# Liushen

Financial Alchemy: Why Shanghai Jahwa’s Rebound Masks a Core Business Crisis

Shanghai Jahwa reported a return to profitability in 2025 with 268 million yuan in net income, but approximately 80% of this figure stemmed from investment gains rather than product sales. Despite a recovery in its beauty segment, the company remains plagued by stagnant growth in its core personal care brands and an increasingly expensive reliance on marketing to drive revenue.