Core Viewpoint - Shanghai Jahwa's 2024 annual report reveals a significant decline in revenue and a net loss, marking the first loss since its listing, attributed to historical issues and challenges in overseas markets [1][2] Financial Performance - The company reported a revenue of 5.679 billion yuan, a year-on-year decrease of 13.93% [1] - Net profit showed a loss of 833 million yuan, the first loss in its history [1] - The overseas business incurred a loss of approximately 100 million yuan, with goodwill impairment of about 610 million yuan [1] Strategic Adjustments - CEO Lin Xiaohai indicated that the company has been addressing long-standing issues and aims to operate with a lighter burden moving forward [1] - The company reduced 7,000 SKUs in the last quarter, optimizing inventory and product offerings [2] - Inventory turnover days in the department store channel decreased from 342 days to 89 days due to strategic adjustments [2] Future Outlook - The company is focusing on online channel development and has improved its content production capabilities for interest e-commerce [2] - Shanghai Jahwa aims to return to a growth trajectory in the new fiscal year, targeting double-digit growth and profitability recovery [2]

Core Viewpoint - Shanghai Jahwa has reported its first loss in 20 years, primarily due to the acquisition of Mayborn Group Limited, which resulted in significant goodwill impairment and operational challenges [2][5]. Financial Performance - In 2024, Shanghai Jahwa's revenue was 5.679 billion yuan, a year-on-year decline of 13.93%, with a net loss of 833 million yuan, more than doubling from the previous year [1][2]. - Mayborn's revenue and net profit for 2024 were 1.417 billion yuan and 714 million yuan, respectively, reflecting year-on-year declines of 11.49% and 880.18% [3]. Goodwill Impairment - The impairment of goodwill amounted to 613 million yuan, significantly impacting Shanghai Jahwa's financial results [2]. - As of the end of 2024, the remaining goodwill stood at 1.486 billion yuan [4]. Business Strategy and Management Changes - Following the management change, Shanghai Jahwa is re-evaluating Mayborn's business growth targets, with early signs of recovery in Q1 2025 [4][6]. - The company is undergoing a transformation that has temporarily pressured its performance [5]. Revenue Challenges - Both major product lines, personal care and beauty, experienced revenue declines in 2024, with personal care generating 2.379 billion yuan (down 3.42%) and beauty generating 1.05 billion yuan (down nearly 30%) [4]. Future Initiatives - Shanghai Jahwa's strategy for 2025 includes launching new products, focusing on online platforms while maintaining offline channels, and increasing investment in brand building [7][9]. - The company plans to collaborate with instant retail platforms like Meituan, Ele.me, and JD.com to enhance its O2O business [8]. Sales and Marketing Expenses - In 2024, sales expenses were 2.652 billion yuan, accounting for 47% of revenue, with plans to maintain the sales expense ratio while reallocating funds towards brand development [9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a painful adjustment period in 2024, with expectations for performance recovery in 2025 [2][7] - The company has implemented strategic adjustments in its domestic business, including reducing inventory and closing underperforming stores, which has led to a temporary decline in revenue [3] - The company is focusing on online transformation and enhancing operational efficiency through organizational restructuring [3][4] - A stock incentive plan has been introduced to boost employee confidence and align interests with future performance goals [6][7] Revenue Summary - In 2024, the company achieved revenue of 5.679 billion yuan, a year-on-year decrease of 13.93% [2][9] - For Q1 2025, revenue was 1.704 billion yuan, down 10.59% year-on-year [2] - Revenue by product category in 2024: Personal Care 2.379 billion yuan (-3.42%), Beauty 1.050 billion yuan (-29.81%), Innovation 0.830 billion yuan (-19.38%), Overseas 1.415 billion yuan (-11.43%) [4] Profit Summary - The company reported a net profit of -833 million yuan in 2024, a decline of 266.60% year-on-year [2][9] - In Q1 2025, the net profit was 217 million yuan, down 15.25% year-on-year [2] - The gross margin for Q1 2025 was 63.40%, with a net margin of 12.75% [5] Future Earnings Forecast - Revenue projections for 2025-2027 are 6.199 billion yuan, 6.763 billion yuan, and 7.315 billion yuan respectively [7][9] - Expected net profits for the same period are 363 million yuan, 458 million yuan, and 533 million yuan respectively [7][9] - The earnings per share (EPS) forecast for 2025-2027 is 0.54 yuan, 0.68 yuan, and 0.79 yuan respectively [7][9]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 27.76 [8][9]. Core Views - The company reported a revenue of RMB 5.679 billion for 2024, a year-on-year decrease of 13.93%, and a net profit attributable to shareholders of RMB -833 million, indicating a transition from profit to loss [1]. - In Q1 2025, the company achieved a revenue of RMB 1.704 billion, down 10.59% year-on-year, with a net profit of RMB 217 million, down 15.25% year-on-year. However, there are signs of improvement in actual shipments and terminal sales [1][2]. - The company has initiated an employee stock ownership plan, which is expected to enhance internal motivation and align employee interests with company performance [3]. - The company’s multi-brand online performance showed significant growth in Q1 2025, particularly on platforms like Douyin, with several brands exceeding sales targets [4]. Summary by Sections Financial Performance - The company’s revenue and profit forecasts for 2025 to 2027 are as follows: - 2025: Net profit of RMB 334 million, a year-on-year increase of 140.11% - 2026: Net profit of RMB 488 million, a year-on-year increase of 46.15% - 2027: Net profit of RMB 537 million, a year-on-year increase of 10.06% - Corresponding EPS for these years are projected at RMB 0.50, RMB 0.73, and RMB 0.80 respectively [5][7]. Segment Performance - The beauty segment experienced a revenue decline of 29.81% year-on-year in 2024, while personal care revenue decreased by 3.42% year-on-year. Online revenue for 2024 was RMB 2.539 billion, down 9.66% year-on-year, while offline revenue was RMB 3.136 billion, down 13.85% year-on-year [2]. Employee Incentives - The employee stock ownership plan involves up to 45 participants, representing 0.72% of the total share capital, with a total investment not exceeding RMB 77.51 million. The plan includes performance targets for the years 2025 to 2027 [3]. Market Position and Valuation - The company is currently valued at a price-to-sales (PS) ratio of 3 times for 2025, reflecting its ongoing transformation phase. The target price has been adjusted from RMB 24.98 to RMB 27.76 based on improved sales performance in Q1 [5][8].

