玉泽品牌进一步夯实与瑞金医院等国内知名三甲医院的医研共创，从品牌形象、包装视觉、产品配方到 专利科技全方位升级，推出第二代屏障修护面霜和大分子防晒。六神品牌提出"用六神，爽出神"全新品 牌Slogan，建立突破季节局限的"爽文化"，不断拓宽使用场景，进一步推动品牌年轻化、专业化。新品 六神驱蚊蛋全新升级配方与高颜值包装，更将其定义为具有驱蚊功能的香水；同时推出了全新清爽香氛 沐浴露。高夫品牌重新定义目标人群为18-25岁年轻男性。针对男生皮肤常见的油痘问题推出全新gf高 夫控油祛痘系列，该系列包括创新品"gf高夫控油洁面巾"。启初品牌重塑专业医研定位，以青蒿成分为 核心，推出婴童干敏红高功效护理赛道爆品青蒿霜，一经推出客单价获得明显提升。 得益于组织优化、战略聚焦、品牌重塑等一系列举措，今年618，上海家化主要品牌实现线上全渠道双 位数增长。林小海总结，今年618货盘和价盘规划大量获取平台在大促期间的资源，电商运营基本功到 位、发挥以品牌为作战单元敏捷组织的组织效率、中后台效率提升等因素也促成了线上运营结果表现优 异。 2024年，上海家化实现营业收入56.79亿元，公司董事会勤勉履职、规范运作，推动公司治理 ...

Core Viewpoint - Shanghai Jahwa has implemented a strategic adjustment centered on "four focuses," leading to significant improvements in operational quality and impressive mid-term performance for 2025 [1][12]. Financial Performance - In the first half of 2025, Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.8%, and a net profit of 270 million yuan, up 11.7% year-on-year [1]. - The second quarter saw a substantial revenue growth of 25.4% year-on-year, with the beauty segment's all-channel revenue increasing by 55.7% and domestic online channel revenue rising by 34.6% [1]. Strategic Focus - The company has focused on core brand value enhancement, online capability development, and offline channel optimization, which has driven simultaneous revenue and profit growth [1][12]. - The "four focuses" strategy includes concentrating on core brands, brand building, online presence, and operational efficiency [2][12]. Brand Performance - The core brands, Six God and Yuze, have shown strong online growth, while Baicaoji has experienced a robust recovery, with significant contributions from new products [2][3][4]. - Six God launched a new portable mosquito repellent product that topped sales on Tmall, while Yuze has seen double-digit revenue growth and strengthened its brand through professional collaborations [3][4]. Online and Offline Channels - Online channel revenue grew by 34.6% year-on-year in Q2, with significant improvements in both live streaming and self-broadcasting capabilities [7][8]. - The company expanded its offline presence by adding 40 new channel distributors and increasing market coverage to 92% in cities above the county level [9]. Operational Efficiency - Shanghai Jahwa has improved operational efficiency through refined management practices, enhancing logistics and supply chain processes, and optimizing production capacity [11]. - The company has focused on elevating product effectiveness and organizational structure to boost overall productivity [11]. Future Outlook - Moving forward, Shanghai Jahwa aims to deepen its reform strategy, enhance organizational capabilities, and leverage its strong brand and product quality to achieve sustainable growth [12]. - The company is positioned to become a leading daily cosmetics company in both domestic and international markets, with increasing institutional confidence reflected in significant shareholding increases from foreign investors [12].

Core Viewpoint - Shanghai Jahwa has demonstrated significant improvement in its financial performance, with a notable revenue increase in the second quarter, reflecting the effectiveness of its ongoing reform strategies [5][20]. Financial Performance - In the first half of 2025, Shanghai Jahwa achieved a revenue of 3.48 billion yuan, representing a year-on-year growth of 4.8% [5]. - The net profit for the same period was 270 million yuan, showing an increase of 11.7% [5]. - The second quarter alone saw a remarkable revenue growth of 25.4%, with beauty product sales increasing by 55.7% across all channels [5]. - Online sales across all brands in China recorded a 34.6% year-on-year growth [5]. - Accounts receivable decreased by 25.7%, and inventory reduced by 20.6%, while operating cash flow rose by 39.7% year-on-year [5]. Strategic Focus - The company has implemented a "four focus" strategy, which includes enhancing organizational capabilities, brand building, channel optimization, and operational quality improvement [5][20]. Product Innovation - Shanghai Jahwa has successfully launched several star products, including an upgraded portable mosquito repellent from the Liushen brand, which topped the Tmall sales chart [7]. - The new "Qinghao" cream series from the maternal and infant brand Qichu has gained significant market traction, achieving double-digit growth despite industry challenges [13]. - The Baicaoji brand has revitalized its product line with the "New Seven White" series, leading to over 50% growth in the second quarter [11]. Brand Marketing and Channel Optimization - The company has made significant strides in brand marketing, with Liushen launching a Pokémon collaboration to attract younger consumers, resulting in over 30% sales growth during the 618 shopping festival [17]. - The high-end brand Shuangmei has successfully positioned itself in the premium market, achieving top sales in the high-end essence oil category during the 618 event [15][18]. - The company has enhanced its online presence through effective collaborations with influencers and targeted marketing strategies, leading to substantial increases in brand visibility and sales [18]. Future Outlook - Looking ahead, Shanghai Jahwa has clear plans to maintain its growth momentum, focusing on product innovation and market trend alignment to solidify its position as a leading domestic brand [20].

Core Insights - Shanghai Jahwa reported a revenue of 3.48 billion yuan for the first half of 2025, representing a year-on-year growth of 4.8%, and a net profit of 270 million yuan, up 11.7% [1] - The second quarter showed significant performance with a revenue increase of 25.4%, driven by a 55.7% growth in beauty products and a 34.6% increase in online sales across all brands [1] - The company's strategic focus on core brands and efficiency improvements led to a 25.7% decrease in accounts receivable and a 20.6% reduction in inventory [1] Brand Performance - The core brands, Six God and Yuze, showed strong online growth, with Six God launching a new portable mosquito repellent product that topped sales on Tmall [2] - Yuze experienced double-digit revenue growth, supported by a professional summit and collaborations that enhanced its brand credibility [3] - Baicaoji brand saw over 50% revenue growth, with its flagship product performing exceptionally well during promotional events [3] Innovation and New Products - The company introduced new product lines, such as the "Oil Control and Acne Series" from the Gofu brand, which ranked highly on major e-commerce platforms [4] - The Qichu brand launched a multi-dimensional soothing series targeting infant skin issues, achieving double-digit growth despite market challenges [4] Online and Offline Strategy - Shanghai Jahwa enhanced its online capabilities, achieving significant sales during promotional events, with notable performances from brands like Baicaoji [5] - The company expanded its offline presence by adding 40 new channel distributors and increasing market coverage to 92% in cities above the county level [6] Operational Efficiency - The company focused on improving operational efficiency through refined management practices, resulting in enhanced logistics and supply chain performance [7] - The strategic emphasis on efficiency and core product focus validated the effectiveness of the company's "Four Focuses" strategy [7]