证券简称：上海家化 证券代码：600315 编号：临 2025-038 上海家化联合股份有限公司 关于公司 2024 年年度报告信息披露监管问询函 的回复公告 | 特别提示 | | --- | | 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"）于近日收到上海证券交易 所下发的《关于上海家化联合股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证公函【2025】0603 号），公司在收到上述信息披露监管问询函后高 度重视，现就信息披露监管问询函相关问题回复如下： 依据《公开发行证券的公司信息披露内容与格式准则第 2 号——年度报告 的内容与格式》（以下简称《格式准则第 2 号》）《上海证券交易所上市公司自 律监管指引第 3 号——行业信息披露》（以下简称 3 号指引）等规则的要求， 经对你公司 2024 年年度报告的事后审核，为便于投资者理解，根据本所《股票 上市规则》第 13.1.1 条的规定，请你公司进一步补充披露下述信息。 一、关于商誉。年报披露， ...

我们收到并阅读了上海证券交易所向贵公司出具的"关于对上海家化联合 股份有限公司 2024 年年度报告的信息披露监管问询函"(以下简称"问询函"), 我们仅以上述我们对 2020 年度财务报表、2021 年度财务报表、2022 年度 财务报表、2023 年度财务报表、2024 年度财务报表和 2024 年度内部控制 所执行的审计工作为依据,对贵公司就问询函中需要审计师发表意见的问题 的回复提出我们的说明。详见附件。 本说明仅供上海家化用于回复问询函中的问题时参考,不得用作其他用 途或向除上海证券交易所以外的其他第三方提供。 普华永道 上海家化联合股份有限公司董事会: 普华永道中天会计师事务所(特殊普通合伙)(以下简称"我们"或"普华永 道")接受上海家化联合股份有限公司(以下简称"上海家化"或"贵公司")委托, 审计了上海家化 2020年 12月 31日、2021年 12月 31日、2022年 12月 31 日、2023年 12 月 31 日和 2024 年 12 月 31 日的合并及公司资产负债表、 2020 年度、2021 年度、2022年度、2023年度和 2024 年度合并及公司利 润表、合并及公司股东 ...

A股美容护理板块午后再度拉升，洁雅股份涨超15%，华业香料此前涨停，水羊股份涨超8%，青松股 份、拉芳家化、上海家化、科思股份、贝泰妮等跟涨。 订阅A股市场资讯 +订阅 ...

Group 1 - The beauty and personal care sector has shown strong performance in Q1 2025, with the SW Beauty Care Index rising by 13.4%, leading all 31 SW primary industries [4][10][12] - The cosmetics segment is focusing on enhancing brand matrices and introducing new ingredients, benefiting from an optimized competitive landscape [4][6] - The medical beauty market is evolving with new products stimulating consumer interest, and domestic companies are expected to become major competitors in the light medical beauty sector [4][6] Group 2 - The e-commerce sector is witnessing new consumption models and brands, which are helping to drive growth in the industry [4][6] - The report recommends several companies in the cosmetics sector, including Up Beauty and Proya, which have low PE multiples and strong growth potential [4][6] - In the medical beauty segment, companies with high R&D barriers and strong profitability, such as Aimeike, are highlighted as key investment opportunities [4][6] Group 3 - The personal care market is projected to reach CNY 283.3 billion by 2024, with a compound annual growth rate (CAGR) of 8.4% from 2023 to 2028 [32][34] - Domestic brands are increasingly replacing foreign brands in the personal care sector, with a notable rise in innovative products and marketing strategies [32][36] - The high-end market is experiencing significant growth, with premium products seeing a 27% increase in average transaction value in H2 2024 [44]

