Market Overview - The Shanghai Composite Index fell by 0.04% on June 17, with 14 out of the 28 sectors rising, led by coal and public utilities, which increased by 0.89% and 0.82% respectively [1] - The pharmaceutical and beauty care sectors experienced the largest declines, with drops of 1.44% and 1.24% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 25.316 billion yuan, with 8 sectors seeing net inflows [1] - The transportation sector had the highest net inflow of 800.2 million yuan, while the power equipment sector saw a net inflow of 540 million yuan [1] - A total of 23 sectors experienced net capital outflows, with the media sector leading at 4.548 billion yuan, followed by the pharmaceutical sector at 4.278 billion yuan [1] Beauty Care Sector Insights - The beauty care sector declined by 1.24% with a net capital outflow of 14.7 million yuan, comprising 31 stocks, of which 5 rose and 26 fell [2] - The top three stocks with the highest net inflow in the beauty care sector were Furuida (32.89 million yuan), Proya (29.76 million yuan), and Lafang (17.81 million yuan) [2] - The stocks with the largest net outflows included Qingdao Kingking (47.32 million yuan), Shuiyang (34.79 million yuan), and Haoyue Care (24.31 million yuan) [2] Individual Stock Performance - Notable declines in the beauty care sector included Huaye Fragrance (-8.23%), Qingdao Kingking (-1.31%), and Haoyue Care (-6.11%) [3] - Conversely, Furuida and Proya saw slight increases of 0.92% and 0.13% respectively, indicating some resilience amidst the overall sector decline [3]

证券代码：600315 证券简称：上海家化 公告编号：2025-039 上海家化联合股份有限公司 ???会议召开时间：2025 年 6 月 26 日（星期四）上午 9:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ???投资者可于 2025 年 6 月 19 日（星期四）至 6 月 25 日（星期三） 公司邮箱 ir@jahwa.com.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 上海家化联合股份有限公司（以下简称"公司" ）已于 2025 年 4 月 25 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于 广大投资者更全面深入地了解公司经营成果、财务状况，公司计划于 度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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。 重要内 ...

沪指6月16日上涨0.35%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为传媒、通信，涨幅 分别为2.70%、2.11%。跌幅居前的行业为农林牧渔、美容护理，跌幅分别为0.76%、0.49%。美容护理 行业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出2.93亿元，今日有10个行业主力资金净流入，传媒行业主力资金 净流入规模居首，该行业今日上涨2.70%，全天净流入资金31.81亿元，其次是计算机行业，日涨幅为 1.99%，净流入资金为26.70亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300888 | 稳健医疗 | -3.77 | 6.48 | -3571.59 | | 600315 | 上海家化 | -3.74 | 2.31 | -3411.57 | | 603630 | 拉芳家化 | 0.50 | 5.29 | -1952.65 | | 688363 | 华熙生物 | 3.31 | 0.95 | -1406.98 | | 002243 | 力合科创 | -0. ...

资产预计未来现金流量的现值,应按资产在持续使用过程中和最终处置时所 产生的预计未来现金流量,选择恰当的折现率对其进行折现后的金额加以确定。 本次资产评估中,我们采用的主要假设参数包括: 1) 资产组未来 5年盈利预测,主要基于企业提供的经管理层批准的未 来预测资料,评估师结合行业发展预期及企业战略规划对其合理性进行了核实; 2） 永续增长率 2.09%,基于 EIU 2024年 12 月发布的英国、美国、欧 洲、澳大利亚等国家预测报告,预计 2029年以后国内生产总值复合增长率为 2.09%; 上海市在休育会路 816号 C 杉 上海申威资产评估有限公司 关于上海家化联合股份有限公司 2024 年年报问询函 有关商誉减值测试的回复意见 上海家化联合股份有限公司于近目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),现就信息披露监管问询函中有关商誉减值测试相关问题回复如下: 我们接受上海家化联合股份有限公司委托,按照中国资产评估准则的规定, 对婴童护理产品及母婴喂养产品业务含商誉资产组 2024年期末的可回收价值进 行了评估 ...

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]