Core Viewpoint - The company has adjusted its profit distribution plan for the first half of 2025, increasing the total cash dividend amount while maintaining the per-share dividend rate [2][3]. Summary by Sections Profit Distribution Plan - The company plans to distribute a cash dividend of 0.039 yuan per share, resulting in a total cash dividend of 26,154,250.51 yuan (including tax) based on the adjusted number of shares eligible for distribution [2][3]. - The previous total cash dividend amount was 25,965,681.61 yuan (including tax) [3]. Adjustment Reasons - The adjustment in the total cash dividend amount is due to the transfer of 4,835,100 shares from the company's repurchase account to the employee stock ownership plan account, which increased the number of shares eligible for the profit distribution [2][3]. Financial Impact - The cash dividend amount represents 9.84% of the net profit attributable to ordinary shareholders of the listed company for the first half of 2025 [3].

一、调整前利润分配方案 上海家化联合股份有限公司（以下简称"公司"或"上海家化"）于 2025 年 8 月 21 日召开九届三次董事会，审议通过了公司 2025 年半年度利润分配方案， 调整前方案内容如下： 公司拟向全体股东每股派发现金红利 0.039 元，以公司的总股本扣除公司 回购专用账户持有的本公司股份计算，合计拟派发现金红利 25,965,681.61 元 （含税）。在实施权益分派股权登记日前公司股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额。具体内容请见公司于 2025 年 8 月 22 日在上 海证券交易所网站（www.sse.com.cn）披露的 2025 年半年度利润分配方案公告 （公告编号：2025-044）。 二、调整原因 证券代码：600315 证券简称：上海家化 公告编号：临 2025-048 上海家化联合股份有限公司 关于调整 2025 年半年度利润分配总额的公告 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个别及连带责任。 重要内容提示： 2025 年 8 月 28 日，公司披露了上海家化关于 ...

近日，公司收到中国证券登记结算有限责任公司出具的《过户登记确认书》， 公司回购证券专用账户（B882162174）中所持有的 483.51 万股已于 2025 年 8 月 21 日通过非交易过户的方式过户至上海家化联合股份有限公司－2025 年员工持 股计划证券账户（B887462008），过户价格为 16.03 元/股，占公司总股本的 0.72%。 截至本公告日，公司 2025 年员工持股计划持有的公司股份数量为 483.51 万股， 占公司总股本的 0.72%。 证券代码：600315 证券简称：上海家化 公告编号：临 2025-047 上海家化联合股份有限公司 关于 2025 年员工持股计划完成非交易过户的公告 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个别及连带责任。 上海家化联合股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开 公司八届二十五次董事会，审议通过了《关于公司<2025 年员工持股计划（草案）> 及其摘要的议案》及相关议案；于 2025 年 6 月 4 日召开公司九届一次董事会审 议通过了 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 25.03 | 2.08% | | 19.51万 | | 4.98亿 | | 603983 | 丸美生物 | 40.94 | -2.13% | | 6.04万 | | 2.52亿 | | 300740 | 水羊股份 | 23.07 | -3.07% | | 40.75万 | | 9.57亿 | | 300849 | 锦盛新材 | 13.08 | -3.18% | | 4.79万 | | 6366.17万 | | 600223 | 福瑞达 | 8.23 | -3.29% | | 23.11万 | | 1.93亿 | | 002094 | 青岛金王 | 8.75 | -3.31% | | 75.07万 | | 6.68亿 | | 600315 | 上海家化 | 25.47 | -3.34% | | 15.29万 | | 3.96亿 | | 300957 | 贝泰妮 | 46.96 | -3 ...

