南都记者了解到，南极电商首家旗舰店将于今年6月底落地上海核心商圈环球港。张玉祥表示，单店年 销售额目标不低于1000万元，坪效与周转率对标国际头部品牌，以"商品价值+情绪价值"重构消费者体 验。南极电商透露，该旗舰店店铺设计将引入VMD（视觉商品营销）体系，优化门店陈列与动线设 计，提升消费者决策效率。 加码年轻消费市场、材质创新 2025年5月21日，南极电商（002127.SZ）召开2024年股东大会，会议表决通过了《2024 年度董事会工 作报告》、《2024 年年度报告及摘要》等议案。 与此同时，南极电商董事长张玉祥在会上就公司线下战略转型、产品创新、供应链升级及品牌年轻化等 议题与投资者及券商分析师等第三方机构人士进行了充分交流。 以大店为突破口，重点布局城市旗舰店 近年来，我国消费者的需求多元化程度不断提升，在满足基本的物质需求基础上，开始追求更高层次的 精神和情感满足。 一方面，消费者对于线下商业回归的意愿较强，更渴望从线下体验中获得超越价格的情绪价值；另一方 面，品牌需通过不断创新和提升产品与服务，打造差异化的价值体验，扩展消费者对品牌的联想维度并 提升其对于品牌的忠诚度。 中国连锁经营协会数 ...

Core Viewpoint - The company is undergoing a strategic transformation focusing on offline expansion, product innovation, supply chain upgrades, and brand rejuvenation to meet evolving consumer demands and establish itself as a new benchmark in the retail industry [1][2][4] Group 1: Strategic Transformation - The company has initiated a strategic upgrade over the past two years, emphasizing a "big product, milestone, sustainability" development strategy while optimizing its business structure and introducing self-operated sales formats [2] - The company has shifted from an open authorization model to an invitation-based franchise model, enhancing control over distributors and the supply chain [2] Group 2: Offline Expansion - The company has accelerated its offline channel development, opening its first brand pop-up store in Shanghai in December 2024, focusing on its light luxury product line [3] - The company plans to establish flagship stores, themed experience stores, and community center stores as part of its core direction for strategic transformation in 2025 [3] Group 3: Financial Performance - In 2024, the company achieved a revenue of 3.358 billion yuan, representing a year-on-year growth of 24.75%, and continued this positive trend with a revenue of 729 million yuan in the first quarter of 2025 [3] Group 4: Brand Value Creation - The chairman emphasized that the essence of retail is to continuously create value, aiming for each store and product to become a "trust pivot" for brand value, encouraging repeat purchases from consumers [4]

每经记者｜舒冬妮 每经编辑｜张海妮 张玉祥不缺信徒，哪怕是南极电商（002127.SZ，股价4.9元，市值120.29亿元）净利润下跌312%之后。 南极电商2024年年报显示，公司去年全年营收为33.58亿元，同比增长24.75%，归属于上市公司股东的 净利润为-2.37亿元，同比盈转亏。其中，销售费用激增430%，对业绩造成明显拖累。 5月21日，南极电商在其上海总部举行2024年年度股东大会，离会议开始还有半小时，现场四十多个座 位就陆续坐满了人，一块显示屏上还有连线的投资者，他们关心公司业绩为何下滑，也关心公司自营业 务和线下门店的发展。 2024年注定是南极电商转型阵痛的一年，只不过，阵痛期延续到了2025年一季度。今年一季度公司营收 为7.29亿元，同比略有增长；归母净利润亏损1363万元，同比下降128.54%，销售费用激增仍是重要原 因。自营业务转型成效也尚未凸显，品牌授权和自营业务收入仅为1.01亿元。 销售费用何时能降下来，自营业务何时能带来利润增长，线下门店布局进展如何？这些问题成为此次股 东大会上的焦点。 在回答销售费用激增时，董事长张玉祥坦言，去年的营销有些激进，但今年营销费用就会大 ...

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of shareholders for Nanji E-commerce Co., Ltd. was convened and conducted in accordance with relevant laws, regulations, and the company's articles of association [1][4][22]. Group 1: Meeting Procedures - The annual general meeting was scheduled for May 21, 2025, as decided by the board of directors [3]. - The meeting took place at the Shangpu Center, 10th Floor, Building 3, No. 99 Chengzhong Road, and was presided over by Chairman Zhang Yuxiang [3][4]. - Voting was conducted both in-person and via an internet voting platform during specified time slots on the day of the meeting [3][4]. Group 2: Attendance and Voting Results - A total of 543 participants attended the meeting, representing 613,535,541 shares, which accounted for 24.9926% of the total voting shares [4][5]. - Online voting included 536 shareholders representing 131,520,736 shares, or 5.3575% of the total voting shares [4][5]. - The voting results showed that 742,387,270 shares (99.6418%) were in favor of the proposals, with 2,435,200 shares (0.3268%) against, and 233,807 shares (0.0314%) abstaining [6][10]. Group 3: Legal Compliance - The legal opinion confirms that the meeting's convening and conducting procedures complied with the Company Law, Securities Law, and the company's articles of association [4][22]. - The qualifications of attendees and the convenor were verified and found to be in accordance with legal requirements [5][22]. - The voting procedures and results were deemed legal and valid, with no discrepancies noted [21][22].

