丨证券研究报告丨 分析师及联系人 [Table_Author] 李锦 罗祎 公司研究丨点评报告丨上海家化（600315.SH） [Table_Title] 上海家化2025 年中报点评：改革成果逐步落地， 下半年上新值得期待 报告要点 [Table_Summary] 自 2024 年下半年起，公司完成四大核心任务：定方向、明治理、提士气、清包袱，过去两次 大促逐步迎来局部产品和品牌成效兑现，下半年新品上新和品宣强化值得期待。 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 上海家化（600315.SH） cjzqdt11111 [Table_Title 上海家化 2025 2] 年中报点评：改革成果逐步落 地，下半年上新值得期待 [Table_Summary2] 事件描述 2025H1，公司实现营业收入 34.78 亿元，同比增长 5%，实现归母净利润 2.66 亿元，同比增 长 12%，实现扣非净利润 2.21 亿元，同比下滑 6%。 2025Q2，公司实现营业收 ...

Investment Rating - The report maintains a "Positive" investment outlook for the beauty and personal care industry, emphasizing the potential of domestic brands in the offline channel [3]. Core Insights - The report highlights the transformation of offline channels as a key growth driver for beauty brands, especially in the context of slowing e-commerce growth [4][5]. - It identifies the need for brands to enhance their offline presence to create a differentiated competitive advantage [5][7]. Summary by Sections 1. Online Channel Competition Intensifies, Offline Channel Advantages Emerge - E-commerce growth is slowing, with China's physical goods online retail expected to reach 13.1 trillion yuan in 2024, growing at 6.5% [4][15]. - The number of internet users in China is projected to reach 1.108 billion by the end of 2024, with an internet penetration rate of 78.6% [4][15]. - New consumption policies are being implemented to boost offline consumption, enhancing brand influence and customer engagement [4][27]. 2. Multi-Dimensional Analysis of Offline Channel Formats - Offline channels serve both sales and brand marketing functions, with a variety of formats emerging to meet consumer needs [40]. - High-end beauty counters are experiencing a phase of quality improvement, with a significant increase in average sales per counter from 3.36 million yuan in 2019 to nearly 5 million yuan in 2023 [46][50]. - The report notes that high-end brands are increasingly occupying the beauty counter space, with a 32% increase in high-end counters from 2019 to 2023 [50][53]. 3. Brand Strategies in Offline Channel Development - Domestic brands are actively expanding their offline presence, with several launching flagship stores in major cities [38][39]. - The report recommends specific companies for investment, including: - Shangmei Co., which is developing a balanced multi-brand matrix [5]. - Shanghai Jahwa, known for its extensive presence in supermarkets and counters [5]. - Proya, which is focusing on offline channels with its energy series [5]. - Betaini, leveraging pharmacy channels to establish a professional image [5]. - Maogeping, which has a unique offline counter layout [5]. - Runben, a leading brand in maternal and infant products, expanding its offline market [5].