Investment Rating - The report downgrades the investment rating of Shanghai Jahwa to "Accumulate" [2][4] Core Views - The company is undergoing a reform period, which has led to a temporary decline in performance, but it is focusing on brand building for long-term development [2][4] - The revenue for the first three quarters of 2024 is reported at 4.477 billion RMB, a year-on-year decrease of 12.07%, with a net profit attributable to shareholders of 163 million RMB, down 58.72% year-on-year [2][3] - The company is actively adjusting its strategy, transitioning from distributors to self-operated channels and reducing inventory in department stores, which has impacted performance [3][4] Summary by Sections Performance Overview - For Q3 2024, revenue was 1.156 billion RMB, a year-on-year decline of 20.93%, with a net loss attributable to shareholders of 75.3 million RMB [2][3] - The operating cash flow increased by 28.6% year-on-year, indicating improved cash management despite declining revenues [2] Strategic Adjustments - The company is enhancing its online operations and focusing on brand building, with notable growth in e-commerce sales for its brands [3][4] - Marketing activities are intensifying, with expectations for a positive performance during the Double Eleven shopping festival [4] Financial Forecasts - The profit forecasts for 2024-2026 are adjusted to 270 million RMB, 360 million RMB, and 470 million RMB respectively, reflecting a significant decline in 2024 but expected recovery in subsequent years [4][6] - The report anticipates a gradual improvement in performance as the reforms take effect, with projected P/E ratios of 44, 33, and 25 for 2024-2026 [4][6]

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,155,801,471.21, a decrease of 20.93% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was -¥75,299,685.21, representing a decline of 180.85% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥115,138,055.25, a decrease of 421.81% compared to the same period last year[2]. - The basic earnings per share for Q3 2024 was -¥0.11, down 178.57% year-on-year[3]. - The total operating revenue for the first three quarters of 2024 was CNY 4,476,514,757.22, a decrease of 12.06% compared to CNY 5,091,247,553.86 in the same period of 2023[19]. - The net profit for Q3 2024 was CNY 162.70 million, a decrease of 58.8% compared to CNY 394.13 million in Q3 2023[21]. - Operating profit for Q3 2024 was CNY 155.51 million, down 64.9% from CNY 442.99 million in the same period last year[21]. - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 223.06 million, a decrease of 51.0% from CNY 455.36 million in Q3 2023[23]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥11,239,111,407.16, a decrease of 4.18% from the end of the previous year[3]. - Total assets amounted to CNY 11,239,111,407.16, a decrease of 4.19% from CNY 11,729,795,966.33[18]. - Total liabilities decreased to CNY 3,500,713,556.26 from CNY 4,039,678,390.92, a reduction of 13.4%[18]. - The equity attributable to shareholders increased to CNY 7,738,397,850.90 from CNY 7,690,117,575.41, an increase of 0.63%[18]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥269,035,772.69, an increase of 28.60%[3]. - The company reported a cash flow from operating activities of CNY 269.04 million for the first three quarters of 2024, an increase of 28.7% from CNY 209.21 million in the same period last year[24]. - Net cash flow from investing activities was -85,791,799.91, a decrease from -327,469,342.03 in the previous period[25]. - Cash inflow from financing activities totaled 137,612,476.55, up from 43,707,250.00 in the previous period[25]. - The net cash flow from financing activities was -453,279,923.63, slightly improved from -479,372,899.17[25]. - The ending cash and cash equivalents balance decreased to 659,887,133.19 from 1,062,123,134.84[25]. - The net decrease in cash and cash equivalents was -269,109,296.37, an improvement from -613,556,084.10[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 47,661, with the largest shareholder, Shanghai Jahwa Group Co., Ltd., holding 344,927,001 shares, accounting for 51.08% of the total[10]. - The top ten shareholders hold a total of 392,000,000 shares, with the top three shareholders accounting for 56.96% of the total shares[10]. Market and Strategy - The company reported a significant decline in net profit due to pressures in domestic business and increased competition in overseas markets[8]. - The company plans to continue increasing brand marketing investments to maintain market share despite declining revenues[8]. - The company has not reported any new strategies or significant developments in product or technology research during this reporting period[15]. - The company has not disclosed any significant changes in market expansion or mergers and acquisitions in this reporting period[15]. - The report does not indicate any significant changes in shareholder structure or voting rights restoration for preferred shareholders[12]. Other Financial Metrics - The weighted average return on equity for Q3 2024 was -0.97%, a decrease of 2.20 percentage points year-on-year[3]. - The financial expenses for Q3 2024 increased to CNY 31.73 million from CNY 7.16 million in Q3 2023[21]. - Other income for Q3 2024 was CNY 34.54 million, down from CNY 63.57 million in the same quarter last year[21]. - Research and development expenses for Q3 2024 were CNY 104.19 million, a decrease of 8.7% compared to CNY 114.19 million in Q3 2023[21]. - The company reported a significant increase in other current assets, rising to CNY 330,795,339.25 from CNY 88,606,632.78, an increase of 273.5%[16]. - The company has adopted new accounting standards starting in 2024, which may affect financial reporting[26]. - The board of directors announced the third quarter report on October 29, 2024[26].

