After three consecutive years of decline, Shanghai Jahwa has rebounded.
On August 21, China’s leading beauty company Shanghai Jahwa released its financial results for the first half and second quarter of 2025. The report shows that in the first half of this year, Shanghai Jahwa achieved operating revenue of 3.478 billion yuan ($484.4 million), an increase of 4.75% year-on-year; net profit attributable to shareholders of the listed company (hereinafter referred to as: net profit attributable to the parent) was 266 million yuan ($37 million), an increase of 11.66% year-on-year.
It is worth noting that this marks Shanghai Jahwa’s first positive growth since the decline in the first half of 2022.
First-Half Revenue Reaches 3.5 Billion Yuan ($487.5 million)
At the recently concluded earnings conference, Shanghai Jahwa CEO Lin Xiaohai stated, “Thanks to the launch of new products across brands and strong performance during the 618 shopping festival, domestic business revenue in the second quarter grew 36.8% year-on-year, with beauty business revenue up 55.7% and domestic brand online revenue rising 34.6% year-on-year.”
It may well have been the strong growth in the second quarter that enabled Shanghai Jahwa to achieve both revenue and net profit attributable to shareholders growth in the first half of this year. In addition to revenue and net profit attributable to shareholders, Shanghai Jahwa also disclosed total profit of 298 million yuan ($41.5 million) in the first half, an increase of 18.05% year-on-year.
Looking at performance data over the past five years, in the first half of 2021–2025, Shanghai Jahwa’s revenue was 4.211 billion yuan ($586.5 million), 3.715 billion yuan ($517.4 million), 3.629 billion yuan ($505.4 million), 3.321 billion yuan ($462.5 million), and 3.478 billion yuan ($484.4 million), representing year-on-year growth rates of 14.26%, -11.76%, -2.3%, -8.51%, and 4.75%, respectively.
Although Shanghai Jahwa’s first-half revenue this year has not yet returned to the same level as in 2023, it successfully halted the downward trend, which has boosted market confidence. From the perspective of net profit attributable to shareholders, apart from exceeding 300 million yuan ($41.7 million) in the first half of 2023, none of the other years managed to break that threshold.
As Shanghai Jahwa’s core brand, Lin Xiaohai repeatedly used the phrase “beyond expectations” to describe Liushen during the earnings call. According to CHAILEEDO data, Liushen’s GMV on Douyin reached between 50 million and 75 million yuan ($10.44 million) in the first half of this year, compared with 25 million ($3.5 million) to 50 million yuan ($7 million) in the same period last year. Among this, Liushen’s new product “Mosquito Repellent Egg” alone achieved GMV of 10 million to 25 million yuan ($3.5 million) in the first half.
“In the second quarter, driven by the Mosquito Repellent Egg, Liushen’s online sales of floral water grew by more than 70%,” Lin said during the call. According to his projections, the Mosquito Repellent Egg’s GMV is expected to surpass 100 million yuan ($14 million) this year. If this target is met, it will be the first time in many years that a new product from Shanghai Jahwa achieves over 100 million yuan ($14 million) in GMV within the year of its launch.
At the same time, the recent outbreak of chikungunya fever has further fueled sales of Liushen’s Mosquito Repellent Egg. “In early July, livestreaming sales doubled, and offline sales in regions such as Guangdong also grew,” Lin noted.
Regarding Liushen’s other new product, the Refreshing Fragrance Body Wash, Lin also expressed strong confidence, believing it has the potential to become another 100 million yuan ($14 million) blockbuster. “Since its launch four months ago, the product (Refreshing Fragrance Body Wash) has already met its full-year target. In the second half, we will increase investment in Focus Media to enhance consumer awareness and preference for Liushen body wash. The product is also expected to become a 100-million-yuan item next year.”
+32%, Beauty Division Surges
By business segment, Shanghai Jahwa is divided into the Personal Care Division, Beauty Division, Innovation Division, and Overseas Division.
Among them, the Personal Care Division—home to Liushen and Maxam—remained the company’s largest revenue contributor in the first half of this year, with operating revenue of 1.59 billion yuan ($221.5 million), accounting for 45.7% of total revenue. This figure was basically flat compared to last year and was the only division with revenue exceeding 1 billion yuan ($149 million).
