Investment Rating - The report maintains a "Buy" rating for Shanghai Jahwa (600315) [6][10]. Core Views - The company faced revenue and profit pressure in 2023 due to multiple internal and external factors, but profitability has been optimized. The revenue for 2023 was CNY 6.598 billion, a year-on-year decrease of 7.16%, while the net profit attributable to shareholders was CNY 500 million, an increase of 5.93% year-on-year [3][6]. - The company is undergoing organizational restructuring, which is expected to enhance growth potential in the future. The average age of newly recruited and replaced personnel is around 30 years, with a focus on digital operations and sales management [5][6]. Revenue and Profit Analysis - In 2023, the skincare category achieved revenue of CNY 1.994 billion, a year-on-year increase of 0.98%, while the personal care and baby products category saw a revenue decline of 13.35% to CNY 1.856 billion [4]. - The company’s gross margin improved to 58.97%, up 1.85 percentage points year-on-year, while the net margin increased to 7.58%, up 0.94 percentage points year-on-year [3][4]. Channel Performance - Online and special channels generated revenue of CNY 1.773 billion and CNY 361 million, respectively, with e-commerce channels growing by 4.6% year-on-year. Interest e-commerce saw growth exceeding 100% [4]. - The company closed 82 counters and stores in the department store channel, with a total of 574 counters and stores remaining by the end of the year [4]. Future Projections - The report forecasts revenue for 2024-2026 to be CNY 7.370 billion, CNY 8.033 billion, and CNY 8.650 billion, respectively, with net profits projected at CNY 633 million, CNY 742 million, and CNY 848 million [6][11].

2 / 3 请务必阅读正文之后的信息披露和法律声明 分析师声明 23 年营收及扣非净利润持续承压。（1）23 年全年业绩：营收 65.98 亿/yoy-7.16%， 归母净利润 5.0 亿/yoy+5.93%，扣非后净利 3.15 亿/yoy-41.82%，整体业绩略低 于预期，主因：1）海外市场受到出生率下降、通胀及局部战争影响，海外业务下 滑；2）国内消费不及预期，传统商超恢复略弱，大型商超、大卖场闭店；3）线 上渠道分化，且渠道规则迅速变化，而公司仍处于电商转型阶段，公司 2023 年非 经常性损益为 1.86 亿。（2）23Q4 业绩：营收 15.06 亿/yoy-14.04%，归母净利润 1.06 亿/yoy-33.31%，23 年双十一品牌竞争激烈，而公司提升销售费用投放影响 净利润表现。（3）盈利能力：23 年毛利率 58.97%，销售费用率 41.98%/+4.66pcts、 在 电 商 流 量 成 本 提 升 背 景 下 公 司 相 对 应 增 加 销 售 投 放 ， 管 理 费 用 率 9.34%/+0.50pcts，研发费用率 2.22%、基本持平，归母净利率 7.58%/+0.94pc ...

Investment Rating - The report assigns a "Buy" rating for Shanghai Jahwa (600315.SH) [13] Core Views - The report highlights that Shanghai Jahwa's 2023 revenue was 6.598 billion yuan, a year-on-year decrease of 7.16%, while the net profit attributable to shareholders was 500 million yuan, an increase of 5.93% year-on-year [13] - The report anticipates that organizational restructuring and strategic adjustments will enhance growth efficiency in the future [13] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 6.598 billion yuan, down 7.16% year-on-year, and a net profit of 500 million yuan, up 5.93% year-on-year [13] - The report notes a significant decline in the non-recurring net profit, which was 315 million yuan, down 41.82% year-on-year [13] - For Q4 2023, the revenue was 1.506 billion yuan, a decrease of 14.04% year-on-year, with a net profit of 106 million yuan, an increase of 33.31% year-on-year [13] Business Segments - Skincare segment revenue reached 1.994 billion yuan, up 0.98% year-on-year, accounting for 30.28% of total revenue, with a gross margin of 68.82% [13] - Personal care and household cleaning segment revenue was 2.541 billion yuan, down 4.88% year-on-year, accounting for 38.58% of total revenue, with a gross margin of 58.44% [13] - The mother and baby segment generated 1.856 billion yuan, down 13.35% year-on-year, accounting for 28.17% of total revenue, with a gross margin of 52.24% [13] Channel Performance - Online channels generated 2.134 billion yuan, up 1.72% year-on-year, with e-commerce channels growing by 4.60% [13] - Offline channels generated 2.855 billion yuan, down 9.88% year-on-year, with significant declines in department stores and supermarkets [13] - The report indicates that the company is focusing on enhancing its online presence and adapting to the challenges faced in offline channels [13] Future Outlook - The report projects that the net profit attributable to shareholders will reach 627 million yuan in 2024, representing a year-on-year growth of 25.3% [14] - The anticipated earnings per share (EPS) for 2024 is 0.93 yuan, with a price-to-earnings (P/E) ratio of 20.77 [14] - The report emphasizes the importance of increased marketing investments to build brand strength and drive long-term growth [13]

