Core Viewpoint - The company, Yaowang Technology, is divesting its 100% stake in Foshan Saturday Shoe Industry Co., Ltd. for 453 million yuan after three consecutive years of losses and a market value decline exceeding 4 billion yuan, marking a significant business adjustment and a final capital game settlement [1] Financial Transactions and Corporate Structure - In 2019, the company, then known as "Saturday," acquired 88.5651% of Yaowang Network for 1.77 billion yuan through a combination of cash and stock, facilitating its entry into the live e-commerce sector and rebranding as "Yaowang Technology" in 2022 [2] - The divestiture of the shoe business is viewed as a cleanup of assets in the "post-shell era," following the completion of the reverse merger process years prior [2] - Yaowang Technology has three joint ventures established in 2019 that are major clients, with accounts receivable totaling 626 million yuan by the end of 2023, raising concerns about potential inflated receivables and profit transfer to related parties [2] Performance and Valuation Concerns - The valuation of Saturday Shoe Industry in the current transaction reflects a 130.89% increase, which is notable for a company that has been consistently losing money [3] - Yaowang Network met its performance commitments during the acquisition period, but post-commitment, the company's overall performance has significantly declined, with four consecutive years of losses from 2021 to 2024 [4][5] - The initial market enthusiasm did not translate into sustainable business success, as the two business segments operated independently and negatively impacted each other [5] Future Outlook and Challenges - The sale of Saturday Shoe Industry is expected to optimize the company's asset structure and reduce financial pressure, with the transaction potentially alleviating some immediate financial burdens [6] - However, the fundamental issues facing the company remain unresolved, as the live e-commerce sector matures and competition intensifies, leading to rising platform traffic costs [7] - As of Q3 2025, the company reported revenues of 2.613 billion yuan, a year-on-year decline of 34.65%, and a net loss of 415 million yuan, with its stock price plummeting from a historical high of 36.56 yuan to around 6 yuan, resulting in a market value loss exceeding 20 billion yuan [8]

今年黑五网一促销季，美国市场线上销售增速高于线下。 "黑五"（即感恩节后开始的大促旺季）作为欧美市场最重要的促销节点，也是出海机构和商家一年中最重要的爆发期。 今年黑五，线上增速远超线下，为直播带货出海带来了机遇。另一方面，增长不及预期的中小商家在失利后迅速调整了明年的计划，部分商家甚至计划"回 流"。 内容平台影响力上升 整体看，今年黑五网一促销季，美国市场线上销售增速高于线下。 根据万事达卡 SpendingPulse的分析，11月28日黑五当天，美国零售额（不包括汽车）比 2024 年黑色星期五增长了 4.1%。其中，实体店零售额同比增长了 1.7%，电子商务零售额增长了10.4%，因为消费者越来越重视速度和便利性。 Adobe 发布的数据显示，12月1日网一（黑色星期五之后的第一个星期一，是黑色星期五的延续）当天，美国消费者在线消费总额达142.5亿美元，同比增长 7.1%，高于此前预测的142亿美元。 在出海机构看来，在美国市场发展直播带货与在国内发展有着明显不同，需要机构更加本地化。例如在品类上，国内双11和618的直播间大多销售大牌美妆 和家电等产品。在海外，品牌商品并非主力军，偏白牌或者品牌效 ...

Core Insights - The article discusses the current state and changes in the live-streaming e-commerce industry in Hangzhou, often referred to as the "first city of live-streaming e-commerce" in China, highlighting both growth and structural shifts within the industry [1][2]. Industry Overview - Hangzhou has 32 major live-streaming platforms and nearly 50,000 streamers, with over 10,000 registered live-streaming related companies, contributing to over 1 million jobs [1]. - In the first half of 2025, the top MCN (Multi-Channel Network) institutions in Hangzhou reported total revenue of 5.993 billion yuan, a year-on-year increase of over 17%, with a total profit of 362 million yuan [1]. Structural Changes - There is a shift in the streamer structure, with more streamers moving from independent IP creation to store broadcasting, indicating the industry is maturing [2][3]. - Despite concerns about a mass exodus of streamers from Hangzhou, the net influx of streamers is still on the rise [3]. Market Dynamics - The live-streaming e-commerce market in China is approaching 40% of the national online retail sales, with the number of professional streamers increasing by 150% year-on-year [3]. - The industry is currently in a "blooming" phase, with a richer variety of vertical categories emerging [3][4]. Consumer Behavior - There is a notable shift towards rational consumption and high-cost performance, with consumers becoming more selective and less impulsive in their purchasing decisions [8]. - The types of products being sold through live-streaming are evolving from low-cost, standardized items to high-quality, personalized offerings [8]. Challenges and Innovations - MCN institutions face challenges due to rising traffic costs, necessitating a focus on content innovation and diversified operations to maintain profitability [7]. - The impact of AI digital humans on live-streaming is currently minimal, as consumer engagement relies heavily on the emotional connection with real streamers [6]. Future Outlook - The live-streaming e-commerce industry is entering a deep cultivation phase, requiring clear and reliable standardized processes for sustainable growth [9]. - The industry is moving away from the perception of being a "quick money" sector, focusing instead on rapid content innovation and product iteration [9].

