Core Viewpoint - Shanghai Jahwa announced a profit forecast for the year 2025, expecting a net profit attributable to shareholders of the parent company to be between 240 million and 290 million yuan, indicating a turnaround from loss to profit compared to the same period last year [2] Group 1 - The company anticipates a significant improvement in financial performance for the year 2025 [2] - The projected net profit range of 240 million to 290 million yuan represents a notable recovery from previous losses [2]

智通财经APP讯，上海家化(600315.SH)发布公告，公司预计2025年年度实现归属于母公司所有者的净 利润2.4亿元到2.9亿元，与上年同期(法定披露数据)相比，将实现扭亏为盈。 ...

上海家化（600315）(600315.SH)发布公告，公司预计2025年年度实现归属于母公司所有者的净利润2.4 亿元到2.9亿元，与上年同期(法定披露数据)相比，将实现扭亏为盈。 ...

Group 1 - The cosmetics sector experienced a decline of 1.7% on January 28, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the cosmetics sector showed varied performance, with Qingdao Jinwang closing at 8.29, up 0.61%, while Jiaheng Jiahua closed at 39.27, down 5.31% [2] Group 2 - The cosmetics sector saw a net outflow of 108 million yuan from main funds, while retail investors contributed a net inflow of 78.97 million yuan [2] - Main fund inflows and outflows varied across companies, with Shanghai Jiahua seeing a net inflow of 13.15 million yuan from main funds but a net outflow of 29.43 million yuan from speculative funds [3] - Jiaheng Jiahua had a net inflow of 1.96 million yuan from main funds but a net outflow of 8.80 million yuan from retail investors [3]

格隆汇1月28日丨上海家化(600315.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润2.4亿元到2.9亿元，与上年同期(法定披露数据)相比，将实现扭亏为盈。预计2025年年 度实现归属于母公司所有者的扣除非经常性损益后的净利润3800万元到5600万元。 本期业绩预盈的主要原因为：(一)主营业务影响：2025年公司贯彻执行"四个聚焦"的经营战略，加强品 牌营销，主营业务收入实现增长；产品结构优化使得毛利率提升。(二)非经营性损益的影响：2025年度 公司持有的金融资产公允价值变动损益以及投资收益增加。 ...

本期业绩预盈的主要原因为：(一)主营业务影响：2025年公司贯彻执行"四个聚焦"的经营战略，加强品 牌营销，主营业务收入实现增长；产品结构优化使得毛利率提升。(二)非经营性损益的影响：2025年度 公司持有的金融资产公允价值变动损益以及投资收益增加。 格隆汇1月28日丨上海家化(600315.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润2.4亿元到2.9亿元，与上年同期(法定披露数据)相比，将实现扭亏为盈。预计2025年年 度实现归属于母公司所有者的扣除非经常性损益后的净利润3800万元到5600万元。 ...

证券代码：600315 证券简称：上海家化 公告编号：临 2026-001 上海家化联合股份有限公司 2025 年年度业绩预盈公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 业绩预告的具体适用情形：净利润实现扭亏为盈。 业绩预告相关的主要财务数据情况：经财务部门初步测 算，预计 2025 年年度实现归属于母公司所有者的净利润 2.4 亿元到 2.9 亿元，与上年同期（法定披露数据）相比， 将实现扭亏为盈。 预计2025年年度实现归属于母公司所有者的扣除非经常 性损益后的净利润 3800 万元到 5600 万元。 一、本期业绩预告情况 （一）业绩预告期间：2025 年度 （二）业绩预告情况 经财务部门初步测算，预计 2025 年年度实现归属于母公司 所有者的净利润 2.4 亿元到 2.9 亿元，与上年同期（法定披露数 据）相比，将实现扭亏为盈。 预计 2025 年年度实现归属于母公司所有者的扣除非经常性 损益后的净利润 3800 万元到 5600 万元。 二、上年同期经营业绩和财务状况 （一）利润总额：-8 ...

Core Viewpoint - Shanghai Jahwa announced an expected net profit attributable to the parent company of 240 million to 290 million yuan for the year 2025, indicating a turnaround from loss to profit compared to the same period last year [1] Group 1 - The company will implement a "four focuses" business strategy in 2025 [1] - Strengthening brand marketing is a key component of the company's strategy [1] - The main business revenue is expected to grow due to the execution of the new strategy [1] Group 2 - Product structure optimization is anticipated to enhance the gross profit margin [1]

