为了给全国高校学生提供一个展现财商风采、提升自我的广阔舞台，两年前，首届"平安财萌杯"大学生 财经素养大赛启动。首届赛事吸引了全国包括北京大学、清华大学、中央财经大学等在内的105所高 校、超过11万大学生参与报名，在助力年轻人形成科学的财富观念、规划职业发展和提升投资理财技能 等方面收获显著成效。 如今，财萌大赛即将走到第三年，随着前两届大赛的成功举办，平安财萌已在高校师生和组织中建立起 了良好的口碑和信任，越来越多的学生踊跃地参与到大赛中来，甚至有不少同学是连续两年报名参与比 赛。"财萌大赛不仅能帮助我夯实财经知识，提升实践能力，还有机会和天南地北的同龄人一起交流， 留下了非常美好的回忆！"一位高校参赛者的心声，道出了大赛的价值所在。 近期股市热度攀升，年轻一代对资本市场的关注持续升温，90后、00后已成为新入市人群的主力军。作 为互联网时代的原住民，Z世代（1995-2009年出生）对金融市场动态有着天然的敏感度，在平安证券与 胡润研究院2025年初联合发布的《平安证券・胡润2025中国金融市场投资者洞见白皮书》中也指出，自 去年"924"行情后，低线城市投资者与高频交易的Z世代群体已快速涌入市场，展现 ...

2025 年 8 月 22 日 公司研究 二季度业绩改善，期待改革效果进一步夯实 ——上海家化（600315.SH）2025 年中报点评 增持（维持） 当前价：23.40 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 6.72 | | --- | --- | | 总市值(亿元)： | 157.30 | | 一年最低/最高(元)： | 13.64/26.87 | | 近 3 月换手率： | 109.52% | 股价相对走势 -17% 1% 20% 38% 57% 08/24 11/24 02/25 05/25 上海家化 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | ...

Core Points - The company Shanghai Jahwa announced its 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.039 yuan per share (including tax) to all shareholders based on the total share capital registered on the dividend distribution date [4][28][27] - The total amount of cash dividends to be distributed is approximately 25.97 million yuan, which represents 9.77% of the net profit attributable to ordinary shareholders for the first half of 2025 [25][28][27] - The company will hold a performance briefing on August 29, 2025, to discuss the semi-annual results and address investor inquiries [7][8][10] Company Overview - Shanghai Jahwa is engaged in the production and sale of personal care and beauty products, with brands including Six God, Meijiajing, and others [12] - The company reported significant price increases in key raw materials, with soap and oil prices rising by 48% and surfactants and emulsifiers by 28% compared to the same period last year [14][15] - The company’s board of directors confirmed the authenticity and completeness of the semi-annual report and the profit distribution plan [1][6][21]

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]