After a period of performance low, Shanghai Jahwa delivered a seemingly impressive turnaround report in 2025.
In 2025, it achieved operating revenue of 6.317 billion yuan, a year-on-year increase of 11.25%; during the same period, net profit attributable to the parent company reached 268 million yuan. Compared to the massive Net Loss of over 833 million yuan in 2024, it achieved a turnaround on paper.
By category, personal care, dominated by Liushen and Meijiajing, remained steady, while beauty products, including Yuze and Herborist, showed significant growth.
In 2025, personal care and beauty generated revenues of 2.419 billion yuan and 1.613 billion yuan, respectively, up 1.65% and 53.7% year-on-year.
But beneath the surface of the overall annual turnaround, fourth-quarter performance showed a significant gap compared to expectations.
In the fourth quarter of 2025, Shanghai Jahwa's revenue was 1.356 billion yuan, lower than other quarters of the same year, and it also recorded a Net Loss of 138 million yuan during the period.
The market originally expected that as Shanghai Jahwa continued to ramp up online channel reforms, combined with the traffic boost from the &#34;Double Eleven&#34; promotion, it would see a substantial revenue surge in the fourth quarter. However, data now shows that the results of this online reform have not materialized as expected.
Regarding this, Luo Yongtao, the head of finance at Shanghai Jahwa, explained to All Weather TMT: &#34;Jahwa's revenue distribution has seasonal characteristics. Our main product, Liushen, accounts for a large portion of total revenue, and its peak revenue is usually concentrated in the first half of the year, especially in the first quarter.&#34;
Regarding the reasons for the fourth-quarter loss, Luo Yongtao told All Weather TMT: &#34;Since Liushen accounts for a large proportion of the company's overall profit and its revenue is mainly concentrated in the first half, its profit contribution in the fourth quarter is relatively small. Additionally, due to Double Eleven promotions in the fourth quarter, our marketing investment increased significantly, leading to relatively low profit for the quarter. Based on previous years, this can be viewed as an objective situation we face.&#34;
&#34;Last year, we increased resource investment in the fourth quarter because by the third quarter of last year, the company's overall profit had 'over-delivered.' According to the established plan, we added brand investment in the fourth quarter,&#34; Luo Yongtao pointed out.
It is understood that these expenses were concentrated at the end of the year on channels like Focus Media, Douyin, and Xiaohongshu, mainly used for seeding and expanding the reach of blockbuster products like Liushen shower gel and Herborist Fairy Grass Oil, as well as building momentum for new products in 2026.
Spending heavily on branding to trade for the future is not uncommon in the industry, but for Shanghai Jahwa, which is in urgent need of a full recovery, is this &#34;money-burning for momentum&#34; strategy a prelude to a future breakthrough or a helpless move caught in traffic competition? The answer can only be left to the 2026 market to verify.

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After a period of performance low, Shanghai Jahwa delivered a seemingly impressive turnaround report in 2025. In 2025, it achieved operating revenue of…

Fourth Quarter Sees Another Loss, Shanghai Jahwa Has Yet to "Turn It Around"