Core Viewpoint - Shanghai Jahwa has faced challenges in 2024 but aims to return to double-digit revenue growth in 2025 by adjusting its business channels and investing in brand and product development [1][3]. Financial Performance - In Q1 2025, Shanghai Jahwa reported revenue of 1.704 billion yuan and a net profit of 217 million yuan [1]. - The company experienced a decline in overall performance in 2024 due to factors such as low birth rates overseas and increased competition in the baby care sector [2]. Goodwill Impairment - The company conducted goodwill impairment tests on its baby care and maternal feeding product acquisitions, leading to a cautious approach in accounting for goodwill [2]. - The CFO stated that the impairment was due to significant discrepancies between brand revenue and initial business plans, as well as strategic adjustments [2]. Business Channel Adjustment - Shanghai Jahwa has made progress in brand and channel adjustments, with a 5.5 percentage point increase in online revenue contribution in Q1 2025 [3]. - The company expanded its store presence by nearly 40,000 in new channels, achieving double-digit growth in sales from these emerging channels [3]. Future Outlook - The management is optimistic about the future of its overseas business, particularly the performance of its subsidiary, Tomy Star, which achieved revenue growth in Q1 2025 [2]. - The company is focusing on core brands, brand building, and efficiency improvements while addressing challenges such as offline transformation and tariff impacts on overseas operations [3]. Strategic Considerations - The ability of Shanghai Jahwa to return to growth in 2025 will depend on effective execution of organizational adjustments, finding products that enhance consumer purchasing intent, and the competitive landscape of the industry [4].

Core Viewpoint - Shanghai Jahwa is undergoing a transformation by shedding historical burdens, optimizing its product lines, and focusing on core brands to achieve a turnaround from losses to profitability in the new fiscal year [1][2]. Group 1: Financial Performance and Adjustments - The company reported a net loss of 833 million RMB last year, primarily due to operational losses of approximately 100 million RMB and goodwill impairment of about 610 million RMB [2]. - The overseas revenue, mainly from the Tommee Tippee brand, decreased by 11.43% to 1.415 billion RMB, while Q1 overseas revenue was approximately 347 million RMB [3]. - The company achieved an operating cash flow of 273 million RMB in 2024, a year-on-year increase of approximately 164.9% [3]. Group 2: Product and Brand Strategy - The company has significantly reduced its SKU count from over 10,000 to 3,000, focusing on core products to enhance efficiency and profitability [5]. - The management acknowledged a decline in gross margins across beauty, innovation, and overseas categories, attributed to market competition and aging products [4]. - New product launches and pricing adjustments, such as the reduction of promotional efforts for the Bai Caoshu brand, have led to improved conversion rates despite lower average prices [4]. Group 3: E-commerce and Channel Development - The company is enhancing its online presence, with brands like Yuze achieving over 75% of sales through online channels, and significant growth in live streaming sales [8][9]. - The management emphasized the importance of interest e-commerce and has made substantial progress in building capabilities in content production and advertising [10]. - New emerging channels have shown a year-on-year sales growth of over two digits, with plans to expand store presence significantly [10][11].

