根据市场公开信息及4月28日披露的机构调研信息，知名私募彤源投资近期对4家上市公司进行了调研， 相关名单如下： 调研纪要：芯碁微装在先进封装领域取得进展，设备WLP2000完成多家客户验证，部分进入量产筹 备。直写光刻技术在无掩膜成本及操作便捷等方面具备优势。关税政策对公司影响有限，供应链结构优 化，客户订单持续增长。泰国子公司以服务本土客户为核心，已有20多名员工，本地与外派人员各半。 2024年海外订单占比接近20%，彰显国际市场竞争力。掩模板业务预计今年下半年迎来突破，2026- 2027年占据有利地位。去年IC载板业务面临挑战，但对2025-2026年发展前景充满信心。一季度营业收 入同比增加22.31%，净利润同比增加30.45%，销售量规划充满信心。 4）康弘药业 （上海彤源投资发展有限公司参与公司电话会议&口头） 调研纪要：康柏西普已稳居中国眼科抗VEGF市场的领导地位，公司有信心继续取得新辉煌。公司整体 研发布局集中在眼科、精神/神经、肿瘤领域，形成多元化研发体系。基因治疗产品显示良好安全性和 疗效，双载荷DC分子具有协同作用。公司积极应对集采政策，创新药销售占比提升，化药仿制药销售 占比下降 ...

根据市场公开信息及4月28日披露的机构调研信息，知名私募中欧瑞博近期对2家上市公司进行了调研， 相关名单如下： 1）上海家化 （深圳市中欧瑞博投资管理股份有限公司参与公司业绩说明会） 调研纪要：上海家化对618有信心，核心品牌有望实现高双位数GMV增长。员工持股计划旨在提高竞争 力、降低流失率、养成主人翁精神。过去半年进行了战略明确、组织设计匹配、人才队伍建设、文化建 设等调整。电商方面进行了货盘梳理、价盘整理、组织架构调整和产品迭代。玉泽B5系列计划作为京 东阵地主要产品线。效率提升方面，品效、人效、电商服务、经营质量均有提升。今年营收力争两位数 增长，利润扭亏为盈。驱蚊蛋将加大线上布局，线下分销铺货。长期盈利修复节奏为1-2年看营收增 长，2-3年盈利提升，3-5年利润率达标。主要品牌玉泽定位皮肤屏障修护专家，六神拓展使用场景和人 群。 调研纪要：泽璟制药介绍了其在研药物ZG006、ZG005、ZGGS18等的最新进展，以及未来3-5年的研 发、商业化和国际化规划。ZG006是全球首个DLL3表达肿瘤三特异性抗体，已获NMPA和FDA批准临 床试验，早期数据显示良好疗效。ZG005是全球率先进入临床研究的 ...

