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 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].

中国质量新闻网讯 近日，浙江省金华市市场监督管理局公示2024年化妆品市级监督抽检情况。 | 31 /浙G妆网备字 Samsea圣希双头腮 淘 宝专供网红正品 义乌市圣 义乌市圣臣 | | 20240717 02 | 3.8g/盒 | / | 2027/07/16 合 | | | --- | --- | --- | --- | --- | --- | --- | | 2023030665 红棒 S02 美妆店 臣化妆品 | 化妆品有限 | | | | | 格 | | 有限公司 | 公司 | | | | | | | 兰溪市奥 俏艳十六色百搭出 淘 宝长发姑娘优美 32 /浙G妆网备字 | 兰溪市奥美 | 24051.44C2.88 | 12g/盒 | / | 20270526 | 合 | | 美诗化妆 | | | | | | | | 2022015218 彩眼影01 妆店 品厂 | 诗化妆品厂 | | | | | 格 | | 衢州市柯城优魅服 上海橘宜 JOOCYEE哑光唇 33 /沪G妆网备字 饰商行淘 宝王可可 化妆品有 | 宁波爱诗化 妆品有限公 | 24012657S | 3.3g/盒 | / | 20 ...

近日，上海家化发布2024年年报以及2025年一季报，在2024年出现上市以来首次亏损的业绩之后，2025 年第一季度，上海家化由亏损转为盈利，报告期内实现营业收入17.04亿元，净利润约2.17亿元。 在近日的媒体沟通会上，上海家化董事长林小海向包括《中国经营报》在内的媒体记者表示："这么多 年积累下来的包袱，基本上在过去这一年是卸掉了，历史的问题基本已经解决，这让我们轻装上阵。我 们希望在新的财年能够回到增长的轨道，力争做到两位数的增长。从利润角度，我们还会进一步加大品 牌的投资、加大产品的投资、加大渠道的能力建设。" 一季度线上业务收入同比增长10.4% 近日，上海家化发布2024年年报，2024年上海家化实现营业收入56.79亿元，同比下降13.93%；归属于 上市公司股东的净利润-8.04亿元，同比下降260.72%。 上海家化方面表示，业绩下降的主要原因是商誉减值计提影响。根据上海家化方面提供的资料，2017 年，上海家化收购了英国婴童品牌汤美星，但受近年来低出生率、婴童品类竞争加剧和经销商降低库存 等因素的持续影响，海外业务表现不及预期。因此，上海家化对前期收购的婴童护理产品及母婴喂养产 品业务 ...

核心观点 2024 年营收56.79 亿元/ -13.93%，归母净利润-8.33 亿元（主要因计提汤美星商誉减值6.1 亿元及海外业 务亏损1 亿元），扣非净利润-8.38 亿元。2025Q1 核心品牌六神进行价格策略调整，导致部分线下经销 商进货节奏后移。美妆事业部25Q1 销售占比提升3.7pct 至19.3%，对应收入增速约10.6%，线上高增带 动业务已恢复增长态势。公司同步公告计划开展员工持股计划，对应考核年份25-27 年，指标为25 年净 利润为正，26&27 年净利润同比增长不低于10%。从目标的设定来看，一方面公司今年预计更加注重清 理历史问题&恢复收入增长态势，另一方面此前公司激励的完成度并不高，核心员工流失率较高，此次 目标设定通过解锁周期形成了实际的绑定作用，更加关注长期发展。 事件 公司披露2024 年年报及2025 年一季报：2024 年营收56.79 亿元/-13.93%，归母净利润-8.33 亿元（主要 因计提汤美星商誉减值6.1亿元及海外业务亏损1 亿元）。 品牌梯队建设资源重点分配，线上转型效果体现 2024 年公司确立"四个聚焦"战略，重点聚焦线上渠道发展，2024 年 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company experienced a loss in 2024 due to strategic adjustments and significant goodwill impairment. However, there is an expectation for performance recovery in 2025, supported by a proposed employee stock ownership plan aimed at achieving profitability and a net profit growth target of no less than 10% for 2026-2027 [7][8]. - The beauty division is showing promising online growth, which is expected to contribute positively to the company's performance in 2025 [7]. Financial Performance Summary - In 2024, the company reported a revenue of 56.79 billion, a year-on-year decrease of 13.93%, and a net loss of 8.33 billion [7][8]. - For Q1 2025, the company achieved a revenue of 17.04 billion, down 10.59% year-on-year, with a net profit of 2.17 billion, reflecting a 15.25% decline [7]. - The company anticipates a recovery in net profit for 2025, projecting 3.30 billion, which represents a turnaround from losses, followed by 3.77 billion in 2026 and 4.24 billion in 2027, with respective growth rates of 14% and 12% [7][8]. Revenue Breakdown - The revenue breakdown for 2024 shows that the personal care division generated 23.79 billion, down 3.42%, while the beauty division saw a significant decline of 29.81% to 10.50 billion [7]. - Online sales for 2024 amounted to 25.39 billion, a decrease of 9.66%, while offline sales were 31.36 billion, down 16.97% [7]. Cash Flow and Financial Ratios - The operating cash flow improved significantly in 2024, reaching 2.73 billion, a year-on-year increase of 164.86% [7]. - The company’s asset-liability ratio stood at 34.2%, indicating a stable financial position [3][8].

