证券日报网讯 2月12日，水羊股份发布公告称，截至本公告披露日，公司累计担保总额为人民币 142816.16万元，占公司2024年经审计净资产的68.12%。前述担保均为公司对全资子公司的担保，公司 及控股子公司无对合并报表外单位提供担保的情况，公司无逾期对外担保、无涉及诉讼的对外担保及因 担保被判决败诉而应承担损失的情况。 （文章来源：证券日报） ...

债券代码：123188 债券简称：水羊转债 证券代码：300740 证券简称：水羊股份 公告编号：2026-004 水羊集团股份有限公司 关于公司为子公司提供担保的进展公告 执行。上述担保额度期限自 2024 年年度股东大会通过之日至 2025 年年度股东 大会召开时止。其中，公司为资产负债率为 70%以上的子公司提供的担保额度 为 200,000 万元，公司为资产负债率低于 70%的子公司提供担保额度为 100,000 万元。本次担保后，公司为资产负债率 70%以上的子公司提供担保的可用担保 额度为 118,200 万元；公司为资产负债率低于 70%的子公司提供担保的可用担 保额度为 91,000 万元。 二、担保进展情况 为满足日常经营资金需要，公司全资子公司湖南御泥坊化妆品有限公司（以 下简称"湖南御泥坊"）、湖南御强化妆品有限公司（以下简称"湖南御强"）、 水羊化妆品制造有限公司（以下简称"水羊制造"）分别向兴业银行股份有限公 司长沙分行（以下简称"兴业银行"）申请 5,000 万元、20,000 万元、5,000 万 元的授信额度，公司为上述 3 家全资子公司申请授信额度提供连带责任保证。 近日，公 ...

Core Insights - The article highlights the transformation of Hunan's private economy, emphasizing the importance of technology, specialization, and integration for sustainable growth [1][26][49] Group 1: Technology as the Foundation - Hunan's private enterprises are increasingly focusing on technology and innovation as core competencies, moving beyond traditional manufacturing practices [3][29] - By 2025, private enterprises are expected to account for over 90% of all businesses in Hunan, contributing approximately 60% to the province's GDP [29] - Companies like Huazhu High-Tech are investing heavily in R&D, focusing on system-level development of equipment, materials, software, and processes rather than simple assembly [31][39] Group 2: Specialization and Craftsmanship - The concept of "specialization" is evident in companies like Warner Pharmaceutical, which emphasizes deep expertise and meticulous process improvements in drug development [37][46] - Warner Pharmaceutical's founder, Huang Bendong, advocates for a long-term commitment to research and development, reflecting a "craftsman spirit" in the pharmaceutical industry [37][46] - Water Sheep Co. has shifted from a marketing-driven approach to a research-driven model, focusing on product efficacy and quality through extensive R&D investments [33][41] Group 3: Integration for Growth - Water Sheep Co. exemplifies the integration of supply chain, data, and R&D capabilities, breaking down traditional barriers between branding, manufacturing, and consumer feedback [44][49] - Warner Pharmaceutical is adopting a cautious approach to integration, focusing on enhancing quality control and collaboration with research institutions while avoiding unrelated diversifications [46][48] - Huazhu High-Tech is not merely a technology supplier but aims to solve specific industry problems, fostering deeper collaborations with downstream clients [48][49]

Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

Summary of Key Points from the Conference Call Records Industry Overview - The records focus on the cosmetics industry in China, specifically analyzing the Gross Merchandise Value (GMV) of various brands in January 2026 through data from the Douyin platform. Key Companies and Their Performance 1. 上美股份 (Shangmei Group) - Total GMV for 韩束 (Hansu) and its sub-brands in January was approximately 6.6 billion CNY, representing a 9% increase year-over-year [1] - 韩束 brand GMV was about 5.3 billion CNY, showing a decline of 3% [1] - NewPage brand GMV reached approximately 0.7 billion CNY, marking a significant increase of 120% [1] - 极方 (Jifang) achieved a GMV of 0.1 billion CNY, with rapid growth year-over-year [1] - 聚光白 (Juguangbai) also recorded a GMV of 0.1 billion CNY, indicating high growth [1] - 安敏优 (Anminyou) had a GMV of 0.3 billion CNY, with a remarkable year-over-year growth of 267% [1] 2. 珀莱雅 (Proya) - The three major brands under Proya had a combined GMV of 3.5 billion CNY in January, reflecting a 2% increase [1] - The main brand, 珀莱雅, generated a GMV of approximately 2.8 billion CNY, down by 2% [1] - 彩棠 (Caitang) brand GMV was 0.3 billion CNY, showing a decline of 12% [1] - OR洗护 (OR Hair Care) brand GMV reached 0.3 billion CNY, with a substantial increase of 148% [1] 3. 若羽臣 (Ruoyuchen) - The combined GMV for the brands 绽家 (Zhanjia), 斐萃 (Feicui), and Nuibay was 1.7 billion CNY [2] - 绽家 brand GMV was 0.7 billion CNY, increasing by 88% [2] - 斐萃 brand GMV was 0.8 billion CNY, showing a remarkable growth of 345% [2] 4. 丸美股份 (Marubi) - The total GMV for its two main brands was 2.6 billion CNY, reflecting a 1% increase [2] - 主品牌丸美 (Marubi) had a GMV of approximately 1.8 billion CNY, up by 5% [2] - 恋火 (Lianhuo) brand GMV was 0.8 billion CNY, down by 7% [2] 5. 毛戈平 (Mao Geping) - The brand achieved a GMV of approximately 2.9 billion CNY, with an increase of 78% [2] 6. 林清轩 (Lin Qingxuan) - The brand's GMV was 2.6 billion CNY, reflecting a significant increase of 145% [2] 7. 薇诺娜 (Winona) - The brand recorded a GMV of 1.0 billion CNY, with a growth of 156% [2] 8. 润本 (Runben) - The brand's GMV was approximately 0.4 billion CNY, showing a slight decline of 1% [2] 9. 福瑞达 (Furuida) - The two major brands under Furuida had a combined GMV of about 0.8 billion CNY, increasing by 12% [2] 10. 水羊股份 (Shuiyang) - The four major brands achieved a GMV of approximately 0.7 billion CNY, doubling year-over-year [2] 11. 上海家化 (Shanghai Jahwa) - The three skincare brands under Shanghai Jahwa had a combined GMV of about 0.9 billion CNY, reflecting a significant increase of 252% [2] 12. 植物医生 (Plant Doctor) - The brand's GMV in December was 0.1 billion CNY, showing a decline of 5% [2] 13. 拉芳 (Lafang) - The brand achieved a GMV of approximately 0.1 billion CNY, with an increase of 135% [2] Additional Insights - The data indicates a mixed performance across various brands, with some experiencing significant growth while others faced declines. - The overall trend suggests a competitive landscape in the cosmetics industry, with emerging brands showing strong growth potential, particularly in the Douyin channel. This analysis highlights the dynamic nature of the cosmetics market in China, emphasizing the importance of monitoring GMV trends for investment opportunities and risk assessment.

2月2日，水羊股份跌1.01%，成交额2.41亿元。两融数据显示，当日水羊股份获融资买入额2075.39万 元，融资偿还2223.87万元，融资净买入-148.48万元。截至2月2日，水羊股份融资融券余额合计3.89亿 元。 融资方面，水羊股份当日融资买入2075.39万元。当前融资余额3.89亿元，占流通市值的4.42%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，水羊股份2月2日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，低于近一年10%分位水平，处于低位。 资料显示，水羊集团股份有限公司位于湖南省长沙市岳麓区谷苑路390号1栋综合楼101-1，成立日期 2012年11月1日，上市日期2018年2月8日，公司主营业务涉及从事化妆品的研发、生产与销售。主营业 务收入构成为：水乳膏霜81.84%，面膜17.32%，其他(补充)0.84%。 截至12月31日，水羊股份股东户数2.80万，较上期减少6.67%；人均流通股12820股，较上期增加 7.14%。2025年1月-9月，水羊股份实现营业收入34.09亿元，同比增长 ...

证券代码：300740 证券简称：水羊股份 公告编号：2026-003 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 一、向银行等金融机构申请授信额度及担保事项的概述 水羊集团股份有限公司（以下简称"公司""水羊股份"）经 2025 年 4 月 25 日及 2025 年 6 月 20 日召开的第三届董事会 2025 年第一次定期会议及 2024 年年度股东大会，分别审议通过了《关于公司 2025 年度为子公司担保额度预计 的议案》，根据公司发展计划，为满足子公司日常经营资金需要，降低融资成本， 提高资本营运能力，2025 年度公司及子公司拟向银行等金融机构申请不超过 30 亿元的综合授信额度，综合授信品种包括但不限于：短期流动资金贷款、中长期 借款、银行承兑汇票、保函、信用证、抵押贷款等。公司拟为子公司银行综合授 信内的融资提供不超过 30 亿元的担保额度，担保方式包括但不限于连带责任保 证、抵押、质押等。 公司股东大会授权公司管理层根据实际经营情况需要，在总额度内办理担保 事宜，上述总额度内的单笔担保不再上报董事会进行审议表决，由董事长确定并 1 执行。上述担保额度期限自 2024 年年 ...