日用化学品 上海家化（600315.SH） 增持-A(维持) 证券研究报告 主动优化调整组织架构，创新迭代优化产品矩阵 | --- | --- | --- | |--------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

公司研究 作者 -43% -30% -17% -3% 10% 03/23 06/23 09/23 12/23 Q2 护肤品类增长向好、海外业务拖累收入， 继续期待多品类多点发力——上海家化 （600315.SH）2023 年中报点评 （2023-08-29） 22 年业绩受疫情扰动，23 年期待回归健康 增长——上海家化（600315.SH）2022 年年 报及 2023 年一季报点评（2023-04-26） 22 年业绩靴子落地，23 年改善弹性可期— —上海家化（600315.SH）2022 年业绩快报 点评（2023-03-15） 上海家化发布 2023 年年报。公司 2023 年实现营业收入 65.98 亿元、同比下滑 7.16%，归母净利润 5.00 亿元、同比增长 5.93%，扣非净利润 3.15 亿元、同比下 滑 41.82%，EPS 为 0.75 元，拟每股派发现金红利 0.23 元（含税）。其中 23 年扣 非净利润下滑而归母净利润增长，其差异主要系会计处理上确认公司购买的理财产 品的公允价值变动和投资收益更多为非经常性损益所致。 分品牌来看：1）护肤品类：23 年玉泽收入同比增超 9%；佰 ...

证 券 研 究 报 告 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 美容护理 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 03 月 15 日 | | 收盘价（元） | 19.24 | | 一年内最高 / 最低（元） | 31.12/15.61 | | 市净率 息率（分红/股价） | 1.7 | | 流通 A 股市值（百万元） | 12952 | | 上证指数/深证成指 | 3054.64/9612.75 | | 注："息率"以最近一年已公布分红计算 | | 上 市 公 司 | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2023 | 年 12 月 31 日 | | 每股净资产（元） | 11.37 | | | | | 资产负债率 % | 34.44 | | 总股本/流通 A 股（百万） | 676/67 ...

