证券简称：上海家化 证券代码：600315 编号：临 2025-032 上海家化联合股份有限公司 九届一次董事会决议公告 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。 一、董事会会议召开情况 上海家化联合股份有限公司九届一次董事会于 2025 年 6 月 4 日在公司召开， 应参加董事 9 人，实际参加董事 9 人，会议由林小海先生主持，高级管理人员列 席了会议，符合《公司法》及《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过关于选举公司董事长的议案； 表决情况：9 票同意，0 票反对，0 票弃权，通过本议案。 本公司第九届董事会已经公司 2025 年第一次临时股东会及公司职工代表大 会选举成立，现根据《公司法》和《公司章程》的有关规定，选举林小海先生为 公司第九届董事会董事长。 2、审议通过关于公司第九届董事会专门委员会组成人选的议案； 表决情况：9 票同意，0 票反对，0 票弃权，通过本议案。 选举林小海先生、成建新先生、曹阳先生为公司董事会战略与风险管理委员 会委员，其中为林小海先生为主任 ...

Core Viewpoint - The cosmetics retail sales in China for January to April 2025 showed a year-on-year increase of 4%, underperforming the overall retail market by 0.7 percentage points, but this represents an improvement compared to 2024. The industry is characterized by four key trends: innovation in personal care products, breakthroughs in ingredient technology, rising emotional consumption, and the continuation of affordable consumption [1][3]. Investment Recommendations - The company recommends increasing holdings in the personal care sector, highlighting quality companies that benefit from product innovation and opportunities in Douyin channels, with key recommendations including Ruoyuchen (003010), Dengkang Oral (001328), and Runben Co. [2] - In the beauty sector, structural opportunities are identified, with key recommendations for companies like Jinbo Biological, Juzi Biological, and Marubi Co. that are positioned to benefit from the collagen restructuring trend. Additionally, brands like Maogeping, Shumei Co., Proya (603605), and Shanghai Jahwa (600315) are expected to gain from the overall increase in domestic market share [2]. - Companies expected to bottom out and potentially see a turning point include Lafang Household (603630), Shuiyang Co. (300740), Betaini (300957), Furuida (600223), Huaxi Biological, Fulejia (301371), Meilitiantian Medical Health, and Qingsong Co. (300132) [2]. Industry Overview - Demand remains stable, with the rise of domestic brands in the beauty and personal care sectors accelerating. The cosmetics retail sales for January to April 2025 increased by 4% year-on-year, which is a 0.7 percentage point underperformance compared to the overall retail market, but shows improvement from 2024. The overall demand is stable, with leading domestic brands performing well and the rise of new domestic brands spreading from beauty to personal care categories [3][4]. Trends - The industry is witnessing several trends: 1) Personal care transformation with new products in traditional categories, supported by content e-commerce creating a favorable environment for new product launches [4]. 2) Ingredient innovation, particularly in collagen restructuring, with various types and structural innovations expanding application scenarios [4]. 3) Emotional consumption, where cultural, stylistic, and experiential demands are driving the growth of domestic trends in cosmetics and fragrances [4]. 4) Affordable consumption, where the trend for cost-effectiveness continues under supply-demand resonance, benefiting strong supply chains and well-operated brands [4]. Key Companies - Looking ahead to 2025, the market risk appetite is expected to recover significantly. The beauty sector is characterized by substantial changes and a clear trend of rising domestic brands, indicating strong growth potential and leadership in new consumption [5]. The differentiation among brands is increasing, emphasizing the selection of high-growth targets driven by product innovation and attention to marginal improvements [5].

