Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price of 27.07 CNY [1][6] Core Views - The company has shown rapid revenue growth in Q2, with a year-on-year increase of 25% and a significant profit increase of 367%, driven primarily by online sales channels [9] - The company is focusing on core brands and innovation in niche markets, with successful new product launches receiving positive market feedback [9] - The company’s operational quality is improving, as indicated by a decrease in inventory turnover days and accounts receivable turnover days, along with a 40% increase in net cash from operating activities [9] - Despite challenges in overseas business, there is an expectation of gradual improvement in the second half of the year due to easing trade tensions and optimization in product and marketing strategies [9] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecast for 2025-2027 has been raised to 0.50, 0.72, and 0.94 CNY respectively, up from previous estimates of 0.48, 0.69, and 0.89 CNY [6][10] - The company’s DCF target valuation remains at 27.07 CNY, supporting the "Accumulate" rating [6][10] - Revenue projections for 2025-2027 are 6,302 million, 6,886 million, and 7,484 million CNY, reflecting a recovery trajectory after a challenging 2024 [7][10]

Core Viewpoint - Shanghai Jahwa has demonstrated significant improvement in its financial performance, with a notable revenue increase in the second quarter, reflecting the effectiveness of its ongoing reform strategies [5][20]. Financial Performance - In the first half of 2025, Shanghai Jahwa achieved a revenue of 3.48 billion yuan, representing a year-on-year growth of 4.8% [5]. - The net profit for the same period was 270 million yuan, showing an increase of 11.7% [5]. - The second quarter alone saw a remarkable revenue growth of 25.4%, with beauty product sales increasing by 55.7% across all channels [5]. - Online sales across all brands in China recorded a 34.6% year-on-year growth [5]. - Accounts receivable decreased by 25.7%, and inventory reduced by 20.6%, while operating cash flow rose by 39.7% year-on-year [5]. Strategic Focus - The company has implemented a "four focus" strategy, which includes enhancing organizational capabilities, brand building, channel optimization, and operational quality improvement [5][20]. Product Innovation - Shanghai Jahwa has successfully launched several star products, including an upgraded portable mosquito repellent from the Liushen brand, which topped the Tmall sales chart [7]. - The new "Qinghao" cream series from the maternal and infant brand Qichu has gained significant market traction, achieving double-digit growth despite industry challenges [13]. - The Baicaoji brand has revitalized its product line with the "New Seven White" series, leading to over 50% growth in the second quarter [11]. Brand Marketing and Channel Optimization - The company has made significant strides in brand marketing, with Liushen launching a Pokémon collaboration to attract younger consumers, resulting in over 30% sales growth during the 618 shopping festival [17]. - The high-end brand Shuangmei has successfully positioned itself in the premium market, achieving top sales in the high-end essence oil category during the 618 event [15][18]. - The company has enhanced its online presence through effective collaborations with influencers and targeted marketing strategies, leading to substantial increases in brand visibility and sales [18]. Future Outlook - Looking ahead, Shanghai Jahwa has clear plans to maintain its growth momentum, focusing on product innovation and market trend alignment to solidify its position as a leading domestic brand [20].

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Shanghai Jahwa (600315.SH, latest price: 25.74 yuan) [2] - The beauty and personal care segment has achieved high growth [2] - The gross profit margin in Q2 2025 increased by 5.09 percentage points year-on-year, indicating improved profitability [2] - The brand matrix is being refreshed, with new products expected to be launched soon [2]

北京商报讯（记者 张君花）8月22日，上海家化发布2025年半年度业绩报告称，公司上半年实现营业收 入34.8亿元，同比增长4.8%；实现净利润2.7亿元，同比增长11.7%。 ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,598 | 5,679 | 6,277 | 6,950 | 7,688 | | 同比（%） | (7.16) | (13.93) | 10.54 | 10.72 | 10.62 | | 归母净利润（百万元） | 500.05 | (833.09) | 321.76 | 409.59 | 539.42 | | 同比（%） | 5.93 | (266.60) | 138.62 | 27.30 | 31.70 | | EPS-最新摊薄（元/股） | 0.74 | (1.24) | 0.48 | 0.61 | 0.80 | | P/E（现价&最新摊薄） | 31.46 | (18.88) | 48.89 | 38.40 | 29.16 | 证券研究报告·公司点评报告·化妆品 上海家化（600315） 2025 年半年报点评：25Q2 收入同增 25%， 改革焕新成效显著 ...

