复兴上海家化，林小海行不行？ 6月25日，上海家化联合股份有限公司（以下简称"上海家化"）召开2024年年度股东大会。在长达两个半小时的会议中，上海家化董事长兼首席执行官林小 海回顾了过去一年的主要工作。对于过去一年的表现，林小海自评"基本上达到了期望"："目前我们的战略方向被验证是正确的，接下来是考验整个组织的 运营能力。"那么，回顾上海家化过去一年的业绩，新帅林小海到底能不能带领上海家化复兴？ 新帅林小海 收缩战线：逐步淘汰销量低迷的子品牌，集中资源扶持六神、佰草集、玉泽、启初等主力品牌。 高端化尝试：推动佰草集升级，推出抗衰系列"太极丹"，对标国际大牌。 玉泽加速：借势"皮肤学级护肤"风口，加大玉泽的医研背书和线上营销。 2. 渠道优化：线下止损，线上发力 作为中国历史最悠久的日化企业之一，上海家化曾拥有六神、佰草集、美加净、玉泽等国民品牌，但近年来在国际品牌（宝洁、欧莱雅）和新兴国货（珀莱 雅、薇诺娜）的双重夹击下，增长乏力。2024年6月，公司迎来新任CEO林小海。 林小海曾在宝洁工作超25年，负责过SK-II、Olay等品牌的运营，具备丰富的快消品经验。 上任后，他迅速推动了一系列改革： 1. 品 ...

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 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].

6月25日下午，上海家化（600315）召开2024年年度股东会。上海家化董事长兼CEO林小海、董事会秘书兼首席财 务官罗永涛等高管团队回应了如何复兴上海家化、控股股东是否给予更大授权、股价为何低迷等问题。 复兴上海家化给钱不够 团队要有使命感 "不难，怎么会请我来做CEO？"林小海表示，上海家化"二次创业"很难，但正是因为很难才会由其掌舵上海家 化。 2024年6月召开的上海家化2023年年度股东会，是林小海进入上海家化后的首次亮相。 彼时，林小海称，上海家化将以"壮士断腕"的魄力，着力改变近三年的发展颓势。如果做成了会很有成就感。 【导读】上海家化召开2024年年度股东会，高管团队回应如何实现复兴 来源：上海家化2024年年报 对此，上海家化管理层称为"清包袱"，有助于之后轻装上阵。 林小海表示，上海家化的战略被验证方向正确，整个组织基本完成搭建，接下来是组织运营，锻造一个会打仗的 组织。 "这件事情很难，只为一份薪水，哪怕是为了长期的激励，我认为也走不到未来。"林小海称，上海家化的所有人 要有百年复兴的使命感，想起来要有鸡皮疙瘩，值得投入全部热情。 此外，林小海针对上海家化的未来发展，提出全员要有能搞定 ...

【导读】上海家化召开 2024年 年度股东会， 高管团队 回应如何实现复兴 中国基金报 记者 邱德坤 6月25日下午，上海家化召开2024年年度股东会。上海家化董事长兼CEO林小海、董事会秘书兼首席财务官罗永涛 等高管团队 回应了如 何复兴上海家化、 控股股东 是否给予更大授权、股价 为何 低迷等 问题 。 来源：中国基金报记者拍摄 复兴上海家化给钱不够 团队要有使命感 "不难，怎么会请我来做CEO？"林小海表示，上海家化"二次创业"很难，但正是因为很难才会由其掌舵上海家化。 2024年6月召开的上海家化2023年年度股东会，是林小海进入上海家化后的首次亮相。 彼时，林小海称，上海家化将以"壮士断腕"的魄力，着力改变近三年的发展颓势。如果做成了会很有成就感。 一年过去，上海家化2024年成绩单显示，归母净利润、扣非后净利润分别为-8.33亿元、-8.38亿元。这是上海家化近年来首次出现亏损。 对此，上海家化管理层称为"清包袱"，有助于之后轻装上阵。 林小海表示，上海家化的战略被验证方向正确，整个组织基本完成搭建，接下来是组织运营，锻造一个会打仗的组织。 "这件事情很难，只为一份薪水，哪怕是为了长期的激励，我认 ...

