[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 上海家化(600315)公司点评报告 2025 年 08 月 22 日 [Table_Title] 25Q2 收入增长提速，抖音渠道持续突破 ——上海家化(600315)2025 年半年报点评 [Table_Summary] 事件： 公司发布 2025 年半年报。 点评： 25Q2 收入增长明显提速，扣非净利润扭亏为盈 25H1 公司实现营收 34.78 亿元，同比增长 4.75%；归母净利润 2.66 亿元， 同比增长 11.66%，扣非净利润 2.21 亿元，同比下降 5.89%。非经常性损 益变动主要系持有金融资产和金融负债形成的公允价值变动损益同比增加 约 5400 万元。公司销售毛利率达 63.37%，同比提升 2.24pct，销售净利率 为 7.64%，同比提升 0.47pct。销售费用率、管理费用率、研发费用率分别 为 43.85%、8.06%、2.49%，同比分别微增 0.44/0.5/0.42pct，整体费用管 控成效显著。单 Q2 公司实现营收 17.75 亿元，同比增长 25.4%，净利润 4862 万元，扣非净 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][9]. Core Insights - The company reported Q2 earnings that exceeded expectations, with H1 revenue of 3.478 billion yuan, a year-on-year increase of 4.7%, and a net profit of 266 million yuan, up 11.7% year-on-year [9]. - In Q2 alone, revenue reached 1.77 billion yuan, representing a 25.4% year-on-year growth, while net profit surged by 367.1% to 50 million yuan [9]. - The company plans to distribute a cash dividend of 0.39 yuan per 10 shares, totaling 25.966 million yuan, with a payout ratio of 10% [9]. Financial Data and Profit Forecast - The company forecasts total revenue of 6.276 billion yuan for 2025, with a year-on-year growth rate of 10.5% [8]. - The projected net profit for 2025 is 318 million yuan, with an expected growth rate of 19.4% in 2026 and 22.4% in 2027 [8]. - The gross margin for H1 2025 was reported at 63.4%, an increase of 2.2 percentage points year-on-year [9]. Business Performance - The personal care division generated 1.57 billion yuan in H1 2025, accounting for 45% of total revenue, with significant sales from new products [9]. - The beauty division achieved 820 million yuan in revenue, a 55.7% year-on-year increase, with notable growth in online sales channels [9]. - The company has optimized its channel layout, with online sales accounting for 44.2% of total revenue in H1 2025, reflecting a 34.64% year-on-year increase [9].

Market Overview - On August 22, the cosmetics sector rose by 1.2%, with Shanghai Jahwa leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Shanghai Jahwa (600315) closed at 25.74, with a significant increase of 10.00% and a trading volume of 208,800 shares, amounting to a transaction value of 531 million yuan [1] - Other notable performers include: - Xingxiang (300886) at 33.40, up 2.58% [1] - Company 603605 at 88.26, up 1.60% [1] - Betaini (300957) at 47.19, up 0.60% [1] - Marubi (603983) at 45.29, up 0.31% [1] - Conversely, stocks like Kohn (300856) and Furuida (600223) experienced slight declines of -0.13% and -0.58% respectively [1] Capital Flow Analysis - The cosmetics sector saw a net outflow of 173 million yuan from institutional investors, while retail investors contributed a net inflow of 226 million yuan [2] - The detailed capital flow for key stocks indicates: - Shanghai Jahwa had a net outflow of 95.05 million yuan from institutional investors [3] - Other stocks like Marubi and Kohn also experienced varying degrees of net outflows from institutional investors [3] - Retail investors showed a positive net inflow in several stocks, including Marubi and LaFang [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a year-on-year revenue growth of 4.7% and a net profit growth of 11.7% in the first half of 2025, with a significant improvement in Q2 performance [5][6] - Domestic revenue increased by 6.6%, while international revenue decreased by 1.8%, primarily due to reduced sales in the U.S. caused by tariff policies [6] - The company is focusing on four key initiatives to enhance performance, including core brand focus, brand building, online channel focus, and efficiency improvements [9] Financial Performance - In the first half of 2025, the company reported a gross margin increase of 2.2 percentage points to 63.4%, while the expense ratio rose by 1 percentage point to 54.6% [7] - Inventory decreased by 20.6% year-on-year to 580 million, and accounts receivable fell by 25.7% to 820 million, indicating improved turnover [8] - Operating cash flow increased by 39.7% year-on-year to 680 million [8] Earnings Forecast - The company’s earnings forecasts for 2025 to 2027 have been adjusted, with expected EPS of 0.50, 0.82, and 0.98 yuan respectively [10] - The current stock price corresponds to a PE ratio of 46 for 2025 [10] Market Position - The company’s stock has shown a relative performance of 1.12% over the past month, but a decline of 20.65% over the past three months [4]

