公司研究 作者 -43% -30% -17% -3% 10% 03/23 06/23 09/23 12/23 Q2 护肤品类增长向好、海外业务拖累收入， 继续期待多品类多点发力——上海家化 （600315.SH）2023 年中报点评 （2023-08-29） 22 年业绩受疫情扰动，23 年期待回归健康 增长——上海家化（600315.SH）2022 年年 报及 2023 年一季报点评（2023-04-26） 22 年业绩靴子落地，23 年改善弹性可期— —上海家化（600315.SH）2022 年业绩快报 点评（2023-03-15） 上海家化发布 2023 年年报。公司 2023 年实现营业收入 65.98 亿元、同比下滑 7.16%，归母净利润 5.00 亿元、同比增长 5.93%，扣非净利润 3.15 亿元、同比下 滑 41.82%，EPS 为 0.75 元，拟每股派发现金红利 0.23 元（含税）。其中 23 年扣 非净利润下滑而归母净利润增长，其差异主要系会计处理上确认公司购买的理财产 品的公允价值变动和投资收益更多为非经常性损益所致。 分品牌来看：1）护肤品类：23 年玉泽收入同比增超 9%；佰 ...

日用化学品 上海家化（600315.SH） 增持-A(维持) 证券研究报告 主动优化调整组织架构，创新迭代优化产品矩阵 | --- | --- | --- | |--------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Revenue and Financial Performance - Online revenue reached ¥2,810,291,419.71, an increase of 61.73% year-on-year, while offline revenue was ¥3,776,788,844.57, up 56.87% year-on-year, leading to a total revenue of ¥6,587,080,264.28, a growth of 58.94%[7] - The company's net profit decreased year-on-year primarily due to a continuous decline in offline channel traffic, leading to a decrease in revenue, coupled with rising procurement prices that reduced gross margin[36] - The net profit of Shanghai Jahwa Hainan Daily Chemical Co., Ltd. increased year-on-year due to personnel restructuring, resulting in reduced employee compensation and share-based payment expenses[36] - The company achieved a revenue of 6.598 billion yuan, a year-on-year decrease of 7.16%[192] - Gross margin was 58.97%, an increase of 1.85 percentage points year-on-year[192] - Net profit attributable to shareholders was 500 million yuan, a year-on-year increase of 5.93%[192] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 315 million yuan, a year-on-year decrease of 41.82%[192] Organizational Structure and Human Resources - The company established a new organizational structure with business divisions for beauty and skincare, maternal and infant care, personal care, and overseas operations, enhancing decision-making speed and market responsiveness[3] - The company hired 346 new employees, with an average age of 30, including 79 managerial positions, to strengthen sales management and digital operations[3] - The total number of employees in the company is 4,824, with 932 in the parent company and 3,892 in major subsidiaries[85] - The company has a performance evaluation system that emphasizes KPI alignment with individual and company goals, enhancing employee development pathways[86] - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[75] Product Development and Innovation - The new product "启初胚米面霜" received a "双易" certification, enhancing consumer trust in product quality and safety[2] - The company aims to enhance its product innovation capabilities through stable OEM/ODM partnerships, supporting business growth across various brands[19] - The company focused on four major product lines, with the core brand audience increasing by 44.3%[196] - The new Taiji series "Bubble Water" sales exceeded 100 million yuan[196] - The oil-sensitive cream launched in April became a top-selling SKU, contributing over 100 million yuan in sales[196] - The company has 179 R&D personnel, accounting for 3.71% of the total workforce[199] - The R&D team includes 8 PhD holders, 45 master's degree holders, and 88 bachelor's degree holders[199] Market Position and Competition - The brand "佰草集" holds a 0.6% market share in the department store skincare market, while "六神" has over 80% market share in the adult floral water market[18] - The company is focusing on cross-industry collaborations to strengthen its high-end brand image, as seen with partnerships with cultural institutions[2] Financial Management and Investments - Investment cash inflow decreased by 44.56% to ¥1,842,088,903.97, primarily due to a reduction in bank wealth management redemptions[14] - The total investment in private equity increased from approximately 625.53 million to 644.21 million, reflecting a fair value change of 50.77 million[29] - The total investment in bank wealth management and asset management products rose from approximately 2.22 billion to 2.48 billion, with a fair value change of 57.47 million[29] - The company has entrusted cash asset management with a total amount of ¥200,000,000, initiated on January 17, 2022, with flexible terms[160] - The company has multiple bank wealth management products totaling ¥1,800,000,000, with various initiation dates and expected returns[161] Governance and Compliance - The company is committed to improving its governance structure and operational compliance, adhering to relevant laws and regulations[42] - The company has established a comprehensive risk management system and continuously improves internal control processes and tools[46] - The company held 5 meetings of the Audit and Risk Management Committee during the reporting period, focusing on annual audit arrangements and risk management work[46] - The company’s independent directors actively participated in committee meetings, providing nine independent opinions to enhance corporate governance[44] - The company has implemented a robust internal control system in compliance with relevant laws and regulations to enhance management levels[75] Social Responsibility and Community Engagement - Total investment in public welfare projects amounted to 2.94 million yuan, benefiting 43,993 people[97] - Total investment in poverty alleviation and rural revitalization projects reached 1.65 million yuan, helping 11,098 individuals[99] - Environmental protection funding during the reporting period was 3.246 million yuan[118] - The company established a green supply chain, promoting energy conservation and clean production[120] - The company donated skincare products to support border soldiers affected by previous floods in the Beijing-Tianjin-Hebei region[123] - The company partnered with a charity supermarket for autistic youth, donating products and committing all sales proceeds to charity[123] - The company organized educational activities for students from rural areas, enhancing their exposure to urban culture and patriotism[123] - The company donated hygiene and cleaning supplies to impoverished residents in the local community, contributing to social welfare initiatives[124] - The company has actively engaged in community support, including educational initiatives for rural teachers[124] - The company continues to focus on social responsibility, including partnerships to support employment for special youth[124] Shareholder Information and Stock Performance - The company has a total of 678,873,194 shares, with a decrease of 2,649,334 shares during the reporting period[147] - The top shareholder, Shanghai Jahwa (Group) Co., Ltd., holds 344,927,001 shares, representing 51.01% of the total shares[149] - The number of ordinary shareholders decreased from 46,968 to 46,651 during the reporting period[148] - The company completed the repurchase and cancellation of 2,649,334 restricted stocks due to performance assessment failures in the 2020 and 2022 incentive plans[168] - The top ten shareholders include National Social Security Fund with 11,200,000 shares, accounting for a significant portion of the total shares[170] - The company reported non-operating income from the disposal of non-current assets amounting to RMB 12,309.18 in 2023, compared to RMB 1,081,072.46 in 2022[190] - Government subsidies recognized in the current period amounted to RMB 7,049,441.91, an increase from RMB 3,427,705.16 in the previous year[190] - The fair value changes of financial assets and liabilities resulted in a gain of RMB 203,761,014.77, contrasting with a loss of RMB 89,671,179.85 in 2022[190] Legal and Regulatory Matters - There were no significant litigation or arbitration matters reported for the year, indicating a stable legal environment for the company[131] - The company has not disclosed any significant related party transactions during the reporting period[156] - The company has not faced any situations leading to potential delisting[153] - The company has not made any asset or equity acquisitions or disposals that require disclosure[154] - The company has not recognized any impairment provisions for entrusted loans[164] - The company has not reported any changes in shareholder structure due to new share placements[152] - The company has not disclosed any fundraising progress during the reporting period[164] - The company has not reported any related debt transactions that require disclosure[156]