根据市场公开信息及4月28日披露的机构调研信息，知名私募理成资产近期对3家上市公司进行了调研， 相关名单如下： 调研纪要：阿拉丁在机构调研中表示，公司通过自主研发和创新，已有多款产品实现了国产替代，具备 较强的竞争力。雅酶生物专注生命科学领域，与阿拉丁产品互补，提供生物实验全线整体解决方案。公 司与源叶、菲鹏深入合作，资源共享，扩大业务规模，提升综合竞争力。控费措施包括促进可转债转 股、优化存货流转、拓展海外市场和生物试剂业务。生命科学收入增长主要源于合并源叶生物，增加生 命科学等大类产品销售。外延式和内涵式增长共同驱动公司发展，积极调研并购项目。 机构简介： 上海理成资产是国内最早成立的私募管理公司之一，十三年以来，始终坚持追求安全边际的成长股投资 理念，积淀一套完整而独特的投资管理知识体系。目前员工50人，近30人为专业投研人员，管理规模最 高超过100亿元，专注于医药、先进制造、大消费领域的二级股票多头策略和PIPE策略。理成长期业绩 排名居前，曾获得三届四座私募金牛奖。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company's performance in Q1 2025 shows a narrowing decline, with revenue of 1.704 billion and a year-on-year decrease of 10.59%. The net profit attributable to the parent company is 217 million, down 15.25% year-on-year [6][7]. - The company is undergoing internal adjustments, which have led to short-term performance pressure. The significant decline in 2024 is primarily due to goodwill impairment of 610 million related to previous acquisitions and strategic adjustments in domestic operations [6][20]. - The company has implemented an employee stock ownership plan to bind core management, with a total of 45 participants and a repurchase price of 16.03 yuan per share [3][9]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 5.679 billion, a year-on-year decrease of 13.93%, and a net profit of -833 million, down 266.60% year-on-year. The Q4 performance showed revenue of 1.202 billion, down 20.20% year-on-year [6][7]. - For Q1 2025, the beauty segment generated revenue of 329 million, up 10.7% year-on-year, while the personal care segment generated 791 million, with an average price decline of 13.4% [2][8]. - The company’s gross margin for 2024 was 57.60%, down 1.37 percentage points year-on-year, while Q1 2025 saw a slight increase in gross margin to 63.40% [11][13]. Strategic Adjustments - The company is actively adjusting its pricing strategy and optimizing channel inventory, which has led to a delay in the purchasing rhythm of distributors [7][20]. - The company plans to expand its emerging channels, having opened 38,000 new stores in Q1 2025, with sales in these channels growing by double digits year-on-year [2][8]. Profitability and Valuation - The company has revised its net profit forecasts for 2025, 2026, and 2027 to 433 million, 504 million, and 581 million respectively, with corresponding P/E ratios of 35, 30, and 26 times [21][23]. - The company’s total market capitalization is 15.327 billion, with a closing price of 22.80 yuan [5][22].

Core Viewpoint - Shanghai Jahwa has undergone significant transformation under the leadership of new Chairman and CEO Lin Xiaohai, focusing on strategic adjustments and operational efficiency to enhance long-term growth potential despite short-term financial pressures [1][2][5]. Financial Performance - In 2024, Shanghai Jahwa reported revenue of 5.679 billion yuan and a net profit attributable to shareholders of -833 million yuan, with Q1 2025 revenue at 1.704 billion yuan and a net profit of 217 million yuan [1][4]. - The decline in profit was primarily due to a goodwill impairment of 613 million yuan related to the overseas baby care brand, Tommee Tippee, and proactive adjustments in domestic channel structures [4]. Strategic Focus - The company has implemented a "Four Focus" strategy, emphasizing core brand development, brand building, online growth, and operational efficiency to regain growth momentum [2][5]. - A significant shift towards online channels has been noted, with online revenue reaching 2.539 billion yuan in 2024, accounting for 44.7% of total revenue, an increase of 2 percentage points year-on-year [6]. Brand Development - Core brands such as Yuze and Liushen have shown strong performance, driving the company's revenue rebound [7][10]. - Yuze has undergone a comprehensive upgrade in brand image and product formulation, resulting in significant sales growth shortly after the launch of new products [8][9]. Research and Development - In 2024, Shanghai Jahwa invested 179 million yuan in R&D, representing 3.16% of revenue, and secured 73 new patents, marking a 55% increase from the previous year [11]. - The company is focusing on innovative research methods and collaborations with academic institutions to enhance product development and safety [12][13].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company experienced a loss in 2024 due to strategic adjustments and significant goodwill impairment. However, there is an expectation for performance recovery in 2025, supported by a proposed employee stock ownership plan aimed at achieving profitability and a net profit growth target of no less than 10% for 2026-2027 [7][8]. - The beauty division is showing promising online growth, which is expected to contribute positively to the company's performance in 2025 [7]. Financial Performance Summary - In 2024, the company reported a revenue of 56.79 billion, a year-on-year decrease of 13.93%, and a net loss of 8.33 billion [7][8]. - For Q1 2025, the company achieved a revenue of 17.04 billion, down 10.59% year-on-year, with a net profit of 2.17 billion, reflecting a 15.25% decline [7]. - The company anticipates a recovery in net profit for 2025, projecting 3.30 billion, which represents a turnaround from losses, followed by 3.77 billion in 2026 and 4.24 billion in 2027, with respective growth rates of 14% and 12% [7][8]. Revenue Breakdown - The revenue breakdown for 2024 shows that the personal care division generated 23.79 billion, down 3.42%, while the beauty division saw a significant decline of 29.81% to 10.50 billion [7]. - Online sales for 2024 amounted to 25.39 billion, a decrease of 9.66%, while offline sales were 31.36 billion, down 16.97% [7]. Cash Flow and Financial Ratios - The operating cash flow improved significantly in 2024, reaching 2.73 billion, a year-on-year increase of 164.86% [7]. - The company’s asset-liability ratio stood at 34.2%, indicating a stable financial position [3][8].

