i：指本次可转债当年票面利率。 （1）本次可转债采用每年付息一次的付息方式，计息起始日为本次可转债发 行首日。 （2）付息日：每年的付息日为自本次可转债发行首日起每满一年的当日。如 该日为法定节假日或休息日，则顺延至下一个交易日，顺延期间不另付息。每相 邻的两个付息日之间为一个计息年度。 证券代码：300740 证券简称：水羊股份 债券代码：123188 债券简称：水羊转债 华泰联合证券有限责任公司 关于水羊集团股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》 （以下简称"《管理办法》"）、 《水羊 集团股份有限公司（作为发行人）与华泰联合证券有限责任公司（作为受托管理 人）关于水羊集团股份有限公司向不特定对象发行可转换公司债券之债券受托管 理协议》 （以下简称"《受托管理协议》"）、 《水羊集团股份有限公司向不特定对象 发行可转换公司债券并在创业板上市募集说明书》 （以下简称"《募集说明书》"）、 《水羊集团股份有限公 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025 with a slight increase in revenue and net profit [1][2]. Financial Performance - 2024 annual revenue was 4.237 billion yuan, down 5.69% year-on-year; net profit attributable to shareholders was 110 million yuan, down 62.63% year-on-year; and net profit excluding non-recurring items was 118 million yuan, down 56.74% year-on-year [1]. - Q4 2024 revenue was 1.192 billion yuan, up 6.86% year-on-year; net profit attributable to shareholders was 16 million yuan, down 86.33% year-on-year; and net profit excluding non-recurring items was 10 million yuan, down 86.79% year-on-year [1]. - Q1 2025 revenue was 1.085 billion yuan, up 5.19% year-on-year; net profit attributable to shareholders was 42 million yuan, up 4.67% year-on-year; and net profit excluding non-recurring items was 41 million yuan, down 22.78% year-on-year [1]. Profitability Metrics - 2024 annual gross margin was 63.01%, up 4.57 percentage points year-on-year; net profit margin was 2.60%, down 3.95 percentage points year-on-year [2]. - Q1 2025 gross margin was 63.76%, up 2.42 percentage points year-on-year; net profit margin was 3.86%, down 0.02 percentage points year-on-year [2]. Expense Ratios - 2024 annual sales expense ratio was 49.06%, up 7.71 percentage points year-on-year; management expense ratio was 6.15%, up 0.91 percentage points year-on-year; R&D expense ratio was 1.94%, up 0.24 percentage points year-on-year [2]. - Q1 2025 sales expense ratio was 49.55%, up 3.24 percentage points year-on-year; management expense ratio was 5.77%, up 0.11 percentage points year-on-year; R&D expense ratio was 1.92%, up 0.17 percentage points year-on-year [2]. Strategic Initiatives - The company is focusing on self-owned brands and has established a "global new high-end luxury beauty group" label, with significant growth in both online and offline channels [2]. - The company is increasing R&D investment, with R&D expenses accounting for 4.98% of self-owned brand revenue, and has established a research institute for innovative product development [3]. - A share buyback plan of 50 to 100 million yuan is proposed to implement employee stock ownership plans or equity incentives [3]. Future Outlook - The company has revised its revenue and profit forecasts for 2025-2027, expecting revenues of 4.389 billion, 4.871 billion, and 5.537 billion yuan, and net profits of 256 million, 295 million, and 345 million yuan respectively [3]. - The company aims to penetrate the high-end market through brand transformation and innovation, maintaining a "buy" rating [3].