1年净亏7亿元，上海家化递上“史上最差成绩单”

Core Viewpoint - Shanghai Jahwa's 2024 annual performance forecast indicates a projected net profit loss of between -880 million to -710 million yuan, marking a year-on-year decline of at least 242%, which will be the company's first annual loss since its listing in 2001 [1][4]. Group 1: Financial Performance - The company attributes the anticipated loss to strategic adjustments, including reduced inventory in department stores, store closures, a shift from an online distributor model to a self-operated model leading to returns, and restructuring of the offline sales department [1][5]. - Despite a significant year-on-year drop of 58%, the company's net profit for the first three quarters of 2024 was recorded at 162 million yuan, with the main drag on performance being an impairment of goodwill amounting to 550 million to 680 million yuan [5][6]. Group 2: Business Impact - The decline in performance is significantly influenced by the overseas business of the Tommee Tippee brand, which has faced challenges due to low birth rates, intensified competition in the baby products category, and reduced inventory by distributors, resulting in a net profit decrease of 140 million yuan in 2023 [2][5]. - The Tommee Tippee brand, which has historically been a major contributor to Shanghai Jahwa's revenue, reported a half-year net profit of only 22.36 million yuan in 2024, a staggering 62% year-on-year drop [2][5]. Group 3: Leadership and Strategic Direction - The disappointing results fall under the leadership of the new CEO Lin Xiaohai, who took over less than a year ago, following a period of frequent leadership changes since the departure of long-time CEO Ge Wenyue in 2013 [2][6]. - Under Lin Xiaohai's leadership, the overall performance of the beauty business has been poor, with the beauty division's quarterly revenue failing to exceed 100 million yuan, ranking last among four divisions [6]. Group 4: Product Development Challenges - The beauty brand Yuze, which was expected to perform well, has yet to establish a market-recognized flagship product. The anticipated launch of a new anti-aging series in the second half of 2024 received a lukewarm market response [3][6]. - Looking ahead to 2025, Yuze's core product, a barrier repair moisturizing cream, is set for its first upgrade, but current information does not indicate any groundbreaking innovations that could boost market expectations [3][6].