在投资领域，"困境反转"一直是一类重要的投资机会。根本原因在于，其提供了低价买入优质资产的机 会，蕴含着基本面改善与预期差的双重价值空间。 如今的上海家化，也正在释放这种困境反转的信号。直观来看，上海家化交出的2024年报及2025年一季 报中核心财务指标表现并不亮眼，但困境反转的逻辑逐渐清晰，展现出高弹性复苏的潜力。资本市场的 态度同样较为乐观，其财报发布翌日股价不跌反涨，收涨4.2%。 更具体的，笔者进一步梳理上海家化的困境反转逻辑。 1、业绩下滑的另一面："深蹲起跳"加速完成 深入挖掘上海家化的财务数据来看，在业绩下滑背后，更多线索指向了基本面的改善。这种现象恰恰印 证了"困境反转"的预期。 根据财报，2024年及2025年一季度，上海家化实现营业收入56.79亿元、17.04亿元；净利润-8.33亿元、 2.17亿元，均呈同比双降。 但拆解后可以看到，上海家化2024年的亏损主要受到商誉减值和改革阵痛的影响，其中计提商誉减值约 6.1亿，实际经营性亏损程度更轻。在这背后，其商誉减值源于汤美星经营成果与前期业务规划的较大 差异，也与更换管理层，对战略定位、业务规划重做调整有关。改革方面，上海家化一直在解 ...

Core Viewpoint - Shanghai Jahwa has been undergoing significant operational adjustments since Lin Xiaohai took over in the second quarter of last year, resulting in substantial financial losses in 2024, with a focus on strategic realignment for future profitability [1][2][3]. Financial Performance - In 2024, Shanghai Jahwa reported a revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a net loss attributable to shareholders of 833 million yuan, a decrease of 266.60% compared to the previous year [2][3]. - The previous year (2023), the company had a revenue of 6.598 billion yuan and a net profit of 500 million yuan, highlighting a stark contrast in performance [3]. - The significant losses in 2024 were primarily due to a 613 million yuan impairment charge related to goodwill from previous acquisitions in the baby care and maternal products sector [3][6]. Business Strategy and Adjustments - Since the second half of 2024, the company has adopted a strategy focused on core brands, brand building, online presence, and operational efficiency, leading to various organizational changes and business adjustments [4]. - The company’s business segments include personal care, beauty, innovation, and overseas operations, with beauty and innovation segments experiencing notable revenue declines of 29.81% and 19.38%, respectively [5]. Inventory and Pricing Strategies - Starting from the fourth quarter of 2024, Shanghai Jahwa implemented aggressive discounting strategies to clear inventory, which continued into the first quarter of 2025 [9]. - Average selling prices for personal care, beauty, and innovation products saw significant declines, with beauty products dropping by 39.16% to 7.20 yuan per unit in the fourth quarter of 2024 [11][13]. Online and Offline Channel Performance - In 2024, the company’s online revenue was 2.539 billion yuan, down 9.66%, while offline revenue was 3.136 billion yuan, down 16.97%, indicating a stronger performance in online channels despite overall declines [15][18]. - The company is committed to enhancing its online transformation and expanding into emerging offline channels, with plans to add over 100 new strategic partners in the first quarter of 2025 [17][18]. Future Outlook - Despite the challenges faced in 2024, the company aims to achieve a turnaround in profitability by the first quarter of 2025, with a reported revenue of 1.704 billion yuan, a decline of 10.59%, and a net profit of 217 million yuan, down 15.25% [19].