Core Viewpoint - Recently, the company announced plans to transfer 100% equity of its wholly-owned subsidiary, Foshan Saturday Footwear Co., Ltd. (referred to as "Saturday"), at a minimum listing price of 453 million yuan, aiming to focus on the development of its digital marketing business [2][3]. Group 1: Business Strategy and Financial Performance - The sale of Saturday is part of the company's strategy to concentrate on digital marketing, as the footwear business has faced significant operational pressure due to declining revenues and ongoing losses [2][4]. - The company has been attempting to divest its footwear business since 2022, but previous attempts were halted due to a lack of transaction conditions [3]. - The footwear business, which was once a core part of the company, has seen a drastic decline in performance, with the company reporting losses of 263 million yuan in 2022, 1.05 billion yuan in 2023, and an expected 1 billion yuan in 2024 [4]. Group 2: Historical Context and Transition - Saturday, established in 2002 and listed in 2009, was known as the "first A-share women's shoe stock" and attempted to pivot towards internet business after poor performance in its core footwear segment [3]. - The acquisition of Hangzhou Yaowang Network in December 2018 marked a significant shift towards live-streaming e-commerce, leading to a turnaround in profitability, with net profits of 4.477 million yuan in 2018 and 151 million yuan in 2019 [3]. - By 2022, internet advertising accounted for 91.64% of the company's revenue, while the footwear segment contributed only 8.15% [3]. Group 3: Future Outlook - The company anticipates that the successful sale of Saturday will significantly improve its profit situation, optimize its industrial structure, and enhance operational efficiency [4]. - The management has expressed that the transaction will lower the company's asset-liability ratio, improve cash flow, and ultimately increase shareholder returns [4].

Core Viewpoint - The company, Yaowang Technology, plans to sell its wholly-owned subsidiary, Foshan Saturday Shoe Industry Co., Ltd., to optimize its industrial structure and focus on digital marketing business development [1] Group 1: Business Strategy - The company aims to transfer 100% equity of Foshan Saturday Shoe Industry with a minimum listing price of 45,264.59 million yuan [1] - The decision to sell is driven by significant revenue decline and ongoing losses in the shoe business, which have created operational pressure [1] Group 2: Financial Impact - The transaction is expected to optimize the company's asset allocation and reduce the asset-liability ratio [1] - It aims to improve operating cash flow, lower financial costs, and enhance operational quality and efficiency [1] - The sale is anticipated to strengthen the company's sustainable profitability, development capability, and core competitiveness, ultimately increasing shareholder returns [1]

新京报贝壳财经讯 12月2日，遥望科技公告，公司拟在广东股权交易中心股份有限公司以挂牌方式转让 持有的全资子公司星期六鞋业100%股权，首次挂牌转让底价不低于4.53亿元。 ...

Group 1 - The company intends to transfer 100% equity of its wholly-owned subsidiary, Foshan Saturday Shoes Co., Ltd., through a public listing at a minimum price of 452.6459 million yuan [2][6] - The transaction does not constitute a major asset restructuring as defined by relevant regulations [2][6] - The transfer process is subject to shareholder approval and the final transaction price will depend on the interested buyers [4][6] Group 2 - The company plans to conduct an internal restructuring by converting debts into equity and transferring assets to facilitate the sale of its shoe sales business [5][11] - The assets to be transferred include inventory and receivables from related subsidiaries, with a total book value of 91.0596 million yuan [10][11] - The restructuring aims to improve the financial health of the subsidiary and increase its valuation prior to the sale [11] Group 3 - The valuation of Saturday Shoes Co., Ltd. was assessed at 452.6459 million yuan, reflecting an increase of 256.6045 million yuan or 130.89% compared to its book value [12][13] - The assessment was conducted using the asset-based approach, assuming the company operates as a going concern [13] - The ownership rights of the subsidiary are clear, with no encumbrances or legal disputes affecting the transfer [15] Group 4 - The company aims to optimize its business structure by divesting from the shoe sales segment and focusing on digital marketing [17] - This divestiture is expected to reduce the company's asset-liability ratio, improve cash flow, and enhance overall operational efficiency [17] - The transaction is anticipated to create more value for shareholders by improving profitability and competitive strength [17]

