上海家化联合股份有限公司九届三次董事会于 2025 年 8 月 21 日以现场及 通讯方式召开，会议通知于 2025 年 8 月 11 日通过邮件方式发出。本次会议应 参加董事 9 人，实际参加董事 9 人，会议由董事长林小海先生主持，高级管理 人员列席了会议，符合《公司法》及《公司章程》的有关规定。 二、董事会会议审议情况 表决情况：9 票同意，0 票反对，0 票弃权，通过本议案。 证券简称：上海家化 证券代码：600315 编号：临 2025-043 上海家化联合股份有限公司 九届三次董事会决议公告 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。 一、董事会会议召开情况 本议案经公司董事会审计与风险管理委员会事先审议通过。 公司 2025 年半年度利润分配方案：拟向全体股东每股派发现金红利 0.039 元（含税），合计拟派发现金红利 25,965,681.61 元（含税）。本次公司现金分红 数额占 2025 年半年度合并报表中归属于上市公司普通股股东的净利润的比例为 《上海家化联合股份有限公司 2025 年半年度利润 ...

证券代码：600315 证券简称：上海家化 公告编号：临 2025-045 上海家化联合股份有限公司 关于 2025 年第二季度主要经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十三号——化工》的要 求、现将公司 2025 年第二季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量(支) | 销量(支) | 营业收入（元） | | --- | --- | --- | --- | | 个护 | 64,731,435 | 77,825,289 | 798,261,406.94 | | 美妆 | 16,168,415 | 9,675,676 | 418,410,317.70 | | 创新 | 14,648,314 | 11,797,432 | 203,368,323.56 | | 海外 | 26,399,888 | 21,892,513 | 355,321,873.99 | 注：个护（含六神、美加净品牌）、美妆（含玉泽、佰草集 ...

格隆汇8月21日丨上海家化(600315.SH)公布2025年半年度报告，上半年实现营业收入34.78亿元，同比增 长4.75%；归属于上市公司股东的净利润2.66亿元，同比增长11.66%；归属于上市公司股东的扣除非经 常性损益的净利润2.21亿元；基本每股收益0.40元。拟向股权登记日在册全体股东每股派发0.039元现金 红利（含税）。 自2024年下半年起，公司完成四大核心任务：定方向、明治理、提士气、清包袱，即：重新确定公司战 略定位及方向；重塑以品牌为作战单元、事业部为指挥中心的敏捷授权机制；不断在电商大促中锻炼和 测试新团队的能力；集中解决历史包袱，推动业务全面升级。 ...

每经AI快讯，8月21日，上海家化(600315.SH)公告称，2025年半年度实现营业收入34.78亿元，同比增长 4.75%；实现归属于上市公司股东的净利润2.66亿元，同比增长11.66%。 （文章来源：每日经济新闻） ...

Group 1: Industry Overview - The long video market continues to shrink, with iQIYI reporting a revenue decline of 11% year-on-year to 6.628 billion yuan in Q2 2025, resulting in a net loss of 133.7 million yuan compared to a net profit of 68.7 million yuan in the same period last year [1] - iQIYI's membership revenue decreased by 9% to 4.09 billion yuan, advertising revenue fell by 13% to 1.27 billion yuan, and content distribution revenue dropped by 37% to 437 million yuan [1] - Tencent's Q2 report indicates a decline of 3 million paid video members year-on-year and quarter-on-quarter, totaling 114 million members [4] Group 2: Company Strategies and Responses - iQIYI's founder, Gong Yu, noted a significant loss of long video viewers, particularly severe over the past two to three years [5] - The National Radio and Television Administration has introduced measures to enhance content supply in the television industry, including a "Content Renewal Plan" to improve content innovation and management policies [6][7] - New mechanisms for series, situational, and unit dramas will be trialed, allowing for flexible broadcasting based on audience feedback [8] Group 3: Financial Performance - iQIYI's content costs decreased by 8% year-on-year to 3.78 billion yuan [2] - The overall performance challenges are not limited to iQIYI, indicating a broader trend in the industry [3]

天眼查App显示，近日，赛济恩（上海）日化有限公司成立，法定代表人为刘迪，注册资本50万人民 币，经营范围为一般项目：化妆品批发；化妆品零售；日用化学产品销售；个人卫生用品销售；互联网 销售（除销售需要许可的商品）；第一类医疗器械销售；卫生用品和一次性使用医疗用品销售；食品销 售（仅销售预包装食品）；货物进出口；技术进出口；技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广；信息技术咨询服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Core Insights - Shanghai Moxi Daily Chemical Co., Ltd. has been established with a registered capital of 1.08 million RMB [1] - The company is engaged in a wide range of sales activities including daily chemical products, household goods, cosmetics, and personal hygiene products [1] Company Overview - The legal representative of the company is Zou Wen [1] - The business scope includes general projects such as sales of daily chemical products, household items, and various consumer goods [1] - The company also engages in wholesale and retail of cosmetics, personal hygiene products, and disinfectants [1] Business Activities - The company’s operations cover a diverse array of products including but not limited to: - Daily chemical products - Household goods - Cosmetics (both wholesale and retail) - Personal hygiene items - Disinfectants (excluding hazardous chemicals) [1] - Additional activities include sales of electronic products, pet food, labor protection supplies, and various other consumer goods [1] Market Engagement - The company is involved in domestic trade agency, import and export of goods, and technology services [1] - Marketing services, including brand management and advertising, are also part of the company's business model [1]

