On the evening of October 26, Shanghai Jahwa (600315. SH) disclosed its 2021 third quarter report. The report shows that in the third quarter, the company's operating income was 1.62 billion yuan, down 3.41% year-on-year.
According to the report, the company achieved revenue of 5.83 billion yuan in the first three quarters, an increase of 8.7% year-on-year; achieved a net profit of 420 million yuan, up 35% year-on-year; deducted non-net profit of 474 million yuan, an increase of 72% year-on-year, and operating cash flow of 980 million yuan, an increase of 59% year-on-year.
As for the decline in the company's Q3 revenue, Shanghai Jahwa explained that this was affected by many factors such as shareholder reform, overseas business, and repeated epidemics.
In terms of online channels, Tequ was affected by the reform of Ping An Life Q2, and its agent channels and the number of agents decreased sharply, which directly affected the channel revenue. It is worth mentioning that due to the impact of the reform of ping an life insurance company, the largest shareholder, in the second quarter, Shanghai Jahwa Special Canal fell by 11% from January to September, of which Q3 fell by 43%.
In terms of offline channels, due to the impact of the epidemic and extreme weather, residents' willingness to consume has declined, and the company's offline business Q3 is under pressure.
Shanghai Jahwa added that the main channel Amazon changed its strategy in the European market, reducing marketing to ensure profits at the expense of revenue, reducing inventory, and also reducing the share of baby and child products, coupled with supply chain problems, shipping, port and transportation difficulties, resulting in a 10.55% decline in overseas business Mayborn revenue.
It is reported that since Shanghai Jahwa (Group) Co., Ltd. is a holding subsidiary of Ping An of China (holding 100%), Ping An of China is also a subsidiary of Shanghai Jahwa (600315. SH) is the largest shareholder, holding 50.75% of the shares.
According to the latest financial report of Ping An Life Insurance, in the first half of 2021, there were 877,800 sales agents of Ping An Personal Life Insurance in China, down 14.3% from the same period last year; the value of new business in the agent channel was 23.684 billion yuan, down 14.5% year-on-year.
Written by: Nandu reporter Yang Liyun
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