记者丨翁榕涛 实习生赖桂筠、吴梓轩 编辑丨张伟贤 国货美妆正步入发展深水区。 近日，包括上海家化（600315.SH）、丸美生物（603983.SH）、上美股份（02145.HK）等国货美妆上 市公司纷纷披露2025年半年报或者盈利预告，从财报数据来看，行业业绩呈现明显分化，反映市场竞争 已从早期的渠道扩张，转向研发创新与精准化布局的科技较量。 从竞争格局来看，尽管全球市场上流行的功能性护肤品品牌基本被欧莱雅、资生堂、雅诗兰黛等欧洲、 日本和美国领先的化妆品企业所拥有，但中国的功能性护肤品受消费者意识觉醒、购买能力提升等因素 的影响，正通过精准定位与研发投入，逐步改变市场格局。 近年来，敏感肌人群规模持续扩大。青眼情报平台数据显示，2024年，敏感肌消费人群将接近亿级，市 场规模约450亿元，近3年复合增长率21.7%。另有业内人士预估，敏感肌相关市场空间超过2000亿元， 发展前景广阔。 敏感性皮肤并非疾病，而是一种常见的皮肤高反应状态，常表现为在受到化学、紫外线、环境污染等因 素刺激后出现灼热、刺痛、瘙痒及紧绷感等不适。通过科学合理的护理，敏感状态可以得到改善，反之 则可能加剧敏感症状。 上美股份也在八月 ...

2025年上半年，国货美妆上市公司整体业绩表现亮眼。从发展策略来看，各企业思路较为相似，主要集 中在推动核心品牌建设、发力电商渠道营销以及持续孵化新产品线，共同拉动收入与利润双增长。 具体来看，上海家化上半年实现营收34.8亿元，同比增长4.7%；归母净利润2.7亿元，同比增长11.7%。 公司持续推进核心品牌战略与线上渠道建设，旗下六神、玉泽等品牌通过产品线拓展实现显著增长。 丸美生物同期实现营收17.69亿元，同比增长30.83%；归母净利润1.86亿元，同比增长5.21%。报告期 内，丸美深化大单品策略，构建大单品矩阵；丸美与PL恋火双品牌市场渗透率不断提升。 21世纪经济报道记者翁榕涛 实习生赖桂筠、吴梓轩 国货美妆正步入发展深水区。 近日，包括上海家化（600315.SH）、丸美生物（603983.SH）、上美股份（02145.HK）等国货美妆上 市公司纷纷披露2025年半年报或者盈利预告，从财报数据来看，行业业绩呈现明显分化，反映市场竞争 已从早期的渠道扩张，转向研发创新与精准化布局的科技较量。 从竞争格局来看，尽管全球市场上流行的功能性护肤品品牌基本被欧莱雅、资生堂、雅诗兰黛等欧洲、 日本和美国 ...

据证券之星公开数据整理，近期上海家化（600315）发布2025年中报。截至本报告期末，公司营业总收 入34.78亿元，同比上升4.75%，归母净利润2.66亿元，同比上升11.66%。按单季度数据看，第二季度营 业总收入17.75亿元，同比上升25.39%，第二季度归母净利润4862.33万元，同比上升367.09%。本报告 期上海家化盈利能力上升，毛利率同比增幅3.67%，净利率同比增幅6.6%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率63.37%，同比增3.67%，净利率7.64%，同比增 6.6%，销售费用、管理费用、财务费用总计18.13亿元，三费占营收比52.13%，同比增1.18%，每股净资 产10.37元，同比减9.61%，每股经营性现金流1.01元，同比增40.54%，每股收益0.4元，同比增14.29% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 33.21亿 | 34.78亿 | 4.75% | | 归母浄利润（元） | 2.38亿 | 2.66亿 | 11.66% | | 扣 ...

Core Points - The company Shanghai Jahwa announced its 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.039 yuan per share (including tax) to all shareholders based on the total share capital registered on the dividend distribution date [4][28][27] - The total amount of cash dividends to be distributed is approximately 25.97 million yuan, which represents 9.77% of the net profit attributable to ordinary shareholders for the first half of 2025 [25][28][27] - The company will hold a performance briefing on August 29, 2025, to discuss the semi-annual results and address investor inquiries [7][8][10] Company Overview - Shanghai Jahwa is engaged in the production and sale of personal care and beauty products, with brands including Six God, Meijiajing, and others [12] - The company reported significant price increases in key raw materials, with soap and oil prices rising by 48% and surfactants and emulsifiers by 28% compared to the same period last year [14][15] - The company’s board of directors confirmed the authenticity and completeness of the semi-annual report and the profit distribution plan [1][6][21]