Group 1 - The article highlights the increasing demand for mosquito repellent products in Beijing during the autumn season, particularly due to the chikungunya virus outbreak, but also points out issues with unregulated products lacking necessary certifications [1][2] - A total of 24 mosquito repellent products were purchased from various channels, revealing that 15 of them did not display the required "three certificates" (registration number, product standard number, and production license) on their packaging [1][2][11] - Traditional products like mosquito coils and sprays generally complied with regulations, while newer products such as protective patches and wristbands often used vague language to imply effectiveness without proper certification [1][2][11] Group 2 - The Ministry of Agriculture and Rural Affairs has stated that any product claiming to repel mosquitoes falls under pesticide regulations and must display the "three certificates" [2][8] - Among the 24 products, 9 explicitly claimed to repel mosquitoes and were properly labeled, while 15 did not have the required certifications, with a significant portion being protective patches and wristbands [2][11] - Some products, like the "Japanese Ding Ding" spray, used misleading branding and marketing tactics to suggest effectiveness without proper labeling [9][10] Group 3 - Several products were found to misrepresent their capabilities, such as a mosquito coil marketed as effective against chikungunya but lacking proper certification and containing misleading information [16][19] - The article also discusses the presence of "three no" products (no manufacturer, no production date, no certification) in the market, which poses safety risks [14][15] - The lack of transparency and regulation in the marketing of these products raises concerns about consumer safety, especially for vulnerable groups like infants and pregnant women [8][14]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company reported a revenue of 895 million yuan in H1 2025, representing a year-on-year increase of 20.3%, and a net profit attributable to the parent company of 188 million yuan, up 4.2% [1] - The Q2 revenue was 655 million yuan, reflecting a 13.5% increase, while the net profit decreased by 0.9% to 143 million yuan [1][2] - The performance was impacted by prolonged discounting during the 618 shopping festival and the expansion of the Sam's Club channel [2] Product Segment Summary - **Mosquito Repellent Series**: Q2 revenue reached 332 million yuan, a year-on-year increase of 13.83%, with a sales volume of 63.28 million units. The average price was 5.24 yuan, down 0.76%. The gross margin for H1 was 53.68%, slightly down due to channel expansion and rising raw material costs [3] - **Infant and Child Series**: Q2 revenue was 226 million yuan, up 22.89%, with a sales volume of 22.14 million units. The average price increased by 6.93% to 10.19 yuan. The gross margin for H1 was 61.11%, showing a slight decline [3] - **Essential Oil Series**: Q2 revenue fell to 81 million yuan, down 15.64%, with a sales volume of 11.57 million units. The average price decreased by 11.39% to 7.00 yuan. The gross margin for H1 was 61.83%, also down due to increased competition [4] - **Youth Series**: The company launched new products targeting youth, including acne treatment and hair care products, which are expected to maintain high growth due to the ongoing industry expansion [4] Channel Summary - The company actively expanded its offline channels in H1 2025, including a partnership with Sam's Club and strong growth in non-platform distribution channels [5] - Online growth is expected to slow due to increased competition, but the company maintains a high market share on platforms like Tmall and JD [5] - The gross margin and net profit margin for Q2 were 58.1% and 21.9%, respectively, with operating expenses showing slight increases [5] Financial Forecast - The company is projected to achieve net profits of 340 million yuan, 430 million yuan, and 570 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 37.0X, 28.7X, and 21.9X [6]

Core Viewpoint - The article emphasizes the importance of learning from both successes and failures in business, highlighting that understanding the correct causal relationships is fundamental to human progress and decision-making in investments and entrepreneurship [7][11][15]. Group 1: Company Insights - TianTu Capital has become the first Chinese VC to be listed on the Hong Kong Stock Exchange as of October 6, 2023 [3]. - The founder of TianTu Capital, Feng Weidong, manages a fund size exceeding 20 billion yuan and has invested in over 200 companies, including notable firms like Zhou Hei Ya and Nai Xue's Tea [4][5]. - The article promotes an upcoming event featuring Feng Weidong and other industry leaders, focusing on product innovation and brand expansion in the consumer sector [16][18]. Group 2: Market Trends - The article discusses the strategies of Japanese brands in the 1990s, which successfully expanded overseas while maintaining profitability through product innovation and brand development [22]. - It highlights the dual strategy of "localization + globalization" adopted by companies like Kao, which operates in over 100 countries, and Uniqlo, which has seen a tenfold increase in stock price over the past five years [22]. - The article outlines the need for Chinese consumer brands to innovate and differentiate in a saturated market, emphasizing the importance of quality and cost-effectiveness to meet new consumer demands [25]. Group 3: Educational Opportunities - The article promotes a three-day immersive course aimed at dissecting how Chinese and Japanese consumer companies succeed in a saturated market, focusing on product innovation and brand globalization [17][20]. - The course will feature industry experts who will share insights on product development, market positioning, and strategies for overcoming challenges in international markets [24][26]. - Specific sessions will cover topics such as the importance of data-driven product strategies and the role of technology in enhancing product development efficiency [32][34].