Core Viewpoint - The domestic beauty industry in China is entering a phase of deeper development, with a shift in competition from channel expansion to technological innovation and precise positioning [1] Group 1: Industry Performance - In the first half of 2025, domestic beauty companies showed significant performance differentiation, with overall strong results [2] - Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [2] - Marubi Biotech reported revenue of 1.769 billion yuan, a 30.83% increase, and a net profit of 186 million yuan, up 5.21% [2] - Shiseido's revenue is expected to be between 4.09 billion and 4.11 billion yuan, with a year-on-year growth of 16.8% to 17.3%, and a net profit forecast of 540 million to 560 million yuan, up 30.9% to 35.8% [2] Group 2: Market Trends - The sensitive skin market is becoming a hot sector, with the consumer base expected to approach 100 million by 2024, and a market size of approximately 45 billion yuan, with a compound annual growth rate of 21.7% over the past three years [4] - The market for sensitive skin products is projected to exceed 200 billion yuan, indicating significant growth potential [4] - Companies are increasingly focusing on the needs of sensitive skin consumers, moving beyond basic repair to include multiple functions such as whitening and anti-aging [4][5] Group 3: Strategic Adjustments - Some companies, like Betaini, are still in a strategic adjustment phase, with a first-quarter revenue of 949 million yuan, down 13.51%, and a net profit decline of 83.97% [3] - Betaini's main brand, Winona, experienced a revenue decline of 5%, but remains a leader in the sensitive skin segment [3] - The competitive landscape is shifting towards brands that can effectively address the dual needs of efficacy and gentleness for sensitive skin consumers [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][21] Core Insights - The company has shown significant improvement from its restructuring efforts, with a revenue of 3.478 billion and a year-on-year growth of 4.75% for the first half of 2025. The net profit attributable to shareholders reached 266 million, reflecting a year-on-year increase of 11.66% [1][7] - In Q2 2025, the company achieved a revenue of 1.775 billion, marking a year-on-year growth of 25.4%, and turned a profit with a net profit of 49 million [1][7] - The domestic business experienced a breakthrough growth, with Q2 revenue increasing by 36.8%, particularly in the beauty segment, which saw a revenue growth of 55.7% [1][7] - The overseas business reported a revenue of 703 million, down 1.8% year-on-year, with a loss of nearly 32 million due to the impact of U.S. tariff policies [1][7] Financial Performance - The gross margin for Q2 2025 was 63.34%, an increase of 5.09 percentage points year-on-year, driven by higher-margin beauty products and an increase in online self-operated channels [2][10] - The company’s operating efficiency improved, leading to a decrease in overall expense ratios, with sales, management, and R&D expense ratios at 47.15%, 8.24%, and 2.69% respectively [2][10] - The cash flow from operating activities for Q2 2025 was 6.7 million, a significant improvement from -8.2 million in the same period last year [3][15] Brand Performance - The brand "Liushen" experienced rapid growth in Q2 due to a misalignment in shipping schedules, while "Bai Cao Ji" achieved a 50% revenue growth driven by its flagship product [8] - The company plans to launch new product lines and strengthen brand positioning, particularly focusing on the integration of traditional Chinese medicine with modern technology [8] Future Projections - The company forecasts net profits for 2025-2027 to be 433 million, 504 million, and 581 million respectively, with corresponding P/E ratios of 40, 34, and 30 [3][17][19]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 3.478 billion yuan for H1 2025, a year-on-year increase of 4.75%, and a net profit attributable to shareholders of 266 million yuan, up 11.66% year-on-year. In Q2 2025, revenue reached 1.775 billion yuan, a 25.39% increase year-on-year, with a net profit of 49 million yuan, soaring 367.09% year-on-year [2] - The company is focusing on core brands and enhancing its online presence, with significant growth in online sales channels, particularly a 34.64% increase in Q2 [3] - The company plans to distribute a cash dividend of 0.039 yuan per share, totaling approximately 30 million yuan, with a dividend payout ratio of 9.77% [2] Revenue Analysis - The company is implementing strategic adjustments, focusing on core brands and product innovation, which has led to impressive online performance. The revenue breakdown for Q2 2025 shows personal care, beauty, innovation, and overseas sales generating 798 million, 418 million, 203 million, and 355 million yuan respectively, with year-on-year growth rates of 42.4%, 55.7%, -1.4%, and -6.0% [4] Profitability Analysis - The gross margin for Q2 2025 was 63.34%, an increase of 5.09 percentage points year-on-year. The net profit margin reached 2.74%, up 4.03 percentage points year-on-year, driven by a decrease in expense ratios [5] Investment Recommendations - The report maintains profit forecasts for the company, projecting revenues of 6.199 billion, 6.763 billion, and 7.315 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 363 million, 458 million, and 533 million yuan. The earnings per share (EPS) are expected to be 0.54, 0.68, and 0.79 yuan for the same years [6]