Investment Rating - The report maintains a "Positive" investment outlook for the beauty and personal care industry, emphasizing the potential of domestic brands in the offline channel [3]. Core Insights - The report highlights the transformation of offline channels as a key growth driver for beauty brands, especially in the context of slowing e-commerce growth [4][5]. - It identifies the need for brands to enhance their offline presence to create a differentiated competitive advantage [5][7]. Summary by Sections 1. Online Channel Competition Intensifies, Offline Channel Advantages Emerge - E-commerce growth is slowing, with China's physical goods online retail expected to reach 13.1 trillion yuan in 2024, growing at 6.5% [4][15]. - The number of internet users in China is projected to reach 1.108 billion by the end of 2024, with an internet penetration rate of 78.6% [4][15]. - New consumption policies are being implemented to boost offline consumption, enhancing brand influence and customer engagement [4][27]. 2. Multi-Dimensional Analysis of Offline Channel Formats - Offline channels serve both sales and brand marketing functions, with a variety of formats emerging to meet consumer needs [40]. - High-end beauty counters are experiencing a phase of quality improvement, with a significant increase in average sales per counter from 3.36 million yuan in 2019 to nearly 5 million yuan in 2023 [46][50]. - The report notes that high-end brands are increasingly occupying the beauty counter space, with a 32% increase in high-end counters from 2019 to 2023 [50][53]. 3. Brand Strategies in Offline Channel Development - Domestic brands are actively expanding their offline presence, with several launching flagship stores in major cities [38][39]. - The report recommends specific companies for investment, including: - Shangmei Co., which is developing a balanced multi-brand matrix [5]. - Shanghai Jahwa, known for its extensive presence in supermarkets and counters [5]. - Proya, which is focusing on offline channels with its energy series [5]. - Betaini, leveraging pharmacy channels to establish a professional image [5]. - Maogeping, which has a unique offline counter layout [5]. - Runben, a leading brand in maternal and infant products, expanding its offline market [5].

上海家化联合股份有限公司股东会资料 上海家化联合股份有限公司 本次股东大会将审议以下议案： 1.00 关于修订《公司章程》暨不再设置监事会的议案 2.00 关于修订《上海家化股东会议事规则》的议案 3.00 关于修订《上海家化董事会议事规则》的议案 4.00 关于修订《上海家化股东会累积投票制实施细则》的议案 5.00 关于修订《上海家化独立董事工作制度》的议案 6.00 关于选举董事的议案 6.01 关于选举林小海为公司第九届董事会非独立董事的议案 6.02 关于选举邓明辉为公司第九届董事会非独立董事的议案 6.03 关于选举刘东为公司第九届董事会非独立董事的议案 6.04 关于选举成建新为公司第九届董事会非独立董事的议案 6.05 关于选举胥洪擎为公司第九届董事会非独立董事的议案 7.00 关于选举独立董事的议案 7.01 关于选举夏海通为公司第九届董事会独立董事的议案 7.02 关于选举李明辉为公司第九届董事会独立董事的议案 7.03 关于选举刘晓彬为公司第九届董事会独立董事的议案 - 1 - 上海家化联合股份有限公司股东会资料 上海家化联合股份有限公司 2025 年第一次临时股东会资料 2025 年 ...

Group 1 - The market experienced a slight adjustment last week, with the brand index closing at 1657.60 points, while several component stocks rose against the trend, including Xinlitai, Tigermed, and Stone Technology [1][2] - Xinlitai led the gains with an increase of 14.96%, followed by Tigermed at 12.48%, and Stone Technology at 11.47%. Other notable gainers included Three Squirrels and Supor, which rose by 7.69% and 6.07% respectively [2] - Since the beginning of 2025, Maimai Biological has seen a significant increase of 51.27%, with Shanghai Jahwa and Xinlitai also showing strong performance with gains of 47.96% and 47.71% respectively [3] Group 2 - Looking ahead, the market is expected to gradually shift towards a more positive trend as investors remain sensitive to favorable factors, with ongoing accumulation of positive elements supporting economic expectations and fundamentals [4] - The current market structure indicates a potential for mid-term positive performance, driven by policy support, domestic technological breakthroughs, and a favorable external environment, which may enhance liquidity in the domestic capital market [4] - In the medium to long term, opportunities may arise in sectors such as domestic demand, technology, and overseas expansion, with a focus on defensive dividend sectors and aggressive technology sectors, including internet and robotics [5]

Market Overview - The Shanghai Composite Index closed at 3380.45 points, above the five-day moving average, with a gain of 0.38% [1] - The total trading volume of A-shares reached 752.206 billion yuan [1] Stocks Performance - A total of 730 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Fulejia (Code: 301371) with a deviation rate of 8.24% and a daily increase of 12.17% [1] - Huahai Pharmaceutical (Code: 600521) with a deviation rate of 7.56% and a daily increase of 10.00% [1] - Aofei Entertainment (Code: 002292) with a deviation rate of 7.46% and a daily increase of 10.02% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the five-day moving average include: - Fulejia: Latest price 36.05 yuan, five-day moving average 33.31 yuan [1] - Huahai Pharmaceutical: Latest price 15.62 yuan, five-day moving average 14.52 yuan [1] - Aofei Entertainment: Latest price 9.77 yuan, five-day moving average 9.09 yuan [1] - Other notable stocks with high daily turnover rates include: - Huifeng Diamond (Code: 839725) with a daily increase of 9.56% and a turnover rate of 14.77% [1] - Beiningmei (Code: 002570) with a daily increase of 10.07% and a turnover rate of 22.33% [1]

