上海家化联合股份有限公司 上海家化年度股东会资料 上海家化联合股份有限公司 本次股东会将审议以下议案： 联交易的议案 的议案 上海家化年度股东会资料 上海家化联合股份有限公司 各位股东： 以下为 2024 年度董事会工作报告，请审议。 一、2024 年度公司经营情况回顾 本年度公司实现营业收入 56.79 亿元，同比下降 13.93%。 毛利率同比下降 1.4 个百分点，主要原因是产品结构的影响及公司海外业务毛利 同比下降。 本年度公司销售费用同比下降 4.28%。 本年度公司管理费用同比下降 1.07%。 本年度公司研发费用同比上升 3.14%。 本年度公司财务费用同比上升 558.40%，主要系上年同期外汇汇率波动影响产生 较高的汇兑收益，本年外汇汇率波动较为平稳。 本年度公司实现归属于上市公司股东的净利润为亏损 8.33 亿元，同比下降 降 366.41%，主要由于： ①商誉减值计提影响，公司对前期收购的婴童护理产品及母婴喂养产品业务形成 的商誉资产进行减值测试，因公司海外业务受海外低出生率、婴童品类竞争加剧和经 销商降低库存等因素的持续影响，导致收入及毛利同比下降，其 2024 年全年经营业 绩与上年 ...

Market Overview - The Shanghai Composite Index fell by 0.04% on June 17, with 14 out of the 28 sectors rising, led by coal and public utilities, which increased by 0.89% and 0.82% respectively [1] - The pharmaceutical and beauty care sectors experienced the largest declines, with drops of 1.44% and 1.24% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 25.316 billion yuan, with 8 sectors seeing net inflows [1] - The transportation sector had the highest net inflow of 800.2 million yuan, while the power equipment sector saw a net inflow of 540 million yuan [1] - A total of 23 sectors experienced net capital outflows, with the media sector leading at 4.548 billion yuan, followed by the pharmaceutical sector at 4.278 billion yuan [1] Beauty Care Sector Insights - The beauty care sector declined by 1.24% with a net capital outflow of 14.7 million yuan, comprising 31 stocks, of which 5 rose and 26 fell [2] - The top three stocks with the highest net inflow in the beauty care sector were Furuida (32.89 million yuan), Proya (29.76 million yuan), and Lafang (17.81 million yuan) [2] - The stocks with the largest net outflows included Qingdao Kingking (47.32 million yuan), Shuiyang (34.79 million yuan), and Haoyue Care (24.31 million yuan) [2] Individual Stock Performance - Notable declines in the beauty care sector included Huaye Fragrance (-8.23%), Qingdao Kingking (-1.31%), and Haoyue Care (-6.11%) [3] - Conversely, Furuida and Proya saw slight increases of 0.92% and 0.13% respectively, indicating some resilience amidst the overall sector decline [3]

证券代码：600315 证券简称：上海家化 公告编号：2025-039 上海家化联合股份有限公司 ???会议召开时间：2025 年 6 月 26 日（星期四）上午 9:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ???投资者可于 2025 年 6 月 19 日（星期四）至 6 月 25 日（星期三） 公司邮箱 ir@jahwa.com.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 上海家化联合股份有限公司（以下简称"公司" ）已于 2025 年 4 月 25 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于 广大投资者更全面深入地了解公司经营成果、财务状况，公司计划于 度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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个别及连带责任。 重要内 ...

Core Insights - The article highlights the launch of the "High-Quality Consumption Observation" series by Southern Metropolis Daily, focusing on nine popular consumption sectors including beauty economy, sports and outdoor, food and health, smart consumer electronics, pet economy, experience economy, interest consumption, cross-border e-commerce, and consumption technology [1] - The report indicates a significant growth trend in the beauty and personal care market, particularly in the skincare segment, with a year-on-year retail sales increase of 4.4% in May and 4.1% from January to May [1] - The article emphasizes the shift towards efficacy-driven skincare products, with consumers increasingly demanding solutions for specific skin issues, leading to a notable rise in sales for products like sunscreen and hair care [1][12] Industry Trends - The beauty industry is witnessing a rise in "ingredient-focused" marketing, with brands emphasizing core ingredients to meet consumer demands for efficacy [11][25] - The competition in the high-end cosmetics market is intensifying, with international brands re-entering the Chinese market and dominating sales rankings during major promotional events like the 618 shopping festival [30][31] - Online sales channels have surpassed 50% of the market share in the cosmetics industry, with brands increasingly relying on e-commerce platforms for revenue growth [22][24] Brand Performance - Notable brands such as Proya and Han Shu have reported significant revenue growth, with Proya achieving over 10.7 billion yuan in 2024, while Han Shu's sales on Douyin reached 6.7 billion yuan [35][36] - The article mentions that brands like Huaxi Biological and Juzhibio have seen substantial revenue increases, with Juzhibio's revenue growing by 57.2% to 5.54 billion yuan in 2024 [7][33] - The performance of brands is increasingly tied to their ability to innovate and effectively market their products, particularly in the context of ingredient transparency and efficacy claims [11][25] Consumer Behavior - Consumers are becoming more rational in their purchasing decisions, focusing on product efficacy, ingredient transparency, and value for money, which is pushing brands to invest more in research and development [25][26] - The demand for specific skincare solutions, such as anti-aging and repair products, is driving growth in niche markets within the beauty sector [12][25] - The rise of content-driven e-commerce, including live streaming and social media sales, is reshaping how beauty brands engage with consumers and drive sales [24][30]