Revenue and Financial Performance - Online revenue reached ¥2,810,291,419.71, an increase of 61.73% year-on-year, while offline revenue was ¥3,776,788,844.57, up 56.87% year-on-year, leading to a total revenue of ¥6,587,080,264.28, a growth of 58.94%[7] - The company's net profit decreased year-on-year primarily due to a continuous decline in offline channel traffic, leading to a decrease in revenue, coupled with rising procurement prices that reduced gross margin[36] - The net profit of Shanghai Jahwa Hainan Daily Chemical Co., Ltd. increased year-on-year due to personnel restructuring, resulting in reduced employee compensation and share-based payment expenses[36] - The company achieved a revenue of 6.598 billion yuan, a year-on-year decrease of 7.16%[192] - Gross margin was 58.97%, an increase of 1.85 percentage points year-on-year[192] - Net profit attributable to shareholders was 500 million yuan, a year-on-year increase of 5.93%[192] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 315 million yuan, a year-on-year decrease of 41.82%[192] Organizational Structure and Human Resources - The company established a new organizational structure with business divisions for beauty and skincare, maternal and infant care, personal care, and overseas operations, enhancing decision-making speed and market responsiveness[3] - The company hired 346 new employees, with an average age of 30, including 79 managerial positions, to strengthen sales management and digital operations[3] - The total number of employees in the company is 4,824, with 932 in the parent company and 3,892 in major subsidiaries[85] - The company has a performance evaluation system that emphasizes KPI alignment with individual and company goals, enhancing employee development pathways[86] - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[75] Product Development and Innovation - The new product "启初胚米面霜" received a "双易" certification, enhancing consumer trust in product quality and safety[2] - The company aims to enhance its product innovation capabilities through stable OEM/ODM partnerships, supporting business growth across various brands[19] - The company focused on four major product lines, with the core brand audience increasing by 44.3%[196] - The new Taiji series "Bubble Water" sales exceeded 100 million yuan[196] - The oil-sensitive cream launched in April became a top-selling SKU, contributing over 100 million yuan in sales[196] - The company has 179 R&D personnel, accounting for 3.71% of the total workforce[199] - The R&D team includes 8 PhD holders, 45 master's degree holders, and 88 bachelor's degree holders[199] Market Position and Competition - The brand "佰草集" holds a 0.6% market share in the department store skincare market, while "六神" has over 80% market share in the adult floral water market[18] - The company is focusing on cross-industry collaborations to strengthen its high-end brand image, as seen with partnerships with cultural institutions[2] Financial Management and Investments - Investment cash inflow decreased by 44.56% to ¥1,842,088,903.97, primarily due to a reduction in bank wealth management redemptions[14] - The total investment in private equity increased from approximately 625.53 million to 644.21 million, reflecting a fair value change of 50.77 million[29] - The total investment in bank wealth management and asset management products rose from approximately 2.22 billion to 2.48 billion, with a fair value change of 57.47 million[29] - The company has entrusted cash asset management with a total amount of ¥200,000,000, initiated on January 17, 2022, with flexible terms[160] - The company has multiple bank wealth management products totaling ¥1,800,000,000, with various initiation dates and expected returns[161] Governance and Compliance - The company is committed to improving its governance structure and operational compliance, adhering to relevant laws and regulations[42] - The company has established a comprehensive risk management system and continuously improves internal control processes and tools[46] - The company held 5 meetings of the Audit and Risk Management Committee during the reporting period, focusing on annual audit arrangements and risk management work[46] - The company’s independent directors actively participated in committee meetings, providing nine independent opinions to enhance corporate governance[44] - The company has implemented a robust internal control system in compliance with relevant laws and regulations to enhance management levels[75] Social Responsibility and Community Engagement - Total investment in public welfare projects amounted to 2.94 million yuan, benefiting 43,993 people[97] - Total investment in poverty alleviation and rural revitalization projects reached 1.65 million yuan, helping 11,098 individuals[99] - Environmental protection funding during the reporting period was 3.246 million yuan[118] - The company established a green supply chain, promoting energy conservation and clean production[120] - The company donated skincare products to support border soldiers affected by previous floods in the Beijing-Tianjin-Hebei region[123] - The company partnered with a charity supermarket for autistic youth, donating products and committing all sales proceeds to charity[123] - The company organized educational activities for students from rural areas, enhancing their exposure to urban culture and patriotism[123] - The company donated hygiene and cleaning supplies to impoverished residents in the local community, contributing to social welfare initiatives[124] - The company has actively engaged in community support, including educational initiatives for rural teachers[124] - The company continues to focus on social responsibility, including partnerships to support employment for special youth[124] Shareholder Information and Stock Performance - The company has a total of 678,873,194 shares, with a decrease of 2,649,334 shares during the reporting period[147] - The top shareholder, Shanghai Jahwa (Group) Co., Ltd., holds 344,927,001 shares, representing 51.01% of the total shares[149] - The number of ordinary shareholders decreased from 46,968 to 46,651 during the reporting period[148] - The company completed the repurchase and cancellation of 2,649,334 restricted stocks due to performance assessment failures in the 2020 and 2022 incentive plans[168] - The top ten shareholders include National Social Security Fund with 11,200,000 shares, accounting for a significant portion of the total shares[170] - The company reported non-operating income from the disposal of non-current assets amounting to RMB 12,309.18 in 2023, compared to RMB 1,081,072.46 in 2022[190] - Government subsidies recognized in the current period amounted to RMB 7,049,441.91, an increase from RMB 3,427,705.16 in the previous year[190] - The fair value changes of financial assets and liabilities resulted in a gain of RMB 203,761,014.77, contrasting with a loss of RMB 89,671,179.85 in 2022[190] Legal and Regulatory Matters - There were no significant litigation or arbitration matters reported for the year, indicating a stable legal environment for the company[131] - The company has not disclosed any significant related party transactions during the reporting period[156] - The company has not faced any situations leading to potential delisting[153] - The company has not made any asset or equity acquisitions or disposals that require disclosure[154] - The company has not recognized any impairment provisions for entrusted loans[164] - The company has not reported any changes in shareholder structure due to new share placements[152] - The company has not disclosed any fundraising progress during the reporting period[164] - The company has not reported any related debt transactions that require disclosure[156]

