Core Points - Shanghai Jahwa announced the resignation of director Deng Minghui from the board and the audit and risk management committee due to retirement [1] - Following his resignation, Deng Minghui will not hold any position within the company [1]

Market Overview - The cosmetics sector experienced a decline of 0.58% on October 31, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Notable gainers included: - Qingsong Co., Ltd. (300132) with a closing price of 7.23, up 5.39% [1] - Lafang Jiahua (603630) at 22.74, up 3.04% [1] - Shuiyang Co., Ltd. (300740) at 20.43, up 2.82% [1] - Jiaheng Jiahua (300955) saw a significant decline, closing at 35.66, down 5.01% [2] - Marubi Biotechnology (603983) also fell, closing at 34.53, down 4.16% [2] Trading Volume and Capital Flow - The cosmetics sector had a net outflow of 131 million yuan from main funds, while retail investors saw a net inflow of 214 million yuan [2] - The trading volume for Qingsong Co., Ltd. was 329,200 shares, with a transaction value of 23.5 million yuan [1] - Jiaheng Jiahua had a trading volume of 50,300 shares, with a transaction value of 183 million yuan [2] Capital Flow Analysis - Shanghai Jahwa (600315) had a net inflow of 11.76 million yuan from main funds, but a net outflow of 23.52 million yuan from retail investors [3] - Other companies like Lafang Jiahua and Qingsong Co., Ltd. also experienced mixed capital flows, with retail investors showing some interest despite overall outflows from main and speculative funds [3]

Core Viewpoint - Shanghai Jahwa is a leading player in the domestic beauty and personal care industry, with a strong brand portfolio and significant market presence, achieving notable revenue and profit growth in recent quarters [1][2][6]. Financial Performance - In Q3 2025, Shanghai Jahwa reported revenue of 4.96 billion yuan, ranking second in the industry, with the top competitor, Proya, at 7.10 billion yuan [2]. - The net profit for the same period was 405 million yuan, also placing the company second in the industry, while Proya's net profit was 1.06 billion yuan [2]. - The company achieved a year-on-year revenue growth of 272.3% in its beauty segment, with online sales increasing by 173.3% [6]. Profitability and Debt - As of Q3 2025, Shanghai Jahwa's asset-liability ratio was 32.65%, higher than the industry average of 25.15% [3]. - The gross profit margin stood at 62.81%, which is below the industry average of 66.60% but improved from 59.41% in the previous year [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 21.58% to 29,600, while the average number of shares held per shareholder increased by 27.52% to 22,700 shares [5]. - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 36.55 million shares, an increase of 3.77 million shares from the previous period [5]. Management and Strategy - The chairman, Lin Xiaohai, has a salary of 3.214 million yuan for 2024 and has extensive experience in the fast-moving consumer goods sector [4]. - The company is focusing on a dual-channel strategy combining online and offline sales, with strong product-channel synergy [5][6].

Core Points - Shanghai Jahwa announced the resignation of director Deng Minghui due to retirement, effective immediately upon delivery of the resignation report to the board [1] - Deng Minghui's departure will not reduce the board members below the legal minimum and will not affect the normal operation of the board [1] - The company will proceed with the legal process to elect a new director [1]

公司董事会收到董事邓明辉先生的书面辞职报告，因退休原因，邓明辉先生辞去公司第 九届董事会董事及审计与风险管理委员会委员职务，辞职后邓明辉先生将不在公司担任任何 职务 证券代码：600315 证券简称：上海家化 公告编号：2025-052 上海家化联合股份有限公司 关于公司董事离任的公告 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法律责任。 重要内容提示： 根据《公司法》、《公司章程》等相关规定，邓明辉先生离任不会导致董事会 成员低于法定人数，不会影响董事会正常运作，辞职报告自送达董事会之日起生 效。公司将按照法定程序补选董事。 邓明辉先生不存在未履行完毕的公开承诺并且已按照相关规定做好交接工 作。公司及公司董事会对邓明辉先生在任职期间为公司发展做出的贡献表示衷心 感谢！ 特此公告。 上海家化联合股份有限公司董事会 2025 年 11 月 1 日 一、董事/高级管理人员离任情况 (一) 提前离任的基本情况 | | 离任职务 | 离任时间 | 原定任期到 期日 | | 是否继续在上市 | 具体职务 | 是否存在未 | | --- | - ...

Group 1 - The company announced that board member Deng Minghui has submitted a written resignation due to retirement [1] - Deng Minghui will no longer hold any position within the company after his resignation [1] - The resignation is effective immediately upon delivery to the board [1]

