证券代码：600315 证券简称：上海家化 公告编号：临 2025-042 上海家化联合股份有限公司 关于调整 2025 年员工持股计划预留份额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 上海家化联合股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日召开 九届二次董事会，审议通过了《关于调整 2025 年员工持股计划预留份额的议案》。 根据公司 2024 年年度股东会相关授权及公司《2025 年员工持股计划（草案修 订稿）》，该事项在董事会的授权审批范围内。现将有关情况公告如下： 一、2025 年员工持股计划的基本情况及审批程序 1．2025 年 4 月 23 日，公司八届二十五次董事会审议通过了《上海家化联 合股份有限公司 2025 年员工持股计划（草案）》及其摘要、《上海家化联合股份 有限公司 2025 年员工持股计划管理办法》、《上海家化联合股份有限公司长期激 励基金管理办法》、关于提请股东会授权董事会全权办理公司 2025 年员工持股计 划相关事宜的议案。相关议案已经董事会薪酬与考核委员会事 ...

Group 1 - The beauty care sector experienced a significant rise at the beginning of trading, with Jeya Co., Ltd. (301108) increasing by over 10% [1] - Yiyi Co., Ltd. (001206) approached the daily limit increase, indicating strong market interest [1] - Aimeike (300896) saw an increase of over 4%, reflecting positive sentiment in the industry [1] Group 2 - Other companies such as Shuiyang Co., Ltd. (300740) and Shanghai Jahwa United Co., Ltd. (600315) also experienced upward movement, suggesting a broader trend in the beauty care sector [1]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting innovative business models driving growth in the light medical beauty sector, particularly recommending attention to the company "Xinyang" [2][9]. Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index declining by 0.1% from July 11 to July 18, 2025, while the Shenwan Cosmetics Index fell by 0.9%, underperforming the Shenwan A Index by 2.3 percentage points [3][4]. - Innovative business models are driving growth in light medical beauty, contrasting with traditional medical beauty institutions facing stagnation due to high costs and weak consumer demand. Xinyang's high cost-performance ratio, chain operations, and app-based customer conversion model are seen as new growth drivers for the sector [9][10]. - The report emphasizes the importance of supply-side innovations in stimulating consumer demand and driving industry recovery, despite short-term macroeconomic challenges [9]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance compared to the market, with specific indices reflecting declines during the reporting period [3][4]. - The top-performing stocks in the sector included Zhongshun Jierou (+10.8%) and Juzibio (+6.1%), while the worst performers were Shangmei Shares (-11.1%) and Baiya Shares (-4.3%) [5]. Key Company Insights - Linqingxuan, a high-end domestic skincare brand, has seen revenue growth from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with net profit turning from a loss of 6 million yuan to a profit of 187 million yuan [10][15]. - The company has established a strong product matrix and supply chain advantages, with production capacity reaching 40 million units annually [16][17]. - The report also highlights the growth of the "Plant Doctor" brand, which has achieved a net profit CAGR of 24% from 2022 to 2024, supported by a robust channel network and operational efficiencies [10][12]. Market Trends - The report notes a shift in the cosmetics market from quantity to quality, with a significant increase in e-commerce sales, which accounted for 47% of total cosmetics sales in 2024, up from 22% in 2016 [11]. - The domestic market is witnessing a rise in local brands, with a notable increase in market share for domestic products, reflecting changing consumer preferences and the impact of the "national tide" [11][28]. Financial Performance - The report indicates that the overall retail sales of cosmetics in China reached 229.1 billion yuan in the first half of 2025, with a year-on-year growth of 2.9%, although June saw a decline of 2.3% due to promotional timing [21][24]. - The performance of major companies like Meili Tianyuan is highlighted, with projected revenue of at least 1.45 billion yuan for the first half of 2025, representing a growth of at least 27% [24].