Investment Rating - The report does not explicitly state an investment rating for Shanghai Jahwa United Core Views - Shanghai Jahwa achieved revenue of 3.48 billion yuan in 25H1, a year-on-year increase of 4.8%, driven by brand innovation, channel expansion, and operational efficiency improvements [2][9] - The gross margin for 25H1 was 63.4%, up 2.2 percentage points year-on-year, attributed to high-margin new products and improved supply chain efficiency [2][9] - The company reported a net profit attributable to the parent company of 266 million yuan in 25H1, an increase of 11.7% year-on-year [2][9] - The domestic business saw a significant revenue increase of 132.6% year-on-year in 25H1, while overseas revenue declined by 70.3% due to tariff impacts [3][10] - The company plans to continue focusing on brand building, marketing, R&D, and channel optimization in the second half of 2025 [6][14] Summary by Sections Financial Performance - 25H1 revenue was 3.48 billion yuan, up 4.8% YoY; net profit was 266 million yuan, up 11.7% YoY; operating cash flow increased by 39.7% YoY to 682 million yuan [2][9] - 25Q2 revenue reached 1.78 billion yuan, a 25.4% YoY increase, with a gross margin of 63.3% [2][9] Business Segmentation - Domestic business revenue in 25H1 was 2.78 billion yuan, with beauty, personal care, and innovation businesses contributing 26.9%, 57.3%, and 15.7% respectively [3][10] - Overseas business revenue was 703 million yuan in 25H1, down 70.3% YoY, primarily due to US tariff policies [3][10] Brand and Product Innovation - Significant new product launches included Liushen's Mosquito Repellent Egg 2.0 and Dr. Yu's upgraded skin barrier repair series, both performing well in the market [4][11] - Online sales for domestic business grew by 26% YoY in 25H1 and reached 35% in 25Q2 [4][11] Operational Efficiency - The company improved operational efficiency through standardized brand live broadcast rooms and expanded offline channels, increasing coverage to 92% in counties and above [5][12] - Supply chain optimization led to reduced procurement costs and logistics rates, enhancing response speed and efficiency [5][12] Future Outlook - Shanghai Jahwa plans to enhance brand marketing, continue R&D upgrades, and optimize online channels to drive high-quality business development in 25H2 [6][14]

