3 亿以 上利润，当前估值在化妆品板块中具有吸引力，是美妆板块重 ...

Core Viewpoint - Water Sheep Group (S'Yong Group) reported a significant increase in both revenue and profit for the first half of 2025, driven by the growth of its proprietary brands and an overall improvement in gross margin [2]. Financial Performance - In H1 2025, the company achieved revenue of 2.5 billion yuan, a year-on-year increase of 9.02%, attributed to ongoing optimization of business layout and focus on high-end brand development [2]. - Proprietary brands generated revenue of 1.039 billion yuan, accounting for 41.55% of total revenue, with a gross margin of 76.83%, up 5.7 percentage points year-on-year [2]. - The overall gross margin for H1 2025 was 64.6%, an increase of 3.1 percentage points, due to a higher proportion of high-end brands and optimization of low-efficiency businesses [2]. - The net profit attributable to shareholders was 123 million yuan, a year-on-year increase of 16.54%, with a net profit margin of 4.93%, up 0.32 percentage points [2]. - In Q2 2025, the company reported revenue of 1.414 billion yuan, a year-on-year increase of 12.16%, and a net profit of 81.41 million yuan, up 23.8% [2]. Investment in Operations - The company increased its investment in online traffic and R&D, resulting in a significant improvement in operating cash flow, which grew by 369.0% to 166 million yuan [3]. - The sales expense ratio for H1 2025 was 48.94%, up 2.1 percentage points, primarily due to increased online traffic costs [3]. - R&D expenses accounted for 1.75% of revenue, with a focus on building a global R&D team and expanding laboratories in Paris and Tokyo [3]. Brand Development and Market Expansion - The company has completed the initial phase of high-end and global transformation for its proprietary brands, with the French luxury skincare brand EDB optimizing its product offerings and expanding both online and offline channels [4]. - The RV brand in the U.S. has shown strong performance, with a doubling of business volume in China and steady growth in the U.S. market [4]. - The company plans to open 50 stores nationwide by 2027, having already established over ten stores in key cities [4]. - The light luxury brand PA is set to launch a complete product matrix by the end of the year, while the traditional brand Yuni Fang is attempting to expand into the U.S. market through e-commerce [4].

Core Viewpoint - The company reported Q2 2025 earnings, with revenue meeting guidance and showing year-over-year growth, driven by strong demand in semiconductor solutions and signs of recovery in SMT business [3][4]. Group 1: Q2 Financial Performance - Q2 revenue was $436 million (34 billion HKD), up 1.8% YoY and 8.9% QoQ, aligning with the guidance range [3]. - Semiconductor solutions revenue was 20.1 billion HKD ($2.58 billion), up 20.9% YoY and 1% QoQ, driven by strong demand for TCB tools [3]. - SMT business revenue was 13.9 billion HKD ($1.79 billion), down 17.2% YoY but up 22.6% QoQ, with strong sales in China and advanced packaging partially offset by weakness in automotive and industrial markets [3]. - Q2 gross margin decreased to 39.7%, down 33 basis points YoY and 119 basis points QoQ; adjusted net profit was 1.35 billion HKD, down 1.6% YoY but up 62.1% QoQ [3]. Group 2: Order and Backlog Insights - The company secured new orders worth $482 million in Q2, up 20.2% YoY and 11.9% QoQ; backlog stood at $873 million with an order-to-ship ratio of 1.10 [4]. - Semiconductor solutions accounted for 59% of total revenue, with new orders of $213 million, down 4.5% QoQ due to uneven advanced packaging orders [4]. - SMT business showed recovery with new orders of $269 million, up 29.4% QoQ and 51.2% YoY, driven by demand from a smartphone client and AI server needs [4]. Group 3: Future Outlook and Growth Drivers - The company guided Q3 revenue to be between $445 million and $505 million, representing a 10.8% YoY increase and 8.9% QoQ growth, benefiting from improvements in advanced packaging and SMT businesses [4]. - Despite ongoing weakness in automotive and industrial markets, the increase in Q2 orders is expected to support Q3 performance [4]. - Key growth drivers include strong TCB demand, recovery in mainstream packaging equipment and SMT demand, and sales growth in the Chinese market [4]. Group 4: Strategic Developments - The company is deepening its focus on TCB, HB, and CPO, with ongoing production and shipment of TCB tools [5]. - Significant orders have been secured for photonic tools and CPO layouts, with expectations to start deliveries of HB tools in Q3 [6].