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, particularly highlighting companies like Shiseido and Up Beauty for their strong performance and growth potential [12][14]. Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of August 1 to August 8, 2025, with the Shenwan Beauty Care Index growing by 1.7%, which is lower than the overall market performance [5][6]. - There is a notable divergence in the performance of domestic beauty brands in July, with strong growth observed in skincare brands like Han Shu and Marubi, while color cosmetics lagged due to weather and promotional timing [11][12]. - Up Beauty's H1 2025 performance exceeded expectations, with revenue projected between 4.09 to 4.11 billion yuan, reflecting a year-on-year growth of 16.8% to 17.3% [12][13]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 1.3%, underperforming the Shenwan A Index by 0.6 percentage points, while the Shenwan Personal Care Index rose by 4.2%, outperforming the Shenwan A Index by 2.3 percentage points [5][6]. - The top-performing stocks in the sector included Up Beauty (+18.4%), Reliable Shares (+13.7%), and Lafang Home (+11.3%) [7]. Key Company Updates - Up Beauty's H1 2025 earnings report indicated a significant profit increase, with net profit margins improving due to optimized channel structures and a higher proportion of high-margin brands [12][13]. - Shiseido reported a 7.6% decline in sales for H1 2025, marking the largest drop in five years, with a notable decrease in the Chinese market [24]. E-commerce Insights - In July 2025, domestic beauty brands showed varied performance on major e-commerce platforms, with Han Shu achieving a 58% increase in GMV on Douyin, while color cosmetics faced challenges [20][21]. - The overall retail sales of cosmetics in June 2025 saw a decline of 2.3%, attributed to the pre-promotion of the 618 shopping festival [21][24]. Market Trends - The report highlights a shift in market dynamics, with domestic brands gaining market share against international competitors, particularly in the skincare segment [34][35]. - The Chinese skincare market is projected to reach 271.2 billion yuan in 2024, despite a 3.7% decline in growth [34][35].

Group 1 - The latest stock price of Shanghai Jahwa is 22.33 yuan, up 0.40% from the previous trading day, with a trading volume of 272 million yuan [1] - Shanghai Jahwa is a leading personal care products company in China, with main business areas including skincare, personal care, and maternal and infant products [1] - The company owns several well-known brands, including Bai Cao Ji, Yu Ze, Liu Shen, and Mei Jia Jing [1] Group 2 - The Yu Ze brand recently launched a new large molecule sunscreen, developed with a safe formula free of alcohol and fragrance, targeting sensitive skin care needs [1] - According to industry data, the domestic sunscreen cosmetics market is expected to reach 17.9 billion yuan by 2025 [1] - On July 30, the net outflow of main funds for Shanghai Jahwa was 4.7048 million yuan, accounting for 0.03% of the circulating market value [1]

Core Viewpoint - Shanghai Jahwa's new CEO Lin Xiaohai is implementing significant reforms to revitalize the company amidst declining performance and increasing competition from international brands and emerging domestic products [1][8]. Group 1: Leadership and Strategy - Lin Xiaohai, with over 25 years of experience at Procter & Gamble, is focusing on brand consolidation and high-end product development [3][4]. - The company is eliminating underperforming sub-brands to concentrate resources on key brands like Six Gods, Baicaoji, and Yuze [4]. - A high-end product line, "Taiji Dan," is being launched under Baicaoji to compete with international brands [4]. Group 2: Operational Changes - The company is optimizing its distribution channels by closing inefficient stores and enhancing online sales, aiming for online revenue to exceed 50% by 2025 [4][10]. - A membership system is being established to improve customer retention and repurchase rates [5]. - The introduction of Procter & Gamble alumni into the management team is expected to enhance operational efficiency [6]. Group 3: Financial Performance - In 2024, Shanghai Jahwa reported a total revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a loss of 833 million yuan, a significant drop of 266.60% [8]. - The Q1 2025 report shows a revenue decline of 10% to 1.704 billion yuan, but a profit turnaround to 217 million yuan, indicating a recovery compared to the previous year [10]. Group 4: Future Outlook - The company aims for a revenue target of over 9.5 billion yuan in 2025, with a net profit margin of 8% [15]. - Key brand revenue targets include 2.5 billion yuan for Yuze, 1.8 billion yuan for Baicaoji, and maintaining 3 billion yuan for Six Gods [15]. - The company plans to innovate in both offline and online channels, including the introduction of "smart beauty stores" and doubling GMV on Douyin to 2 billion yuan [15]. Group 5: Market Trends and Challenges - The market for functional skincare is expected to exceed 100 billion yuan by 2026, with "medical research collaboration" becoming a standard in the industry [13]. - International brands maintain a competitive edge in the high-end market, and domestic brands need to establish "technology + culture" barriers [13]. - Rising raw material costs and increasing online customer acquisition costs are significant challenges [13].

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].