为进一步助力经济高质量发展、提振消费信心，南方都市报近日启动"高品质消费观察"系列专题，聚焦颜值经济、运动户外、食品康养、智能消电、宠物经 济、体验经济、兴趣消费、跨境出海、消费科技九大热门赛道，展开系列调研、走访和报道。 同时，南方都市报将联合广东连锁经营协会等多个省市的连锁协会成立组委会，举办"2025高品质消费生态大会"，组委会将从企业品质力、成长性、创新 性、社会责任等方面综合评定"2025高品质消费品牌TOP100"。 颜值经济中，美妆个护赛道向来是消费热点。国家统计局的数据显示，今年5月，化妆品类的零售总额同比增长达到4.4%，1-5月这一数据为4.1%，相比去年 有明显的回暖态势。当前，中国的美妆个护市场也正在逐渐进入变革期，报告观察到，功效护肤正在成为消费刚需，防晒和洗护等垂类赛道迎来明显增长， 直播电商、社交电商等新型电商渠道正在重构销售链路。 随着618大促的来临，美妆护肤品的消费延续高增长态势。据蝉妈妈数据，5月抖音美妆品牌榜单发生巨变，销售额破亿元的护肤品牌有25个，7个品牌销量 达100多万件。值得注意的是，今年618大促期间，不少国际大牌重回销售榜单的排名前列，高端化妆品市场竞争颇 ...

Core Viewpoint - The beauty brand Proya is entering the medical aesthetics market with its first medical device product, a collagen patch aimed at post-surgery recovery, as it seeks new growth avenues amid slowing growth of its main brand [1][3][5]. Company Summary - Proya has launched its first medical device product, the medical collagen patch, which is designed for post-surgery skin care [1][3]. - The product is priced at 163 yuan after discount, down from 198 yuan, and is targeted at various skin recovery scenarios [3]. - Proya's main brand revenue growth is slowing, with a reported revenue of 85.81 billion yuan in 2024, showing less than 20% growth compared to previous years [5][6]. - The company aims to achieve a revenue scale exceeding 100 billion yuan in 2024 and has set a goal to enter the top ten global cosmetics companies within the next decade [6][9]. Industry Summary - The medical aesthetics market in China is rapidly expanding, with a market size of approximately 266.9 billion yuan in 2023, projected to exceed 700 billion yuan by 2031 [3][4]. - Other domestic beauty brands, such as Shanghai Jahwa and Beitaini, are also entering the medical aesthetics space, indicating a competitive landscape [4]. - The medical aesthetics sector is still in a phase of complete competition, with no dominant brands yet established, presenting opportunities for new entrants like Proya [4][9]. - Proya's entry into the medical aesthetics market is seen as a necessary strategy to maintain growth and compete with international brands, which have stronger brand positioning and marketing capabilities [9].

证券研究报告：美容护理 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.10 | | --- | --- | | 总股本/流通股本（亿股）6.72 | / 6.72 | | 总市值/流通市值（亿元）162 | / 162 | | 52 周内最高/最低价 | 24.10 / 13.97 | | 资产负债率(%) | 32.7% | | 市盈率 | -19.44 | | 第一大股东 | 上海家化(集团)有限公 | | 司 | | 发布时间：2025-05-08 个护稳健，美妆海外承压。24 年分品来看：1）个护业务实现收 入 23.8 亿元，同比-3.42%，毛利率 63.59%，同比+2.6pct，六神升级 驱蚊蛋系列产品，整体表现稳健；2）美妆业务实现营收 10.5 亿元， 同比-29.81%，毛利率 69.67%，同比-2.7pct，主动去库及调整带动美 妆业务下降，玉泽将升级面霜与防晒产品，同时将推出械字号重组胶 原蛋白系列产品以及主打 17 型环肽的修护产品，丰富产品线；3）创 新业务实现营收 8.3 亿元，同比-19.38%，毛利率 40. ...

股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.10 | | --- | --- | | 总股本/流通股本（亿股）6.72 | / 6.72 | | 总市值/流通市值（亿元）162 | / 162 | | 52 周内最高/最低价 | 24.10 / 13.97 | | 资产负债率(%) | 32.7% | | 市盈率 | -19.44 | | 第一大股东 | 上海家化(集团)有限公 | | 司 | | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 上海家化(600315) 证券研究报告：美容护理 | 公司点评报告 发布时间：2025-05-08 主动调整 24 年业绩承压，25Q1 企稳，静待改善 l 事件回顾 公司公布 2024 年年报及 25Q1 季报，2024 年公司实现营收 56.79 亿元，同比-13.9%，实现归母净利润-8.33 亿元，同比-266.6%，扣非 归母净利润-8.38 亿元，同比-366.4%。2025Q1 实现营收 17.04 亿元， 同比-10.6%）， ...