Core Insights - The company Shanghai Jahwa has shown significant growth in revenue and net profit for the first three quarters of 2025, with a revenue of 4.96 billion and a net profit of 405 million, marking increases of 10.8% and 149.1% year-on-year respectively [2][3][6] - The company is focusing on its core brands and has seen substantial growth in its beauty segment, with a 272.3% increase in all-channel sales [3][4] - New product launches, particularly in the beauty category, have driven sales, with notable successes such as the "Xian Cao Oil" and "Bee Propolis Fragrance Hand Cream" [5][12] Financial Performance - For the first nine months of 2025, the company achieved an operating income of 4.96 billion, a 10.8% increase from the previous year, and a net profit of 405 million, up 149.1% [2][3] - The operating cash flow increased by 172.8% year-on-year, indicating improved financial health [2] - In Q3 alone, revenue grew by 28.3% year-on-year, with net profit reaching 139 million [2][3] Business Strategy - The company is implementing a "four focuses" strategy, concentrating on core brands, segmented markets, and major products [3][7] - There is a strong emphasis on online sales channels, with significant growth in e-commerce operations and marketing investments [6][9] - The company plans to enhance brand marketing efforts in alignment with revenue growth, particularly during major sales events like "Double Eleven" [8][10] Product Development - The introduction of new products has been a key driver of growth, with successful launches such as the "Xian Cao Oil" and "Bee Propolis Fragrance Hand Cream" [5][12] - The company aims to continue focusing on high-concentration, natural ingredient products, which resonate well with current market trends [5][12] - The marketing strategy includes leveraging celebrity endorsements to enhance brand visibility and consumer engagement [12][13] Market Positioning - The beauty segment has shown remarkable growth, particularly in online channels, with a 173.3% increase in domestic online sales [3][4] - The company is actively working to improve its overseas business, which has faced challenges but is expected to recover through strategic focus on core categories and online sales [3][4] - The brand's positioning is reinforced through targeted marketing and product innovation, aiming to capture a larger market share in the beauty and personal care industry [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 1.483 billion yuan (up 28.3% year-on-year) and net profit of 140 million yuan (up 285.4%) [7] - The beauty segment showed rapid revenue growth, with the personal care segment generating 606 million yuan (up 13.8%), and the beauty segment achieving 354 million yuan (up 272.3%) [7] - The company is focusing on four strategic adjustments to enhance profitability and is optimistic about the improvement in operational quality leading to better performance [7] Financial Performance Summary - For 2023A, the company reported revenue of 6,598 million yuan, with a revenue growth rate of -7.2% [6] - The forecast for 2025E indicates revenue of 6,276 million yuan, with a projected net profit of 407 million yuan and an EPS of 0.60 yuan [6][8] - The company's gross margin for Q3 2025 was 61.5%, reflecting a 7.0 percentage point increase [7] Strategic Focus - The company is enhancing its core products and expanding its online channel presence, launching key products such as Bai Cao Ji Xian Cao Oil and Meijiajing Propolis Repair Cream [7] - The dual-channel strategy of "online + offline" is being leveraged to drive growth, supported by brand marketing and influencer investments [7] Earnings Forecast - The company is expected to achieve net profits of 4.07 billion yuan, 4.81 billion yuan, and 5.98 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 42.1, 35.6, and 28.6 [7]

Core Insights - A total of 295 stocks received buy ratings from institutions today, with notable upgrades for Shanghai Jahwa, Shuangliang Energy, and Crystal Optoelectronics, while 7 stocks received initial attention from institutions [1][2] Group 1: Institutional Ratings - 432 buy rating records were published today, with Chengdu Bank receiving the highest attention at 8 buy ratings [1] - Among the stocks rated, 149 provided future target prices, with 5 stocks showing an upside potential exceeding 50%, led by Haise Science with a target price of 92.88 yuan, indicating an upside of 82.87% [1] - 7 stocks received initial attention from institutions, including Daotong Technology and Keri Technology [1] - 3 stocks had their ratings upgraded, including Shanghai Jahwa and Shuangliang Energy [1] Group 2: Market Performance - Stocks with buy ratings averaged a gain of 1.23%, outperforming the Shanghai Composite Index [1] - 189 stocks saw price increases, with notable gainers including Litong Technology, Jibite, and Zhongtung High-tech, which hit the daily limit [1] - Significant declines were observed in stocks like Kaili Medical, ZTE Corporation, and Nobon Co., with drops of 11.39%, 6.46%, and 6.45% respectively [1] Group 3: Earnings Performance - Among the rated stocks, 292 have reported Q3 earnings, with Optoelectronics achieving a net profit of 24.67 million yuan, a year-on-year increase of 2131.96% [2] - Other notable performers include Light Media and Juyi Technology, with net profit growth rates of 406.78% and 359.88% respectively [2] Group 4: Industry Focus - The electronics sector is the most favored, with 30 stocks including Crystal Optoelectronics and Guocera Materials making the buy rating list [2] - Machinery and automotive sectors also received attention, with 24 and 21 stocks respectively featured in the buy rating list [2]

Market Overview - The cosmetics sector increased by 0.77% on October 29, with Marubi Biological leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Marubi Biological (603983) closed at 36.66, up 3.74% with a trading volume of 41,500 shares and a turnover of 150 million yuan [1] - Babi Co. (920123) closed at 18.06, up 3.56% with a trading volume of 23,700 shares and a turnover of 41.72 million yuan [1] - Shanghai Jahwa (600315) closed at 25.46, up 2.74% with a trading volume of 154,500 shares and a turnover of 392 million yuan [1] - Betaini (300957) closed at 45.83, up 0.57% with a trading volume of 33,400 shares and a turnover of 152 million yuan [1] - Other notable performances include Proya (603605) at 76.87, up 0.18%, and Water Sheep Co. (300740) at 22.14, up 0.09% [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 89.37 million yuan from institutional investors and 51.47 million yuan from retail investors, while individual investors saw a net inflow of 141 million yuan [2] - The detailed fund flow for individual stocks shows that Shanghai Jahwa had a net outflow of 32.36 million yuan from institutional investors [3] - Marubi Biological had a net inflow of 4.95 million yuan from institutional investors, but a net outflow of 8.77 million yuan from retail investors [3]