Overview - The report indicates a marginal improvement in the performance of public REITs in Q4 2025, with significant growth in public utility and consumer revenue, while industrial parks and warehousing have shifted from negative to positive growth. EBITDA declines in energy and transportation sectors have narrowed, and rental housing performance has faced slight pressure. The completion rates for distributable amounts of newly issued REITs for 2024 and 2025 are 79% and 64% respectively [2][13]. Consumer Sector - The consumer sector has shown strong performance during the peak season, with improvements in rental rates and occupancy across most projects. Two-thirds of the projects achieved their highest revenue in the last five periods, indicating overall strong performance [2][13]. Rental Housing - The overall occupancy rate in the rental housing sector remains high, but rental performance is mixed. Government-led projects have stabilized both volume and price, while market-driven projects have adjusted prices downward to maintain occupancy [2][13]. Public Utilities - The public utility sector has seen significant revenue growth due to an increase in waste sources for biomass projects. However, the heating supply in Jinan has underperformed expectations, and water-related projects have experienced seasonal declines [2][13]. Energy Sector - The energy sector is experiencing increased differentiation, with fluctuating power generation and generally declining electricity prices. Natural gas projects are under the most pressure, with EBITDA margins dropping to negative values, while offshore wind and photovoltaic projects remain stable [3][13]. IDC Sector - The IDC sector benefits from long-term contracts with major clients, leading to stable volume and price. The distribution amounts for IDC in Q4 2025 have seen significant growth [3][13]. Transportation Sector - Traffic volume in the transportation sector is influenced by changes in surrounding road networks. Some projects have benefited from traffic recovery due to completed construction, while others continue to face diversion pressures, leading to varied performance [3][13]. Warehousing and Logistics - The warehousing and logistics sector has seen a widening decline in rental rates for market-oriented leasing projects, but this has effectively driven an increase in occupancy rates. Overall, the industry is exhibiting a trend of "price for volume" [3][13]. Industrial Parks - The industrial park market is showing weak recovery and strong differentiation. Commercial office projects are facing significant rental pressure, while manufacturing parks have maintained stable revenue but experienced a general decline in EBITDA [3][13]. Cosmetics and Aesthetic Medicine Sector - The cosmetics sector is expected to see steady growth in brand performance, with retail sales of cosmetics projected to reach 4,653 billion yuan in 2025, a year-on-year increase of 5.1%, outperforming the overall retail market by 1.4 percentage points [14][16]. - Key players in the Hong Kong stock market, such as Up Beauty and Mao Ge Ping, are expected to report significant growth in GMV, driven by strong performance on platforms like Douyin during promotional events [14][16]. E-commerce and Agency Operations - The e-commerce agency sector is experiencing a resurgence, with companies like Yi Wan Yi Chuang and Shui Yang Co. expected to see substantial profit growth due to improved operational efficiency and brand development [16][16].

Investment Rating - The report rates the cosmetics and medical beauty industry as "Overweight" for 2025, indicating an expectation for the industry to outperform the overall market [2][11]. Core Insights - The demand side of the cosmetics and medical beauty sector is expected to accelerate, with retail sales of cosmetics projected to reach 465.3 billion yuan in 2025, a year-on-year growth of 5.1%, surpassing the overall retail growth by 1.4 percentage points [3]. - The performance of Hong Kong-listed beauty companies is strong, with significant growth in GMV (Gross Merchandise Volume) through platforms like Douyin, particularly during promotional events like Double Eleven [3]. - The A-share market shows a mixed performance, with companies like Ruoyuchen and Shanghai Jahwa experiencing substantial improvements in their earnings [3]. - The e-commerce operation sector is rebounding, with companies like Ruoyuchen and Yiwang Yichuang expected to see profit growth exceeding 50% in 2025 [3]. - The medical beauty segment is anticipated to face slight fatigue due to macroeconomic factors, but new product launches are expected to stimulate consumer interest in 2026 [3]. Summary by Sections Cosmetics Sector - Retail sales of cosmetics are projected to grow by 5.1% in 2025, with Q4 growth reaching 9.9% [3]. - Key companies such as Shiseido and Lin Qingxuan are expected to see significant GMV growth, with Lin Qingxuan projected to achieve triple-digit growth [3]. - Investment recommendations include companies with strong channel and brand matrices like Maogeping, Shiseido, and Lin Qingxuan, as well as those with improving earnings like Porlaia and Marubi [3]. Medical Beauty Sector - The medical beauty sector is expected to be impacted by macroeconomic conditions, with companies like Aimeike facing challenges [3]. - Recommendations focus on companies with strong R&D capabilities and broad product pipelines, such as Aimeike and Langzi [3]. E-commerce and Operations - The e-commerce operation sector is recovering, with companies like Ruoyuchen and Qingmu Technology expected to see significant profit growth [3]. - The report highlights the importance of self-operated brands and the potential for high growth in this segment [3]. Key Company Valuations - The report provides a valuation table for key companies, indicating a "Buy" rating for several firms including Porlaia, Maogeping, and Shiseido, with projected PE ratios reflecting growth expectations [5].