据证券之星公开数据整理，近期上海家化（600315）发布2025年中报。截至本报告期末，公司营业总收 入34.78亿元，同比上升4.75%，归母净利润2.66亿元，同比上升11.66%。按单季度数据看，第二季度营 业总收入17.75亿元，同比上升25.39%，第二季度归母净利润4862.33万元，同比上升367.09%。本报告 期上海家化盈利能力上升，毛利率同比增幅3.67%，净利率同比增幅6.6%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率63.37%，同比增3.67%，净利率7.64%，同比增 6.6%，销售费用、管理费用、财务费用总计18.13亿元，三费占营收比52.13%，同比增1.18%，每股净资 产10.37元，同比减9.61%，每股经营性现金流1.01元，同比增40.54%，每股收益0.4元，同比增14.29% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 33.21亿 | 34.78亿 | 4.75% | | 归母浄利润（元） | 2.38亿 | 2.66亿 | 11.66% | | 扣 ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 上海家化(600315)公司点评报告 2025 年 08 月 22 日 [Table_Title] 25Q2 收入增长提速，抖音渠道持续突破 ——上海家化(600315)2025 年半年报点评 [Table_Summary] 事件： 公司发布 2025 年半年报。 点评： 25Q2 收入增长明显提速，扣非净利润扭亏为盈 25H1 公司实现营收 34.78 亿元，同比增长 4.75%；归母净利润 2.66 亿元， 同比增长 11.66%，扣非净利润 2.21 亿元，同比下降 5.89%。非经常性损 益变动主要系持有金融资产和金融负债形成的公允价值变动损益同比增加 约 5400 万元。公司销售毛利率达 63.37%，同比提升 2.24pct，销售净利率 为 7.64%，同比提升 0.47pct。销售费用率、管理费用率、研发费用率分别 为 43.85%、8.06%、2.49%，同比分别微增 0.44/0.5/0.42pct，整体费用管 控成效显著。单 Q2 公司实现营收 17.75 亿元，同比增长 25.4%，净利润 4862 万元，扣非净 ...

上 市 公 司 美容护理 2025 年 08 月 22 日 上海家化 (600315) —— Q2 业绩超预期，新品&线上动能加速释放 报告原因：有业绩公布需要点评 增持（维持） | | | | 市场数据： | 2025 年 08 月 21 日 | | --- | --- | | 收盘价（元） | 23.40 | | 一年内最高/最低（元） | 26.87/13.67 | | 市净率 | 2.3 | | 股息率%（分红/股价） | 0.13 | | 流通 A 股市值（百万元） | 15,730 | | 上证指数/深证成指 | 3,771.10/11,919.76 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 10.37 | | 资产负债率% | 33.84 | | 总股本/流通 A 股（百万） | 672/672 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-21 09-21 10-21 11-21 12-21 01-21 02-21 03-21 ...