关于 2023 年第四季度主要经营数据的公告 证券代码：600315 证券简称：上海家化 公告编号：临 2024-002 上海家化联合股份有限公司 根据上海证券交易所《上市公司行业信息披露指引第十三号—化工》的要求、 现将公司 2023 年第四季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量(支) | 销量(支) | 营业收入（元） | | --- | --- | --- | --- | | 护肤 | 21,179,335 | 30,881,689 | 708,618,237.11 | | 个护家清 | 35,915,286 | 27,747,142 | 272,368,190.54 | | 母婴 | 31,843,278 | 36,916,914 | 501,747,845.93 | | 合作品牌 | 903,584 | 904,302 | 22,676,173.07 | 注：护肤品类，包括佰草集、玉泽、典萃、高夫、双妹、美加净；个护家清品类， 包括六神、家安等；母婴品类，包括启初、汤美星；合作品牌，包括片仔癀、碧缇丝、 芳芯。 二、主要产品和原材料的价格变动情况 ...

上海家化联合股份有限公司 2023 年度财务报表及审计报告 上海家化联合股份有限公司 2023 年度财务报表及审计报告 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 8 | | 2023 年度财务报表 | | | 合并及公司资产负债表 | 1 | | 合并及公司利润表 | 2 | | 合并及公司现金流量表 | 3 | | 合并股东权益变动表 | 4 | | 公司股东权益变动表 | 5 | | 财务报表附注 | 6 - 130 | | 补充资料 | 1 - 2 | 普华永道 审计报告 普华永道中天审字(2024)第 10032 号 (第一页,共八页) 上海家化联合股份有限公司全体股东: 一、审计意见 (一)我们审计的内容 我们审计了上海家化联合股份有限公司(以下简称"上海家化")的财务 报表,包括 2023年 12 月 31 日的合并及公司资产负债表,2023年度的合并 及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及财 务报表附注。 (二)我们的意见 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了上海家化 2023年 12 月 3 ...

