Shanghai Jahwa(600315) 财经网· Cai Jing Wang·2025-04-25 06:31Core 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].