Shanghai Jahwa's online revenue has for the first time shouldered "half of the empire."

The online transformation effects of the domestic beauty brand Shanghai Jahwa are gradually becoming apparent.

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 the parent company were 4.961 billion yuan and 405 million yuan, respectively, representing year-on-year growth of 10.83% and 149.12%.

The significant increase in net profit attributable to the parent company is mainly related to the substantial gains from investments made by Shanghai Jahwa.

In the first three quarters of 2025, investment income reached 54 million yuan, more than doubling year-on-year.

After excluding the impact of investment income and other items, the net profit attributable to the parent company after deducting non-recurring gains and losses for the first three quarters of 2025 was 231 million yuan, a year-on-year increase of over 90%.

A major highlight on the revenue side is the improvement in the previously criticized low proportion of online channels for Shanghai Jahwa.

According to the management of Shanghai Jahwa, in the third quarter of this year, online revenue accounted for half of total revenue for the first time, indicating that the effects of its channel reform are being realized.

Despite the continued investment in the online market, this has not placed significant pressure on Shanghai Jahwa's sales expense ratio, which was 45.66% for the first three quarters of 2025, basically unchanged from the same period in 2024.

However, this sales expense does not include marketing expenditures in preparation for the e-commerce platform's "Double Eleven" promotional activities.

"More (preparation for Double Eleven) advertising expenses will fall into the fourth quarter. Therefore, our sales expenses in the fourth quarter will be the highest of this year. We also hope that through fourth-quarter brand marketing, we can achieve our revenue targets and reserve growth momentum for 2026," said Lin Xiaohai, Chairman of Shanghai Jahwa, to Xinfeng.

According to Lin Xiaohai, in the first phase of the Double Eleven promotions, sales expenses were mainly directed towards the Douyin platform, and revenue during the entire Double Eleven period is expected to see double-digit growth.

In terms of products, in the first three quarters of this year, Shanghai Jahwa welcomed three billion-level products: Six Gods Mosquito Repellent Egg, Yuze Second Generation Barrier Repair Cream, and Bai Cao Ji Da Bai Ni, which to some extent drove revenue growth.

With the continued expansion of online channels, whether Shanghai Jahwa's revenue can return to the glory of 2021 is under scrutiny