沪指6月16日上涨0.35%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为传媒、通信，涨幅 分别为2.70%、2.11%。跌幅居前的行业为农林牧渔、美容护理，跌幅分别为0.76%、0.49%。美容护理 行业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出2.93亿元，今日有10个行业主力资金净流入，传媒行业主力资金 净流入规模居首，该行业今日上涨2.70%，全天净流入资金31.81亿元，其次是计算机行业，日涨幅为 1.99%，净流入资金为26.70亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300888 | 稳健医疗 | -3.77 | 6.48 | -3571.59 | | 600315 | 上海家化 | -3.74 | 2.31 | -3411.57 | | 603630 | 拉芳家化 | 0.50 | 5.29 | -1952.65 | | 688363 | 华熙生物 | 3.31 | 0.95 | -1406.98 | | 002243 | 力合科创 | -0. ...

Core Viewpoint - The article discusses the concept of "new consumption" in the context of the Chinese market, highlighting the blending of various consumer goods categories into a single investment theme, despite underlying economic challenges and the need for a coherent narrative to support this concept [2][4]. Group 1: New Consumption Concept - The term "new consumption" is used to describe a collection of consumer stocks that have performed well, but the underlying data suggests that overall consumption is still struggling [3][4]. - The article critiques the idea of categorizing all rising consumer stocks under "new consumption," arguing that it dilutes the true essence of what constitutes new consumer behavior [3][4]. - The focus on individual stock performance (alpha opportunities) is emphasized over sector-based investment strategies (beta opportunities), particularly in the consumer sector [5][4]. Group 2: Consumer Behavior Insights - The article argues that the notion of "consumption downgrade" is misleading, as consumer behavior is influenced by psychological factors and social interactions rather than purely economic conditions [8][12]. - It identifies three psychological characteristics of consumer behavior: the expression of personal desires, social context, and lifestyle habits, which all contribute to consumption patterns [11][12]. - The concept of "value replacement" is introduced, where consumers seek lower-priced alternatives without sacrificing quality, exemplified by the rise of discount snack stores [12][13]. Group 3: Investment Strategy in Consumer Stocks - The article outlines four key requirements for researching consumer stocks, emphasizing the importance of understanding stock price movements and valuation [6]. - It suggests that stable growth companies in the consumer sector can achieve significant long-term returns, contrasting with the volatility often seen in tech stocks [5][6]. - The focus should be on identifying leading brands and major products that can drive individual stock performance, rather than relying solely on broader market trends [10][5]. Group 4: Trends in Consumer Spending - The article discusses the trend of interest-based consumption, where consumers are increasingly drawn to products that fulfill personal interests or emotional needs [20][19]. - It highlights the importance of "breaking the circle" for niche products to reach a broader audience, using the example of collectible items like blind boxes [21][20]. - The concept of marginal propensity to consume is explored, indicating that spending growth is often driven by specific demographic groups with higher willingness to spend [25][26]. Group 5: Market Dynamics and Channel Evolution - The article notes that the fast-moving consumer goods (FMCG) sector is undergoing significant changes due to the rise of new retail models, which are reshaping competition and brand dynamics [40]. - It emphasizes that successful brands must adapt to evolving consumer preferences and distribution channels to maintain relevance in a rapidly changing market [40][39]. - The discussion includes the impact of social media and digital marketing on consumer behavior and brand engagement, particularly for emerging products [30][31].