目录 CONTENTS 董事长致辞 关于上海家化 ESG管理 公司治理责任 环境责任 社会责任 ESG数据绩效表 对标索引表 报告编制说明 在社会方面，我们勇于挑战，更懂得感恩与互相 成就。2023 年，公司引入国际 EWG 安全评级体系， 研发全绿色成分产品，为消费者提供更加可持续 和健康的选择。我们坚持秉承多元化政策，成为 联合国妇女署《赋权予妇女原则》WEPs（Women's Empowerment Principles ）全球签约企业，保 障女性参与管理和决策的权利，支持女性职业发 展。我们持续向外传输企业正能量，重磅发布了 "家·公益"项目并成立了首支员工志愿者队伍。 在年度内，员工志愿者服务时长超过 2,600 小时。 77 董事长致辞 2024 年是甲辰龙年，岁逢新变，时势日新。回顾过 去的一年，在充满挑战和不确定性的环境中，我们始 终坚守信念，积极进取，抓住了绿色、低碳、健康发 展的重要机遇，在环境、社会及企业治理等方面取得 了明显的进步，实现了重要突破。 上海家化秉持着"因美而生、向善而行"的长期可持 续发展战略，在 2023 年保持了对 ESG 战略的专注和 投入，MSCI ESG 评级持 ...

上海家化联合股份有限公司 会计师评估报告 普华永道中天会计师事务所（特殊普通合伙）（以下简称"普华"）前身为 1993 年 3 月 28 日成立的普华大华会计师事务所，经批准于 2000 年 6 月更名为普华 永道中天会计师事务所有限公司；经 2012 年 12 月 24 日财政部财会函[2012]52 号批准，于 2013 年 1 月 18 日转制为普华永道中天会计师事务所（特殊普通合 伙）。 普华永道中天是普华永道国际网络成员机构，拥有会计师事务所执业证书， 也具备从事 H 股企业审计业务的资质，同时也是原经财政部和证监会批准的具有 证券期货相关业务资格的会计师事务所。此外，普华永道中天也在 US PCAOB （美国公众公司会计监督委员会）及 UK FRC（英国财务汇报局）注册从事相关 审计业务。普华永道中天在证券业务方面具有丰富的执业经验和良好的专业服务 能力。普华永道中天的首席合伙人为李丹。 截至 2023 年 12 月 31 日，普华永道中天合伙人数为 291 人，注册会计师人 数为 1,710 余人，其中自 2013 年起签署过证券服务业务审计报告的注册会计师 人数为 383 人。 普华永道中天经 ...

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。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2024年3月14日公司召开八届十五次董事会，审议批准了本交易。该议案无 关联董事，7位非关联董事全部投票同意。公司独立董事专门会议审议通过了本 交易，3位独立董事全部投票同意。 （二）前次日常关联交易的预计和执行情况 证券代码：600315 证券简称：上海家化 公告编号：临2024-008 上海家化联合股份有限公司 关于2024年度与漳州片仔癀上海家化口腔护理有限公司 日常关联交易的公告 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 | | 漳州片仔癀上海家 | | | | | --- | --- | --- | --- | --- | | 向关联人购买产品 | 化口腔护理有限公 | 15,500 | 5,810 | 采购减少 | | | 司 | | | | | 其他（出租、承担 | 漳州片仔癀上海家 | | | | | 市场促销等费用 | 化口腔护理有限公 | 4,500 | 2,248 | | | 等） | 司 | | | | | 合计 | | ...

关于 2023 年度独立董事独立性情况的专项评估意见 根据《上市公司独立董事管理办法》、《上海证券交易所股票上市规则》、《上 海证券交易所上市公司自律监管指引第 1 号--规范运作》等要求，公司董事会 就公司在任独立董事王鲁军、肖立荣、冯国华的独立性情况进行评估并出具如下 专项意见: 经核查公司独立董事王鲁军、肖立荣、冯国华的任职经历以及签署的相关自 查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股 东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍 其进行独立客观判断的关系，因此，公司独立董事符合《上市公司独立董事管理 办法》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》中对独立 董事独立性的相关要求。 上海家化联合股份有限公司董事会 2024年3月16日 上海家化联合股份有限公司 独立董事独立性 上海家化联合股份有限公司董事会 ...

上海家化联合股份有限公司 2023 年度控股股东及其他关联方占用资金情况专项报告 普华永道 关于上海家化联合股份有限公司 控股股东及其他关联方占用资金情况专项报告 普华永道中天特审字(2024)第0933号 (第一页,共二页) 上海家化联合股份有限公司董事会: 我们审计了上海家化联合股份有限公司(以下简称"贵公司")2023 年 12 月 31 日的合并及公司资产负债表、2023 年度合并及公司利润表、合并及公司 股东权益变动表、合并及公司现金流量表和财务报表附注(以下合称"财务报 表 "),并于 2024年 3 月 14日出具了报告号为普华永道中天审字(2024)第 10032 号的无保留意见审计报告。财务报表的编制和公允列报是贵公司管理层的责任, 我们的责任是在按照中国注册会计师审计准则执行审计工作的基础上对财务报 表整体发表审计意见。 根据我们的工作程序,我们没有发现后附由贵公司编制的截至 2023 年 12 月 31 日止年度控股股东及其他关联方非经营性资金占用及其他关联资金往来 情况汇总表所载资料与我们审计财务报表时所审核的会计资料及财务报表中所 披露的相关内容在所有重大方面存在不一致的情况。 在对 ...