大消费 [Table_ReportDate] 2025 年 4 月 28 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] IP 潮玩和宠物食品赛道延续高景气度 [Table_ReportType] 大消费行业周报（4 月第 4 周） [Table_Summary] 行业观点： 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 上周（4/21-4/25）大消费板块表现分化。美容护理、家 ...

Core Viewpoint - The article discusses the "turnaround" investment opportunity presented by Shanghai Jahwa, highlighting its potential for recovery despite recent financial underperformance. The market's optimistic response is reflected in a 4.2% increase in stock price following the earnings report [1]. Financial Performance - Shanghai Jahwa reported revenues of 5.679 billion yuan and 1.704 billion yuan for 2024 and Q1 2025, respectively, with net profits of -833 million yuan and 217 million yuan, indicating a year-on-year decline in both metrics [1]. - The primary cause of the 2024 losses was attributed to goodwill impairment of approximately 610 million yuan, with actual operational losses being less severe [2]. Strategic Reforms - The company is actively addressing historical issues, including reducing social inventory and restructuring product and channel strategies. By the end of 2024, inventory decreased by 13.3% compared to the beginning of the year, and inventory turnover days for department store channels dropped from 342 days to 89 days [3]. - The transition from an online agency model to a self-operated model has improved pricing control and operational efficiency, leading to better performance during promotional events [3]. Growth Logic - Shanghai Jahwa is reshaping its growth strategy to align with industry trends, focusing on R&D innovation and brand development to enhance competitiveness. The company aims to leverage its professional expertise to drive growth [4]. - The introduction of upgraded products, such as the new mosquito repellent series and skincare lines, reflects the company's commitment to professional branding and product efficacy [4]. Market Trends - The consumer demand for cosmetics is increasingly rational and function-oriented, making professional capabilities essential for differentiating brands in a competitive market. Shanghai Jahwa's established expertise positions it well to capitalize on this trend [5]. Channel Development - The company has successfully integrated its online capabilities, with over 70% of sales for the Yuze brand coming from online channels. The focus on self-broadcasting has led to significant growth in GMV for brands like Yuze and Six Gods [6]. - Overall, Shanghai Jahwa's strategic depth and reform benefits suggest a positive outlook, indicating that the company is at a performance low point with potential for a turnaround and value reassessment [6].

Group 1 - The report emphasizes that market trends often experience multiple phases of decline before a significant upward trend, characterized by a W-shaped bottoming period with volume contraction followed by expansion [1] - It identifies that the market's main line is driven by both policy certainty and industry logic, suggesting that long-term logic is crucial for sustained growth in any sector [1] - Three scenarios are outlined where sectors may not develop into main lines post-bottoming: defensive sectors attracting short-term capital, sectors with weak short-term policy support, and sectors that do not optimize their structure post-bottoming [1] Group 2 - The April Politburo meeting highlighted the importance of stabilizing employment, enterprises, markets, and expectations, indicating a shift in policy focus to ensure internal stability before engaging in international economic struggles [2][8] - High-frequency indicators show a decline in China's EPMI index, suggesting a contraction in economic activity, with significant drops in product orders and imports [2] - The report suggests that the domestic economic recovery momentum needs to be strengthened, with recommendations for sector allocation focusing on internet and consumer sectors [2] Group 3 - The report indicates that the 30-day moving average of the All A Index is a pressure point, with the market entering a downtrend, and emphasizes the importance of monitoring the profitability effect [3] - It recommends focusing on sectors that are expected to benefit from a turnaround, such as healthcare and new energy, while also highlighting the technology sector under the domestic substitution trend [3] - The report suggests maintaining a neutral position until the pressure point is breached, given the current market conditions [3] Group 4 - The report discusses the need for timely implementation of incremental reserve policies based on changing circumstances, indicating that the absence of new policies is due to the incomplete rollout of existing ones [8][29] - It emphasizes the importance of accelerating the issuance and utilization of local government special bonds and ultra-long-term special bonds to support economic stability [8][29] - The report notes that the current policy approach mirrors strategies used during the early pandemic period, focusing on stabilizing key economic areas before further stimulus [29] Group 5 - The report highlights that the consumer electronics industry is expected to benefit from a recovery in export chains due to a more relaxed attitude from the U.S. regarding tariffs [12] - It notes that TSMC's 2nm process is progressing well, with expectations for increased demand driven by hardware upgrades [12] - The report also mentions Huawei's upcoming product launches, which are anticipated to make significant advancements in smart technology [12] Group 6 - The report indicates that the home appliance sector continues to show resilience, with a double-digit growth in exports despite tariff impacts, driven by strong demand in North America [17] - It suggests that the upcoming peak season for air conditioning and promotional events in May could further boost domestic retail sales [17] - The report recommends several key players in the home appliance sector, including Midea and Gree, as potential investment opportunities [17] Group 7 - The report on the pharmaceutical sector highlights the innovative transition of the company, focusing on differentiated PD-1 therapies that address unmet clinical needs [18] - It notes the company's established international experience and the potential for significant growth in global markets, particularly with its biosimilar products [18] - The report emphasizes the expected approval of innovative drugs in Europe, which could drive future revenue growth [18] Group 8 - The report discusses the energy sector, particularly the performance of satellite chemicals, which saw a significant increase in net profit driven by strong ethane cracking profits [21] - It highlights the expected doubling of ethylene production capacity due to new projects, which could enhance profitability [21] - The report also notes the favorable pricing environment for propionic acid, which is expected to contribute positively to the company's financial performance [21]

