上海家化上半年净利润同比增长11.7% ，核心品牌发力

Core Insights - Shanghai Jahwa reported a revenue of 3.48 billion yuan for the first half of 2025, representing a year-on-year growth of 4.8%, and a net profit of 270 million yuan, up 11.7% year-on-year [1] - The company experienced significant growth in the second quarter, with revenue increasing by 25.4% year-on-year, driven by a 55.7% increase in beauty product sales across all channels and a 34.6% increase in online sales across all domestic brands [1] - Shanghai Jahwa's operational efficiency improved, with accounts receivable down 25.7%, inventory down 20.6%, and operating cash flow up 39.7% year-on-year [1] Brand Performance - The Six God brand focused on "professional mosquito repellent technology" and "youthful image rebranding," launching an upgraded portable mosquito repellent product that topped the Tmall mosquito repellent sales chart [2] - The Yuze brand achieved double-digit revenue growth and held a professional summit on skin barrier, collaborating with medical experts to deepen the "medical-research co-creation" model, resulting in the publication of 8 clinical research papers [2] - The Baicaoji brand saw over 50% year-on-year revenue growth, with its flagship product "Baicaoji White Mud" ranking first in the Douyin beauty, freckle removal, and brightening mask categories for 11 consecutive days during the 618 shopping festival [2] Channel Strategy - Shanghai Jahwa continued to enhance its online capabilities and optimize online channel strategies [2] - In terms of offline channels, the company focused on operational optimization and efficiency improvements, adding 40 new growth channel distributors and expanding its terminal presence to 41,000 stores [2]