水羊股份(300740) - 2023年4月28日投资者关系活动记录表

Financial Performance - In 2022, the company achieved a revenue of 4.722 billion CNY, with a net profit of 125 million CNY, both showing a decline compared to the previous year, with revenue down by 5.74% [3] - The decline in performance was attributed to adverse macroeconomic conditions, decreased consumer demand, and logistical issues during peak sales periods [3][4] - In Q1 2023, the company reported a revenue of 1.046 billion CNY, a slight increase, and a net profit of 52.14 million CNY, representing a year-on-year growth of 25.38% [4] Operational Insights - The company faced significant challenges in cash flow due to extended inventory cycles and delayed sales returns, particularly in offline channels [4] - Despite these challenges, the company anticipates improvements in cash flow as external conditions stabilize [4] - R&D expenses increased by 35% year-on-year, with the number of R&D personnel growing by 55%, totaling 347 employees [3] Brand Development - The company has established a brand matrix of "2 + 2 + n," consisting of two major brands (EDB and Yuni), two emerging brands (Dawater and VAA), and additional new brands [4][5] - In Q1 2023, self-owned brands contributed over 60% to the company's profits, with a gross margin of approximately 69%, significantly higher than the overall company gross margin of 53.7% [5][6] Market Strategy - The company is committed to a CP model, providing comprehensive operational services for overseas brands, which has led to a 25% growth in agency business in Q1 2023 [6][11] - The agency business has diversified into a structure of "1 + 5 + n," with Johnson as the main partner and five major categories including skincare and cosmetics [6] Industry Outlook - The company predicts that by 2025, the top tier of Chinese beauty companies will generate over 10 billion CNY in revenue, with hopes of being among the top five [7] - The core competitive advantage in the beauty industry is identified as brand strength and organizational capability, emphasizing the importance of a multi-brand strategy [7][8] Challenges and Adjustments - The company has faced challenges in the market due to external factors and has made significant adjustments in organizational structure and talent management to enhance operational efficiency [13] - A three-tier incentive system has been implemented to retain talent and ensure alignment with long-term strategic goals [13]