上海家化(600315)：主动调整下业绩承压 静待新团队新气象

Core Viewpoint - In 2024, the company reported revenue of 5.679 billion yuan, a decrease of 13.93%, and a net profit attributable to shareholders of -833 million yuan, primarily due to a goodwill impairment of 610 million yuan related to the acquisition of TomiStar and a loss of 100 million yuan from overseas operations [1][2] Financial Performance - The company disclosed its 2024 annual report and 2025 Q1 report, showing a revenue of 5.679 billion yuan in 2024, down 13.93%, and a net profit of -833 million yuan, mainly due to a goodwill impairment of 610 million yuan and a loss of 100 million yuan from overseas operations [2] - In Q1 2025, the company reported revenue of 1.704 billion yuan, a decrease of 10.59%, and a net profit of 217 million yuan, down 15.25%, with a non-recurring net profit of 192 million yuan, down 34.49% [3] Strategic Adjustments - The company implemented strategic adjustments in 2024, including reducing social inventory in department stores, closing inefficient stores, and transitioning some online distributors to a self-operated model, which negatively impacted revenue and profit [4] - The overseas business, particularly TomiStar, faced challenges leading to a revenue decline of 1.415 billion yuan, down 11.43%, and a gross margin decrease of 48.32%, down 3.02 percentage points [4] Brand and Channel Development - The company established a "four focuses" strategy in 2024, emphasizing online channel development, with online revenue of 2.539 billion yuan, a decline of 9.66%, but with an increased online revenue share of 44.7% [5] - The company is actively expanding into emerging channels such as community group buying and snack chains, with nearly 40,000 new stores opened in Q1, achieving double-digit growth in sales from these new channels [5] Employee Incentives - The company announced an employee stock ownership plan, with a total of no more than 45 participants, aiming to raise up to 77.51 million yuan, with specific performance targets set for 2025-2027 [6] - The plan is designed to address historical issues and improve employee retention, as previous incentive completions were low and core employee turnover was high [6] Profit Forecast - The company is expected to achieve net profits of 343 million yuan, 467 million yuan, and 593 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 45, 33, and 26 times [8]