Core Viewpoint - The article discusses the concept of "new consumption," which combines various consumer stocks that have shown price increases, rather than categorizing them by type. This approach reflects a deeper issue in the A-share market's investment mentality, focusing on themes and concepts rather than fundamental analysis [2][5]. Group 1: New Consumption Concept - The "new consumption" concept is a collection of consumer stocks that have performed well, but it lacks a coherent narrative, as many included categories do not fit the definition of new consumption [4][5]. - The article argues that the focus on "new consumption" is a result of a broader trend in the A-share market, where investment decisions are often driven by themes rather than the underlying fundamentals of individual companies [5][6]. Group 2: Consumption Trends - The article highlights that despite a general decline in consumer spending, certain sectors like home appliances and electric vehicles have shown growth, largely driven by policy support [3][12]. - It emphasizes that the notion of "consumption downgrade" is misleading; instead, it reflects a shift in consumer behavior influenced by psychological factors and economic conditions [15][16]. Group 3: Investment Strategies - The article outlines four key requirements for researching consumer stocks: stable growth, focus on leading companies, individual stock alpha opportunities, and long-term odds [9]. - It suggests that successful consumer stocks often exhibit a long-term growth trend, with prices potentially doubling every three years [8]. Group 4: Price Sensitivity and Consumer Behavior - The article discusses the importance of price sensitivity among consumers, noting that many are now more focused on value for money rather than simply upgrading their purchases [22][28]. - It introduces the concept of "value replacement," where consumers opt for lower-priced alternatives without sacrificing quality, which has become a cultural phenomenon rather than just an economic response [20][21]. Group 5: Emerging Trends in Consumption - The article identifies "interest consumption" or "self-indulgent consumption" as a growing trend, particularly among younger consumers who seek unique and personalized products [30][31]. - It also notes that products with high marginal consumption propensity are often linked to social media trends, which can lead to rapid popularity but may not sustain long-term loyalty [41][42]. Group 6: Market Dynamics and Channel Evolution - The article highlights the transformation of retail channels, emphasizing that new retail models are replacing traditional supermarkets, significantly impacting the competitive landscape for consumer brands [57][58]. - It points out that the success of consumer products is increasingly tied to effective channel management and understanding consumer behavior, rather than merely relying on brand recognition [56].

沪指6月13日下跌0.75%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为石油石化、国防军 工、公用事业，涨幅分别为2.05%、1.72%、0.48%。跌幅居前的行业为美容护理、传媒，跌幅分别为 4.12%、2.53%。美容护理行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出476.73亿元，今日有7个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨1.72%，全天净流入资金25.70亿元，其次是石油石化行业，日 涨幅为2.05%，净流入资金为15.12亿元。 主力资金净流出的行业有24个，计算机行业主力资金净流出规模居首，全天净流出资金70.43亿元，其 次是汽车行业，净流出资金为54.28亿元，净流出资金较多的还有医药生物、电子、电力设备等行业。 美容护理行业今日下跌4.12%，全天主力资金净流出4.93亿元，该行业所属的个股共31只，今日；下跌 的有31只。以资金流向数据进行统计，该行业资金净流入的个股有6只，净流入资金居首的是稳健医 疗，今日净流入资金1064.69万元，紧随其后的是贝泰妮、延江股份，净流入资金分别为865.72万元、 375.15万元。美容护 ...

资产预计未来现金流量的现值,应按资产在持续使用过程中和最终处置时所 产生的预计未来现金流量,选择恰当的折现率对其进行折现后的金额加以确定。 本次资产评估中,我们采用的主要假设参数包括: 1) 资产组未来 5年盈利预测,主要基于企业提供的经管理层批准的未 来预测资料,评估师结合行业发展预期及企业战略规划对其合理性进行了核实; 2） 永续增长率 2.09%,基于 EIU 2024年 12 月发布的英国、美国、欧 洲、澳大利亚等国家预测报告,预计 2029年以后国内生产总值复合增长率为 2.09%; 上海市在休育会路 816号 C 杉 上海申威资产评估有限公司 关于上海家化联合股份有限公司 2024 年年报问询函 有关商誉减值测试的回复意见 上海家化联合股份有限公司于近目收到上海证券交易所下发的《关于上海家 化联合股份有限公司 2024年年度报告的信息披露监管问询函》(上证公函【2025】 0603 号),现就信息披露监管问询函中有关商誉减值测试相关问题回复如下: 我们接受上海家化联合股份有限公司委托,按照中国资产评估准则的规定, 对婴童护理产品及母婴喂养产品业务含商誉资产组 2024年期末的可回收价值进 行了评估 ...

证券简称：上海家化 证券代码：600315 编号：临 2025-038 上海家化联合股份有限公司 关于公司 2024 年年度报告信息披露监管问询函 的回复公告 | 特别提示 | | --- | | 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个别及连带责任。 | 上海家化联合股份有限公司（以下简称"公司"）于近日收到上海证券交易 所下发的《关于上海家化联合股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证公函【2025】0603 号），公司在收到上述信息披露监管问询函后高 度重视，现就信息披露监管问询函相关问题回复如下： 依据《公开发行证券的公司信息披露内容与格式准则第 2 号——年度报告 的内容与格式》（以下简称《格式准则第 2 号》）《上海证券交易所上市公司自 律监管指引第 3 号——行业信息披露》（以下简称 3 号指引）等规则的要求， 经对你公司 2024 年年度报告的事后审核，为便于投资者理解，根据本所《股票 上市规则》第 13.1.1 条的规定，请你公司进一步补充披露下述信息。 一、关于商誉。年报披露， ...