The Beauty Division, which includes brands such as Dr. Yu, Herborist, Dianchu, and Shuangmei, achieved significant growth, rising from 566 million yuan ($78.8 million) in the first half of last year to 747 million yuan ($104 million) this year, a year-on-year increase of 32.05%.
According to disclosures by CEO Lin Xiaohai during the earnings call, the Dr. Yu brand recorded strong double-digit growth in the first half of this year, with its skin barrier repair line growing between 60% and 70%.
CHAILEEDO data shows that Dr. Yu achieved GMV of over 100 million yuan ($14 million) on Douyin in the first half, compared with 50–75 million yuan in the same period last year. Looking at individual products, Dr. Yu’s Skin Barrier Repair Cream reached GMV of 50–75 million yuan in the first half, ranking first among its portfolio. This product also currently ranks as the top-rated repair and moisturizing cream in Douyin Mall.
Another beauty brand, Herborist, also saw breakthrough growth, with its “White Mud” product surpassing 100 million yuan ($14 million) in revenue by the first half of this year. Lin highlighted during the earnings call, “Herborist White Mud should be the first single product from Shanghai Jahwa to surpass 100 million yuan ($14 million) in online sales.”
Beyond the Personal Care and Beauty divisions, the Innovation Division—which includes brands such as Giving, GF, and HomeAegis—recorded first-half revenue of 436 million yuan ($60.7 million), down about 2.46% year-on-year.
Meanwhile, overseas business showed a slight decline of 1.6%, with revenue of 703 million yuan ($98 million). Lin explained, “In the first half, overseas business came under temporary pressure due to U.S. tariff policies, leading to a slight drop in operating revenue.”
“All for Online”
“The second-quarter growth was driven by Douyin, driven by online,” said Lin Xiaohai during the earnings call.
He revealed that all products developed by Shanghai Jahwa in the first half of the year were designed based on the online ecosystem and marketing needs, in order to meet the requirements of online operations. “When products are combined with organizational capabilities, our efficiency in online operations has grown explosively,” he noted.
In fact, in multiple public interviews, Lin has repeatedly expressed strong recognition of and commitment to online channels and interest-based e-commerce. For example, at Shanghai Jahwa’s 2023 Annual Shareholders’ Meeting, he stressed the need to quickly build capabilities in interest e-commerce and to leverage online development to drive omni-channel growth. Similarly, when revising the company’s 2025 strategy, a clear focus on online was established.
From the financial report, although specific figures and proportions for online revenue were not disclosed, it was noted that domestic online channels in the second quarter grew 34.64% year-on-year. Liushen’s premium fragrance body wash series captured online market share, while GF rapidly increased its online sales contribution. Lin also mentioned during the call that Dr. Yu’s online sales already account for 75% of its total revenue—highlighting that online has become a key growth engine for Shanghai Jahwa.
More specifically, in the first half of the year, Shanghai Jahwa completed the standardization of its brand livestream rooms and enhanced e-commerce traffic conversion efficiency through systematic optimization of product visuals, keyword placement, and other methods.
The company also partnered with livestreaming influencers such as Liu Yuanyuan and Li Jiaqi to boost sales. According to the report, “Herborist’s White Mud Mask, as a strategic product, delivered standout results. Driven by Douyin content, it consistently topped the whitening product subcategory charts on e-commerce platforms for over 10 days, with search volume growing exponentially and penetration among whitening-focused consumers steadily increasing.”
Lin further noted that in terms of content creation for interest e-commerce, some brands and divisions have already begun reducing reliance on intermediaries, experimenting with in-house content production and distribution. He emphasized that the group will continue to strengthen and invest in its e-commerce operations capabilities.
Beyond online, offline channels also achieved growth. According to the earnings call, Shanghai Jahwa’s offline distributor channels recorded single-digit growth in the first half, expanding its retail network to over 41,000 outlets, with county-level and above coverage rising to 92% nationwide.
During the meeting, Lin repeatedly emphasized his ambition to use Douyin’s growth to drive development across other platforms such as Tmall, JD.com, and even offline retail, including introducing online successes like Liushen’s Refreshing Fragrance Body Wash into offline stores to achieve profitability across all channels. “We are fully confident in validating our entire business model,” he said.
Nothing is achieved without transformation. No company’s growth happens overnight. Facing a new journey, Shanghai Jahwa is demonstrating through concrete actions its determination and results in transformation.
