直击股东大会丨上海家化董事长林小海：“下半年改革将进入深水区，这是一场很不容易打的仗”

Core Viewpoint - Shanghai Jahwa is undergoing significant reforms under the leadership of Chairman Lin Xiaohai, who has been in position for one year, aiming to address historical challenges and improve operational efficiency while facing increased competition in the domestic beauty market [2][3][10]. Company Summary - Shanghai Jahwa reported its first annual loss since going public, including over 600 million yuan in goodwill impairment losses, which Lin Xiaohai described as shedding a "burden" [2]. - The company has identified several historical issues, including low employee efficiency, weak online channels, and an overly extensive offline presence [3]. - Lin Xiaohai has implemented a focused strategy, concentrating resources on core brands like Liushen and Yuze, while reducing support for smaller brands [5]. - The company has seen double-digit growth in online channels during the "618" shopping festival, with offline inventory turnover days reduced from over 300 to approximately 90 [3][5]. - Shanghai Jahwa's offline revenue still accounts for over 50% of total revenue, significantly higher than competitors, but the company plans to streamline its offline operations by focusing on core products and reducing long-tail offerings [6]. Industry Summary - The domestic beauty market is experiencing a surge in new entrants, with many local brands going public, increasing competitive pressure on established players like Shanghai Jahwa [10]. - Lin Xiaohai emphasized the need for product innovation over raw material innovation, indicating a shift in focus towards developing new products that meet market demands [10]. - The baby and child product segment is identified as a rapidly growing market, with a shift towards online sales channels for these products [11].