Shanghai Jahwa's online revenue takes up half of the total for the first time.

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The results of Shanghai Jahwa, a Chinese domestic beauty brand, transitioning to online sales are becoming increasingly evident.

On the evening of October 27, Shanghai Jahwa (600315.SH) released its third quarter report showing that for the first three quarters of 2025, revenue and net profit attributable to shareholders reached 4.961 billion yuan and 405 million yuan, respectively, up 10.83% and 149.12% year-on-year.

The substantial growth in net profit attributable to shareholders was mainly due to fruitful investment returns by Shanghai Jahwa.

In the first three quarters of 2025, investment income reached 54 million yuan, an increase of over two times year-on-year.

Excluding the impact of investment income and other items, Shanghai Jahwa’s net profit attributable to shareholders after deducting non-recurring items for the first three quarters of 2025 was 231 million yuan, an increase of over 90% year-on-year.

A major highlight on the revenue side is the improvement in the previously criticized low proportion of online channel sales at Shanghai Jahwa.

According to Shanghai Jahwa’s management, in the third quarter of this year, for the first time, the proportion of online revenue reached half, indicating that the effects of its channel reform are materializing.

Although the company continues to increase efforts in the online market, this has not put significant pressure on Shanghai Jahwa’s sales expense ratio, which stood at 45.66% for the first three quarters of 2025, basically flat compared to the same period in 2024.

However, these sales expenses do not include marketing expenditures for preparations for the “Double 11” e-commerce promotion event.

“More of the expenses for (preparing for Double 11) will fall in the fourth quarter. Therefore, our sales expenses in the fourth quarter will be the highest of the year. We also hope that brand marketing in the fourth quarter can help us achieve our revenue targets, and provide momentum for growth in 2026,” said Lin Xiaohai, Chairman of Shanghai Jahwa, to Xinfeng.

According to Lin Xiaohai’s comments to Xinfeng, in the first phase of the Double 11 promotion, sales expenses were mainly directed towards the Douyin platform, and total revenue for Double 11 is expected to see double-digit growth.

In terms of products, in the first three quarters of this year, Shanghai Jahwa saw three blockbuster products that each exceeded 100 million yuan in sales: Liushen Mosquito Repellent Egg, Yuze 2nd generation Barrier Repair Cream, and Herborist Dabainai, all of which contributed to revenue growth to some extent.

With continued expansion of online channels, there is growing attention on whether Shanghai Jahwa’s revenue will return to the highs seen in 2021.

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