Summary of Shanghai Jahwa's Q1 2024 Earnings Call Company Overview - **Company**: Shanghai Jahwa - **Date of Call**: April 22, 2024 - **Key Participants**: CEO Pan Qiusheng, CFO Han Min, and other senior management Key Points Industry and Company Strategy - Shanghai Jahwa has undergone an organizational restructuring to focus on high-margin, high-growth, and high-brand premium categories, referred to as the "three highs" strategy [4][6] - The company is actively reducing inventory across various channels and is moving away from low-margin businesses to enhance quality growth [4][6] Financial Performance - **Q1 2024 Revenue**: CNY 1.905 billion (approximately USD 274 million), with domestic revenue at CNY 1.569 billion (down about 2% YoY) and overseas revenue at CNY 337 million (down about 11% YoY) [4][5] - **Net Profit**: CNY 256 million (up 11.18% YoY), with adjusted net profit at CNY 293 million (up 29.17% YoY) [7] - **Gross Margin**: 63.27%, an increase of 2.07 percentage points YoY, attributed to lower raw material costs and a shift towards higher-margin products [7][8] Product Performance - The skincare and maternal-infant division generated CNY 393 million in revenue, with a significant focus on transforming the brand's sales model [5] - The "Yuze" brand saw a 0.8% increase in revenue, while "Meijiajing" experienced a substantial growth of 44% [5] - New product launches are planned for Q2, including a high-end anti-aging series and medical repair masks targeting post-surgery recovery [8][9] Marketing and Sales Strategy - The company plans to increase marketing activities in Q2, particularly for new product launches, to drive sales during the 618 shopping festival [8][9] - Emphasis on digital marketing and collaboration with influencers to enhance brand visibility and sales performance [8][9] Cost Management - Total expenses decreased by 15.52% YoY, with a combined expense ratio of 43.72%, down 6.08 percentage points [7][8] - The reduction in sales and management expenses is attributed to a strategic shift in resource allocation and cost control measures [6][12] Future Outlook - The company aims to continue its strategic transformation and enhance operational efficiency through digitalization and increased R&D investment [9][10] - Anticipation of improved performance in Q2 with the launch of new products and increased marketing efforts [9][10] Additional Insights - The restructuring has led to better synergy between online and offline channels, enhancing overall operational efficiency [16][17] - The company is focused on maintaining a balance between profitability and revenue growth, particularly in the context of rising competition in the market [17][18] This summary encapsulates the key insights from Shanghai Jahwa's Q1 2024 earnings call, highlighting the company's strategic focus, financial performance, product developments, and future outlook.

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上海家化联合股份有限公司 回购注销 2020 年、2022 年限制性股票激励 计划部分限制性股票及注销 2021 年股票期 权激励计划第三个行权期股票期权 的 法律意见书 上海市北京西路 968 号嘉地中心 27 楼接待中心 邮编：200041 27/F, Garden Square, 968 West Beijing Road, Shanghai 200041, China T. +86 21 5234 1668 F. +86 21 5234 1670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2024 年 4 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关 于 回购注销 2020 年、2022 年限制性股票激励计划 部分限制性股票及注销 2021 年股票期权激励计划 第三个行权期股票期权的 法律意见书 致：上海家化联合股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受上海家化联合股份有限 公司（以下简称"上海家化"或"公司"）的委托，作为其实施 2020 年限制性 股票激励计划、2021 年股票期权激励计划及 2 ...