上海家化联合股份有限公司 关于 2024 年第三季度主要经营数据的公告 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个别及连带责任。 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 2024 年第三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） | | --- | --- | --- | --- | | 个护 | 62,103,525 | 58,813,089 | 532,242,425.74 | | 美妆 | 9,257,494 | 4,328,829 | 95,066,724.01 | | 创新 | 22,697,546 | 16,753,454 | 151,430,058.61 | | 海外 | 25,443,131 | 24,605,016 | 374,250,766.32 | 注：个护（含六神、美加净品牌）、美妆（含玉泽、佰草集、双妹、典萃品牌）、 创新（含启初、家安、高夫等品牌）、海外（汤美星）。 二、主要 ...

证券代码：600315 证券简称：上海家化 公告编号：2024-041 上海家化联合股份有限公司 2024 年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.03 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/17 | － | 2024/10/18 | 2024/10/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会、董事会届次和日期 四、 分配实施办法 1. 实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。 已办理指定交易的投资者可于红利发放日在其指定的证券营业部领取现金红利，未办理指定 交易的股东红利暂由中国结算上海分公司保管，待办理指定交易后再进行派发。 本 ...

证券代码：600315 证券简称：上海家化 公告编号：临 2024-040 上海家化联合股份有限公司 关于调整 2024 年半年度利润分配总额的公告 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个别及连带责任。 上海家化联合股份有限公司（以下简称"公司"或"上海家化"）于 2024 年 8 月 21 日召开八届二十一次董事会，审议通过了《2024 年半年度利润分配方案》， 调整前方案内容如下： 公司拟向全体股东每 10 股派发现金红利 0.3 元（含税），以截至 2024 年 8 月 21 日公司的总股本计算，合计拟派发现金红利 20,257,663.80 元（含税）。在 实施权益分派股权登记日前公司总股本发生变动的，拟维持每股分配比例不变， 相应调整分配总额。具体内容请见公司于 2024 年 8 月 22 日在上海证券交易所网 站（www.sse.com.cn）披露的《2024 年半年度利润分配方案公告》（公告编号： 2024-036）。 二、调整原因 2024 年 9 月 27 日，公司披露了《上海家化关于股权激励限制性股票回购注 ...