上海家化联合股份有限公司 独立董事述职报告 上海家化联合股份有限公司 2023 年度独立董事述职报告 作为上海家化联合股份有限公司（以下简称"公司"）的独立董事，我依照 《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指引第1号 ——规范运作》等相关规则，通过董事会专门委员会、独立董事专门会议、董事 会等方式，独立、公正地履行职责，提升董事会决策水平，保护中小股东合法权 益。 本人肖立荣：1962年出生，硕士，高级会计师。曾任江西财经大学讲师、华 润深国投信托有限公司财务总监、华润（集团）有限公司财务部副总经理。现任 本公司独立董事。 现将2023年度履职情况汇报如下： (一) 董事会下设专门委员会成员情况 | 专门委员会类别 | 成员姓名 | | --- | --- | | 审计与风险管理委员会 | 肖立荣、王鲁军、冯国华、邓明辉 | | 提名委员会 | 王鲁军、肖立荣、刘东 | | 薪酬与考核委员会 | 冯国华、王鲁军、刘东 | | 战略与可持续发展委员会 | 潘秋生、冯国华、成建新 | 一、 全年出席董事会、股东大会情况 2023年，公司共举行1次股东大会，6次董事会、1次战略委员会会议、5 ...

上海家化联合股份有限公司 关于控股子公司 2024 年度外汇套期保值业务执行额度的公告 证券代码：600315 证券简称：上海家化 公告编号：临 2024-010 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、准确性和完整性依法承担法律责任。 重要内容提示： 1、市场风险：在汇率行情走势与公司预期发生大幅偏离的情况下，公 司锁定汇率成本后支出的成本支出可能超过不锁定时的成本支出，从 而造成潜在损失 2、操作风险：外汇套期保值业务专业性较强，复杂程度较高，可能会 由于相关制度不完善或操作人员专业水平而造成一定风险。 3、延期交割风险：由于客户的付款或支付给供应商等的款项逾期，货 款无法在预测的回款期内收回，会造成远期结汇延期交割而产生损失。 4、履约风险：外汇套期保值交易对手出现违约，不能按照约定履行支 付公司套期保值义务。 公司控股子公司 Cayman A2,Ltd.及其下属公司在日常经营过程中会涉及大 量资金收付的外币业务，为有效规避和防范外汇市场风险，防止汇率大幅波动对 公司生产经营造成不利影响，Cayman A2,Ltd. 及其下属公司拟与银行开展 ...

上海家化联合股份有限公司 会计师评估报告 普华永道中天会计师事务所（特殊普通合伙）（以下简称"普华"）前身为 1993 年 3 月 28 日成立的普华大华会计师事务所，经批准于 2000 年 6 月更名为普华 永道中天会计师事务所有限公司；经 2012 年 12 月 24 日财政部财会函[2012]52 号批准，于 2013 年 1 月 18 日转制为普华永道中天会计师事务所（特殊普通合 伙）。 普华永道中天是普华永道国际网络成员机构，拥有会计师事务所执业证书， 也具备从事 H 股企业审计业务的资质，同时也是原经财政部和证监会批准的具有 证券期货相关业务资格的会计师事务所。此外，普华永道中天也在 US PCAOB （美国公众公司会计监督委员会）及 UK FRC（英国财务汇报局）注册从事相关 审计业务。普华永道中天在证券业务方面具有丰富的执业经验和良好的专业服务 能力。普华永道中天的首席合伙人为李丹。 截至 2023 年 12 月 31 日，普华永道中天合伙人数为 291 人，注册会计师人 数为 1,710 余人，其中自 2013 年起签署过证券服务业务审计报告的注册会计师 人数为 383 人。 普华永道中天经 ...