多只成分股表现强势 星石投资认为，短期看，国内暂时缺少新的驱动因素，叠加临近五一假期，海外不确定性因素仍较多， 预计市场以震荡为主。中期来看，海外扰动因素冲击最大的时刻已经过去，中国市场进一步下行风险有 所减小。全球经济秩序重构和美国政策高度不确定性的环境可能会持续，这可能导致全球资金流出美国 市场，相应非美资产有望受益。 上周市场反弹，上证指数上涨0.56%，深证成指上涨1.38%，创业板指上涨1.74%，沪深300指数上涨 0.38%，品牌工程指数上涨0.45%，报1614.56点。 上周品牌工程指数多只成分股表现强势。具体来说，科沃斯上涨12.34%，排在涨幅榜首位；信立泰上 涨9.99%，居次席；上海家化和珀莱雅涨逾9%；药明康德上涨8.53%；丸美生物、中际旭创、宁德时代 涨逾7%；华谊集团、小熊电器、石头科技涨逾5%；阳光电源、恒瑞医药、盾安环境涨逾4%；兆易创 新、恒顺醋业、新宝股份、步长制药、亿纬锂能涨逾3%。 □本报记者 王宇露 2025开年以来，上海家化上涨34.83%，排在涨幅榜首位；信立泰上涨28.19%，居次席；丸美生物和广 联达涨逾20%；安集科技上涨19.48%；韦尔股份、山西汾 ...

Core Viewpoint - Shanghai Jahwa has been undergoing significant operational adjustments since Lin Xiaohai took over in the second quarter of last year, resulting in substantial financial losses in 2024, with a focus on strategic realignment for future profitability [1][2][3]. Financial Performance - In 2024, Shanghai Jahwa reported a revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a net loss attributable to shareholders of 833 million yuan, a decrease of 266.60% compared to the previous year [2][3]. - The previous year (2023), the company had a revenue of 6.598 billion yuan and a net profit of 500 million yuan, highlighting a stark contrast in performance [3]. - The significant losses in 2024 were primarily due to a 613 million yuan impairment charge related to goodwill from previous acquisitions in the baby care and maternal products sector [3][6]. Business Strategy and Adjustments - Since the second half of 2024, the company has adopted a strategy focused on core brands, brand building, online presence, and operational efficiency, leading to various organizational changes and business adjustments [4]. - The company’s business segments include personal care, beauty, innovation, and overseas operations, with beauty and innovation segments experiencing notable revenue declines of 29.81% and 19.38%, respectively [5]. Inventory and Pricing Strategies - Starting from the fourth quarter of 2024, Shanghai Jahwa implemented aggressive discounting strategies to clear inventory, which continued into the first quarter of 2025 [9]. - Average selling prices for personal care, beauty, and innovation products saw significant declines, with beauty products dropping by 39.16% to 7.20 yuan per unit in the fourth quarter of 2024 [11][13]. Online and Offline Channel Performance - In 2024, the company’s online revenue was 2.539 billion yuan, down 9.66%, while offline revenue was 3.136 billion yuan, down 16.97%, indicating a stronger performance in online channels despite overall declines [15][18]. - The company is committed to enhancing its online transformation and expanding into emerging offline channels, with plans to add over 100 new strategic partners in the first quarter of 2025 [17][18]. Future Outlook - Despite the challenges faced in 2024, the company aims to achieve a turnaround in profitability by the first quarter of 2025, with a reported revenue of 1.704 billion yuan, a decline of 10.59%, and a net profit of 217 million yuan, down 15.25% [19].