证券代码：600315 证券简称：上海家化 公告编号：2024-015 上海家化联合股份有限公司 关于 2021 年股票期权激励计划 第三个行权期股票期权注销的公告 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。 2024 年 4 月 22 日，上海家化联合股份有限公司（以下简称"公司"）召开八届十七次董事 会和八届十五次监事会，审议通过了《关于 2021 年股票期权激励计划第三个行权期股票期权 注销的议案》。因公司 2021 年股票期权激励计划第三个行权期公司业绩考核未达标，根据公 司《2021 年股票期权激励计划（草案修订稿）》（以下简称"激励计划"）的有关规定和公司 2021 年第一次临时股东大会的授权，现就相关事项公告如下： 一、已履行的决策程序和信息披露情况 1、2021 年 7 月 22 日，公司召开七届二十一次董事会、七届十六次监事会，审议并通过 《关于公司<2021 年股票期权激励计划（草案）>及其摘要的议案》、《关于公司<2021 年股 票期权激励计划实施考核管理办法>的议案》等议案。公司独立董事对本次 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 1,905,398,114.42, representing a decrease of 3.76% compared to the same period last year[17]. - Net profit attributable to shareholders for Q1 2024 was CNY 256,207,190.53, an increase of 11.18% year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 293,382,590.79, reflecting a 29.17% increase compared to the previous year[17]. - The basic earnings per share for Q1 2024 was CNY 0.38, up by 11.76% from the same quarter last year[17]. - Total operating revenue for Q1 2024 was RMB 1,905,398,114.42, a decrease of 3.74% compared to RMB 1,979,746,030.61 in Q1 2023[33]. - Total operating costs for Q1 2024 were RMB 1,595,257,754.22, down 10.51% from RMB 1,783,096,173.28 in Q1 2023[33]. - Operating profit increased to approximately $272.49 million from $253.23 million, reflecting a growth of about 7.6%[48]. - The total comprehensive income for the period was CNY 230,653,584.01, compared to CNY 233,149,086.43 in the previous period[50]. Cash Flow - The net cash flow from operating activities for Q1 2024 was CNY 570,208,886.78, an increase of 25.06% year-on-year[17]. - Cash flow from operating activities for Q1 2024 was RMB 570,208,886.78, an increase of 25.00% compared to RMB 455,962,079.73 in Q1 2023[38]. - Net cash flow from investing activities was CNY -5,279,450.36, an improvement from CNY -13,364,368.34 in the previous period[52]. - The net cash flow from financing activities was CNY -160,700,331.75, compared to CNY -258,706,108.47 in the previous period[52]. - The company received CNY 119,328,275.31 in cash from borrowings during the period, with no cash received from borrowings in the previous period[52]. - The total cash inflow from financing activities was CNY 119,328,275.31, while total cash outflow was CNY 280,028,607.06[52]. Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 11,827,304,687.34, a slight increase of 0.83% from the end of the previous year[4]. - The equity attributable to shareholders increased by 3.00% to CNY 7,920,771,159.42 compared to the end of the previous year[4]. - Total liabilities decreased to approximately $3.91 billion from $4.04 billion, a reduction of about 3.2%[45]. - The company's total equity increased to approximately $7.92 billion from $7.69 billion, showing a growth of about 3%[45]. - The company’s total non-current assets decreased to approximately $6.04 billion from $6.15 billion, a decline of about 1.8%[44]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 49,803[24]. - The largest shareholder, Shanghai Jahwa United Co., Ltd., holds 51.01% of the shares, totaling 344,927,001 shares[24]. Research and Development - Research and development expenses increased to approximately $34.86 million from $32.73 million, marking a rise of about 6.5%[48]. Other Financial Metrics - The weighted average return on equity increased by 0.15 percentage points to 3.28%[4]. - The company reported non-recurring gains and losses totaling CNY -37,175,400.26 for the quarter[6]. - The company reported a non-operating loss of RMB 48,627,572.23 related to fair value changes of financial assets and liabilities[20]. - The company reported a decrease in inventory from approximately $776.75 million to $681.18 million, a decline of about 12.3%[43]. - Cash and cash equivalents increased to approximately $1.34 billion from $939.62 million, representing a growth of 43% year-over-year[43]. - Cash and cash equivalents at the end of the period totaled CNY 1,332,084,785.93, down from CNY 1,861,435,303.10 in the previous period[52]. - The impact of exchange rate changes on cash and cash equivalents was CNY -1,140,748.30, contrasting with a positive impact of CNY 1,864,481.24 in the previous period[52]. - The company reported a net loss in other comprehensive income attributable to the parent company of CNY -25,553,606.52[50]. - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[22].