南极电商股份有限公司 2025-030 2024 年年度股东大会决议公告 股票代码：002127 证券简称：南极电商 公告编号：2025-030 南极电商股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会无否决议案的情形。 2.本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况： 1、会议召开情况 （1）会议召开时间： 现场会议时间：2025 年 5 月 21 日（星期三）下午 2：30 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 21 日上午 9:15～9:25，9:30～11:30，下午 13:00～15:00；通过深圳证券交易所互联网投 票的具体时间为：2025 年 5 月 21 日上午 9:15 至下午 15:00 的任意时间。 （2）会议召开地点：上海市杨浦区江湾城路 99 号尚浦中心 3 号楼 10 楼会议室 （3）会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 （4）会议召集人：公司董事会 （5）会议主 ...

北京市金杜律师事务所上海分所 关于南极电商股份有限公司 2024 年年度股东大会之 法律意见书 致：南极电商股份有限公司 北京市金杜律师事务所上海分所（以下简称"本所"）接受南极电商股份有 限公司（以下简称"公司"）委托，根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管 理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）等中华人民共和 国境内（以下简称"中国境内"，为本法律意见书之目的，不包括中国香港特别 行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规 章和规范性文件和现行有效的《南极电商股份有限公司章程》（以下简称"《公司 章程》"）的相关规定，指派律师出席了公司于 2025 年 5 月 21 日召开的 2024 年 年度股东大会（以下简称"本次股东大会"），并就本次股东大会相关事项出具本 法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2021 年年度股东大会审议通过的《公司章程》； 2. 公司于 2025 年 4 月 25 日刊登于深圳证券交易所 ...

Macro Insights - In April, the general fiscal expenditure increased by 12.9% year-on-year, indicating a continued moderate easing of fiscal policy, although the momentum of fiscal expansion showed seasonal slowdown [2] - The general fiscal revenue turned positive with a 2.7% year-on-year increase, primarily driven by a significant rebound in government fund revenue [2] - The fiscal deficit recorded 336.7 billion yuan in April, an increase of 247.9 billion yuan compared to the same period last year, maintaining a loose fiscal stance [2] Strategy Insights - The market consensus remains fragmented, with domestic investors showing varied interest across different sectors, while foreign capital continues to flow into the A-share market, albeit with structural divergence [3] - The recent downgrade of the US sovereign credit rating by Moody's from Aaa to Aa1 reflects worsening long-term debt issues, which may influence global asset prices [3] - The recent interest rate cuts by major banks aim to support the real economy while maintaining reasonable bank interest margins, although ongoing rate declines may increase deposit-taking pressures [6] Fixed Income Insights - The recent adjustments in deposit and LPR rates indicate a comprehensive easing of policy rates, with the one-year LPR now at 3.0% and various deposit rates reduced [4] - The 2024 city investment report highlights structural improvements in local debt management, although inherent pressures remain, particularly regarding profitability and debt repayment capabilities [10] Technology Sector Insights - NVIDIA's recent announcements at Computex 2025 indicate a shift towards an open ecosystem for AI deployment, which may attract large cloud service providers [7] - The competitive landscape among global battery manufacturers is intensifying, with domestic firms like CATL leveraging supply chain integration and diverse technology paths for global expansion [11] Company-Specific Insights - Nanjing E-commerce is undergoing a brand transformation aimed at enhancing product quality and restoring brand image, with expected revenue growth in 2024 [12] - Ningde Times' recent listing on the Hong Kong Stock Exchange is anticipated to bolster its global market competitiveness and facilitate international business expansion [13] - Trip.com reported a 16.2% year-on-year revenue increase in Q1 2025, driven by resilient domestic travel demand and strong growth in cross-border business [14] - Three Life Health's collaboration with Pfizer on the 707 project is expected to unlock significant commercial potential, with a maximum milestone payment of $6.05 billion [15] - Leap Motor's Q1 2025 performance exceeded expectations, with a revenue increase of 187.1% year-on-year, driven by high sales growth [17]