Core Insights - In 2024, China's total retail sales of consumer goods reached 48.79 trillion yuan, growing by 3.5%, marking the first time it fell below the GDP growth rate of 5% [1] - The fast-moving consumer goods (FMCG) industry is transitioning into a phase dominated by "stock competition," focusing on efficiency improvement, brand optimization, and structural adjustments [1] FMCG Company Performance - **Master Kong**: Achieved revenue of 806.51 billion yuan, a slight increase of 0.30%, with net profit rising by 19.80% to 37.34 billion yuan [2][6] - **Nongfu Spring**: Reported revenue of 428.96 billion yuan, up by 0.50%, and net profit of 121.23 billion yuan, a marginal increase of 0.40% [2][6] - **Uni-President**: Generated revenue of 303.32 billion yuan, a growth of 6.09%, with net profit of 18.49 billion yuan, increasing by 10.90% [2][6] - **China Foods**: Recorded revenue of 214.92 billion yuan, up by 0.20%, and net profit of 8.61 billion yuan, a growth of 3.40% [2][6] - **Eastroc Beverage**: Achieved significant growth with revenue of 158.39 billion yuan, up by 40.63%, and net profit of 33.27 billion yuan, increasing by 63.09% [2][6] - **Three Squirrels**: Reported revenue of 106.22 billion yuan, a substantial increase of 49.30%, with net profit rising by 85.51% to 4.08 billion yuan [2][6] Industry Trends - The FMCG sector is experiencing a shift towards efficiency and brand optimization as the era of rapid market growth driven by demographic dividends comes to an end [1] - Companies are adapting to market changes through product innovation, structural optimization, and brand rejuvenation to establish new growth curves and core competitiveness [13] - The beverage segment is seeing strong performance from Nongfu Spring's tea drinks, which have become a major revenue source despite challenges in the bottled water segment [8][13] - The snack segment is witnessing varied performance, with companies like Qinqin Foods achieving profitability through export and OEM manufacturing, while others like Liuyifei face challenges due to strategic adjustments [13] Dairy Industry Performance - **Yili Group**: Maintained its position as Asia's leading dairy company with revenue of 1,157.80 billion yuan, despite a decline of 8.24% [15][16] - **Mengniu Dairy**: Experienced a revenue drop of 10.09% to 886.75 billion yuan, with net profit significantly declining by 97.83% [15][16] - **Bright Dairy**: Reported revenue of 242.78 billion yuan, down by 8.33%, and net profit of 7.22 billion yuan, a decrease of 25.36% [15][16] - The dairy industry is facing challenges with supply-demand imbalances and declining consumer demand, leading to revenue declines for many traditional dairy giants [18]

Investment Rating - The report maintains a "Buy" rating for Minth Group (425.HK) and Top Group (601689.CH) [2][4] - Top Group is given an "Accumulate" rating with a target price of 59.1 CNY [8] Core Insights - Minth Group is projected to achieve total revenue of 23.15 billion CNY in 2024, representing a year-on-year increase of 12.8%, with a net profit of 2.32 billion CNY, up 21.9% [2] - Top Group is expected to realize operating revenue of 26.6 billion CNY in 2024, a year-on-year increase of 35.02%, with a net profit of 3.001 billion CNY, up 39.52% [6][8] - Both companies are focusing on optimizing operational efficiency and expanding into new markets, including electric vehicle wireless charging and robotics [3][7] Summary by Sections Minth Group - The company has improved its gross margin to approximately 28.9%, up 1.5 percentage points year-on-year, driven by increased profitability in its plastic and battery box segments [2] - Cash flow has improved, allowing the company to resume dividends and share buybacks, reflecting management's confidence in future growth [4] Top Group - The company has faced challenges such as increased competition and raw material price fluctuations, but has managed to maintain a net profit margin of 11.3%, up 0.4 percentage points year-on-year [6] - Plans for capacity expansion include new factories in China and Mexico, with a focus on the rapidly growing robotics sector [7][8]