上海家化联合股份有限公司 监事会关于公司 2025 年员工持股计划（草案）的核查意见 一、关于公司 2025 年员工持股计划（草案）及其摘要的审核意见 公司董事会编制了《上海家化联合股份有限公司 2025 年员工持股计划（草 案）》及其摘要，监事会在认真审阅之后认为： 1、公司不存在《关于上市公司实施员工持股计划试点的指导意见）》（以 下简称"《指导意见》"）等法律、法规、规范性文件规定的禁止实施员工持股 计划的情形；《上海家化联合股份有限公司 2025 年员工持股计划（草案）》及 摘要的内容符合《公司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、 《指导意见》等有关法律、法规及规范性文件以及《公司章程》的规定，不存在 损害公司及全体股东利益的情形。 2、本次员工持股计划拟定的持有人均符合《指导意见》及其他法律、法规、 规范性文件规定的条件，符合本次员工持股计划规定的参加对象的确定标准，其 作为本次员工持股计划持有人的主体资格合法、有效，亦不存在摊派、强行分配 等方式强制员工参与本次员工持股计划的情形；公司不存在向本次员工持股计划 持有人提供贷款、贷款担保或任何其他财务资助的计划或安排。 3、公司 ...

证券代码：600315 证券简称：上海家化 公告编号：临 2025-018 上海家化联合股份有限公司 八届十八次监事会决议公告 本公司监事会及全体监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。 表决情况：3 票同意，0 票反对，0 票弃权，通过本议案。 2、审议通过关于 2024 度年计提商誉减值准备的议案； 表决情况：3 票同意，0 票反对，0 票弃权，通过本议案。 经审核，监事会认为：公司本次计提商誉减值准备符合《企业会计准则》和 公司相关会计政策的规定，决策程序合法合规，计提后财务报表能够更加公允地 反映公司的财务状况及经营成果，同意公司本次计提减值准备事项。 《上海家化联合股份有限公司关于 2024 年计提商誉减值准备的公告》请见 当日公告（公告编号：2025-020）。 3、审议通过公司 2024 年年度报告及其摘要并提交股东大会审议； 表决情况：3 票同意，0 票反对，0 票弃权，通过本议案。 4、审议通过公司 2024 年度利润分配方案暨 2025 年半年度利润分配计划的 议案； 表决情况：3 票同意，0 票反对，0 票弃权 ...

证券代码：600315 证券简称：上海家化 公告编号：临 2025-017 上海家化联合股份有限公司 八届二十五次董事会决议公告 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。 一、董事会会议召开情况 上海家化联合股份有限公司八届二十五次董事会于 2025 年 4 月 23 日在公司 以现场结合视频的方式召开，会议通知于 2025 年 4 月 13 日以邮件发出。应参加 董事 7 人，实际参加董事 7 人，会议由董事长林小海先生主持，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 1、审议通过 2024 年度总经理工作报告； 表决情况：7 票同意，0 票反对，0 票弃权，通过本议案。 2、审议通过公司 2024 年年度报告及其摘要并提交股东大会审议； 表决情况：7 票同意，0 票反对，0 票弃权，通过本议案。 本议案经公司董事会审计与风险管理委员会事先审议通过。 《上海家化联合股份有限公司 2024 年年度报告》及其摘要请见上海证券交 易所网站。 该议案尚需提交股东大会审 ...

证券代码：600315 证券简称：上海家化 公告编号：临 2025-019 上海家化联合股份有限公司 2024 年度拟不进行利润分配 暨 2025 年半年度利润分配计划的公告 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。 在当年盈利、未分配利润期末余额为正且现金流可以满足公司正常经营和可 持续发展的情况下，公司可以采用现金方式分配股利，现金股利政策目标为剩余 股利。 根据上述规定，由于2024年度公司净利润为负，公司2024年度不进行利润分 配。 2024年半年度公司实施了现金分红，分配的现金红利总额为20,166,779.40 元，占公司2024年半年度归属于上市公司股东的净利润的8.47%。 重要内容提示： 由于 2024 年度公司净利润为负，公司 2024 年度不进行利润分配 2025 年半年度利润分配条件及上限：2025 年半年度利润分配条件： 2025 年半年度合并报表归属于上市公司普通股股东的净利润为正；现金分红金 额上限：2025 年半年度合并报表归属于上市公司普通股股东的净利润的 10% 不触及可能被实施其他 ...