2025年8月22日，上海家化(600315.SH)发布2025年中报。 公司营业总收入为34.78亿元，较去年同报告期营业总收入增加1.58亿元，同比较去年同期上涨4.75%。归母净利润为2.66亿元，较去年同报告期归母净利润 增加2775.52万元，同比较去年同期上涨11.66%。经营活动现金净流入为6.82亿元，较去年同报告期经营活动现金净流入增加1.94亿元，实现2年连续上涨， 同比较去年同期上涨39.71%。 公司最新资产负债率为33.84%，较上季度资产负债率减少0.39个百分点，较去年同期资产负债率减少0.51个百分点。 公司最新毛利率为63.37%，较去年同期毛利率增加2.24个百分点，实现3年连续上涨。最新ROE为3.81%，较去年同期ROE增加0.74个百分点。 公司摊薄每股收益为0.40元，较去年同报告期摊薄每股收益增加0.05元，同比较去年同期上涨14.29%。 | 序号 | 股东名称 | 持股 | | --- | --- | --- | | 1 | 上海家化(集团)有限公司 | 51.3 | | 2 | 香港中央结算有限公司 | 4.88 | | 3 | 上海久事(集团)有限公司 | ...

老牌国货上海家化（600315.SH）在经历连续3年业绩萎靡后，终于重回增长轨道。 2025年上半年，上海家化的收入、归母净利润分别为34.78亿元、2.66亿元，分别同比增长了4.75%、 11.66%。 第二季度增速显著，同期创收17.75亿元，同比增长了超1/4。 对于即时零售的布局情况，林小海告诉信风，当前正在培养上海家化线下团队的线上运营能力；而过去 半年，上海家化亦在跟进闪购、前置仓、生鲜电商等新业态渠道，接下来计划为这些平台提供定制化产 品，以满足其需求。例如开发更适合即时零售场景的小包装产品。 "其实我们线下的经销商渠道在上半年是取得了一个增长，这也是上海家化经销商渠道经过多年衰退之 后取得的突破。所以我们对新渠道的发展是保持着非常大的关注。我们接下来也会在产品开发上来满足 这些即时零售场景上的一些需求。"林小海指出，"比如说小包装。因为即时零售可能更适合类似小包装 的一些产品，我们已经陆续在布局。" 从各产品线来看，上海家化旗下亦有不少品类杀出重围。 受到基孔肯雅热疫情、夏日户外场景增多等因素的影响，市场对于驱蚊液等产品需求上升，这也推动了 上海家化旗下便携式六神驱蚊蛋销售的增长。 这也是上 ...

Core Points - The company Shanghai Jahwa announced its 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.039 yuan per share (including tax) to all shareholders based on the total share capital registered on the dividend distribution date [4][28][27] - The total amount of cash dividends to be distributed is approximately 25.97 million yuan, which represents 9.77% of the net profit attributable to ordinary shareholders for the first half of 2025 [25][28][27] - The company will hold a performance briefing on August 29, 2025, to discuss the semi-annual results and address investor inquiries [7][8][10] Company Overview - Shanghai Jahwa is engaged in the production and sale of personal care and beauty products, with brands including Six God, Meijiajing, and others [12] - The company reported significant price increases in key raw materials, with soap and oil prices rising by 48% and surfactants and emulsifiers by 28% compared to the same period last year [14][15] - The company’s board of directors confirmed the authenticity and completeness of the semi-annual report and the profit distribution plan [1][6][21]

证券代码：600315 证券简称：上海家化 公告编号：临 2025-044 上海家化联合股份有限公司 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 股每股派发现金红利 0.039 元 截 至 2025 年 6 月 30 日 ， 公 司 母 公 司 报 表 中 期 末 未 分 配 利 润 为 人 民 币 登记日登记的总股本扣除公司回购专用账户持有本公司股份为基数分配利润。本 次利润分配方案如下： 上市公司拟向全体股东每股派发现金红利0.039元（含税）。 截至2025年6月30日，公司总股本672,225,980股，公司股份回购专用账户 持有本公司股份6,439,272股，不参与本次利润分配，以此计算合计拟派发现金 红利25,965,681.61元（含税）。 本次公司现金分红数额占2025年半年度合并报表中归属于上市公司普通股 股东的净利润的比例为9.77%。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回 购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致 ...

公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派0.39元（含税） | 0.26 | 0.18 | | 2024.06.30 | 10派0.3元（含税） | 0.20 | 0.15 | | 2023.12.31 | 10派2.3元（含税） | 1.55 | 0.81 | | 2022.12.31 | 10派2.1元（含税） | 1.42 | 0.61 | | 2021.12.31 | 10派2.9元（含税） | 1.97 | 0.60 | | 2020.12.31 | 10派1.9951元（含税） | 1.36 | 0.54 | | 2019.12.31 | 10派2.5元（含税） | 1.68 | 0.79 | | 2018.12.31 | 10派2.5元（含税） | 1.68 | 0.71 | | 2017.12.31 | 10派1.8元（含税） | 1.21 | 0.57 | | 2016.12.31 | 10派1元（含税） | 0.67 | 0.34 | | 2 ...