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Core Viewpoint - Shanghai Jahwa has reported its first loss in 20 years, primarily due to the acquisition of Mayborn Group Limited, which resulted in significant goodwill impairment and operational challenges [2][5]. Financial Performance - In 2024, Shanghai Jahwa's revenue was 5.679 billion yuan, a year-on-year decline of 13.93%, with a net loss of 833 million yuan, more than doubling from the previous year [1][2]. - Mayborn's revenue and net profit for 2024 were 1.417 billion yuan and 714 million yuan, respectively, reflecting year-on-year declines of 11.49% and 880.18% [3]. Goodwill Impairment - The impairment of goodwill amounted to 613 million yuan, significantly impacting Shanghai Jahwa's financial results [2]. - As of the end of 2024, the remaining goodwill stood at 1.486 billion yuan [4]. Business Strategy and Management Changes - Following the management change, Shanghai Jahwa is re-evaluating Mayborn's business growth targets, with early signs of recovery in Q1 2025 [4][6]. - The company is undergoing a transformation that has temporarily pressured its performance [5]. Revenue Challenges - Both major product lines, personal care and beauty, experienced revenue declines in 2024, with personal care generating 2.379 billion yuan (down 3.42%) and beauty generating 1.05 billion yuan (down nearly 30%) [4]. Future Initiatives - Shanghai Jahwa's strategy for 2025 includes launching new products, focusing on online platforms while maintaining offline channels, and increasing investment in brand building [7][9]. - The company plans to collaborate with instant retail platforms like Meituan, Ele.me, and JD.com to enhance its O2O business [8]. Sales and Marketing Expenses - In 2024, sales expenses were 2.652 billion yuan, accounting for 47% of revenue, with plans to maintain the sales expense ratio while reallocating funds towards brand development [9].