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个别及连带责任。 重要内容提示： 证券代码：600315 证券简称：上海家化 公告编号：2024-039 上海家化联合股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日召开八届十 七次董事会和八届十五次监事会，审议通过了《关于回购注销部分限制性股票的议案》。 鉴于 2020 年限制性股票激励计划部分激励对象已离职，以及第三个解除限售期公司层面 业绩考核未达标；2022 限制性股票激励计划部分激励对象已离职，以及第二个解除限售 期公司层面业绩考核未达标，根据《上市公司股权激励管理办法》、公司《2020 年限制 性股票激励计划（2022 年 8 月修订）》（以下简称"《2020 年限制性股票激励计 划》"）、公司《2022 年限制性股票激励计划（草案）》（以下简称"《2022 年限制性 股票激励计划》"）的相关规定，公司将上述激励对象已获授但尚未解除限售的 3,029,480 股限制性股票进行回购注销处理。 上海家化联合股份有限公司 关于股权激励限制性股票回购注销实施公告 本次注 ...

国浩律师（上海）事务所 关 于 上海家化联合股份有限公司 2020 年、2022 年限制性股票激励计划 部分限制性股票回购注销实施 的 法律意见书 关于上海家化联合股份有限公司 2020 年、2022 年限制性股票 激励计划部分限制性股票回购注销实施的 法律意见书 致：上海家化联合股份有限公司 上海市北京西路 968 号嘉地中心 27 楼接待中心 邮编：200041 27/F, Garden Square, 968 West Beijing Road, Shanghai 200041, China T. +86 21 5234 1668 F. +86 21 5234 1670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2024 年 9 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所（以下简称"本所"）接受上海家化联合股份有限公 司（以下简称"上海家化"或"公司"）的委托，作为其实施 2020 年限制性股票激 励计划和 2022 年限制性股票激励计划的特聘专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"） ...

公 司 研 究 | --- | --- | |------------------------------|--------------------------------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-09-12 | | 收盘价（元） | 14.19 | | 总股本（亿股） | 675.26 | | | | | 流通股本（亿股） | 672.23 | | 净资产（百万元） | 7,757.14 | | 总资产（百万元） | 11,816.02 | | 每股净资产（元） 来源： | 11.47 ，兴业证券经济与金融研究院整理 | 公 司 点 评 报 告 WIND 投资要点 ＃summary＃ 公司公告：2024H1 公司实现营收 33.21 亿元，同比-8.51%；归母净利润 2.38 亿元，同比-20.93%； 扣非归母净利润 2.35 亿元，同比-10.36%，若按同口径计算，则提升 9.06%；毛利率 61.13%， 同比+0.88pct；归母净利率 7.17%，同比-1.13pct。其中 24Q2 公司实现营收 14.15 亿元，同比 ...

上半年业绩短期承压，期待组织&品牌变革后经营拐点 上海家化(600315.SH)/美护 证券研究报告/公司点评 2024 年 9 月 8 日 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|----------------------------------------|-----------------------------|--------|-------|-----------------------------------------|-----------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 14.49 元/ 股 | [Table_Finance 公司盈利预测及估值 1] | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：郑澄怀 | 营业收入（百元） | | | | 7106.3 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a revenue of 3.321 billion yuan for H1 2024, a year-on-year decrease of 8.51%, and a net profit attributable to shareholders of 238 million yuan, down 20.93% year-on-year [4][5]. - The decline in revenue is primarily attributed to growth pressures in overseas markets due to declining birth rates and challenges in the domestic beauty product category [5]. - The company has implemented a threefold transformation strategy focusing on organizational structure, brand strategy, and channel strategy to enhance operational efficiency and decision-making [5][6]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 61.13%, an increase of 0.88 percentage points year-on-year, driven by lower procurement costs for raw materials and packaging [5]. - Sales expenses amounted to 1.442 billion yuan, a decrease of 8.74% year-on-year, aligning with the revenue decline [5]. - The company’s inventory at the end of H1 2024 was 727 million yuan, with inventory turnover days decreasing by 26 days year-on-year [5]. Future Outlook - The company expects to see gradual improvements from its ongoing reforms, with projected EPS of 0.68, 0.74, and 0.84 yuan for 2024, 2025, and 2026 respectively [6][11]. - The multi-brand, multi-category, and multi-price structure of the company is believed to provide operational resilience in the current market environment [6].