Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company underwent a strategic adjustment following a management change in Q3, leading to short-term pressure on revenue and profit. The EPS forecasts for 2024-2026 have been revised down to 0.37 (-0.31), 0.75 (-0.14), and 0.99 (-0.07) yuan respectively. A target PE of 28x for 2025 is set, maintaining a target price of 21.32 yuan [3][4] - The company's performance in Q1-Q3 2024 showed revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 447.7 million, 16.3 million, and 12.0 million yuan respectively, reflecting year-on-year declines of 12%, 59%, and 60%. Q3 2024 alone saw revenue of 115.6 million yuan, a 21% decrease year-on-year, with a shift to a loss in profit due to strategic adjustments and declines in joint venture earnings [3][4] - The gross margin for Q1-Q3 2024 was 59.41%, a slight increase of 0.11 percentage points year-on-year. However, Q3 2024 gross margin dropped to 54.49%, down 3.24 percentage points year-on-year, primarily due to strategic adjustments [3][4] Summary by Sections Management and Strategic Adjustments - The organization and personnel restructuring is nearly complete, with expectations for the new team to bring improvements. The new chairman has initiated structural adjustments and talent acquisition, focusing on core brands and efficiency [3][4] Product Strategy - The company is testing a big product strategy during the Double Eleven shopping festival, with successful sales of key products through major online platforms. This strategy aims to revitalize online sales channels [3][4] Financial Performance - The company’s total revenue for 2024 is projected to be 5.807 billion yuan, down 12% from the previous year, with a net profit of 246 million yuan, a 50.9% decline. The EPS for 2024 is expected to be 0.37 yuan, with a gradual recovery anticipated in subsequent years [3][9]

Investment Rating - Buy (Maintained) [1] Core Views - The company is undergoing strategic transformation, with performance under pressure during the reform period [1] - The company is a domestic multi-brand daily chemical leader, and after a leadership change in May 2024, it has deepened organizational reforms and strengthened brand building [5] - The company is focusing on core brands, brand building, online channels, and efficiency, with expected improvements in operational efficiency after the strategic transformation and brand renewal [5] Financial Performance - 2024Q1-3 revenue: 4.477 billion yuan (-12.07% YoY), net profit attributable to the parent company: 163 million yuan (-58.72% YoY), adjusted net profit attributable to the parent company: 120 million yuan (-59.74% YoY) [2] - 2024Q3 revenue: 1.156 billion yuan (-20.93% YoY), net profit attributable to the parent company: -75 million yuan (-180.85% YoY), adjusted net profit attributable to the parent company: -115 million yuan (-421.81% YoY) [2] - 2024Q1-3 gross margin: 59.41% (+0.11pct YoY), net profit margin: 3.63% (-4.11pct YoY) [4] - 2024Q3 gross margin: 54.49% (-3.24pct YoY), net profit margin: -6.51% (-12.89pct YoY) [4] Business Operations - Increased brand marketing investment and improved online channel operation capabilities [3] - Domestic/overseas revenue in 24Q3: 779 million yuan/374 million yuan, accounting for 68%/32% respectively [3] - Personal care/cosmetics/innovation/overseas revenue in 24Q3: 532 million yuan/95 million yuan/151 million yuan/374 million yuan, accounting for 46%/8%/13%/32% respectively [3] - Strengthened self-broadcasting capabilities, with significant improvement in daily viewing data of Yuzhi's official flagship store in October [3] Financial Forecast - 2024-26 net profit attributable to the parent company forecast adjusted to 300 million yuan/480 million yuan/590 million yuan, with YoY growth of -39%/+58%/+22% respectively [5] - 2024-26 EPS forecast: 0.45 yuan/0.72 yuan/0.87 yuan [5] - 2024-26 PE ratio: 39X/25X/20X [5] Market Data - Closing price: 17.65 yuan [7] - 52-week low/high: 13.67 yuan/23.94 yuan [7] - Price-to-book ratio: 1.54 [7] - Market capitalization: 11.865 billion yuan [7] Financial Ratios - 2024Q1-3 operating cash flow: 269 million yuan (+28.6% YoY) [4] - Inventory as of 24Q3: 755 million yuan (-21.91% YoY), inventory turnover days: 114 days (-9 days) [4] - 2024Q1-3 period expense ratio: 56.71% (+1.72pct YoY), 2024Q3 period expense ratio: 65.67% (+8.08pct YoY) [4]

