Shanghai Jahwa(SH:600315) Soochow Securities·2025-08-22 03:58Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue growth of 25% year-on-year in Q2 2025, indicating significant results from its reform efforts [8] - The company is recognized as a well-known domestic daily chemical brand with a comprehensive brand matrix and extensive channel coverage [8] - The report highlights a turning point in operations as the company actively adjusts its brand, products, and marketing strategies [8] Financial Performance Summary - For H1 2025, the company reported a total revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 270 million yuan, up 11.7% year-on-year [8] - In Q2 2025, the company achieved a revenue of 1.77 billion yuan, a year-on-year increase of 25.4%, and a net profit of 50 million yuan, marking a turnaround [8] - The gross margin for H1 2025 was 63.37%, an increase of 2.24 percentage points year-on-year, while the gross margin for Q2 2025 was 63.34%, up 5.09 percentage points year-on-year [8] - The report forecasts net profits for 2025-2027 to be 320 million, 410 million, and 540 million yuan respectively, with year-on-year growth rates of 139%, 27%, and 32% [8] Segment Performance Summary - The personal care and beauty segments showed high growth, with Q2 2025 revenues of 800 million yuan and 420 million yuan, representing year-on-year increases of 42.4% and 55.7% respectively [8] - The online sales channel in Q2 2025 saw a revenue increase of 34.6%, with online and offline sales accounting for 44.2% and 55.8% respectively [8] Brand and Product Development - The company has launched upgraded products and collaborated with popular IPs, leading to increased market share in key categories [8] - The brand "Six God" ranked first in various online sales categories, contributing to a 3 percentage point increase in market share for its mosquito repellent products [8]