Core Viewpoint - Shanghai Jahwa has achieved significant growth in both revenue and profit in the first half of 2025, indicating the effectiveness of the organizational reforms initiated by Lin Xiaohai, the new chairman and CEO [3][10]. Financial Performance - The company reported a revenue of 3.48 billion yuan, a year-on-year increase of 4.8% - Net profit reached 270 million yuan, growing by 11.7% - In Q2, revenue surged by 25.4%, with beauty products seeing a 55.7% increase in all-channel revenue and a 34.6% rise in online sales across all brands [3][10]. Organizational Restructuring - Lin Xiaohai identified the company's long-standing issues as stemming from a rigid business model rather than just missing out on e-commerce opportunities - The first major action taken was to restructure the organization to focus on brands as independent units rather than mere channels [5][8]. - A complete rotation of brand directors was implemented to eliminate old power structures and foster agility within the organization [8][10]. Brand Strategy - The focus has shifted from channel-driven to brand-driven strategies, with brands like Six God, Yuze, and Baicaojie being emphasized as independent entities [6][21]. - The Six God mosquito repellent product exemplifies this shift, showcasing a complete redefinition of product design and functionality to appeal to modern consumers [12][14]. Product Innovations - Six God’s mosquito repellent has been designed to meet the needs of outdoor scenarios and younger demographics, featuring enhanced ingredients and a stylish design [14][15]. - Yuze and Baicaojie have also seen significant product innovations, with Yuze's dry-sensitive cream and Baicaojie's "Big White Mud" becoming top sellers [17][19]. Market Positioning - The company aims to create national-level blockbuster products, moving from a "big but weak" status to a more focused approach on developing standout products [21][24]. - Lin Xiaohai has set a target of achieving ten "billion-yuan" products by next year, indicating a clear strategic direction for growth [24]. Future Outlook - The company plans to launch several new products in the second half of the year, including Baicaojie's revolutionary "Xian Cao Oil" and Meijiajing's new hand cream, which are expected to enhance brand positioning [25][27]. - The channel strategy emphasizes online growth and the establishment of new distribution channels, aiming to cover 92% of markets above county level [29][30].

Core Insights - Shanghai Jahwa announced the launch of its new mosquito repellent product, Mosquito Repellent Egg 2.0, featuring a safer 20% Hydroxyethylpiperazine formula, which extends the effective mosquito repellent duration to 8.2 hours against Aedes albopictus [1] - The company aims to elevate mosquito repellent from a basic necessity to a sensory experience by introducing various fragrances such as Deep Sea Ambergris, Post-Rain Gardenia, and Mountain Pine, catering to the quality lifestyle preferences of young consumers [1] Product Development - The new product includes a formulation that enhances safety and effectiveness, achieving an A-grade repellent capability [1] - The introduction of multiple fragrance options signifies a strategic shift towards appealing to consumer preferences beyond functionality [1] Market Positioning - The company is targeting young consumers who prioritize quality in their lifestyle choices, indicating a shift in marketing strategy to align with current consumer trends [1] - The product is available for purchase through official flagship stores and live streaming platforms, reflecting a modern retail approach [1]

Core Viewpoint - Shanghai Jahwa (600315.SH) has launched the new mosquito repellent product, Mosquito Repellent Egg 2.0, featuring a safer 20% Hydroxy Pesticide formula, which extends the effective mosquito repellent duration to 8.2 hours, targeting Aedes albopictus with Class A repellent strength [1] Product Development - The new product aims to expand its application to outdoor scenarios, enhancing its functionality beyond basic needs [1] - The company has introduced several new fragrance options, including Deep Sea Ambergris, Post-Rain Gardenia, and Mountain Pine, transforming mosquito repellent from a "functional necessity" to a "sensory enjoyment" [1] Target Market - The product is designed to meet the quality lifestyle demands of young consumers, aligning with their preferences for enhanced living experiences [1]

