东吴证券给予上海家化买入评级

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Shanghai Jahwa (600315.SH, latest price: 25.74 yuan) [2] - The beauty and personal care segment has achieved high growth [2] - The gross profit margin in Q2 2025 increased by 5.09 percentage points year-on-year, indicating improved profitability [2] - The brand matrix is being refreshed, with new products expected to be launched soon [2]