Investment Rating - The investment rating for the company is "Buy" with a target price of 22.8 CNY [6][17]. Core Insights - The company reported better-than-expected performance in Q1 2025, with a revenue of 17.04 billion CNY, down 10.59% year-on-year, and a net profit of 2.17 billion CNY, down 15.25% year-on-year [1]. - The company plans to implement an equity incentive plan, aiming to revitalize its operations and improve profitability over the next three years [4]. - The strategic adjustments have led to short-term pressure across various segments, but the company is expected to recover as it optimizes its business structure and channels [3]. Financial Performance Summary - For 2024, the company reported a revenue of 56.79 billion CNY, down 13.93% year-on-year, and a net profit of -8.33 billion CNY, down 266.60% year-on-year [1]. - The gross margin for 2024 was 57.60%, a decrease of 1.37 percentage points year-on-year, while the net profit margin was -14.67%, down 22.25 percentage points year-on-year [2]. - The company expects revenues of 62.3 billion CNY in 2025, 66.7 billion CNY in 2026, and 71.2 billion CNY in 2027, with corresponding net profits of 3.4 billion CNY, 4.9 billion CNY, and 5.5 billion CNY respectively [4]. Segment Performance Summary - Personal care products (including Six God and Meijiajing brands) generated 23.79 billion CNY in revenue for 2024, down 3.42% year-on-year, with a gross margin of 63.59% [3]. - The beauty segment (including Yuze, Baicaojing, Shuangmei, and Diancui brands) saw revenues of 10.50 billion CNY, down 29.81% year-on-year, with a gross margin of 69.67% [3]. - Online sales accounted for 44.74% of total revenue, generating 25.39 billion CNY, down 9.66% year-on-year, while offline sales accounted for 55.26%, generating 31.36 billion CNY, down 16.97% year-on-year [3].

Core Viewpoint - The domestic beauty market shows a stark contrast, with Proya becoming the first domestic brand to exceed 10 billion yuan in revenue, while Shanghai Jahwa faces a significant decline in net profit, marking a challenging period for the company [1][2]. Financial Performance - Shanghai Jahwa reported a revenue of 5.679 billion yuan for 2024, a year-on-year decrease of 13.93% [1]. - The company experienced a net loss of 833 million yuan, a staggering decline of 266.6% compared to the previous year, marking the largest loss since the company began publishing annual reports [1][2]. - The overseas business revenue was 1.415 billion yuan, down 11.43% year-on-year, contributing to the overall decline in profit [2][3]. Strategic Adjustments - The new CEO, Lin Xiaohai, initiated significant organizational reforms aimed at shifting the business model from "channel-driven" to "brand-driven" [1][9]. - The company undertook strategic adjustments, including reducing inventory in department stores and transitioning from an agency model to a self-operated model for online distributors, which negatively impacted current revenue [2][3]. Goodwill Impairment - The company recorded a goodwill impairment of 610 million yuan related to the acquisition of the UK infant care brand "Tommee Tippee," which was purchased for nearly 2 billion yuan in 2017 [2][3]. - The impairment was attributed to factors such as low birth rates overseas, intensified competition in the infant product category, and reduced inventory by distributors [3]. Market Position - Shanghai Jahwa's revenue has significantly lagged behind Proya, which has seen its revenue gap widen to 5 billion yuan, with Proya achieving over 10 billion yuan in annual revenue [6]. - The beauty segment of Shanghai Jahwa has been particularly underperforming, with a revenue decline of 29.81%, while the personal care segment remains the largest contributor at 2.379 billion yuan, down 3.42% [6]. Online vs. Offline Sales - The company's online revenue for 2024 was 2.539 billion yuan, a decrease of 9.66%, while offline revenue was 3.136 billion yuan, down 16.97% [6]. - The online gross margin increased by 1.8 percentage points to 63.58%, compared to 52.78% for offline channels, indicating a more favorable cost structure for online sales [6][7]. Future Outlook - Despite the poor performance in 2024, the first quarter of 2025 showed signs of recovery, with total revenue of 1.704 billion yuan, a year-on-year decline of 10.59% but a quarter-on-quarter increase of 41.73% [12]. - The company aims to enhance its online capabilities and adapt to changing consumer behaviors by focusing on interest-based e-commerce and developing content-driven online operations [10].