Core Viewpoint - Shanghai Jahwa has achieved significant growth in both revenue and profit in the first half of 2025, indicating the effectiveness of the organizational reforms initiated by Lin Xiaohai, the new chairman and CEO [3][10]. Financial Performance - The company reported a revenue of 3.48 billion yuan, a year-on-year increase of 4.8% - Net profit reached 270 million yuan, growing by 11.7% - In Q2, revenue surged by 25.4%, with beauty products seeing a 55.7% increase in all-channel revenue and a 34.6% rise in online sales across all brands [3][10]. Organizational Restructuring - Lin Xiaohai identified the company's long-standing issues as stemming from a rigid business model rather than just missing out on e-commerce opportunities - The first major action taken was to restructure the organization to focus on brands as independent units rather than mere channels [5][8]. - A complete rotation of brand directors was implemented to eliminate old power structures and foster agility within the organization [8][10]. Brand Strategy - The focus has shifted from channel-driven to brand-driven strategies, with brands like Six God, Yuze, and Baicaojie being emphasized as independent entities [6][21]. - The Six God mosquito repellent product exemplifies this shift, showcasing a complete redefinition of product design and functionality to appeal to modern consumers [12][14]. Product Innovations - Six God’s mosquito repellent has been designed to meet the needs of outdoor scenarios and younger demographics, featuring enhanced ingredients and a stylish design [14][15]. - Yuze and Baicaojie have also seen significant product innovations, with Yuze's dry-sensitive cream and Baicaojie's "Big White Mud" becoming top sellers [17][19]. Market Positioning - The company aims to create national-level blockbuster products, moving from a "big but weak" status to a more focused approach on developing standout products [21][24]. - Lin Xiaohai has set a target of achieving ten "billion-yuan" products by next year, indicating a clear strategic direction for growth [24]. Future Outlook - The company plans to launch several new products in the second half of the year, including Baicaojie's revolutionary "Xian Cao Oil" and Meijiajing's new hand cream, which are expected to enhance brand positioning [25][27]. - The channel strategy emphasizes online growth and the establishment of new distribution channels, aiming to cover 92% of markets above county level [29][30].

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 上海家化(600315)公司点评报告 2025 年 08 月 22 日 [Table_Title] 25Q2 收入增长提速，抖音渠道持续突破 ——上海家化(600315)2025 年半年报点评 [Table_Summary] 事件： 公司发布 2025 年半年报。 点评： 25Q2 收入增长明显提速，扣非净利润扭亏为盈 25H1 公司实现营收 34.78 亿元，同比增长 4.75%；归母净利润 2.66 亿元， 同比增长 11.66%，扣非净利润 2.21 亿元，同比下降 5.89%。非经常性损 益变动主要系持有金融资产和金融负债形成的公允价值变动损益同比增加 约 5400 万元。公司销售毛利率达 63.37%，同比提升 2.24pct，销售净利率 为 7.64%，同比提升 0.47pct。销售费用率、管理费用率、研发费用率分别 为 43.85%、8.06%、2.49%，同比分别微增 0.44/0.5/0.42pct，整体费用管 控成效显著。单 Q2 公司实现营收 17.75 亿元，同比增长 25.4%，净利润 4862 万元，扣非净 ...