Investment Rating - The investment rating for the company is "Buy" with a target price of 22.8 CNY [6][17]. Core Insights - The company reported better-than-expected performance in Q1 2025, with a revenue of 17.04 billion CNY, down 10.59% year-on-year, and a net profit of 2.17 billion CNY, down 15.25% year-on-year [1]. - The company plans to implement an equity incentive plan, aiming to revitalize its operations and improve profitability over the next three years [4]. - The strategic adjustments have led to short-term pressure across various segments, but the company is expected to recover as it optimizes its business structure and channels [3]. Financial Performance Summary - For 2024, the company reported a revenue of 56.79 billion CNY, down 13.93% year-on-year, and a net profit of -8.33 billion CNY, down 266.60% year-on-year [1]. - The gross margin for 2024 was 57.60%, a decrease of 1.37 percentage points year-on-year, while the net profit margin was -14.67%, down 22.25 percentage points year-on-year [2]. - The company expects revenues of 62.3 billion CNY in 2025, 66.7 billion CNY in 2026, and 71.2 billion CNY in 2027, with corresponding net profits of 3.4 billion CNY, 4.9 billion CNY, and 5.5 billion CNY respectively [4]. Segment Performance Summary - Personal care products (including Six God and Meijiajing brands) generated 23.79 billion CNY in revenue for 2024, down 3.42% year-on-year, with a gross margin of 63.59% [3]. - The beauty segment (including Yuze, Baicaojing, Shuangmei, and Diancui brands) saw revenues of 10.50 billion CNY, down 29.81% year-on-year, with a gross margin of 69.67% [3]. - Online sales accounted for 44.74% of total revenue, generating 25.39 billion CNY, down 9.66% year-on-year, while offline sales accounted for 55.26%, generating 31.36 billion CNY, down 16.97% year-on-year [3].

Core Viewpoint - The domestic beauty market shows a stark contrast, with Proya becoming the first domestic brand to exceed 10 billion yuan in revenue, while Shanghai Jahwa faces a significant decline in net profit, marking a challenging period for the company [1][2]. Financial Performance - Shanghai Jahwa reported a revenue of 5.679 billion yuan for 2024, a year-on-year decrease of 13.93% [1]. - The company experienced a net loss of 833 million yuan, a staggering decline of 266.6% compared to the previous year, marking the largest loss since the company began publishing annual reports [1][2]. - The overseas business revenue was 1.415 billion yuan, down 11.43% year-on-year, contributing to the overall decline in profit [2][3]. Strategic Adjustments - The new CEO, Lin Xiaohai, initiated significant organizational reforms aimed at shifting the business model from "channel-driven" to "brand-driven" [1][9]. - The company undertook strategic adjustments, including reducing inventory in department stores and transitioning from an agency model to a self-operated model for online distributors, which negatively impacted current revenue [2][3]. Goodwill Impairment - The company recorded a goodwill impairment of 610 million yuan related to the acquisition of the UK infant care brand "Tommee Tippee," which was purchased for nearly 2 billion yuan in 2017 [2][3]. - The impairment was attributed to factors such as low birth rates overseas, intensified competition in the infant product category, and reduced inventory by distributors [3]. Market Position - Shanghai Jahwa's revenue has significantly lagged behind Proya, which has seen its revenue gap widen to 5 billion yuan, with Proya achieving over 10 billion yuan in annual revenue [6]. - The beauty segment of Shanghai Jahwa has been particularly underperforming, with a revenue decline of 29.81%, while the personal care segment remains the largest contributor at 2.379 billion yuan, down 3.42% [6]. Online vs. Offline Sales - The company's online revenue for 2024 was 2.539 billion yuan, a decrease of 9.66%, while offline revenue was 3.136 billion yuan, down 16.97% [6]. - The online gross margin increased by 1.8 percentage points to 63.58%, compared to 52.78% for offline channels, indicating a more favorable cost structure for online sales [6][7]. Future Outlook - Despite the poor performance in 2024, the first quarter of 2025 showed signs of recovery, with total revenue of 1.704 billion yuan, a year-on-year decline of 10.59% but a quarter-on-quarter increase of 41.73% [12]. - The company aims to enhance its online capabilities and adapt to changing consumer behaviors by focusing on interest-based e-commerce and developing content-driven online operations [10].

