证券代码：002127 证券简称：南极电商 南极电商股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活 | √ 特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | 现场参观 □ | | | 其他 （请文字说明其他活动内容） □ | | 参与单位名称 | 中信证券、长江证券、国泰君安、国寿安保基金、永赢基金 | | 及人员姓名 | | | 时间 | 2025 年 1 月 7 日-2025 年 1 月 9 日 | | 地点 | 公司会议室 | | 上市公司接待 | 董事会秘书：朱星毓 | | 人员姓名 | | | | 一、介绍公司基本情况 | | | 公司是一家可选消费品生产商、品牌商，于 年上市， 2015 | | | 主营南极人品牌。上市后，公司通过并购等方式丰富了品牌 | | | 矩阵及业务体系。2016 年公司并购了卡帝乐鳄鱼和精典泰迪 | | | 品牌；2017 年并购了时间互联，时间互联主营移动互联网广 | | | 年至 年期间，公司并购了贝拉维拉品 告投放业务；202 ...

企查查股权穿透显示，两公司均由南极电商旗下苏州新热爱文化创意有限公司全资持股。 证券时报e公司讯，企查查APP显示，近日，苏州新心爱文化创意有限公司、苏州新享爱文化创意有限 公司成立，法定代表人均为陈虹宇，注册资本均为10万元，经营范围均包含：数字文化创意内容应用服 务；数字文化创意技术装备销售；个人互联网直播服务；互联网销售；服装服饰批发等。 ...

证券时报e公司讯，关于"公司是否布局微信小店"的问题，南极电商在机构调研时表示，南极人、百家 好、卡帝乐鳄鱼品牌目前已布局阿里、京东、抖音、微信视频号等渠道。 未来公司根据平台的发展情况持续跟进布局，持续加强渠道开拓，积极触达消费者需求。 ...

Group 1: Company Overview - Nanji E-commerce Co., Ltd. is a consumer goods manufacturer and brand owner, primarily holding brands such as Nanji Ren, Baijiahao, and Cardile Crocodile [2] - In 2023, the company transitioned from an open authorization model to an invitation-based franchise model, reforming its supply chain and terminating partnerships with non-compliant suppliers [2] Group 2: Brand Performance - Baijiahao achieved a GMV of 25 billion in 2023 and is projected to reach 47 billion in 2024 [2] - The Nanji Ren light luxury series currently has a daily sales volume of approximately 16 million GMV, with over 900,000 self-purchased products sold online [4] - The light luxury series has a consumer feedback rating of over 95% [4] Group 3: Product Development - The light luxury series has 15 SKUs focused on winter warm products, with plans to expand into quick-dry, wool, and down series in 2025 [5] - The company aims for a self-purchased to franchise product ratio of 3:7, with a focus on high-quality standards across both categories [5][6] Group 4: Store Expansion - Currently, the Nanji Ren brand has over 170 stores, with an expected addition of 200 stores in the first quarter of 2025 [7] - The company employs a whitelist invitation system for new partnerships, ensuring compliance with its negative list management [7] Group 5: Future Planning - Cardile Crocodile will adjust its product line in 2025 to include self-purchased items, aligning with the quality upgrade strategy of Nanji Ren [8] - The company is expanding its online presence across platforms like Alibaba, JD, Douyin, and WeChat [9] Group 6: Customer-Centric Approach - The company emphasizes a user-first philosophy, aiming to enhance consumer experience and satisfaction [11] - A zero-tolerance policy for negative list management is in place to maintain a healthy ecosystem [11]

证券代码： 002127 证券简称：南极电商 南极电商股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | √ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 新闻发布会 | √ 路演活动 | | | □ 现场参观 | | | | √ 其他 （券商策略会） | | | 参与单位名称及 | | 东北证券、华泰证券、中泰证券、开源证券、易正朗、宽潭 Quartet | | 人员姓名 | Capital | 、青骊投资、海通资管、远东宏信、钦沐资产、循远资 ...

