在这个财报季，消费赛道的承压态势格外明显，一众消费龙头业绩遇冷，美妆领域整体亦不乏增长挑 战，化妆品零售额增速依然跑输社零大盘 。上海家化却交出了近几年最振奋人心的一份财报。 笔者认为需要把握住两条重要主线。 1、核心驱动引擎切换，从渠道到品牌 如果说业绩是企业经营的"表"，战略则是"里"。这份业绩背后，上半年上海家化持续推动四大"聚焦"举 措扎实落地，包括聚焦核心品牌、聚焦品牌建设、聚焦线上渠道、聚焦效率，用业绩验证了其战略调整 方向的正确性。 这也反映出，上海家化将不再依赖线下渠道拉动增长，正将品牌势能转化为业绩增长动能。 从市场的角度来分析，渠道是过往中国化妆品市场中的关键变量，但随着互联网渗透，如今渠道进入碎 片化时代，线上线下阵地多元，影响消费者决策的主要因素不再是"渠道便利"等，而是品牌价值与情感 认同。 上海家化的战略调整，正是对这一趋势的精准回应，这也使其在市场中重构竞争力。 如果拆分收入结构来看，二季度的数据更是亮眼，上海家化二季度收入同比增长25.4%，其中国内线上 渠道同比增长34.6%，美妆品类收入同比增长55.7%。 同样，我们从中可以看到，这家企业正焕发出不同以往的业绩驱动力。 站 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price of 27.07 CNY [1][6] Core Views - The company has shown rapid revenue growth in Q2, with a year-on-year increase of 25% and a significant profit increase of 367%, driven primarily by online sales channels [9] - The company is focusing on core brands and innovation in niche markets, with successful new product launches receiving positive market feedback [9] - The company’s operational quality is improving, as indicated by a decrease in inventory turnover days and accounts receivable turnover days, along with a 40% increase in net cash from operating activities [9] - Despite challenges in overseas business, there is an expectation of gradual improvement in the second half of the year due to easing trade tensions and optimization in product and marketing strategies [9] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecast for 2025-2027 has been raised to 0.50, 0.72, and 0.94 CNY respectively, up from previous estimates of 0.48, 0.69, and 0.89 CNY [6][10] - The company’s DCF target valuation remains at 27.07 CNY, supporting the "Accumulate" rating [6][10] - Revenue projections for 2025-2027 are 6,302 million, 6,886 million, and 7,484 million CNY, reflecting a recovery trajectory after a challenging 2024 [7][10]