Core Viewpoint - Shanghai Jahwa has implemented a strategic adjustment centered on "four focuses," leading to significant improvements in operational quality and impressive mid-term performance for 2025 [1][12]. Financial Performance - In the first half of 2025, Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.8%, and a net profit of 270 million yuan, up 11.7% year-on-year [1]. - The second quarter saw a substantial revenue growth of 25.4% year-on-year, with the beauty segment's all-channel revenue increasing by 55.7% and domestic online channel revenue rising by 34.6% [1]. Strategic Focus - The company has focused on core brand value enhancement, online capability development, and offline channel optimization, which has driven simultaneous revenue and profit growth [1][12]. - The "four focuses" strategy includes concentrating on core brands, brand building, online presence, and operational efficiency [2][12]. Brand Performance - The core brands, Six God and Yuze, have shown strong online growth, while Baicaoji has experienced a robust recovery, with significant contributions from new products [2][3][4]. - Six God launched a new portable mosquito repellent product that topped sales on Tmall, while Yuze has seen double-digit revenue growth and strengthened its brand through professional collaborations [3][4]. Online and Offline Channels - Online channel revenue grew by 34.6% year-on-year in Q2, with significant improvements in both live streaming and self-broadcasting capabilities [7][8]. - The company expanded its offline presence by adding 40 new channel distributors and increasing market coverage to 92% in cities above the county level [9]. Operational Efficiency - Shanghai Jahwa has improved operational efficiency through refined management practices, enhancing logistics and supply chain processes, and optimizing production capacity [11]. - The company has focused on elevating product effectiveness and organizational structure to boost overall productivity [11]. Future Outlook - Moving forward, Shanghai Jahwa aims to deepen its reform strategy, enhance organizational capabilities, and leverage its strong brand and product quality to achieve sustainable growth [12]. - The company is positioned to become a leading daily cosmetics company in both domestic and international markets, with increasing institutional confidence reflected in significant shareholding increases from foreign investors [12].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price of 27.07 CNY [1][6] Core Views - The company has shown rapid revenue growth in Q2, with a year-on-year increase of 25% and a significant profit increase of 367%, driven primarily by online sales channels [9] - The company is focusing on core brands and innovation in niche markets, with successful new product launches receiving positive market feedback [9] - The company’s operational quality is improving, as indicated by a decrease in inventory turnover days and accounts receivable turnover days, along with a 40% increase in net cash from operating activities [9] - Despite challenges in overseas business, there is an expectation of gradual improvement in the second half of the year due to easing trade tensions and optimization in product and marketing strategies [9] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecast for 2025-2027 has been raised to 0.50, 0.72, and 0.94 CNY respectively, up from previous estimates of 0.48, 0.69, and 0.89 CNY [6][10] - The company’s DCF target valuation remains at 27.07 CNY, supporting the "Accumulate" rating [6][10] - Revenue projections for 2025-2027 are 6,302 million, 6,886 million, and 7,484 million CNY, reflecting a recovery trajectory after a challenging 2024 [7][10]

Core Viewpoint - Shanghai Jahwa has demonstrated significant improvement in its financial performance, with a notable revenue increase in the second quarter, reflecting the effectiveness of its ongoing reform strategies [5][20]. Financial Performance - In the first half of 2025, Shanghai Jahwa achieved a revenue of 3.48 billion yuan, representing a year-on-year growth of 4.8% [5]. - The net profit for the same period was 270 million yuan, showing an increase of 11.7% [5]. - The second quarter alone saw a remarkable revenue growth of 25.4%, with beauty product sales increasing by 55.7% across all channels [5]. - Online sales across all brands in China recorded a 34.6% year-on-year growth [5]. - Accounts receivable decreased by 25.7%, and inventory reduced by 20.6%, while operating cash flow rose by 39.7% year-on-year [5]. Strategic Focus - The company has implemented a "four focus" strategy, which includes enhancing organizational capabilities, brand building, channel optimization, and operational quality improvement [5][20]. Product Innovation - Shanghai Jahwa has successfully launched several star products, including an upgraded portable mosquito repellent from the Liushen brand, which topped the Tmall sales chart [7]. - The new "Qinghao" cream series from the maternal and infant brand Qichu has gained significant market traction, achieving double-digit growth despite industry challenges [13]. - The Baicaoji brand has revitalized its product line with the "New Seven White" series, leading to over 50% growth in the second quarter [11]. Brand Marketing and Channel Optimization - The company has made significant strides in brand marketing, with Liushen launching a Pokémon collaboration to attract younger consumers, resulting in over 30% sales growth during the 618 shopping festival [17]. - The high-end brand Shuangmei has successfully positioned itself in the premium market, achieving top sales in the high-end essence oil category during the 618 event [15][18]. - The company has enhanced its online presence through effective collaborations with influencers and targeted marketing strategies, leading to substantial increases in brand visibility and sales [18]. Future Outlook - Looking ahead, Shanghai Jahwa has clear plans to maintain its growth momentum, focusing on product innovation and market trend alignment to solidify its position as a leading domestic brand [20].

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Shanghai Jahwa (600315.SH, latest price: 25.74 yuan) [2] - The beauty and personal care segment has achieved high growth [2] - The gross profit margin in Q2 2025 increased by 5.09 percentage points year-on-year, indicating improved profitability [2] - The brand matrix is being refreshed, with new products expected to be launched soon [2]

Core Insights - Shanghai Jahwa reported a revenue of 3.48 billion yuan for the first half of 2025, representing a year-on-year growth of 4.8% [1] - The company achieved a net profit of 270 million yuan, which is an increase of 11.7% compared to the same period last year [1]