Group 1 - The core index of the CSI 1000 major consumer index reported at 7845.59 points, with a decline of 4.42% over the past month and 2.47% over the past three months, while it has increased by 0.26% year-to-date [1] - The CSI 1000 index consists of 10 industry indices selected based on liquidity and market representation, providing diverse investment targets for investors [1] - The top ten holdings in the CSI 1000 major consumer index include: Lao Baigan Wine (4.28%), Lianhua Holdings (3.75%), Biological Shares (3.1%), Zhongchong Shares (3.01%), Shunxin Agriculture (2.86%), Yanjinpuzi (2.81%), Jinhui Industry (2.79%), Shanghai Jahwa (2.53%), Miaokelan Duo (2.52%), and Tangrenshen (2.43%) [1] Group 2 - The market share of the CSI 1000 major consumer index is divided between the Shanghai Stock Exchange (51.18%) and the Shenzhen Stock Exchange (48.82%) [1] - The industry composition of the CSI 1000 major consumer index includes: Food (36.45%), Breeding (25.12%), Alcohol (12.51%), Household Products (10.76%), Planting (8.80%), Beauty Care (4.35%), and Soft Drinks (2.01%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [2]

Core Points - The company held the first meeting of the 2025 Employee Stock Ownership Plan (ESOP) on July 4, 2025, with 44 participants representing 72,505,293 shares, accounting for 100% of the total subscription and 99.58% of the initial grant [1][2] - The meeting approved the establishment of a management committee for the 2025 ESOP to ensure smooth operation and protect the rights of the holders [1] - The committee consists of three members, with a term aligned with the duration of the ESOP, and the first meeting elected Dong Xiaoyou as the committee chair [2] - The management committee is authorized to handle various matters related to the ESOP, including convening meetings, managing accounts, exercising shareholder rights, and overseeing asset management [2][3]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海家化联合股份有限公司（以下简称"公司"）2025 年员工持股计划第一 次持有人会议于 2025 年 7 月 4 日以现场结合通讯表决的方式召开。会议由公司 首席财务官兼董事会秘书罗永涛先生召集和主持，出席本次会议的持有人 44 人， 代表 2025 年员工持股计划份额 72,505,293 份，占公司 2025 年员工持股计划首次 认购总份额的 100.00%，占公司 2025 年员工持股计划首次授予份额的 99.58%。 会议的召集、召开和表决程序符合公司 2025 年员工持股计划的有关规定。会议 以记名投票表决方式，审议通过了以下议案： （一） 审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 证券代码：600315 证券简称：上海家化 公告编号：临 2025-041 上海家化联合股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 表决结果：同意 72,505,293 份，占出席持有人会议的持有人所持份额总数的 100.00%；反对 0 份， ...

Core Viewpoint - Shanghai Jahwa's new CEO Lin Xiaohai is implementing significant reforms to revitalize the company amidst declining performance and increasing competition from international brands and emerging domestic products [1][8]. Group 1: Leadership and Strategy - Lin Xiaohai, with over 25 years of experience at Procter & Gamble, is focusing on brand consolidation and high-end product development [3][4]. - The company is eliminating underperforming sub-brands to concentrate resources on key brands like Six Gods, Baicaoji, and Yuze [4]. - A high-end product line, "Taiji Dan," is being launched under Baicaoji to compete with international brands [4]. Group 2: Operational Changes - The company is optimizing its distribution channels by closing inefficient stores and enhancing online sales, aiming for online revenue to exceed 50% by 2025 [4][10]. - A membership system is being established to improve customer retention and repurchase rates [5]. - The introduction of Procter & Gamble alumni into the management team is expected to enhance operational efficiency [6]. Group 3: Financial Performance - In 2024, Shanghai Jahwa reported a total revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a loss of 833 million yuan, a significant drop of 266.60% [8]. - The Q1 2025 report shows a revenue decline of 10% to 1.704 billion yuan, but a profit turnaround to 217 million yuan, indicating a recovery compared to the previous year [10]. Group 4: Future Outlook - The company aims for a revenue target of over 9.5 billion yuan in 2025, with a net profit margin of 8% [15]. - Key brand revenue targets include 2.5 billion yuan for Yuze, 1.8 billion yuan for Baicaoji, and maintaining 3 billion yuan for Six Gods [15]. - The company plans to innovate in both offline and online channels, including the introduction of "smart beauty stores" and doubling GMV on Douyin to 2 billion yuan [15]. Group 5: Market Trends and Challenges - The market for functional skincare is expected to exceed 100 billion yuan by 2026, with "medical research collaboration" becoming a standard in the industry [13]. - International brands maintain a competitive edge in the high-end market, and domestic brands need to establish "technology + culture" barriers [13]. - Rising raw material costs and increasing online customer acquisition costs are significant challenges [13].