Core Viewpoint - Shanghai Jahwa has been undergoing significant operational adjustments since Lin Xiaohai took over in the second quarter of last year, resulting in substantial financial losses in 2024, with a focus on strategic realignment for future profitability [1][2][3]. Financial Performance - In 2024, Shanghai Jahwa reported a revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a net loss attributable to shareholders of 833 million yuan, a decrease of 266.60% compared to the previous year [2][3]. - The previous year (2023), the company had a revenue of 6.598 billion yuan and a net profit of 500 million yuan, highlighting a stark contrast in performance [3]. - The significant losses in 2024 were primarily due to a 613 million yuan impairment charge related to goodwill from previous acquisitions in the baby care and maternal products sector [3][6]. Business Strategy and Adjustments - Since the second half of 2024, the company has adopted a strategy focused on core brands, brand building, online presence, and operational efficiency, leading to various organizational changes and business adjustments [4]. - The company’s business segments include personal care, beauty, innovation, and overseas operations, with beauty and innovation segments experiencing notable revenue declines of 29.81% and 19.38%, respectively [5]. Inventory and Pricing Strategies - Starting from the fourth quarter of 2024, Shanghai Jahwa implemented aggressive discounting strategies to clear inventory, which continued into the first quarter of 2025 [9]. - Average selling prices for personal care, beauty, and innovation products saw significant declines, with beauty products dropping by 39.16% to 7.20 yuan per unit in the fourth quarter of 2024 [11][13]. Online and Offline Channel Performance - In 2024, the company’s online revenue was 2.539 billion yuan, down 9.66%, while offline revenue was 3.136 billion yuan, down 16.97%, indicating a stronger performance in online channels despite overall declines [15][18]. - The company is committed to enhancing its online transformation and expanding into emerging offline channels, with plans to add over 100 new strategic partners in the first quarter of 2025 [17][18]. Future Outlook - Despite the challenges faced in 2024, the company aims to achieve a turnaround in profitability by the first quarter of 2025, with a reported revenue of 1.704 billion yuan, a decline of 10.59%, and a net profit of 217 million yuan, down 15.25% [19].

Investment Rating - The investment rating for the company is "Buy" with a target price of 22.8 CNY [6][17]. Core Insights - The company reported better-than-expected performance in Q1 2025, with a revenue of 17.04 billion CNY, down 10.59% year-on-year, and a net profit of 2.17 billion CNY, down 15.25% year-on-year [1]. - The company plans to implement an equity incentive plan, aiming to revitalize its operations and improve profitability over the next three years [4]. - The strategic adjustments have led to short-term pressure across various segments, but the company is expected to recover as it optimizes its business structure and channels [3]. Financial Performance Summary - For 2024, the company reported a revenue of 56.79 billion CNY, down 13.93% year-on-year, and a net profit of -8.33 billion CNY, down 266.60% year-on-year [1]. - The gross margin for 2024 was 57.60%, a decrease of 1.37 percentage points year-on-year, while the net profit margin was -14.67%, down 22.25 percentage points year-on-year [2]. - The company expects revenues of 62.3 billion CNY in 2025, 66.7 billion CNY in 2026, and 71.2 billion CNY in 2027, with corresponding net profits of 3.4 billion CNY, 4.9 billion CNY, and 5.5 billion CNY respectively [4]. Segment Performance Summary - Personal care products (including Six God and Meijiajing brands) generated 23.79 billion CNY in revenue for 2024, down 3.42% year-on-year, with a gross margin of 63.59% [3]. - The beauty segment (including Yuze, Baicaojing, Shuangmei, and Diancui brands) saw revenues of 10.50 billion CNY, down 29.81% year-on-year, with a gross margin of 69.67% [3]. - Online sales accounted for 44.74% of total revenue, generating 25.39 billion CNY, down 9.66% year-on-year, while offline sales accounted for 55.26%, generating 31.36 billion CNY, down 16.97% year-on-year [3].

