上海家化25年业绩预告：25Q4持续投入品牌建设，期待26年盈利能力向好【东财新消费】 公司公告：25年实现归母净利润2.4-2.9亿元，实现扣非归母0.38-0.56亿元，同比均扭亏为盈；单季度来 看，25Q4实现归母净利润-1.65~-1.15亿元，扣非归母净利润-1.93~-1.75亿元，同比均亏损收窄，略低于此前预 期。 26年目标：收入实现10%+双位数增长，利润实现优于收入增速 ❶佰草集旗下大白泥、仙草油快速成长，驱动品牌增长； ❷玉泽旗下干敏霜（25年破亿）、油敏霜（25年接近亿元）均已成长为大单品，26年1月推出"特润霜"，添加独家 发酵青蒿油精华，后续还有大分子防晒、外泌体精华等产品储备，差异化产品线不断丰富； ❸六神在25年驱蚊蛋表现优异的基础上，后续预计继续拓展针对婴童、户外等细分场景场景的SKU，进一步推动 品牌年轻化、线上化。 26年目标：收入实现10%+双位数增长，利润实现优于收入增速的较快增长。 25Q4投入较多品牌费用，为长期增长蓄力。 Q3-Q4公司陆续发布佰草集仙草油、美加净蜂胶修护手霜等潜在大单品，在上市初期持续加码品牌宣传投入，为 品牌长期发展奠定基础。 展望后续，通过 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][21] Core Insights - The company has shown strong performance in Q3 2025, with revenue growth of 28% year-on-year and a significant increase in net profit, achieving a net profit of 1.40 billion yuan, marking a turnaround from losses [1][3] - The growth is attributed to successful product launches, enhanced brand marketing, and improved e-commerce operations, with expectations for continued strong performance in the upcoming Double 11 sales event [1][3] - The company is focusing on brand building and new product development to solidify its growth momentum and increase market share [3][5] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.961 billion yuan, a year-on-year increase of 10.83%, and a net profit of 405 million yuan, up 149.12% year-on-year [1] - In Q3 alone, revenue reached 1.483 billion yuan, reflecting a year-on-year growth of 28.29%, with a net profit turnaround to 140 million yuan [1] - The gross margin for Q3 was reported at 61.48%, an increase of 7 percentage points year-on-year, driven by high-margin new product sales and improved operational efficiency [2] - The company’s inventory turnover days decreased by 19 days to 95 days, and accounts receivable turnover days reduced by 22 days to 40 days, indicating improved operational efficiency [2] Brand Performance Summary - The brand "Bai Chao Ji" contributed significantly to Q3 growth, with the classic product "Da Bai Ni" generating nearly 200 million yuan in GMV, and the newly launched "Xian Cao You" receiving positive market feedback [2] - "Yu Ze" saw online GMV growth of 30%-40% year-to-date, with its core cream product becoming a billion-level product [2] - "Liu Shen" also experienced nearly 40% growth in online GMV, with its second-generation mosquito repellent product surpassing 100 million yuan in sales [2]