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]

Core Viewpoint - Shanghai Jahwa's performance in 2024 is disappointing, with revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a net loss of 833 million yuan [2] Group 1: Financial Performance - In 2024, Shanghai Jahwa reported a revenue of 5.679 billion yuan, down 13.93% year-on-year, and a net profit of -833 million yuan [2] - The beauty business generated revenue of 1.05 billion yuan, down 29.81% year-on-year, while the innovation business reported 830 million yuan, down 19.38% [4] - The overseas business, represented by汤美星, achieved revenue of 1.415 billion yuan, down 11.43% year-on-year, and the personal care business reported 2.379 billion yuan, a slight decline of 3.42% [4] Group 2: Strategic Focus - The company is implementing a "four focuses" strategy: focusing on core brands, brand building, online presence, and efficiency [2] - Core brands are categorized into three tiers, with significant resource allocation to the first tier brands, such as Six God and Yuze [2] - The company plans to launch new product lines for the second-tier brands, Baicaoji and Meijiajing, in August-September [3][6] Group 3: Product Development - New products were introduced at the shareholder meeting, including an upgraded mosquito repellent and a refreshing scented shower gel under the Six God brand [5] - Yuze brand also launched a second-generation barrier repair cream and a large molecule sunscreen product [6] Group 4: Online Strategy - The company is enhancing its online strategy by focusing on self-operated live streaming and transitioning from an online distributor model to a self-operated model [3][8] - During the 618 shopping festival, major brands achieved double-digit growth in online sales, with Six God and Baicaoji seeing GMV growth of approximately 30% and 50%, respectively [7] Group 5: Operational Efficiency - The company has reduced its SKU count from over 10,000 to around 3,000, aiming for a 40% improvement in product efficiency [6] - Approximately 500 positions were eliminated, primarily in offline channels and back-office departments, with an additional 10%-15% reduction planned for middle and back-office roles [6] Group 6: Future Goals - Shanghai Jahwa aims for a double-digit revenue growth in 2025, with a focus on core brand investment and enhancing online operational capabilities [10]

Core Viewpoint - Shanghai Jahwa is undergoing a significant transformation, focusing on organizational restructuring and strategic repositioning to address challenges such as brand aging, channel mismatch, and insufficient online competitiveness [2][6][11]. Group 1: Leadership and Strategy - CEO Lin Xiaohai has set a new vision and restructured the company's governance and organization, emphasizing "brand" as the operational unit [7][10]. - Lin Xiaohai rated his performance at 79 out of 100, indicating both achievements and areas for improvement in the past year [6][11]. - The company has shifted from a "large and comprehensive" approach to a "small team operation," enhancing responsiveness and resource allocation [10]. Group 2: Operational Improvements - The company has optimized its organizational structure, including leadership changes in multiple business units and improving operational efficiency by reducing redundancy in roles [8][9]. - Inventory turnover efficiency has improved significantly, with the time for goods turnover reduced from 300 days to 89 days, leading to double-digit same-store sales growth [8][9]. - The company has also focused on cleaning up its overseas subsidiaries, particularly addressing losses in the UK subsidiary [8]. Group 3: E-commerce Performance - During the 618 shopping festival, several brands under Shanghai Jahwa saw substantial sales growth, with Yuze brand sales increasing over 20% and Six Gods over 30% [9]. - The company achieved a 17% year-on-year growth in GMV during the 2023 Double 11 shopping festival, reflecting the effectiveness of its reforms [9][11]. Group 4: Future Focus and Challenges - Moving into the second half of 2025, the company will enter a "deep water zone" of reform, facing internal and external pressures from market competition [13][16]. - The company aims to deepen its "four focuses" strategy: focusing on core brands, brand building, online growth, and efficiency [13][15]. Group 5: R&D Investment - Shanghai Jahwa has increased its R&D investment, with a 11.12% year-on-year growth in R&D expenses in Q1 2025 [19][20]. - The company is focusing on "R&D system + medical research collaboration + product innovation," establishing partnerships with hospitals to enhance product development [20][21]. - The R&D advantages are seen as a key differentiator, with a complete medical research chain and ongoing investment capabilities [26][27].