Group 1 - The core viewpoint of the article highlights a resurgence in consumer stocks, particularly in sectors such as beauty care, pet economy, and the three-child policy, with several stocks reaching their daily limit up [1] - Notable stocks that experienced a limit up include Lafang Home, Beingmate, Youa Shares, Liren Lizhuang, and Langsha Shares [1] - Conversely, several stocks such as Yuanfei Pet, Yiyi Shares, Huaye Fragrance, Yiming Food, and Shanghai Jahwa saw declines exceeding 5% [1] Group 2 - The National Bureau of Statistics reported that the total retail sales of consumer goods in April reached 37,174 billion yuan, reflecting a year-on-year growth of 5.1% [1]

第三条 公司的董事、高级管理人员及其他相关涉密人员在定期报告编制、 公司重大事项筹划期间，负有保密义务。定期报告、临时报告公布前，不得以任 何形式、任何途径向外界或特定人员泄漏定期报告、临时报告的内容，包括但不 限于业绩座谈会、分析师会议、接受投资者调研座谈等方式。 第四条 对于无法律法规依据的外部单位年度统计报表等报送要求，公司应 拒绝报送。 第五条 公司依据法律法规的要求应当报送的，需要将报送的外部单位相关 人员作为内幕知情人登记在案备查。 第六条 公司应将报送的相关信息作为内幕信息，并书面提醒报送的外部单 位相关人员履行保密义务。 上海家化联合股份有限公司 外部信息使用人管理制度 上海家化联合股份有限公司 外部信息使用人管理制度 （八届二十六次董事会修订） 第一条 为加强公司定期报告及重大事项在编制、审议和披露期间的外部信 息使用人管理，依据《公司法》、《证券法》等有关法律法规以及公司章程、《信 息披露事务管理制度》等有关规定，制定本制度。 第二条 公司的董事、高级管理人员应当遵守信息披露有关制度的要求，对 公司定期报告及重大事项履行必要的传递、审核和披露流程。 第九条 外部单位或个人在相关文件中不得使 ...

上海家化联合股份有限公司章程 第一章 总则 上海家化联合股份有限公司 公司章程 2025 年 5 月 | 第五章 | 董事会 21 | | --- | --- | | 第六章 | 首席执行官、总经理及其他高级管理人员 31 | | 第七章 | 财务会计制度、利润分配和审计 33 | | 第八章 | | | 通知和公告 36 | | | 第九章 | 合并、分立、增资、减资、解散和清算 37 | | 第十章 | 修改章程 41 | | 第十一章 | 附则 41 | 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下简称"公司"）。 公司系经上海市人民政府沪府体改审（1999）019 号文批准，由中外合资上海家化有限公司 依法变更设立，在上海市工商行政管理局注册登记，取得营业执照，统一社会信用代码 913100006073349399。 第三条 公司于 2001 年 2 月 6 日，经中国证券监督管 ...

上海家化联合股份有限公司 关联交易管理制度 上海家化联合股份有限公司 关联交易管理制度 （公司五届六次董事会审议通过，五届八次董事会第一次修订、五届二十次董事会第二次修订、 八届十四次董事会第三次修订、八届二十六次董事会第四次修订） 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"公司"）的关联交易行为， 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司治理准则》、 《上市公司信息披露管理办法》、《公开发行证券的公司信息披露内容与格式准则第 2 号一年度报告的内容与格式》、《公开发行证券的公司信息披露编报规则第 15 号一财 务报告的一般规定》、《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 5 号——交易与关联交易》等规定，制定本制度。 第二条 若本制度的内容与国家法律、法规及其他规范性文件存在差异，应依据 更为严格的标准执行。如国家法律、法规及其他规范性文件规定的标准严于本规定的， 公司应当及时修订。 第二章 关联交易的定义及其范围 第三条 公司的关联交易，是指公司、控股子公司及控制的其他主体与公司关联 人之间发生的转移资源或者义务的事项，包括： ...