（原标题：上海家化布局合成生物学创新研发中心，未来希望实现商业转化） "合成生物创新研发中心的成立，我一直认为是上海家化研发中心的第二次飞跃，从产品端转向原料端 和美妆科技端，将更加聚焦合成生物，颠覆性创新以及商业价值转化"，贾海东告诉21世纪经济报道记 者。 就在今年3月，公司成立上海家化创新研发中心-合成生物，将重点聚焦"合成生物学"、"颠覆式创 新"、"商业价值转化"等三大方向。 A股日用化妆品公司上海家化（600315.SH）首席研发官贾海东近日接受21世纪经济报道记者专访。 ...

"中国特色植物是一个多成分、多靶点、多途径的复杂系统，如果我们机械地采用单靶点、单成分的研 究思路，并不能科学地解释它的功效机理，而借助AI网络药理学，可以将特色植物的成分、功效、靶 点之间的相关性解释清楚"。基于此，上海家化在业内率先建立了中医药外用美容方剂数据库，探索挖 掘"中国成分"之路。 A股日用化妆品公司上海家化（600315.SH）首席研发官贾海东近日接受21世纪经济报道记者专访。 （原标题：AI网络药理学，帮助打开中国特色植物研究的"黑盒子"） ...

玉泽品牌进一步夯实与瑞金医院等国内知名三甲医院的医研共创，从品牌形象、包装视觉、产品配方到 专利科技全方位升级，推出第二代屏障修护面霜和大分子防晒。六神品牌提出"用六神，爽出神"全新品 牌Slogan，建立突破季节局限的"爽文化"，不断拓宽使用场景，进一步推动品牌年轻化、专业化。新品 六神驱蚊蛋全新升级配方与高颜值包装，更将其定义为具有驱蚊功能的香水；同时推出了全新清爽香氛 沐浴露。高夫品牌重新定义目标人群为18-25岁年轻男性。针对男生皮肤常见的油痘问题推出全新gf高 夫控油祛痘系列，该系列包括创新品"gf高夫控油洁面巾"。启初品牌重塑专业医研定位，以青蒿成分为 核心，推出婴童干敏红高功效护理赛道爆品青蒿霜，一经推出客单价获得明显提升。 得益于组织优化、战略聚焦、品牌重塑等一系列举措，今年618，上海家化主要品牌实现线上全渠道双 位数增长。林小海总结，今年618货盘和价盘规划大量获取平台在大促期间的资源，电商运营基本功到 位、发挥以品牌为作战单元敏捷组织的组织效率、中后台效率提升等因素也促成了线上运营结果表现优 异。 2024年，上海家化实现营业收入56.79亿元，公司董事会勤勉履职、规范运作，推动公司治理 ...

Core Viewpoint - Shanghai Jahwa has successfully navigated through a period of transformation and is now experiencing a rebound, marked by the launch of several high-performing products and a significant improvement in financial metrics [4][5][6]. Group 1: Financial Performance - In the first half of the year, Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.8% [4]. - The net profit attributable to shareholders rose by 11.7% to 270 million yuan [4]. - Accounts receivable decreased by 25.7%, and inventory reduced by 20.6%, while operating cash flow increased by 39.7% [4]. Group 2: Product Launches and Market Strategy - The company launched several key products, including the Six God mosquito repellent egg and Bai Cao Ji white mud mask, which are expected to achieve over 100 million yuan in sales [4][5]. - The Six God mosquito repellent egg has been particularly successful, with sales driven by innovative packaging and marketing strategies, including celebrity endorsements [5][6]. - Bai Cao Ji's white mud mask has also gained traction, achieving over 60,000 sales in a single e-commerce channel and being labeled a "super explosive product" [8]. Group 3: Channel Development - Shanghai Jahwa is expanding its offline presence by establishing partnerships with hospitals and pharmacies to enhance its brand image [2][12]. - The company has also focused on instant retail channels, successfully increasing its market coverage and establishing new distribution partnerships [11][12]. - The online channel saw a significant year-on-year growth of 34.64% in the second quarter, indicating a successful shift towards e-commerce [10]. Group 4: Brand Positioning and Innovation - The company is concentrating resources on a few major products to establish or redefine brand perceptions, aiming for sustained growth through a combination of core brands and niche markets [7][10]. - The 玉泽 brand has positioned itself as a professional skincare line, with a focus on building a strong brand image through scientific research and clinical partnerships [6][12]. - The company is also exploring new product lines and pricing strategies to maintain a competitive edge in the market [12].

Core Insights - Shanghai Jahwa's revenue for the first half of 2025 reached 3.48 billion yuan, a year-on-year increase of 4.8%, while net profit was 270 million yuan, up 11.7% [1] - The second quarter showed significant growth, with revenue increasing by 25.4% year-on-year, and beauty product sales across all channels rising by 55.7% [1] - The company improved operational efficiency, with accounts receivable down 25.7% and inventory down 20.6% year-on-year, while operating cash flow increased by 39.7% [1] Strategic Focus - Shanghai Jahwa is focusing on four key areas: core brands, brand building, online presence, and efficiency [1] - The first-tier brands, such as Six God and Yuze, led the growth, while the second-tier brand Baicaoji experienced a strong recovery [1] - New products from brands like Gao Fu, Qi Chu, and Shuang Mei successfully entered niche markets [1] Online and Offline Performance - The company enhanced its online capabilities, achieving significant sales during the 618 shopping festival, with top influencer Liu Yuanyuan's Baicaoji event generating over 30 million yuan in sales [2] - Offline, Shanghai Jahwa optimized operations by adding 40 new channel distributors and expanding coverage to 92% in cities above the county level [2] - The company plans to deepen strategic reforms and strengthen organizational capabilities to enhance core competitiveness and profitability [2]

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].