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of 6.00 RMB, corresponding to a 26x PE for 2026 [1][9][10] Core Views - The company is undergoing a significant brand transformation, shifting from an open authorization model to a self-sourcing and invitation-based franchise model, aiming to enhance product quality and restore brand image [1][2][5] - The company is expected to achieve positive revenue growth in 2024, with a focus on expanding product SKUs and enhancing both online and offline sales channels [1][20] - The report highlights the company's strategic pivot towards a "quality-price ratio" consumer trend, with a new luxury series launched in September 2024, resulting in a substantial increase in daily sales [2][19] Summary by Sections Company Overview - The company, established in 1998, has transitioned through three phases: selling products, selling brands and services, and aiming to become a world-class consumer brand [25] - It operates under national and international brands, including "Nanji Ren" and "Kadi Le Crocodile," and has shifted its business model towards e-commerce and brand authorization [25] Business Strategy - The company has reformed its supply chain by introducing a dual-track operation model of self-sourcing and franchise, enhancing product capabilities and establishing industry barriers [3][16] - It has adopted a comprehensive approach to channel sales, leveraging both online platforms like Douyin and offline retail strategies to drive growth [4][20] Financial Projections - The company forecasts a recovery in revenue growth, with expected revenues of 3.995 billion RMB in 2025, 4.744 billion RMB in 2026, and 5.605 billion RMB in 2027, reflecting year-on-year growth rates of 18.94%, 18.75%, and 18.15% respectively [6][21] - The projected net profit for 2025 is 330.55 million RMB, with significant growth anticipated in subsequent years, achieving 575.09 million RMB in 2026 and 796.26 million RMB in 2027 [6][21] Market Positioning - The company is positioned to capitalize on the growing consumer demand for high-quality, cost-effective products, aligning with the current trend of rational consumption [19][24] - The brand's long-standing reputation for providing "good quality at affordable prices" is expected to resonate well with consumers, enhancing its market share [19][24]

Investment Rating - The report initiates coverage on Nanji E-commerce with a "Buy" rating and a target price of 6.00 RMB, corresponding to a 26x PE for 2026 [1][9]. Core Views - The company is undergoing a significant brand transformation, shifting from an open authorization model to a self-sourcing and invitation-based franchise model, aiming to enhance product quality and restore brand image [1][2]. - The company is expected to achieve positive revenue growth in 2024, with a focus on expanding product SKUs and enhancing both online and offline sales channels [1][20]. - The report highlights the company's strategic pivot towards a "quality-price ratio" consumer demand, positioning itself as a provider of high-quality products at competitive prices [2][19]. Summary by Sections Company Overview - Nanji E-commerce, established in 1998, operates under national brand Nanji Ren and international brands such as Cardin Crocodile and Baijiahao, focusing on e-commerce and brand authorization services [1][25]. Brand Transformation - The company is implementing a dual-track operation model combining self-sourcing and franchise, enhancing product capabilities through collaboration with high-quality suppliers and luxury design teams [3][19]. - The introduction of a light luxury product line in September 2024 has significantly improved brand perception, with daily sales increasing from approximately 200,000 RMB to 20 million RMB by the end of December [2][20]. Supply Chain Reform - The company is reforming its supply chain by adopting a SPA model, which includes self-sourcing and a whitelist invitation system for franchises, thereby creating industry barriers [3][19]. - The focus on high-quality materials and advanced production techniques is expected to enhance product competitiveness and meet consumer demands [3][19]. Sales Channels - The company is leveraging both online platforms like Douyin and traditional e-commerce channels to drive sales, with Douyin's GMV showing a year-on-year increase of 103% in December 2024 [4][20]. - Offline, the company is testing self-operated retail through pop-up stores, with plans to open fixed stores in 2025, which could become a future growth driver [4][20]. Financial Projections - The report forecasts the company's net profit for 2025-2027 to be 331 million RMB, 575 million RMB, and 796 million RMB respectively, with a significant turnaround expected in 2025 [6][21]. - Revenue is projected to grow from 3.995 billion RMB in 2025 to 5.605 billion RMB in 2027, reflecting a compound annual growth rate of approximately 18.9% [6][21]. Market Positioning - The report contrasts its views with the market, asserting that despite previous challenges, the brand's strong recognition and strategic repositioning towards quality-price ratio will enable it to regain growth momentum [5][24]. - The company aims to continuously enrich its product offerings and expand its market presence, particularly in the homewear and bedding categories through its Baijiahao brand [20][23].

载、误导性陈述或重大遗漏。 南极电商股份有限公司（以下简称"公司"）于2025年4月25日披露了《关于召开2024年年度股东 大会通知的公告》，决定于2025年5月21日召开公司2024年年度股东大会（以下简称"本次股东大 会"）， 审议董事会、监事会提交的相关议案。现将会议的有关事项公告如下： 南极电商股份有限公司 2025-029 关于召开 2024 年年度股东大会的提示性公告 南极电商股份有限公司 证券代码：002127 证券简称：南极电商 公告编号：2025-029 关于召开 2024 年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 一、召开会议的基本情况 本次股东大会会议召开提议已经公司第八届董事会第四次会议审议通过。 规范性文件、深圳证券交易所业务规则和《南极电商股份有限公司章程》等的规定。 现场会议召开时间为：2025年5月21日（星期三）下午14时30分开始 网络投票时间为：2025年5月21日，其中，通过深圳证券交易所交易系统进行网络投票的具体时 间为2025年5月21日上午9:15～9:25，9:30～11:30，下午13:00～15:00 ...