证券之星消息，8月22日化妆品板块较上一交易日上涨1.2%，上海家化领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300740 | 水羊股份 | 20.52 | -4.82% | 40.07万 | 8.33 乙 | | 837023 | 芭薇股份 | 19.01 | -2.31% | 3.48万 | 6628.36万 | | 300849 | 锦盛新材 | 13.56 | -2.02% | 5.43万 | 7365.93万 | | 002094 | 青岛金王 | 8.93 | -1.65% | 88.48万 | 7.89亿 | | 603630 | 拉芳家化 | 24.55 | -1.64% | 9.31万 | 2.28ZZ | | 301371 | 敷尔佳 | 27.17 | -1.38% | 4.45万 | 1.21亿 | | 300955 | 嘉亨家化 | ...

2025 年 8 月 22 日 公司研究 二季度业绩改善，期待改革效果进一步夯实 ——上海家化（600315.SH）2025 年中报点评 增持（维持） 当前价：23.40 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 6.72 | | --- | --- | | 总市值(亿元)： | 157.30 | | 一年最低/最高(元)： | 13.64/26.87 | | 近 3 月换手率： | 109.52% | 股价相对走势 -17% 1% 20% 38% 57% 08/24 11/24 02/25 05/25 上海家化 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | ...

[Table_Title] 研究报告 Research Report 22 Aug 2025 上海家化 Shanghai Jahwa United (600315 CH) 25H1 营收与营业利润双增，佰草集、玉泽增长亮眼 25H1 Revenue and Operating Profit Both Increased, with Notable Growth in Herborist and Dr. Yu 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：上海家化发布 25H1 业绩报告并举行业绩会。 得益于品牌创新、渠道拓展和运营效率提升，公司 25H1/25Q2 营收、归母净利润双增长。公司 25H1 实现营业收入 34.78 亿元，同比增长 4.8%，这一增长得益于公司在品牌创新、渠道拓展以及运营效率提升等多方面的持续 ...

Core Viewpoint - Shanghai Jahwa has implemented a strategic adjustment centered on "four focuses," leading to significant improvements in operational quality and impressive mid-term performance for 2025 [1][12]. Financial Performance - In the first half of 2025, Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.8%, and a net profit of 270 million yuan, up 11.7% year-on-year [1]. - The second quarter saw a substantial revenue growth of 25.4% year-on-year, with the beauty segment's all-channel revenue increasing by 55.7% and domestic online channel revenue rising by 34.6% [1]. Strategic Focus - The company has focused on core brand value enhancement, online capability development, and offline channel optimization, which has driven simultaneous revenue and profit growth [1][12]. - The "four focuses" strategy includes concentrating on core brands, brand building, online presence, and operational efficiency [2][12]. Brand Performance - The core brands, Six God and Yuze, have shown strong online growth, while Baicaoji has experienced a robust recovery, with significant contributions from new products [2][3][4]. - Six God launched a new portable mosquito repellent product that topped sales on Tmall, while Yuze has seen double-digit revenue growth and strengthened its brand through professional collaborations [3][4]. Online and Offline Channels - Online channel revenue grew by 34.6% year-on-year in Q2, with significant improvements in both live streaming and self-broadcasting capabilities [7][8]. - The company expanded its offline presence by adding 40 new channel distributors and increasing market coverage to 92% in cities above the county level [9]. Operational Efficiency - Shanghai Jahwa has improved operational efficiency through refined management practices, enhancing logistics and supply chain processes, and optimizing production capacity [11]. - The company has focused on elevating product effectiveness and organizational structure to boost overall productivity [11]. Future Outlook - Moving forward, Shanghai Jahwa aims to deepen its reform strategy, enhance organizational capabilities, and leverage its strong brand and product quality to achieve sustainable growth [12]. - The company is positioned to become a leading daily cosmetics company in both domestic and international markets, with increasing institutional confidence reflected in significant shareholding increases from foreign investors [12].