Is Shanghai Jahwa profitable in 2025?

Yes, Shanghai Jahwa swung to a profit of roughly RMB 268 million to 640 million in 2025, reversing a loss of about RMB 800 to 920 million in 2024, alongside FY2025 revenue of RMB 6.32 billion, up 11.25% year over year, per stockanalysis.com and FT data.

Who owns Shanghai Jahwa?

Shanghai Jahwa is majority controlled by Ping An Insurance, which acquired the formerly state owned group for roughly RMB 5.1 billion ($830 million) in November 2011; Ping An's stake was cited at about 52% in a 2018 HKEX filing.

Is Shanghai Jahwa losing to Proya?

Yes, Proya has overtaken Jahwa as China's top domestic beauty brand, crossing RMB 10 billion in 2024 revenue and leading online sales, while Jahwa's FY2025 revenue was only RMB 6.32 billion, per Chosun (Feb 2026) and Baiguan.news reporting.

Is Shanghai Jahwa cutting jobs?

Headcount estimates vary but trend downward: WSJ cites 4,311 employees for FY2024, while stockanalysis.com reports a drop to 3,173 by December 31, 2025, a 26.4% year over year decline, following 2024 restructuring and a 17% cut in management expenses.

Could AI replace Shanghai Jahwa's business?

Unlikely soon: Jahwa's core assets, century old brand heritage (Herborist, Liushen), NMPA regulatory approvals, and offline distribution are not easily AI substitutable, though no verified evidence shows Jahwa itself deploying AI in production or marketing as of 2024, per Global Times reporting.

Why did Shanghai Jahwa's stock fall despite a profit turnaround?

Shanghai Jahwa's share price dropped about 19% year over year as of mid-July 2026, within a 52-week range of roughly CNY 16.12 to 29.75, even after FY2025 revenue rose 11.25% and profit turned positive, suggesting market skepticism about durability, per FT data.

Consumer brands · subsidiary of Ping An Insurance (Group) Company of China · China

Shanghai Jahwa United Co., Ltd.

jahwa.com.cn ↗

Century-old Chinese personal-care group behind Herborist skincare and Liushen lotion.

Losing its protection

Assessed 25 July 2026 · Evidence as of 25 July 2026

The structural protection is eroding.

On the recordSince 25 July 2026 · Checkable from June 2026 · Every call on the record Checkpoint: 2026 618 e-commerce sales results versus Proya, Botanee, Marubi

The call

Jahwa is profitable and old enough to survive years ahead, but faster domestic rivals keep taking the growth and the online spotlight.

Shanghai Jahwa makes beauty and personal care products, including well-known brands like Liushen and Herborist that have been around for decades. The company is profitable and backed by a major investor, so it will probably stay in business for the next few years. However, faster-moving Chinese competitors like Proya, Botanee, and Marubi are winning customers in the exact product categories where Jahwa used to dominate, especially through online sales and social media marketing. Even though Jahwa showed growth in 2025 after two weak years, the stock price is down 19 percent because investors doubt this turnaround is real, the company is cutting costs and laying off workers rather than selling more products. The one thing that could change the story is whether Jahwa can match the sales speed of its rivals in major online shopping events like the 618 and Double 11 sales in 2026; if it cannot catch up, it will keep falling behind as the market leader.

Why

AI pressure: Douyin/Alibaba AI-driven livestream recommendation algorithms. Algorithmic livestream feeds reward fast content output, and rivals like Proya move quicker than Jahwa on that clock. Could AI do the core job? Unlikely.

Bigger players: Proya (603605), Botanee/Winona, Marubi. Proya passed RMB 10bn revenue in 2024, becoming the first Chinese beauty brand to do so and overtaking Jahwa online. Could a giant copy it? Probably.

What protects it. Heritage brands Liushen and Herborist plus Ping An's capital and pharmacy/retail distribution reach.

What would change this call

2026 618 and Double 11 sales growth rates for Jahwa vs. Proya, Botanee, Marubi. Shows whether Jahwa is closing the growth gap or continuing to trail domestic rivals.
Herborist premium skincare revenue and market share reported in H2 2026 filings. Indicates whether Jahwa is defending or ceding premium skincare share to Proya/Botanee.
Jahwa's H1 2026 and full-year 2026 revenue growth rate versus FY2025's +11.25%. Reveals whether the 2025 recovery is sustained demand growth or a one-off, cost-cutting driven bounce.