长沙晚报掌上长沙1月29日讯（全媒体记者 徐运源）"从商标布局到品牌价值提升，给出了非常贴合我们需求的方 案。""帮我们排查出了潜在的侵权风险和机制漏洞，避免了可能发生的法律纠纷和品牌损失。"……近日，长沙市 知识产权局在岳麓科创港举办"商标品牌建设大家谈"之专家行专场沙龙活动，与会企业代表就一场持续大半年 的"深度服务"互动交流，谈收获给建议，气氛热烈。 这场名为"2025年长沙市商标品牌建设专家行"的服务活动，自启动以来便聚焦全市"4433"现代化产业体系及特色 优势领域企业，集结了一批来自省内外的商标服务专家，为21家企业提供了"一对一"的深度定制服务。活动不仅 为企业解决了一系列商标品牌领域的"急难愁盼"，更在探索一套知识产权公共服务的新模式。 从"个案解决"到"系统赋能"：深度问诊为企业个性化解难 商标制度是加强品牌法律保护、实现品牌市场价值、发挥品牌社会效益的基础保障。2025年，市知识产权局出台 《长沙市加强商标品牌建设三年行动方案（2025—2027年）》，商标品牌建设专家行服务是其中的重要内容，整 合知识产权局、知识产权保护中心、商标服务领域专家三方资源，以"精准问需、深度服务、系统赋能"为 ...

专家团上门，为企业商标品牌壮大"精准开方" 从个案解题到系统赋能，"长沙市商标品牌建设专家行"探索知识产权公共服务新模式 长沙晚报全媒体记者 徐运源 "从商标布局到品牌价值提升，给出了非常贴合我们需求的方案""帮我们排查出了潜在的侵权风险和机 制漏洞，避免了可能发生的法律纠纷和品牌损失"……近日，长沙市知识产权局在岳麓科创港举办"商标 品牌建设大家谈"之专家行专场沙龙活动，与会企业代表就一场持续大半年的"深度服务"互动交流时， 谈收获给建议，气氛热烈。 这场名为"2025年长沙市商标品牌建设专家行"的服务活动，自启动以来便聚焦全市"4433"现代化产业体 系及特色优势领域企业，集结了一批来自省内外的商标服务专家，为21家企业提供了"一对一"的深度定 制服务。活动不仅为企业解决了一系列商标品牌领域的"急难愁盼"，更在探索一套知识产权公共服务的 新模式。 商标制度是加强品牌法律保护、实现品牌市场价值、发挥品牌社会效益的基础保障。2025年，市知识产 权局出台《长沙市加强商标品牌建设三年行动方案（2025—2027年）》，商标品牌建设专家行服务是其 中的重要内容，整合知识产权局、知识产权保护中心、商标服务领域专家三 ...

Investment Rating - The report rates the cosmetics and medical beauty industry as "Overweight" for 2025, indicating an expectation for the industry to outperform the overall market [2][11]. Core Insights - The demand side of the cosmetics and medical beauty sector is expected to accelerate, with retail sales of cosmetics projected to reach 465.3 billion yuan in 2025, a year-on-year growth of 5.1%, surpassing the overall retail growth by 1.4 percentage points [3]. - The performance of Hong Kong-listed beauty companies is strong, with significant growth in GMV (Gross Merchandise Volume) through platforms like Douyin, particularly during promotional events like Double Eleven [3]. - The A-share market shows a mixed performance, with companies like Ruoyuchen and Shanghai Jahwa experiencing substantial improvements in their earnings [3]. - The e-commerce operation sector is rebounding, with companies like Ruoyuchen and Yiwang Yichuang expected to see profit growth exceeding 50% in 2025 [3]. - The medical beauty segment is anticipated to face slight fatigue due to macroeconomic factors, but new product launches are expected to stimulate consumer interest in 2026 [3]. Summary by Sections Cosmetics Sector - Retail sales of cosmetics are projected to grow by 5.1% in 2025, with Q4 growth reaching 9.9% [3]. - Key companies such as Shiseido and Lin Qingxuan are expected to see significant GMV growth, with Lin Qingxuan projected to achieve triple-digit growth [3]. - Investment recommendations include companies with strong channel and brand matrices like Maogeping, Shiseido, and Lin Qingxuan, as well as those with improving earnings like Porlaia and Marubi [3]. Medical Beauty Sector - The medical beauty sector is expected to be impacted by macroeconomic conditions, with companies like Aimeike facing challenges [3]. - Recommendations focus on companies with strong R&D capabilities and broad product pipelines, such as Aimeike and Langzi [3]. E-commerce and Operations - The e-commerce operation sector is recovering, with companies like Ruoyuchen and Qingmu Technology expected to see significant profit growth [3]. - The report highlights the importance of self-operated brands and the potential for high growth in this segment [3]. Key Company Valuations - The report provides a valuation table for key companies, indicating a "Buy" rating for several firms including Porlaia, Maogeping, and Shiseido, with projected PE ratios reflecting growth expectations [5].