洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下 蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的延伸阅读。 在节奏不断加快、选择愈发多元的当下，年轻人的目光，正悄然从 "外部指标" 移向 "内在坐 标" 。 2025年，我们越来越真切地感受到一代人的集体转向—寺庙上香、躺平、丁克、逃离……这些 行为看似脱离主流，却实实在在地反映出一种趋势： 新时代正在集体失焦，也在尝试重新校准自己的生命坐标，关注自我内核。 在不确定成为常态的今天，这样的"向内走"并非退让，而是一种有意识的自我建构。他们正在 从被外部定义的轨道中抽身，回望内心的真实渴望。 他们不再急于破土而出，而是选择在不确定中向内扎根，用稳定的内核对抗时代的变动。 在充 满变量的现实中，守住自己的节奏 ，不跟风、不赶路，才是他们重新建立安全感与自洽感的方 式。 01 从外部指标到心灵坐标：年轻人开始寻找内核支点。 不再执念于所谓"黄金十年"，越来越多年轻人选择放下内卷与比较。他们开始意识到，稳定的 内核，才是穿越不确定的根源力量。 真正的方向感来自内在—他们不再向外寻求标准答案，而是 ...

复兴上海家化，林小海行不行？ 6月25日，上海家化联合股份有限公司（以下简称"上海家化"）召开2024年年度股东大会。在长达两个半小时的会议中，上海家化董事长兼首席执行官林小 海回顾了过去一年的主要工作。对于过去一年的表现，林小海自评"基本上达到了期望"："目前我们的战略方向被验证是正确的，接下来是考验整个组织的 运营能力。"那么，回顾上海家化过去一年的业绩，新帅林小海到底能不能带领上海家化复兴？ 新帅林小海 收缩战线：逐步淘汰销量低迷的子品牌，集中资源扶持六神、佰草集、玉泽、启初等主力品牌。 高端化尝试：推动佰草集升级，推出抗衰系列"太极丹"，对标国际大牌。 玉泽加速：借势"皮肤学级护肤"风口，加大玉泽的医研背书和线上营销。 2. 渠道优化：线下止损，线上发力 作为中国历史最悠久的日化企业之一，上海家化曾拥有六神、佰草集、美加净、玉泽等国民品牌，但近年来在国际品牌（宝洁、欧莱雅）和新兴国货（珀莱 雅、薇诺娜）的双重夹击下，增长乏力。2024年6月，公司迎来新任CEO林小海。 林小海曾在宝洁工作超25年，负责过SK-II、Olay等品牌的运营，具备丰富的快消品经验。 上任后，他迅速推动了一系列改革： 1. 品 ...

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 Viewpoint - Shanghai Jahwa is undergoing significant reforms under the leadership of Chairman Lin Xiaohai, who has been in position for one year, aiming to address historical challenges and improve operational efficiency while facing increased competition in the domestic beauty market [2][3][10]. Company Summary - Shanghai Jahwa reported its first annual loss since going public, including over 600 million yuan in goodwill impairment losses, which Lin Xiaohai described as shedding a "burden" [2]. - The company has identified several historical issues, including low employee efficiency, weak online channels, and an overly extensive offline presence [3]. - Lin Xiaohai has implemented a focused strategy, concentrating resources on core brands like Liushen and Yuze, while reducing support for smaller brands [5]. - The company has seen double-digit growth in online channels during the "618" shopping festival, with offline inventory turnover days reduced from over 300 to approximately 90 [3][5]. - Shanghai Jahwa's offline revenue still accounts for over 50% of total revenue, significantly higher than competitors, but the company plans to streamline its offline operations by focusing on core products and reducing long-tail offerings [6]. Industry Summary - The domestic beauty market is experiencing a surge in new entrants, with many local brands going public, increasing competitive pressure on established players like Shanghai Jahwa [10]. - Lin Xiaohai emphasized the need for product innovation over raw material innovation, indicating a shift in focus towards developing new products that meet market demands [10]. - The baby and child product segment is identified as a rapidly growing market, with a shift towards online sales channels for these products [11].