来源：文汇报 ■本报记者 唐闻佳 郑捷回忆，2003年，上海家化与瑞金医院皮肤科开启中国医学护肤领域最早的"医研共创"实践。这个跨 界牵手，因患者"痛点"而起。 皮肤健康不仅关乎美丽，更关乎全身健康。"研究发现，坚持皮肤屏障护理，对认知功能衰退、糖尿病 等都有一定保护作用。"近日在上海举行的全国皮肤屏障专业峰会上，瑞金医院皮肤科终身教授郑捷分 享这一前沿进展。 由瑞金医院主导的一项项研究，不仅写成论文，刷新人们对"皮肤健康"的认知，更变成了市场上的畅销 产品：被誉为"中国第一个医学护肤品"的玉泽皮肤屏障修护身体乳，多次位列平台"回购率"第一位置。 当前，我国护肤品市场正迎来前所未有的变革。《中国护肤品消费趋势报告》显示，与过去一味追求国 际大牌不同，2024年，超八成消费者表示经常购买国产护肤品。 在玉泽"叫好又叫座"的背后，"医研共创"的合作模式受到关注：瑞金医院和上海家化这两家"百年老 店"22年牵手，蹚出一条新路。 "科研基因"成国货护肤品硬核营销标签 "皮肤不仅是人体屏障，更是神经、内分泌、免疫系统'三位一体'的呈现。"郑捷介绍，近10年，三项摘 获诺贝尔奖的科研成果——Toll样受体、昼夜节律、辣椒 ...

Core Viewpoint - Shanghai Jahwa's 2024 annual report reveals a significant decline in revenue and a net loss, marking the first loss since its listing, attributed to historical issues and challenges in overseas markets [1][2] Financial Performance - The company reported a revenue of 5.679 billion yuan, a year-on-year decrease of 13.93% [1] - Net profit showed a loss of 833 million yuan, the first loss in its history [1] - The overseas business incurred a loss of approximately 100 million yuan, with goodwill impairment of about 610 million yuan [1] Strategic Adjustments - CEO Lin Xiaohai indicated that the company has been addressing long-standing issues and aims to operate with a lighter burden moving forward [1] - The company reduced 7,000 SKUs in the last quarter, optimizing inventory and product offerings [2] - Inventory turnover days in the department store channel decreased from 342 days to 89 days due to strategic adjustments [2] Future Outlook - The company is focusing on online channel development and has improved its content production capabilities for interest e-commerce [2] - Shanghai Jahwa aims to return to a growth trajectory in the new fiscal year, targeting double-digit growth and profitability recovery [2]

Core Viewpoint - Shanghai Jahwa has reported its first loss in 20 years, primarily due to the acquisition of Mayborn Group Limited, which resulted in significant goodwill impairment and operational challenges [2][5]. Financial Performance - In 2024, Shanghai Jahwa's revenue was 5.679 billion yuan, a year-on-year decline of 13.93%, with a net loss of 833 million yuan, more than doubling from the previous year [1][2]. - Mayborn's revenue and net profit for 2024 were 1.417 billion yuan and 714 million yuan, respectively, reflecting year-on-year declines of 11.49% and 880.18% [3]. Goodwill Impairment - The impairment of goodwill amounted to 613 million yuan, significantly impacting Shanghai Jahwa's financial results [2]. - As of the end of 2024, the remaining goodwill stood at 1.486 billion yuan [4]. Business Strategy and Management Changes - Following the management change, Shanghai Jahwa is re-evaluating Mayborn's business growth targets, with early signs of recovery in Q1 2025 [4][6]. - The company is undergoing a transformation that has temporarily pressured its performance [5]. Revenue Challenges - Both major product lines, personal care and beauty, experienced revenue declines in 2024, with personal care generating 2.379 billion yuan (down 3.42%) and beauty generating 1.05 billion yuan (down nearly 30%) [4]. Future Initiatives - Shanghai Jahwa's strategy for 2025 includes launching new products, focusing on online platforms while maintaining offline channels, and increasing investment in brand building [7][9]. - The company plans to collaborate with instant retail platforms like Meituan, Ele.me, and JD.com to enhance its O2O business [8]. Sales and Marketing Expenses - In 2024, sales expenses were 2.652 billion yuan, accounting for 47% of revenue, with plans to maintain the sales expense ratio while reallocating funds towards brand development [9].