证券代码：600315 证券简称：上海家化 公告编号：临 2024-018 上海家化联合股份有限公司 关于 2024 年第一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 年第一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） | | --- | --- | --- | --- | | 护肤 | 12,472,099 | 7,703,233 | 339,139,898.52 | | 个护家清 | 85,842,504 | 110,178,414 | 1,111,057,589.19 | | 母婴 | 27,637,998 | 25,962,021 | 390,144,866.36 | | 合作品牌 | 3,893,266 | 2,953,042 | 61,056,935.93 | 注：2023 年末，公司转换成事业部制组织架构 ...

王鲁军 0 河国华 肖立荣 上海家化联合股份有限公司独立董事 关于公司八届十七次董事会有关事项的独立意见 根据《上市公司治理准则》和《公司章程》的有关规定，作为公司独立董事, 现就公司八届十七次董事会有关事项发表独立意见： 一、关于注销已回购股份暨减少注册资本的独立意见 经审查,公司本次注销已回购股份事项符合《公司法》《证券法》、《上海证 券交易所上市公司自律监管指引第 7 号-回购股份》等相关规定,决策审批程序 合法合规，没有损害公司及全体股东特别是中小股东的合法权益。因此，我们同 意公司本次注销已回购股份并减少注册资本相关事项。 独立董事签字: 2024 年 4 月 22 日 ...

2、2020 年 9 月 30 日，公司召开七届九次监事会，审议通过了《关于公司<2020 年限制 性股票激励计划（草案）>及其摘要的议案》、《关于公司<2020 年限制性股票激励计划实 施考核管理办法>的议案》、《关于公司<2020 年限制性股票激励计划激励对象名单>的议 案》。 3、2020 年 10 月 10 日至 2020 年 10 月 19 日，公司对激励对象的姓名和职务在公司内部 进行了公示，在公示期内，公司监事会未接到与激励对象有关的任何异议。2020 年 10 月 23 日，公司监事会披露了《关于公司 2020 年限制性股票激励计划激励对象名单的核查意见及 公示情况说明》。 证券代码：600315 证券简称：上海家化 公告编号：2024-017 上海家化联合股份有限公司 关于回购注销部分限制性股票的公告 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。 2024 年 4 月 22 日，上海家化联合股份有限公司（以下简称"公司"）召开八届十七次董事 会和八届十五次监事会，审议通过了《关于回购注销部分限制性股票 ...

证券代码：600315 证券简称：上海家化 公告编号：2024-016 上海家化联合股份有限公司 关于注销已回购股份暨减少注册资本的公告 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。 2024 年 4 月 22 日，上海家化联合股份有限公司（以下简称"公司"）召开八届十七次董事 会和八届十五次监事会，审议通过了《关于注销已回购股份暨减少注册资本的议案》。同意 公司将存放于回购专用证券账户的 968,400 股股份予以注销， 并相应减少公司注册资本。本 次注销完成后，公司股份总数将由 676,223,860 股变更为 675,255,460 股。公司独立董事及监 事会就该事项发表了明确的同意意见， 该议案尚需提交公司股东大会审议。现将相关情况公 告如下： 一、已回购股份情况概述 2021 年 8 月 24 日，公司召开七届二十二次董事会及七届十七次监事会，审议通过《关于 以集中竞价交易方式回购股份预案的议案》，同意公司使用自有资金不低于人民币 4672.77 万 元(含)，且不超过人民币 9344.31 万元（含），以不 ...

证券代码：600315 证券简称：上海家化 公告编号：临 2024-013 上海家化联合股份有限公司 八届十七次董事会决议公告 一、董事会会议召开情况 上海家化联合股份有限公司八届十七次董事会于 2024 年 4 月 22 日以现场结合视频的方式 召开，会议通知于 2024 年 4 月 12 日以邮件方式发出。会议应参加董事 7 人，实际参加董事 7 人，会议由董事长潘秋生先生主持，监事和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 会议审议并通过了如下议案： 1、审议通过公司 2024 年第一季度报告； 表决情况：7 票同意，0 票反对，0 票弃权，通过本议案。 公司 2024 年第一季度报告请见上海证券交易所网站。 2、审议通过关于 2021 年股票期权激励计划第三个行权期股票期权注销的议案； 表决情况：6 票同意，0 票反对，0 票弃权，1 票回避，通过本议案。 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。 具体内容详见本日公司发布的《上海家化联合股份有限公司关于注销 ...