Core Viewpoint - The company aims to enhance its operational strategy by divesting its footwear sales business to focus on digital marketing-related activities [1][2] Group 1: Business Strategy - The company plans to sell its footwear sales business as part of its strategic shift towards digital marketing [1] - An internal restructuring will be implemented, involving a debt-to-equity swap to increase capital in its wholly-owned subsidiaries, including Foshan Saturday E-commerce Co., Ltd. and Shanghai Taoqu E-commerce Co., Ltd. [1] Group 2: Asset Transfer - The company intends to transfer assets to Saturday Footwear Co., Ltd. as part of the capital increase, which includes inventory from the footwear business and equity stakes in its subsidiaries [1] - The assets also include accounts receivable and equity stakes in Hangzhou Hongzhen Commercial Co., Ltd., Hangzhou Xinyi Commercial Co., Ltd., and Hangzhou Honghua Commercial Co., Ltd. [1] Group 3: Valuation and Sale Process - The company plans to transfer 100% equity of Saturday Footwear Co., Ltd. through a public listing on the Guangdong Equity Exchange [2] - As of the valuation date of August 31, 2025, the total equity value of Saturday Footwear Co., Ltd. is assessed at 452.6459 million yuan [2] - The initial listing price for the equity transfer is set at 452.6459 million yuan, based on the assessed value [2]

为配合公司筹划的转让鞋类销售业务事项，公司计划先实施内部重组，拟以债转股及划转资产方式向全 资子公司佛山星期六鞋业有限公司（简称"星期六鞋业"）进行增资。公司拟以债转股方式对星期六鞋业 进行增资，即以公司持有的对星期六鞋业截至2025年8月31日的44,519.42万元债权转为对星期六鞋业的 股权投资（实际金额以增资当日债权金额为准）。公司拟以划转鞋类业务相关资产方式对星期六鞋业进 行增资，具体划入资产包括但不限于：上市公司鞋类业务存货；上市公司持有的佛山星期六电子商务有 限公司（简称"佛山电商"）及上海淘趣电子商务有限公司（简称"上海淘趣"）的股权；上市公司持有的 对杭州宏臻商业有限公司（简称"杭州宏臻"）、杭州欣逸商业有限公司（简称"杭州欣逸"）、杭州泓华 商业有限公司（简称"杭州泓华"）的应收账款和股权等。划转资产截至2025年8月31日的账面价值为 9,105.96万元（实际金额以增资当日资产的账面价值为准）。本次增资金额合计53,625.38万元（实际金 额以增资当日资产的账面价值为准），且增资金额全部计入资本公积（资本溢价）。本次增资完成后， 星期六鞋业的注册资本保持不变，仍为1,000万元，公司 ...

格隆汇12月2日丨遥望科技(002291.SZ)公布，近年来，广东遥望科技集团股份有限公司鞋履业务继续拓 展品牌联营联销业务规模，并继续缩减线下自营渠道，然而新业务拓展尚未能完全化解转型过程带来的 经营压力，公司鞋类业务收入大幅下降并持续出现亏损，对公司的经营业绩带来了较大压力，同时公司 为进一步推进公司经营战略，聚焦数字营销相关业务发展，拟将鞋类销售相关业务进行出售。 为配合公司筹划的转让鞋类销售业务事项，公司计划先实施内部重组，拟以债转股及划转资产方式向全 资子公司佛山星期六鞋业有限公司（简称"星期六鞋业"）进行增资。公司拟以债转股方式对星期六鞋业 进行增资，即以公司持有的对星期六鞋业截至2025年8月31日的44,519.42万元债权转为对星期六鞋业的 股权投资（实际金额以增资当日债权金额为准）。公司拟以划转鞋类业务相关资产方式对星期六鞋业进 行增资，具体划入资产包括但不限于：上市公司鞋类业务存货；上市公司持有的佛山星期六电子商务有 限公司（简称"佛山电商"）及上海淘趣电子商务有限公司（简称"上海淘趣"）的股权；上市公司持有的 对杭州宏臻商业有限公司（简称"杭州宏臻"）、杭州欣逸商业有限公司（简称"杭州 ...