净利润翻番后，上海家化在CS渠道下出一步新棋

Core Viewpoint - Shanghai Jahwa is focusing on the CS channel after a significant increase in net profit in the first three quarters, aiming to leverage its product and channel strengths to reshape the entire value chain from brand to consumer [3][6]. Group 1: Market Insights - The CS channel has shown resilience and potential for growth, with many consumers still preferring in-store experiences and interactions with staff [4]. - The latest data indicates a recovery in the CS channel, with retail sales of cosmetics reaching 328.82 billion yuan in the first three quarters of 2025, a year-on-year increase of 3.9% [8]. - Despite a 2.8% decline in total sales, the decrease has narrowed significantly, indicating a shift towards the efficacy skincare era where in-store experiences are crucial for consumer trust [8][9]. Group 2: Strategic Initiatives - Shanghai Jahwa has recognized the importance of the CS channel and is implementing a dual strategy focusing on efficacy skincare and enhancing the in-store experience [11]. - The company has introduced the "Golden Chain Plan," a digital activation and incentive mechanism aimed at rebuilding the value chain of the CS channel [18][20]. - The plan addresses three key challenges: driving foot traffic to stores, simplifying product selection, and resolving pricing discrepancies between online and offline channels [19]. Group 3: Product Development - The new generation of peptide products from the brand "Dian Cui" is designed to meet the high demand for effective skincare solutions, drawing inspiration from medical beauty treatments [21]. - The unique technology behind the new products, such as the环二肽-1, offers significant advantages in terms of efficacy and penetration, enhancing the overall consumer experience [23][25]. - The comprehensive anti-aging system developed by the brand includes multiple active ingredients that work synergistically to improve skin quality, showcasing the brand's commitment to innovation [26]. Group 4: Future Outlook - The integration of the Golden Chain Plan and the new peptide series represents a systematic innovation around the CS channel, aiming to create a complete growth engine by aligning product, technology, experience, and data [29]. - This new operational structure is expected to enhance the CS channel's capabilities, making it more adaptable to modern retail demands [30]. - The anticipated launch of the new products in January 2026 is expected to generate significant market interest and potentially lead to the emergence of new bestsellers in the CS channel [30].