自然界中，荷花每天的开放量为前一天的两倍，通常要等到第30天才会开满。这期间，直到第29天也仅覆盖一半，可最后一天的开花量等于前29天的总和。 商业项目孵化过程中，也不乏"荷花定律"的验证者。在经历了数年的产品SKU缩减、渠道主动调整、组织架构重塑后，上海家化终于从变革阵痛中走出，迎 来了"谷底反弹"。 其在今年相继推出六神驱蚊蛋、玉泽干敏霜&油敏霜、佰草集大白泥面膜等多个线上（即将）破亿的大单品，补足了自己因起步晚而缺失的线上运营能力， 追上以大单品打穿用户心智的内容电商时代。 而在线下，其一边新拓医院及药店渠道树立品牌专业形象，一边抓住即时零售渠道机遇，积累高成长细分赛道的增量。 跑通由品到效的链路，家化正找回一家一流日用化妆品公司的健康状态。 亿元单品俱乐部阵容初露，家化上半年孵化多个美妆、日化线上爆品 8月21日，上海家化发布2025年半年报。披露公司上半年实现营收34.8亿元，同比增长4.8%。归属净利润提高11.7%至达2.7亿元。应收账款同比下降25.7%、 存货同比减少20.6%、经营性现金流同比上升39.7%。其中，第二季度收入同比大幅攀升25.4%。这意味着，上海家化在历经数年的主动调整并 ...

Core Viewpoint - Shanghai Jahwa is undergoing a significant transformation, focusing on organizational restructuring and strategic repositioning to address challenges such as brand aging, channel mismatch, and insufficient online competitiveness [2][6][11]. Group 1: Leadership and Strategy - CEO Lin Xiaohai has set a new vision and restructured the company's governance and organization, emphasizing "brand" as the operational unit [7][10]. - Lin Xiaohai rated his performance at 79 out of 100, indicating both achievements and areas for improvement in the past year [6][11]. - The company has shifted from a "large and comprehensive" approach to a "small team operation," enhancing responsiveness and resource allocation [10]. Group 2: Operational Improvements - The company has optimized its organizational structure, including leadership changes in multiple business units and improving operational efficiency by reducing redundancy in roles [8][9]. - Inventory turnover efficiency has improved significantly, with the time for goods turnover reduced from 300 days to 89 days, leading to double-digit same-store sales growth [8][9]. - The company has also focused on cleaning up its overseas subsidiaries, particularly addressing losses in the UK subsidiary [8]. Group 3: E-commerce Performance - During the 618 shopping festival, several brands under Shanghai Jahwa saw substantial sales growth, with Yuze brand sales increasing over 20% and Six Gods over 30% [9]. - The company achieved a 17% year-on-year growth in GMV during the 2023 Double 11 shopping festival, reflecting the effectiveness of its reforms [9][11]. Group 4: Future Focus and Challenges - Moving into the second half of 2025, the company will enter a "deep water zone" of reform, facing internal and external pressures from market competition [13][16]. - The company aims to deepen its "four focuses" strategy: focusing on core brands, brand building, online growth, and efficiency [13][15]. Group 5: R&D Investment - Shanghai Jahwa has increased its R&D investment, with a 11.12% year-on-year growth in R&D expenses in Q1 2025 [19][20]. - The company is focusing on "R&D system + medical research collaboration + product innovation," establishing partnerships with hospitals to enhance product development [20][21]. - The R&D advantages are seen as a key differentiator, with a complete medical research chain and ongoing investment capabilities [26][27].

Core Insights - Shanghai Jahwa held its 2024 annual shareholder meeting on June 25, where management discussed strategic direction, operational philosophy, brand development, and channel reform [1] - CEO Lin Xiaohai expressed that the company's performance over the past year "basically met expectations" and emphasized the importance of operational capability moving forward [1] Strategic Focus - The company is deepening its "Four Focuses" strategy, which includes focusing on core brands, brand building, online presence, and efficiency [2] - Lin Xiaohai highlighted that the strategic transformation is showing initial results, with brands undergoing rebranding and repositioning [2] - The Yuze brand has strengthened its collaboration with renowned hospitals, leading to comprehensive upgrades in brand image and product offerings [2] - The Six God brand has introduced a new slogan to promote a "refreshing culture," targeting younger consumers [2] - The company has categorized its brands into three tiers for differentiated resource allocation, with Six God and Yuze in the top tier [2] Performance and Growth - The company's major brands achieved double-digit growth across online channels during the 618 shopping festival, attributed to organizational optimization and strategic focus [3] - Lin Xiaohai indicated that the organization is entering a "deep water zone" of reform, with a focus on enhancing operational capabilities and brand investment [4] - The company aims for double-digit revenue growth by 2025, which is positioned as a pivotal year for brand development and competitive advantage [4]