Key numbers

FY2025 net income swung to ~RMB 640M profit from ~RMB 900M loss (2024-2025)
Proya topped RMB 10bn revenue in 2024, a first for Chinese beauty (2024)
H1 2024 sales fell 8.51% to RMB 3.32bn, profit down 20.9% (H1 2024)

Named risks

Stock down 19% YoY as of mid-2026 despite profit turnaround signals market distrust of recovery durability. Severity: high
Faster domestic rivals Proya, Botanee, Marubi growing revenue and share faster than Jahwa in core skincare categories. Severity: high
Conflicting headcount data (4,311 vs 3,173 vs 4,013) suggests ongoing workforce instability from 2024 restructuring. Severity: medium
Ping An's history of direct leadership intervention (2013 chairman ouster) creates governance uncertainty. Severity: medium
No verified AI/scientific R&D narrative comparable to Proya's university partnerships, risking marketing/innovation lag. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Proya	losing to	Proya's 2024 revenue exceeded RMB 10 billion, overtaking Jahwa as top domestic beauty brand, per Chosun Feb 2026
Botanee/Winona	losing to	Botanee leads dermocosmetics/sensitive-skin segment, pressuring Jahwa's skincare share, per Euromonitor Aug 2025
Guangdong Marubi	gaining on	Marubi hit RMB 3.49 billion revenue in 2024 via digital-first, recombinant-collagen pivot, per ChemLinked Dec 2025
L'Oreal and Estee Lauder	contesting	Multinational giants remain dominant in China's premium beauty tier despite domestic-brand gains, per ChemLinked Dec 2025

Questions people ask

Is Shanghai Jahwa profitable in 2025?: Yes, Shanghai Jahwa swung to a profit of roughly RMB 268 million to 640 million in 2025, reversing a loss of about RMB 800 to 920 million in 2024, alongside FY2025 revenue of RMB 6.32 billion, up 11.25% year over year, per stockanalysis.com and FT data.
Who owns Shanghai Jahwa?: Shanghai Jahwa is majority controlled by Ping An Insurance, which acquired the formerly state owned group for roughly RMB 5.1 billion ($830 million) in November 2011; Ping An's stake was cited at about 52% in a 2018 HKEX filing.
Is Shanghai Jahwa losing to Proya?: Yes, Proya has overtaken Jahwa as China's top domestic beauty brand, crossing RMB 10 billion in 2024 revenue and leading online sales, while Jahwa's FY2025 revenue was only RMB 6.32 billion, per Chosun (Feb 2026) and Baiguan.news reporting.
Is Shanghai Jahwa cutting jobs?: Headcount estimates vary but trend downward: WSJ cites 4,311 employees for FY2024, while stockanalysis.com reports a drop to 3,173 by December 31, 2025, a 26.4% year over year decline, following 2024 restructuring and a 17% cut in management expenses.
Could AI replace Shanghai Jahwa's business?: Unlikely soon: Jahwa's core assets, century old brand heritage (Herborist, Liushen), NMPA regulatory approvals, and offline distribution are not easily AI substitutable, though no verified evidence shows Jahwa itself deploying AI in production or marketing as of 2024, per Global Times reporting.
Why did Shanghai Jahwa's stock fall despite a profit turnaround?: Shanghai Jahwa's share price dropped about 19% year over year as of mid-July 2026, within a 52-week range of roughly CNY 16.12 to 29.75, even after FY2025 revenue rose 11.25% and profit turned positive, suggesting market skepticism about durability, per FT data.

Timeline

2026-Q1Q1 2026 revenue reached RMB 1.80 billion, up 5.38% year over year; TTM revenue RMB 6.41 billion, up 17.02%
2026-04Proya publicized 2025 Zhejiang University joint lab and IFSCC research award, contrasting Jahwa's digital-focused messaging
2025FY2025 revenue RMB 6.32 billion, up 11.25% YoY; net income swung to profit of RMB 268 to 640 million
2024-08H1 2024 restructuring: brands regrouped, new Innovation Division created, Lin Xiaohai named CEO, VP Ye Weimin resigned
2024-08H1 2024 sales fell 8.51% to RMB 3.32 billion, profit dropped 20.9%, prompting cost cuts
2024FY2024 revenue RMB 5.68 billion, down 13.93% YoY; net loss of roughly RMB 800 to 920 million
2023Domestic net profit rose 75% YoY on flat revenue amid ESG and digital transformation push
2023FY2023 revenue RMB 6.60 billion, down 7.16% YoY
2018Ping An's stake in Jahwa cited at approximately 52% in HKEX filing
2013Ping An Trust removed founding chairman Ge Wenyao amid embezzlement allegations
2011-11Ping An Insurance acquired formerly state owned Jahwa for roughly RMB 5.1 billion ($830 million)

Revision history

25 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

PVH VF Kering