增长提速结构优化，美妆领跑线上主导。公司2025 年前三季度累计实现营业收入49.61 亿元，同比增长 10.83%；其中第三季度单季收入达14.83 亿元，同比增长28.29%，增速显著提升。这一增长主要得益于 美妆业务的强劲表现和线上渠道的有效拓展。分品类看，美妆板块表现最为突出，25Q3收入3.54 亿 元，同比大幅增长 272.25%，佰草集大白泥、玉泽屏障修护面霜等亿元单品贡献显著；个护板块稳扎基 本盘，25Q3 收入6.06 亿元，同比增长13.83%，六神第二代驱蚊液等新品拉动增长；创新板块实现 4.50% 的同比增长，成为潜在增长极，仅海外板块收入同比微降 2.58%。分渠道看，国内线上收入同比 增长1.7 倍，25Q3 线上收入占比首次突破 50%，抖音投流加码与天猫精细化运营成为核心推力，线下 渠道则通过 KA 结构优化、经销商新业态拓展实现效率提升。 毛利率与费率管控均呈现积极变化。公司25 年前三季度毛利率为62.81%，同比+3.39pcts。主要得益于 高毛利的美妆品类及新品占比提升，以及部分原材料采购价格的下降。费用方面，销售/管理/研发费率 为45.66%/8.75%/2.63 ...

Core Viewpoint - Shanghai Jahwa is a leading player in the domestic beauty and personal care industry, with a strong brand portfolio and significant market presence, achieving notable revenue and profit growth in recent quarters [1][2][6]. Financial Performance - In Q3 2025, Shanghai Jahwa reported revenue of 4.96 billion yuan, ranking second in the industry, with the top competitor, Proya, at 7.10 billion yuan [2]. - The net profit for the same period was 405 million yuan, also placing the company second in the industry, while Proya's net profit was 1.06 billion yuan [2]. - The company achieved a year-on-year revenue growth of 272.3% in its beauty segment, with online sales increasing by 173.3% [6]. Profitability and Debt - As of Q3 2025, Shanghai Jahwa's asset-liability ratio was 32.65%, higher than the industry average of 25.15% [3]. - The gross profit margin stood at 62.81%, which is below the industry average of 66.60% but improved from 59.41% in the previous year [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 21.58% to 29,600, while the average number of shares held per shareholder increased by 27.52% to 22,700 shares [5]. - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 36.55 million shares, an increase of 3.77 million shares from the previous period [5]. Management and Strategy - The chairman, Lin Xiaohai, has a salary of 3.214 million yuan for 2024 and has extensive experience in the fast-moving consumer goods sector [4]. - The company is focusing on a dual-channel strategy combining online and offline sales, with strong product-channel synergy [5][6].

Core Viewpoint - Shanghai Jahwa has shown signs of recovery in its financial performance for Q3 2025, with significant year-on-year growth in revenue and net profit after facing challenges in previous years [2][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.961 billion yuan, a year-on-year increase of 10.8% [2]. - Net profit reached 405 million yuan, reflecting a substantial year-on-year growth of 149.1% [2]. - The net profit excluding non-recurring gains and losses was 231 million yuan, up 92.4% year-on-year [2]. - In Q3 alone, revenue grew by 28.3% compared to the same quarter last year, indicating a significant acceleration in growth compared to the first half of the year [2]. Operational Improvements - The company has made notable progress in its operational quality, with accounts receivable decreasing by 21.4% and inventory down by 18.2% year-on-year [2]. - Operating cash flow saw a remarkable increase of 172.8% year-on-year, highlighting effective management of working capital [2]. Strategic Adjustments - In June 2024, the company underwent a management change, with the new chairman Lin Xiaohai introducing a "four focuses" strategy aimed at core brands, brand building, online channels, and operational efficiency [3]. - The early results of this strategic adjustment are reflected in the improved performance in Q3 [3]. Product Development - The company has successfully developed several billion-yuan products, including key items like the Six God Mosquito Repellent and Yuze Barrier Repair Cream, which have performed well in their respective market segments [4]. Historical Context - Shanghai Jahwa, established in 1898 and listed in 2001, is recognized as the first publicly traded company in China's cosmetics industry, with over 35 years of research and development experience [4]. Market Challenges - Despite the positive trends, analysts note that maintaining sustainable growth in a competitive market remains a significant challenge for the company [4].

Investment Rating - The report assigns a positive investment rating to Shanghai Jahwa, indicating an expectation of outperforming the market in the next 12-18 months [19]. Core Insights - Shanghai Jahwa has demonstrated significant financial performance in 2025, with a revenue increase of 10.83% year-on-year to RMB 4.961 billion for the first nine months, and a notable 28.29% increase in Q3 revenue to RMB 1.483 billion [7][8]. - The company's gross profit margin improved to 62.81% for the first nine months, up 3.39 percentage points year-on-year, with Q3 gross margin reaching 61.48%, a substantial increase of 6.99 percentage points [7][8]. - Net profit surged by 149.12% year-on-year to RMB 405 million for the first nine months, with a net profit margin of 8.17% [7][8]. Revenue and Profit Growth - The strong growth in revenue and profit is primarily attributed to the cosmetics segment, which saw a remarkable 272% year-on-year growth, driven by a clear hero product strategy and effective new product launches [2][8]. - The personal care, cosmetics, innovation, and overseas divisions reported revenues of RMB 606 million, RMB 354 million, RMB 158 million, and RMB 365 million respectively in Q3, with cosmetics leading the growth [2][8]. Product Strategy and Market Position - The company focused on developing blockbuster products such as Herborist White Clay Mask and Dr. Yu Barrier Repair Cream, which have significantly contributed to sales and customer acquisition [2][8]. - New product launches, including Herborist Immortal Grass Oil, have quickly gained market traction, positioning them as key growth drivers for the future [3][9]. Future Outlook - Shanghai Jahwa aims to maintain a double-digit revenue growth trend and is confident in achieving a turnaround in operating profit for the full year [11]. - The company expects further gross margin improvement of 3-5 percentage points, driven by new product contributions and ongoing cost efficiencies [11]. - Specific business targets include achieving RMB 100 million GMV for Herborist Immortal Grass Oil and Dr. Yu Body Lotion by 2026, with a strategic goal of over 20% revenue growth [11].