Core Viewpoint - The company is responding to regulatory inquiries regarding its employee stock ownership plan, emphasizing that the plan is designed to align employee interests with company performance and does not constitute financial assistance to participants [1][2]. Group 1: Employee Stock Ownership Plan - The funding for the employee stock ownership plan comes from a long-term incentive fund, with a subscription price set at 16.03 yuan per share, sourced from shares repurchased in the secondary market [1][2]. - The plan aims to bind the interests of key employees to the company's long-term performance, encouraging them to achieve outstanding results and retain talent [2]. Group 2: Performance Assessment Criteria - The performance assessment criteria for the plan include achieving profitability in 2025 and a minimum net profit growth rate of 10% for 2026 and 2027, with no specific monetary targets set [3]. - The company has faced declining revenues over the past three years, with year-on-year decreases of 7.1%, 7.2%, and 13.9% from 2022 to 2024, and recorded a net loss of 830 million yuan in 2024 due to goodwill impairment [3]. Group 3: Revised Performance Indicators - The company plans to revise the performance indicators to include domestic revenue growth rates alongside net profit growth, aiming for a minimum of 10% growth in domestic revenue for 2025, 2026, and 2027 [4][5]. - The revised criteria will also require individual performance assessments for participants, ensuring that both company and personal performance metrics must be met for stock unlock [5]. Group 4: Selection of Participants - The plan includes two senior management personnel whose subscription shares account for 20.85% of the total plan, selected based on their significant contributions to the company's performance and long-term development [6][7]. - The roles of the selected senior management include overseeing daily operations and strategic decision-making, which are crucial for the company's long-term success [6][7].

Core Viewpoint - The company plans to appoint Ernst & Young Hua Ming as its new auditor for the 2025 fiscal year, replacing PwC Zhong Tian, to ensure the independence and objectivity of the audit process [1][7][8] Group 1: Auditor Change Details - The new auditor, Ernst & Young Hua Ming, was established in September 1992 and has over 1,700 certified public accountants, with more than 1,500 having experience in securities-related services [2][3] - Ernst & Young Hua Ming reported a total audited revenue of RMB 5.955 billion for 2023, with audit service revenue of RMB 5.585 billion and securities service revenue of RMB 2.438 billion [2] - The company plans to pay Ernst & Young Hua Ming a maximum of RMB 4.28 million for the 2025 financial statement and internal control audit, along with an additional RMB 400,000 for certain subsidiaries, totaling RMB 4.68 million [5][6] Group 2: Previous Auditor Information - The previous auditor, PwC Zhong Tian, provided audit services for 12 years and issued a standard unqualified opinion in the last audit [6][7] - The decision to change auditors was made to maintain the independence and objectivity of the audit process, following relevant regulations [7][8] Group 3: Approval Process - The audit committee and the board of directors have unanimously approved the appointment of Ernst & Young Hua Ming, with the board voting 9 in favor and none against [8] - The appointment is subject to approval at the company's 2025 annual shareholder meeting [2][8]

证券代码：600315 证券简称：上海家化 公告编号：临2025-034 | | | | | 上年实 | 占同类业 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 关联交易 | | 本次预计 | | 类业 关联人 | | | 实际发 | | 关联人 | | | | | 际发生 | 务比例 | | | 类别 | | 金额 | 务比 | 累计已 | | | 生金额 | | | | | | 金额 | | （％） | | | | | 例（%） | | 发生的 | | 差异较 | | | | | | 交易金 | | | 大的原 | | | | | | 额 | | | 因 | | | 中国平安人 | | | | | | | | | 向关联人 | 寿股份有限 | | 16,000 | 5,774 | | 11,842 | 2.78% | | 销售商品 | 公司 | | | | | | | | 及提供劳 | | | | | | | | | 务 | 深圳万里通 | 4,000 | | 538 | | 2,992 | 0.70% | | 网络信息技 | | | ...

上海家化联合股份有限公司 第一章 总则 第一条 为规范上海家化联合股份有限公司（以下简称"上海家化"或"公司"） 国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证 券法》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指 导意见》"）等相关法律、行政法规、规范性文件和《公司章程》、《上海家化联 合股份有限公司 2025 年员工持股计划（草案修订稿）》之规定，特制定《上海家 化联合股份有限公司 2025 年员工持股计划管理办法（修订稿）》 （以下简称"本管 理办法""《2025 年员工持股计划管理办法》"）。 第二章 本持股计划的制定 第二条 本持股计划的目的 公司依据《公司法》《证券法》《指导意见》等有关法律、行政法规、规章、 规范性文件和《公司章程》的规定，制定了本持股计划草案。 公司员工自愿、合法、合规地参与本持股计划，持有公司股票的目的在于建 立和完善员工、股东的利益共享机制，改善公司治理水平，提高职工的凝聚力和 公司竞争力，调动员工的积极性和创造性，促进公司长期、持续、健康发展。 第三条 本持股计划的基本原则 公司实施2025年员工持股计划，严格按 ...