6月25日下午，上海家化（600315）召开2024年年度股东会。上海家化董事长兼CEO林小海、董事会秘书兼首席财 务官罗永涛等高管团队回应了如何复兴上海家化、控股股东是否给予更大授权、股价为何低迷等问题。 复兴上海家化给钱不够 团队要有使命感 "不难，怎么会请我来做CEO？"林小海表示，上海家化"二次创业"很难，但正是因为很难才会由其掌舵上海家 化。 2024年6月召开的上海家化2023年年度股东会，是林小海进入上海家化后的首次亮相。 彼时，林小海称，上海家化将以"壮士断腕"的魄力，着力改变近三年的发展颓势。如果做成了会很有成就感。 【导读】上海家化召开2024年年度股东会，高管团队回应如何实现复兴 来源：上海家化2024年年报 对此，上海家化管理层称为"清包袱"，有助于之后轻装上阵。 林小海表示，上海家化的战略被验证方向正确，整个组织基本完成搭建，接下来是组织运营，锻造一个会打仗的 组织。 "这件事情很难，只为一份薪水，哪怕是为了长期的激励，我认为也走不到未来。"林小海称，上海家化的所有人 要有百年复兴的使命感，想起来要有鸡皮疙瘩，值得投入全部热情。 此外，林小海针对上海家化的未来发展，提出全员要有能搞定 ...

【导读】上海家化召开 2024年 年度股东会， 高管团队 回应如何实现复兴 中国基金报 记者 邱德坤 6月25日下午，上海家化召开2024年年度股东会。上海家化董事长兼CEO林小海、董事会秘书兼首席财务官罗永涛 等高管团队 回应了如 何复兴上海家化、 控股股东 是否给予更大授权、股价 为何 低迷等 问题 。 来源：中国基金报记者拍摄 复兴上海家化给钱不够 团队要有使命感 "不难，怎么会请我来做CEO？"林小海表示，上海家化"二次创业"很难，但正是因为很难才会由其掌舵上海家化。 2024年6月召开的上海家化2023年年度股东会，是林小海进入上海家化后的首次亮相。 彼时，林小海称，上海家化将以"壮士断腕"的魄力，着力改变近三年的发展颓势。如果做成了会很有成就感。 一年过去，上海家化2024年成绩单显示，归母净利润、扣非后净利润分别为-8.33亿元、-8.38亿元。这是上海家化近年来首次出现亏损。 对此，上海家化管理层称为"清包袱"，有助于之后轻装上阵。 林小海表示，上海家化的战略被验证方向正确，整个组织基本完成搭建，接下来是组织运营，锻造一个会打仗的组织。 "这件事情很难，只为一份薪水，哪怕是为了长期的激励，我认 ...

近日，上海家化发布2024年年报以及2025年一季报，在2024年出现上市以来首次亏损的业绩之后，2025 年第一季度，上海家化由亏损转为盈利，报告期内实现营业收入17.04亿元，净利润约2.17亿元。 在近日的媒体沟通会上，上海家化董事长林小海向包括《中国经营报》在内的媒体记者表示："这么多 年积累下来的包袱，基本上在过去这一年是卸掉了，历史的问题基本已经解决，这让我们轻装上阵。我 们希望在新的财年能够回到增长的轨道，力争做到两位数的增长。从利润角度，我们还会进一步加大品 牌的投资、加大产品的投资、加大渠道的能力建设。" 一季度线上业务收入同比增长10.4% 近日，上海家化发布2024年年报，2024年上海家化实现营业收入56.79亿元，同比下降13.93%；归属于 上市公司股东的净利润-8.04亿元，同比下降260.72%。 上海家化方面表示，业绩下降的主要原因是商誉减值计提影响。根据上海家化方面提供的资料，2017 年，上海家化收购了英国婴童品牌汤美星，但受近年来低出生率、婴童品类竞争加剧和经销商降低库存 等因素的持续影响，海外业务表现不及预期。因此，上海家化对前期收购的婴童护理产品及母婴喂养产 品业务 ...