Summary of Conference Call Records Company Overview - The company is focused on the consumer goods sector, specifically as a manufacturer and brand owner of optional consumer products [1][2][3]. - The company underwent strategic adjustments from 2020 to 2022, including the acquisition of Baijiahao and the transition of its business model [1][2][3]. Strategic Changes - In 2022, the company acquired Baijiahao, which led to the divestment of its offline business and a shift to online operations [1][2][3]. - By 2023, the company transitioned the Nanji brand's men's, women's, and underwear lines from an authorized cooperation model to a self-sourcing model, focusing on centralized management of procurement, design, and logistics [1][2][3]. - The company plans to enhance product quality and cost efficiency through this new model, aiming for high-quality, cost-effective products [1][2][3]. Financial Performance - In 2023, Baijiahao's total revenue reached approximately 2.5 billion (GMV), with a goal to triple this figure by the end of the year [1][2][3]. - The company aims to achieve significant sales growth, with the Nanji brand's sales strategy focusing on personalized products to meet diverse consumer needs [1][2][3]. Brand Positioning - The company has positioned the Nanji brand as a provider of high-quality, affordable luxury products, competing with brands like Lululemon and Uniqlo [3][4]. - The brand matrix includes a variety of lifestyle products, with a focus on fashion and home essentials [1][2][3]. Store Closures and Restructuring - In 2023, the company closed approximately 3,000 stores across various platforms, including Pinduoduo, Taobao, and JD.com, as part of its restructuring efforts [1][2][3]. - The company is moving towards a strategic authorization model, collaborating with top clients to enhance product quality and reduce inefficiencies [1][2][3]. Product Development and Supply Chain - The company has established a centralized management system for product development, ensuring high standards from raw material procurement to final production [6][7][8]. - The product line is expected to expand with the introduction of 3 to 5 new major products, including quick-drying clothing and thermal wear [9][10][11]. Future Outlook - The company anticipates a strong market response to its new product lines, with a goal to achieve daily sales milestones of 10 million and 20 million [12][13][14]. - The company is optimistic about returning to historical sales levels, projecting significant growth in the coming years [15][16]. Additional Insights - The company has invested heavily in upgrading its manufacturing capabilities, focusing on advanced machinery and efficient production processes [10][11]. - The strategic shift towards self-sourcing and enhanced quality control is expected to improve overall product competitiveness in the market [12][13][14].

Group 1: Company Overview and Product Strategy - The company focuses on optional consumer goods, emphasizing emotional value and transforming it into necessity when products become fast-moving consumer goods [1] - The core philosophy is to provide good quality products at reasonable prices, ensuring aesthetics, comfort, trendiness, and functionality [1] - The company has identified 6-7 major product categories for development, including plush fabrics and quick-drying clothing, with significant R&D investment [2] Group 2: Strategic Direction and Innovation - The company has clarified what not to pursue, concentrating on large single products and long-term development [2] - Emphasis on cost-effectiveness and innovation, aiming to provide high-quality products at affordable prices [2] - Adoption of advanced production techniques to enhance efficiency and ensure stable product quality [2] Group 3: Brand Management and Quality Control - The company is undergoing a brand renewal process, focusing on self-sourcing and franchise models to better control product quality and brand image [3] - Strengthened supply chain management with a whitelist system for partners, implementing strict quality guidelines and regular inspections [3] Group 4: Market Positioning and Consumer Engagement - The company prioritizes long-term value and consumer recognition over short-term profit margins, focusing on high turnover and efficient inventory management [3] - Recent product launches, such as warm suits and shark pants, have become popular items in their respective channels [3] Group 5: Future Plans and Market Expansion - The company plans to open fewer but strategically significant stores, including flagship and medium-sized stores, to enhance consumer experience [5] - Future product lines will focus on fashion, comfort, and quality, with a commitment to maintaining high standards across self-sourced and franchise products [4] - The company is exploring cross-border opportunities, adapting products to meet different market demands [7]

