Shanghai Jahwa(SH:600315) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - The company is experiencing short-term performance pressure due to internal adjustments, with a significant decline in 2024 revenue and net profit, but a narrowing of the decline in Q1 2025 [1] Financial Performance - In 2024, the company achieved revenue of 5.679 billion, down 13.93% year-on-year; net profit attributable to shareholders was -0.833 billion, down 266.60% year-on-year; and non-recurring net profit was -0.838 billion, down 366.41% year-on-year [1] - In Q1 2025, the company reported revenue of 1.704 billion, down 10.59% year-on-year; net profit attributable to shareholders was 0.217 billion, down 15.25% year-on-year; and non-recurring net profit was 0.192 billion, down 34.49% year-on-year [1] Segment Performance - In Q1 2025, the beauty segment generated revenue of 0.329 billion, up 10.7% year-on-year, accounting for 19.3% of total revenue, despite a 65.4% decline in average price due to inventory clearance [2] - The personal care segment achieved revenue of 0.791 billion, with an average price decline of 13.4% [2] - The innovation/overseas segments generated revenues of 0.233 billion and 0.347 billion, respectively [2] Channel Performance - In Q1 2025, online channels saw a revenue growth of 10.4%, with a revenue share of 29%, up 5.5 percentage points year-on-year; brands like Yuzai, Liushen, and Baicaojie experienced triple-digit growth in GMV on Douyin [2] - The company expanded its emerging channels by opening 38,000 new stores in Q1, with sales in these channels growing by double digits year-on-year, aiming to complete a target of 10,000 stores in the first half of the year [2] Profitability and Cost Structure - In 2024, the company's gross margin and net margin decreased by 1.37 and 22.25 percentage points year-on-year, respectively; in Q1 2025, gross margin increased by 0.14 percentage points, while net margin slightly declined by 0.70 percentage points due to inventory adjustments and increased marketing expenses [2] - The expense ratios for sales, management, and R&D increased year-on-year in both 2024 and Q1 2025, primarily due to revenue pressure [2] Employee Stock Ownership Plan - The company has introduced an employee stock ownership plan for up to 45 core management members, with a buyback price of 16.03 yuan per share; the CEO and CFO plan to subscribe for a maximum of 1.008 million shares, accounting for 20.85% of the total [3] - The plan will unlock in three phases, with performance targets tied to achieving positive net profit in 2025 and a year-on-year growth of no less than 10% in 2026-2027 [3]