核心观点 2024 年营收56.79 亿元/ -13.93%，归母净利润-8.33 亿元（主要因计提汤美星商誉减值6.1 亿元及海外业 务亏损1 亿元），扣非净利润-8.38 亿元。2025Q1 核心品牌六神进行价格策略调整，导致部分线下经销 商进货节奏后移。美妆事业部25Q1 销售占比提升3.7pct 至19.3%，对应收入增速约10.6%，线上高增带 动业务已恢复增长态势。公司同步公告计划开展员工持股计划，对应考核年份25-27 年，指标为25 年净 利润为正，26&27 年净利润同比增长不低于10%。从目标的设定来看，一方面公司今年预计更加注重清 理历史问题&恢复收入增长态势，另一方面此前公司激励的完成度并不高，核心员工流失率较高，此次 目标设定通过解锁周期形成了实际的绑定作用，更加关注长期发展。 事件 公司披露2024 年年报及2025 年一季报：2024 年营收56.79 亿元/-13.93%，归母净利润-8.33 亿元（主要 因计提汤美星商誉减值6.1亿元及海外业务亏损1 亿元）。 品牌梯队建设资源重点分配，线上转型效果体现 2024 年公司确立"四个聚焦"战略，重点聚焦线上渠道发展，2024 年 ...

公司内部调整致短期业绩承压，一季度降幅有所收窄。公司2024 年实现营收56.79 亿/yoy-13.93%；归母 净利润-8.33 亿/yoy-266.60%；扣非归母净利润-8.38 亿/yoy-366.41%。24 年业绩大幅下滑主要系对前期 收购的海外婴童业务计提商誉减值6.1 亿元，以及国内业务主动战略调整带来的阶段性影响。 投资建议：自2024 年年中公司进行中高领导层换届后，内部调整持续推进中，从结果看，2024 年战略 清理历史包袱导致较多亏损，而2025 年一季度初具成效，公司美护部门和线上渠道均已实现正增长， 后续有望在持续的调整改革中实现品牌矩阵的长期稳定健康发展。考虑到目前公司仍处于内部调整期， 且行业竞争压力加大，公司加大品牌投放以维持一定品牌声量，我们下调2025 年维持2026 年并新增 2027 年归母净利润至4.33/5.04/5.81（原值为4.73/5.03）亿元，对应PE 分别为35/30/26x，维持"优于大 市"评级。 2024 年调整期盈利水平下滑，2025Q1 毛利率有所提升。盈利能力方面，2024年公司毛利率/净利率分别 同比-1.37/-22.25pct；2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company's performance in Q1 2025 shows a narrowing decline, with revenue of 1.704 billion and a year-on-year decrease of 10.59%. The net profit attributable to the parent company is 217 million, down 15.25% year-on-year [6][7]. - The company is undergoing internal adjustments, which have led to short-term performance pressure. The significant decline in 2024 is primarily due to goodwill impairment of 610 million related to previous acquisitions and strategic adjustments in domestic operations [6][20]. - The company has implemented an employee stock ownership plan to bind core management, with a total of 45 participants and a repurchase price of 16.03 yuan per share [3][9]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 5.679 billion, a year-on-year decrease of 13.93%, and a net profit of -833 million, down 266.60% year-on-year. The Q4 performance showed revenue of 1.202 billion, down 20.20% year-on-year [6][7]. - For Q1 2025, the beauty segment generated revenue of 329 million, up 10.7% year-on-year, while the personal care segment generated 791 million, with an average price decline of 13.4% [2][8]. - The company’s gross margin for 2024 was 57.60%, down 1.37 percentage points year-on-year, while Q1 2025 saw a slight increase in gross margin to 63.40% [11][13]. Strategic Adjustments - The company is actively adjusting its pricing strategy and optimizing channel inventory, which has led to a delay in the purchasing rhythm of distributors [7][20]. - The company plans to expand its emerging channels, having opened 38,000 new stores in Q1 2025, with sales in these channels growing by double digits year-on-year [2][8]. Profitability and Valuation - The company has revised its net profit forecasts for 2025, 2026, and 2027 to 433 million, 504 million, and 581 million respectively, with corresponding P/E ratios of 35, 30, and 26 times [21][23]. - The company’s total market capitalization is 15.327 billion, with a closing price of 22.80 yuan [5][22].