Core Viewpoint - The domestic beauty market shows a stark contrast, with Proya becoming the first domestic brand to exceed 10 billion yuan in revenue, while Shanghai Jahwa faces a significant decline in net profit, marking a challenging period for the company [1][2]. Financial Performance - Shanghai Jahwa reported a revenue of 5.679 billion yuan for 2024, a year-on-year decrease of 13.93% [1]. - The company experienced a net loss of 833 million yuan, a staggering decline of 266.6% compared to the previous year, marking the largest loss since the company began publishing annual reports [1][2]. - The overseas business revenue was 1.415 billion yuan, down 11.43% year-on-year, contributing to the overall decline in profit [2][3]. Strategic Adjustments - The new CEO, Lin Xiaohai, initiated significant organizational reforms aimed at shifting the business model from "channel-driven" to "brand-driven" [1][9]. - The company undertook strategic adjustments, including reducing inventory in department stores and transitioning from an agency model to a self-operated model for online distributors, which negatively impacted current revenue [2][3]. Goodwill Impairment - The company recorded a goodwill impairment of 610 million yuan related to the acquisition of the UK infant care brand "Tommee Tippee," which was purchased for nearly 2 billion yuan in 2017 [2][3]. - The impairment was attributed to factors such as low birth rates overseas, intensified competition in the infant product category, and reduced inventory by distributors [3]. Market Position - Shanghai Jahwa's revenue has significantly lagged behind Proya, which has seen its revenue gap widen to 5 billion yuan, with Proya achieving over 10 billion yuan in annual revenue [6]. - The beauty segment of Shanghai Jahwa has been particularly underperforming, with a revenue decline of 29.81%, while the personal care segment remains the largest contributor at 2.379 billion yuan, down 3.42% [6]. Online vs. Offline Sales - The company's online revenue for 2024 was 2.539 billion yuan, a decrease of 9.66%, while offline revenue was 3.136 billion yuan, down 16.97% [6]. - The online gross margin increased by 1.8 percentage points to 63.58%, compared to 52.78% for offline channels, indicating a more favorable cost structure for online sales [6][7]. Future Outlook - Despite the poor performance in 2024, the first quarter of 2025 showed signs of recovery, with total revenue of 1.704 billion yuan, a year-on-year decline of 10.59% but a quarter-on-quarter increase of 41.73% [12]. - The company aims to enhance its online capabilities and adapt to changing consumer behaviors by focusing on interest-based e-commerce and developing content-driven online operations [10].

简单地实现复杂。 如果将电商平台内的场域分为 "内容" 和 "货架" 两种，那么前者主要包括短视频、直播、图文信息流， 而后者则涵盖传统货架商城频道，商家的店铺，以及搜索和橱窗。 过去四年内，短视频与直播电商的迅速崛起使内容场的优势已经成为共识——它 "货找人" 的分发模式可 以让潜在消费需求浮上水面，为商家带来新的客群与收入。而随着主攻内容场的电商平台开始发力货架， 商家逐渐发现货架场为他们提供了与内容场互补的经营土壤。 后者最基础的特性是简单。对商家来说，相比直播间开播与短视频创作，拍一张背景干净的产品图，搭一 个店铺就能在货架场卖货，由此省去直播抽佣与坑位费等开支，直接联系商家和消费者，还带来了更强的 流量确定性，对内容能力不足的商家而言门槛更低。 而在与内容场结合后，货架场的价值还可以进一步放大。两者可以相互承接：短视频和直播通过激发兴趣 引导购买，货架场沉淀店铺粉丝、提升复购率，帮助商家长期运营。 然而，虽然双场经营能为商家带来显著收益，问题也随之出现——协调两个流量池需要更强的运营能力。 货架场和内容场人群偏好存在差异，需要设计不同的商品套组；图文与视频展示商品时的侧重点不同，可 能得调动两组团队 ...