Summary of the Conference Call Company Overview - The conference call involved Shanghai Jahwa, with key participants including Chairman and CEO Lin Xiaohai and CFO Luo Yongtao. The focus was on the company's performance in Q3 2024 and strategic adjustments made since management changes in May 2024 [1][2]. Key Points and Arguments Strategic Adjustments - The company has undergone significant organizational restructuring to enhance domestic business operations, including the establishment of new divisions such as the Innovation Division and adjustments to existing business units [1]. - Strategic initiatives included transitioning from third-party distributors to self-operated channels, reducing social inventory, and closing SPA businesses, which impacted revenue and profit during the adjustment period [1][2]. Financial Performance - For the first nine months of 2024, the company reported revenue of 4.477 billion, with Q3 revenue at 1.156 billion. Domestic business revenue was approximately 780 million, down 26.68% year-over-year, while overseas revenue was about 375 million, down 5.64% [2]. - The decline in domestic revenue was attributed to strategic adjustments (13 percentage points) and normal business decline (14 percentage points). The overall cosmetics market saw a decline of about 6% [2]. - Gross margin for the first nine months was 59.41%, a decrease of 0.11 percentage points year-over-year. Q3 gross margin was 54.49%, down 3.24 percentage points, but domestic business gross margin showed a 1.1 percentage point increase when excluding adjustment impacts [2][3]. Cost Management - Sales and management expenses decreased by 8.43% and 19.72% year-over-year, respectively. However, the sales expense ratio increased due to revenue decline [3]. - The company maintained stable management expense ratios while enhancing cost control measures [3]. Cash Flow and Operational Efficiency - Operating cash flow for the first nine months was 269 million, a year-over-year increase of 28.6%, indicating improved operational quality [3][4]. - The company is focusing on enhancing team capabilities and optimizing organizational structures to support strategic transformation [4]. Brand and Product Strategy - The company is concentrating on core brands and product innovation, with plans for product upgrades and new launches in 2024, including the introduction of upgraded formulations and packaging for key products [8][9][10]. - The focus on major products is expected to drive brand growth and market share recovery, particularly during the Double Eleven shopping festival [8][9]. E-commerce Strategy - The company is adapting its e-commerce strategy to leverage different platforms (e.g., Douyin, Tmall) based on product suitability and target demographics [14][15]. - The emphasis is on creating a matrix of brand products tailored to each platform's user base to maximize traffic and sales [15][16]. Future Outlook - The company anticipates a recovery in online sales in Q4 2024, with expectations for offline business stabilization by Q2 2025 [17][19]. - The goal for 2025 is to achieve growth that outpaces market averages, with a focus on improving profit margins and operational efficiency [17][24]. Additional Important Insights - The company is investing in R&D and enhancing its product development capabilities to meet consumer expectations and market demands [10][11]. - There is a strong emphasis on international expansion, with plans to leverage existing overseas brands and establish local operations to drive growth in foreign markets [21][22]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, financial performance, and future growth plans.

上海家化联合股份有限公司 2024 年第三季度报告业绩说明会会议纪要 一、会议召开情况 1、时间：2024 年 10 月 28 日 董事长兼首席执行官 林小海 首席财务官 罗永涛 4、主要参会机构： 详细参会机构清单请参见"附件：参会机构清单" 二、会议纪要 （一）经营情况讨论与分析 公司持续深化国内业务事业部制改革，为匹配战略，对国内业务的组织架构进行 了调整：调整个护事业部、美妆事业部、新设创新事业部，完善了前、中、后台的整 体架构，同时吸引破局人才加盟，通过扎实推进扁平化管理，进一步提升运行决策效 率。 报告期内，公司主动推进战略调整，包括：线上、线下经销商转自营、百货降低 社会库存、SPA 闭店等举措，使得当期收入、利润均受到一定程度影响。 财务数据： 2024 年 1-9 月公司实现营业收入 44.8 亿，其中：第三季度（7-9 月）实现营业 收入 11.6 亿。第三季度公司国内业务收入约 7.8 亿，同比下降约 26.7%；海外业务 2、地点：线上 3、公司参会人员： 约 3.8 亿，同比下降约 5.6%。 国内业务方面，分析第三季度国内业务约 26.7%的下降情况：因战略调整因素导 致的收入下降 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [3][5]. Core Views - The company's Q3 2024 performance was below expectations, with a revenue of 4.477 billion yuan, a decrease of 12.07% year-on-year, and a net profit of 163 million yuan, down 58.72% year-on-year [3][4]. - The company is undergoing a strategic transformation, focusing on high-margin and high-growth product categories, with an emphasis on brand-centric operations [5][6]. - The report anticipates a marginal improvement in performance as the company prepares for the upcoming Double Eleven shopping festival [5]. Financial Performance Summary - For Q1-Q3 2024, the company reported a revenue of 4.477 billion yuan, a decline of 12.07% year-on-year, and a net profit of 163 million yuan, down 58.72% year-on-year [3][4]. - The gross margin for Q1-Q3 2024 was 59.41%, a slight decrease of 0.11 percentage points year-on-year, while the net profit margin was 3.63%, down 4.11 percentage points year-on-year [4][5]. - The company’s revenue breakdown by business segment for Q1-Q3 2024 shows that the personal care division accounted for 47.4% of total revenue, while the beauty division contributed 14.8% [5]. Future Earnings Forecast - The report projects the company's net profit for 2024 to be 531 million yuan, with expected growth rates of 6.2% in 2024, 21.1% in 2025, and 9.5% in 2026 [6][12]. - The estimated price-to-earnings (PE) ratios for the next three years are 22 for 2024, 18 for 2025, and 17 for 2026 [5][6].

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 ...