文｜青眼 10月28日，国内知名美妆代工企业嘉亨家化股份有限公司（下称：嘉亨家化）发布了2025年第三季度业绩报告。据财报显示，今年前三季度，嘉亨家化实现 营收收入为8.6亿元，同比增长24.42%；归母净利润亏损2950万元，同比下降1430.74%。 值得一提的是，这也是自2024年11月嘉亨家化公布"二代接班"后，交出的首份三季度财报。 那么，嘉亨家化为何会增收不增利？其近些年前三季度表现又如何？ 二代接班后，净利润下滑1430.74% 2024年11月，嘉亨家化发布公告称，创始人曾本生获授终身名誉董事长的称号，并卸任公司董事长、法定代表人职务，而这两个职位均由其子曾焕彬接任。 此外，曾本生之女曾雅萍首次进入董事会名单中，担任公司副总经理、副董事长。这标志着，嘉亨家化正式进入"二代接班"的新阶段。 此次最新业绩报告，也是"二代接班"后交出的首份三季度报。但从实际表现来看，此次嘉亨家化的"成绩单"并不理想。 据财报显示，今年前三季度，嘉亨家化实现营收收入为8.6亿元，同比增长24.42%；归母净利润亏损2950万元，同比下降1430.74%。扣非归母净利润自去年 同期亏损92万元变为亏损3068万元，亏损 ...

Group 1: Company Overview and Strategic Initiatives - The company, Qingsong Co., Ltd., is involved in the cosmetics industry and has established a joint venture, Hongjia Technology, with a 20% stake held by Norsbel. The project has received necessary permits and is progressing well [2][3]. - In 2025, the company plans to focus on two main strategies: "customer focus" and "product focus," aiming to enhance market expansion and operational efficiency [4]. Group 2: Financial Performance and Projections - In 2024, the company's cosmetics business achieved a gross profit margin of 17.42%, an increase of 5.37 percentage points from the previous period, indicating significant improvement [3]. - The company reported a turnaround in 2024, achieving profitability primarily due to product innovation, cost control, and improved management practices [6]. Group 3: Market Position and Challenges - As of March 31, 2025, the total number of ordinary shareholders was 20,162 [5]. - The company's exports to the U.S. in 2024 were approximately RMB 20 million, accounting for about 1% of total annual revenue, suggesting minimal impact from U.S. tariff policies [6]. Group 4: Brand and Marketing Strategies - The management is considering a potential name change to "Norsbel" to better align with the company's positioning and enhance brand recognition [2][3]. - The company primarily operates on an order-based production model in the ODM cosmetics sector, focusing on direct sales according to customer demand [5].