Core Viewpoint - The company reported a significant decline in revenue and a net loss for 2024, with expectations for gradual improvement in 2025 as it undergoes strategic organizational transformation [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.679 billion yuan, a year-on-year decrease of 13.9%, and a net loss of 0.833 billion yuan, marking a shift from profit to loss [1]. - For Q1 2025, revenue was 1.704 billion yuan, down 10.6% year-on-year, while net profit was 0.217 billion yuan, a decrease of 15.3% year-on-year [1]. Strategic Initiatives - The company faced challenges in 2024 due to goodwill impairment from overseas operations, strategic adjustments in domestic business, and a decline in uncontrollable investment income, leading to a net loss [2]. - The profit fluctuations in Q1 2025 were primarily due to adjustments in pricing strategies and delays in inventory replenishment by offline distributors, although overall demand remained unaffected [2]. - The company is actively responding to industry changes by promoting online transformation and implementing strategic adjustments in offline channels, with expectations for transformation results to gradually materialize in 2025 [2]. Employee Engagement - The company announced an employee stock ownership plan, allowing for a maximum of 4.8351 million shares (0.72% of total shares) to be allocated to up to 45 employees, sourced from repurchased shares at an average price of 16.03 yuan per share [3]. - The performance targets associated with the stock ownership plan include achieving profitability in 2025 and maintaining a net profit growth rate of no less than 10% for 2026-2027 [3]. - This plan aims to enhance employee cohesion and company competitiveness, motivating employees and fostering long-term sustainable development [3]. Profit Forecast and Investment Outlook - The company forecasts revenues of 6.422 billion yuan, 7.399 billion yuan, and 8.294 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 13.1%, 15.2%, and 12.1% [4]. - Expected net profits for the same years are projected at 0.366 billion yuan, 0.484 billion yuan, and 0.642 billion yuan, indicating a return to profitability in 2025 and growth rates of 32.3% and 32.5% for 2026 and 2027 [4]. - Earnings per share (EPS) are anticipated to be 0.54 yuan, 0.72 yuan, and 0.95 yuan for 2025, 2026, and 2027, respectively, as the company undergoes adjustments across various dimensions [4].

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].

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