Core Insights - Shanghai Jahwa (600315.SH) has shown a significant recovery in its performance, with a notable increase in both revenue and net profit in the first half of 2025, indicating a successful strategic transformation [2][3][12] - The company reported a revenue of 3.478 billion yuan, a year-on-year increase of 4.75%, and a net profit of 266 million yuan, up 11.66% [4][5] - The growth is attributed to a focus on core businesses, resource optimization, and a shift towards younger consumers [2][12] Financial Performance - Revenue for the first half of 2025 reached 34.78 billion yuan, marking a 4.75% increase compared to the previous year [4] - Net profit was reported at 2.66 billion yuan, reflecting an 11.66% year-on-year growth, achieving a new high for the year [3][4] - The second quarter saw a particularly strong performance with revenue of 17.75 billion yuan, a 25.4% increase year-on-year, driven by a 36.8% growth in domestic business [4][5] Operational Efficiency - The company has improved its operational health, with accounts receivable down by 25.7% and inventory reduced by 20.6% year-on-year [5][6] - Operating cash flow increased by 39.7%, indicating enhanced cash management [5] Brand Performance - Core brands such as Liushen and Yuze have shown strong growth, with Liushen's online sales experiencing high double-digit growth [9][11] - The introduction of new products, such as the upgraded portable mosquito repellent, has contributed to significant sales increases [9][10] - The second-tier brand Baicaojut has also seen over 50% revenue growth, indicating a robust recovery [10] Strategic Initiatives - The company is implementing a "four focuses" strategy, concentrating on core brands, brand building, online presence, and operational efficiency [12] - The management is optimistic about future growth, planning to expand the "billion-yuan product club" and enhance offline channel capabilities [13] Market Response - Following the positive half-year report, Shanghai Jahwa's stock price surged, closing at 25.75 yuan per share, reflecting strong investor confidence [7]

Core Viewpoint - The financial report of Shanghai Jahwa shows a significant turnaround in performance, with revenue and net profit both experiencing growth for the first time since Q2 2022, indicating a return to stable business operations [1][4]. Group 1: Financial Performance - In the first half of the year, Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.8%, and a net profit of 270 million yuan, up 11.7% [1]. - The second quarter performance was particularly strong, with revenue growth of 25.4% year-on-year, driven by a 34.6% increase in domestic online channels and a 55.7% increase in beauty product revenue [1]. Group 2: Strategic Shifts - The company is shifting its core growth driver from channels to brand value, focusing on four key initiatives: core brand focus, brand building, online channel focus, and efficiency [4][5]. - This strategic adjustment reflects a response to the fragmented market landscape, where brand value and emotional connection have become more critical than channel convenience [5][6]. Group 3: Brand Strategy - Shanghai Jahwa is implementing a combination brand strategy that emphasizes differentiated value across its brands, focusing on niche categories, cultivating strategic flagship products, and innovating in marketing [7][9]. - Key brands like Liushen and Yuze are targeting specific markets, with Liushen launching upgraded mosquito repellent products and Yuze focusing on skin barrier repair with new formulations [7][8]. Group 4: Marketing Innovation - The company is enhancing its marketing efforts to appeal to younger consumers and establish a stronger presence in niche markets, such as the "Liushen Refreshing Festival" to create brand associations [9]. - This approach aims to solidify brand recognition and drive sales through strategic flagship products and marketing innovations, ultimately reducing marginal marketing costs [9]. Group 5: Market Outlook - The strategic focus and brand-driven growth model are expected to enhance Shanghai Jahwa's competitive edge, leading to sustainable growth and potentially unlocking greater value in the capital market [9].

Core Viewpoint - The hair care industry is entering a golden period of domestic substitution, driven by rising consumer demand for quality and personalized products [1][2]. Group 1: Industry Overview - The hair care sector is the second largest category in the cosmetics industry, following skincare, and has significant potential for domestic brand substitution [2]. - Hair care products, which include cleansing and styling items, are increasingly characterized by segmentation and personalization as consumer preferences evolve [2]. Group 2: Market Trends - The sales of hair care products in China have been on a steady rise, reaching 55.9 billion yuan in 2023, a year-on-year increase of 13.4%, with expectations to exceed 70 billion yuan by 2026 [3]. - The demand for functional hair care products is increasing, particularly in response to concerns about hair quality and hair loss, with a focus on product gentleness [3]. Group 3: Facial Care Insights - The facial cleansing market in China is projected to reach 49.8 billion yuan in 2023, with an expected growth to 52.5 billion yuan by 2026, highlighting the rising popularity of multifunctional products that combine cleansing with other benefits [4]. - The trend towards "cleanse + X" products is gaining traction, simplifying skincare routines and appealing to consumer convenience [4]. Group 4: Body Care Market - The body care market is experiencing a mild recovery, with increasing consumer awareness of health and a broader demand for personal care products [5]. - Seasonal differentiation in body care product preferences is noted, with summer focusing on brightening and pore refinement, while winter emphasizes hydration and soothing properties [5].