[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 ...

Investment Rating - The report does not explicitly state an investment rating for Shanghai Jahwa United Core Views - Shanghai Jahwa achieved revenue of 3.48 billion yuan in 25H1, a year-on-year increase of 4.8%, driven by brand innovation, channel expansion, and operational efficiency improvements [2][9] - The gross margin for 25H1 was 63.4%, up 2.2 percentage points year-on-year, attributed to high-margin new products and improved supply chain efficiency [2][9] - The company reported a net profit attributable to the parent company of 266 million yuan in 25H1, an increase of 11.7% year-on-year [2][9] - The domestic business saw a significant revenue increase of 132.6% year-on-year in 25H1, while overseas revenue declined by 70.3% due to tariff impacts [3][10] - The company plans to continue focusing on brand building, marketing, R&D, and channel optimization in the second half of 2025 [6][14] Summary by Sections Financial Performance - 25H1 revenue was 3.48 billion yuan, up 4.8% YoY; net profit was 266 million yuan, up 11.7% YoY; operating cash flow increased by 39.7% YoY to 682 million yuan [2][9] - 25Q2 revenue reached 1.78 billion yuan, a 25.4% YoY increase, with a gross margin of 63.3% [2][9] Business Segmentation - Domestic business revenue in 25H1 was 2.78 billion yuan, with beauty, personal care, and innovation businesses contributing 26.9%, 57.3%, and 15.7% respectively [3][10] - Overseas business revenue was 703 million yuan in 25H1, down 70.3% YoY, primarily due to US tariff policies [3][10] Brand and Product Innovation - Significant new product launches included Liushen's Mosquito Repellent Egg 2.0 and Dr. Yu's upgraded skin barrier repair series, both performing well in the market [4][11] - Online sales for domestic business grew by 26% YoY in 25H1 and reached 35% in 25Q2 [4][11] Operational Efficiency - The company improved operational efficiency through standardized brand live broadcast rooms and expanded offline channels, increasing coverage to 92% in counties and above [5][12] - Supply chain optimization led to reduced procurement costs and logistics rates, enhancing response speed and efficiency [5][12] Future Outlook - Shanghai Jahwa plans to enhance brand marketing, continue R&D upgrades, and optimize online channels to drive high-quality business development in 25H2 [6][14]

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].