行 业 及 产 业 美容护理 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621)23297818× wangpan@swsresearch.com 2025 年 08 月 24 日 细分化功效化趋势不改，国货洗护 潜力无限 看好 ——洗护行业深度研究报告 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 洗护行业仅次于护肤品为化妆品赛道第二大领域，有较大国产替代潜力。洗护用品指清 洁和修饰皮肤、身体、头发等部位的产品，主要可分为沐浴、护发、洁面等护理产品， 为化妆品行业的第二大细分类目，在国民生活中占据重要地位。随着消费者对生活品质 的追求提升，洗护产品需求不断升级，市场呈现出细分化和个性化的特点。国内品牌因 更了解本土消费者需求而具有优势，在国际大牌主导，国货市场份额分散的背景下，差 异化定位抢占细分市场客群蕴藏机会。 ...

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].