Core Viewpoint - Shanghai Jahwa is undergoing a significant transformation under the leadership of Lin Xiaohai, who emphasizes the need for a mission-driven team and a shift from internal competition to external competitiveness to revitalize the company [2][6][7]. Financial Performance - In 2024, Shanghai Jahwa reported a net profit attributable to shareholders of -833 million yuan, marking its first loss in recent years [4][10]. - The company's operating revenue for 2024 was approximately 5.68 billion yuan, a decrease of 13.93% compared to 2023 [5][10]. - The revenue trend from 2021 to 2024 shows a continuous decline, with figures of 76.46 billion yuan, 71.06 billion yuan, 65.98 billion yuan, and 56.79 billion yuan respectively [9]. Strategic Direction - Lin Xiaohai has initiated a "second entrepreneurship" strategy, focusing on organizational restructuring and operational efficiency to combat the company's recent downturn [4][6]. - The management aims for a double-digit revenue growth and profitability by 2025, with a focus on executing new strategies effectively [11][14]. - The company is fostering a competitive environment among its brands, with a goal to enhance external competitiveness starting from the 2025 "6·18" promotional event [7][14]. Market Perception - The long-term decline in stock price reflects the company's past operational challenges, with a drop of over 60% since its peak in June 2021 [8][9]. - As of June 25, 2024, the stock price was reported at 20.58 yuan, with a total market capitalization of 13.83 billion yuan [9]. Management and Governance - The management team, including CFO Luo Yongtao, expressed confidence in the company's future despite recent financial struggles, attributing the stock price to a comprehensive evaluation of the company's performance [8][11]. - Lin Xiaohai emphasized the importance of building trust with stakeholders through consistent performance and communication, which is essential for gaining greater authority from the controlling shareholder [15][18].

Core Viewpoint - Shanghai Jahwa is undergoing a "second entrepreneurship" under the leadership of Lin Xiaohai, aiming to reverse the company's recent decline and achieve a revival in its performance [5][10]. Financial Performance - In 2024, Shanghai Jahwa reported a net profit attributable to shareholders of -833 million yuan, marking its first loss in recent years [8][21]. - The company's revenue has been on a downward trend, with figures of 76.46 billion yuan in 2021, 71.06 billion yuan in 2022, 65.98 billion yuan in 2023, and 56.79 billion yuan in 2024, reflecting a continuous decline [17][21]. - For the first quarter of 2025, the revenue was 17.04 billion yuan, a decrease of 10.59% year-on-year, with a net profit of 217 million yuan, down 15.25% [21][22]. Strategic Direction - Lin Xiaohai emphasized the need for a mission-driven team and a sense of urgency to transform the organization into a competitive entity [10][11]. - The company aims to shift from "internal competition" to "external competition," with a focus on performance relative to competitors starting from the 2025 "6.18" promotional event [12][20]. - The management team is tasked with executing the new strategy effectively to translate it into tangible business results [21]. Stock Performance - Shanghai Jahwa's stock price has seen a significant decline, dropping over 60% since its peak of 62.91 yuan per share in June 2021, closing at 20.58 yuan on June 25, 2024, with a total market capitalization of 13.83 billion yuan [15][19]. - The management acknowledged that the current stock price reflects past operational performance, but they remain confident about future improvements [13][19]. Management and Governance - Lin Xiaohai highlighted the importance of building trust with shareholders, stating that trust is earned through consistent performance and victories [26][27]. - The company is focused on becoming a leading domestic and international daily cosmetics company, requiring a shift in mindset and organizational adjustments [27][29].