上海家化，进入“正循环”

Core Insights - Shanghai Jahwa's Q3 2025 performance report shows significant revenue and profit growth, confirming the effectiveness of its strategic transformation under new leadership [1][5][12] - The company has implemented a "Four Focus" strategy, emphasizing core brands, brand building, online channels, and operational efficiency, leading to a robust growth engine [6][11] Financial Performance - For the first three quarters of 2025, Shanghai Jahwa achieved revenue of 4.961 billion yuan, a year-on-year increase of 10.8%, and a net profit of 405 million yuan, up 149.1% [1][5] - In Q3 alone, revenue reached 1.483 billion yuan, marking a substantial growth of 28.3%, with net profit soaring to 140 million yuan, a 149.12% increase from the previous year [1][5] Category Performance - The beauty segment has shown remarkable growth, with revenue exceeding 1.1 billion yuan in the first three quarters, and Q3 revenue skyrocketing by 270% to 353 million yuan, accounting for 23.9% of total revenue [3][9] - Online sales have significantly contributed to growth, with domestic online channel revenue increasing by 1.7 times, surpassing 50% of total revenue for the first time [3][12] Brand Strategy - Shanghai Jahwa has categorized its brands into three tiers, focusing resources on top-tier brands like Six God and Yuze, while re-evaluating the positioning of second-tier brands [8][11] - The Six God brand has achieved notable success with its upgraded mosquito repellent product, becoming the first online billion-yuan product for the brand [8][9] Organizational Changes - The company announced a restructuring to establish new business units, aiming to enhance operational quality and accelerate growth [15][17] - The restructuring is expected to improve market responsiveness and facilitate brand differentiation, aligning with the company's long-term goals [17][18] Market Context - The overall beauty and skincare market in China has shown resilience, with a 10.1% year-on-year increase in sales during the first half of 2025 [12][13] - Shanghai Jahwa's performance is seen as a benchmark within the industry, capitalizing on the trends of consumer upgrading and the rise of domestic brands [13][18]