Company Overview - The company is a consumer goods manufacturer and brand owner, listed in 2015, primarily under the "Nanji" brand [1] - Acquired several brands including "Kadi Le Crocodile" and "Classic Teddy" in 2016 and 2017, respectively [1] - Expanded brand portfolio with acquisitions of "Bella Villa" and "Han" from 2020 to 2022 [1] Brand Performance - "Bai Jia Hao" brand achieved a GMV of 2.5 billion in 2023, with a target to double this figure in 2024 [1] - In the first half of 2024, "Bai Jia Hao" has already reached a GMV of 2.5 billion [1] Business Model Transition - Transitioned from an open authorization model to a self-purchase and franchise model for the "Nanji" brand in 2024 [2] - The self-purchase model focuses on centralized management of raw materials, design, and logistics to enhance product quality and cost-effectiveness [2] - The franchise model aims to offer personalized products to meet diverse consumer needs [2] Sales and Revenue Insights - In October and November, self-purchased products slightly outperformed franchise products, but franchise sales are expected to grow significantly [3] - The gross margin for the franchise model is based on service fees, while self-purchase is currently in an investment phase, focusing on scale rather than immediate profit [3] Marketing and Advertising Strategy - Minimal advertising investment in 2023, with plans for continued brand image investment in 2024, including potential endorsements and social media campaigns [4] - The company aims to maintain a competitive edge on platforms like Douyin by ensuring a high volume of new product launches [3] Consumer Trends and Positioning - The brand positions itself as "Affordable Luxury," focusing on high-quality products at accessible prices [4] - The company recognizes the ongoing trend of consumer demand for quality and affordability, aiming to leverage its scale and operational expertise to meet these needs [5]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 6.14 CNY per share [4] Core Views - The company has been cleaning up historical burdens and strictly controlling its supply chain and distributors, transitioning to an invitation-based franchise model to improve product quality and brand image [1] - A new "self-procurement + franchise" model has been launched to reshape the Nanjiren brand, with the introduction of a "light luxury" series that has shown rapid growth in GMV [1] - The successful case of Basic House, acquired in 2022, provides a foundation for Nanjiren's transformation, with its GMV reaching 2.5 billion CNY in 2023 and aiming for 5 billion CNY in 2024 [1] - The company is expected to achieve net profits of 80 million, 300 million, and 510 million CNY in 2024, 2025, and 2026, respectively [1] Financial Summary - Revenue is projected to grow from 3.31 billion CNY in 2022 to 5.05 billion CNY in 2026, with a CAGR of 22.4% [2] - EBITDA is expected to increase from 130 million CNY in 2022 to 610 million CNY in 2026 [2] - Net profit margin is forecasted to improve from -8.9% in 2022 to 10.1% in 2026 [2] Business Model Transformation - The company has shifted from a traditional retail model to a brand licensing service model, focusing on online channels and expanding product categories [34][35] - The transformation includes strict control over the supply chain and distributors, with a focus on quality and brand management [1][51] - The new "self-procurement + franchise" model aims to enhance product quality and market penetration, with the "light luxury" series targeting higher-end consumers [57][58] Brand and Market Strategy - The Nanjiren brand is being repositioned with a focus on "light luxury" quality, supported by marketing efforts including celebrity endorsements and advertising campaigns [61][62] - The company is leveraging the success of Basic House to guide the transformation of Nanjiren, with both brands sharing similarities in product categories and channels [67][71] Financial Performance and Projections - Revenue for 2024 is expected to reach 3.34 billion CNY, with a growth rate of 24.0% [2] - The company's net profit is projected to rebound significantly in 2025, with a growth rate of 293.9% [2] - The ROE is expected to improve from 2.4% in 2023 to 9.3% in 2026, indicating a recovery in profitability [2] Valuation and Investment Recommendation - The company is valued at 0.7x PE/G for 2025, with a target price of 6.14 CNY per share, based on comparable company valuations [94] - The "Buy" rating is supported by the company's strategic transformation and expected growth in profitability [94]