Shanghai Jahwa(600315) 证券日报网· Zheng Quan Ri Bao Wang·2025-04-25 12:02Core 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].