证券日报网讯赛维时代11月5日在互动平台回答投资者提问时表示，截至2025年10月31日，公司股东总 户数为15125户。 （文章来源：证券日报） ...

"亚马逊爆款制造机" "初代大卖"多品牌成长之路 赛维时代成立于2012年，2023年7月在深交所上市，是国家高新技术企业。公司以"让美好生活触手可 及"为使命，聚焦出口跨境电商业务，构建了集产品开发设计、品牌孵化运营、供应链整合于一体的平 台化能力。 作为跨境电商的"初代大卖"，以"华南城四少"享誉江湖的赛维时代，还有个"亚马逊爆款制造机"的名 号。最初以服饰类赛道和店群铺货的模式迅速起家。如今的赛维时代，凭借"小前端+大中台"架构和全 链路数字化运营优势，打造了强大的多品牌矩阵。 旗下男装品牌Coofandy、家居服品牌Ekouaer年销售额均突破20亿元，Halara在服装类目出海品牌中位居 前列，另有十余个过亿品牌及70多个千万级新兴品牌。在跨境电商行业竞争格局中，赛维时代已稳居头 部阵营，2024年营收率先突破百亿元大关，成为欧美市场极具影响力的中国跨境卖家。 扭亏为盈 近日，跨境电商龙头赛维时代科技股份有限公司（301381）披露2025年前三季报。作为技术驱动的出口 跨境电商标杆企业，公司前三季度交出营收利润双增、现金流增长超252%的成绩单，同时也面临毛利 率微降等行业共性挑战。 现金流方面实 ...

| 1 | | --- | | 利润表项目 | 本期发生额 | 上期发生额 | 增减比例 | 变动原因 | | --- | --- | --- | --- | --- | | 营业收入 | 8,188,419,310.39 | 6,801,651,543.61 | 20.39% | 公司整体营收增长主要是来自于在服饰配饰品 类的长期深耕,底层能力在服饰细分品类中高 度复用赋能品牌孵化和发展,保障服饰品类在 | | | | | | 较大规模基数的基础上仍能保持持续增长态 | | | | | | 势:同时,去年下半年在产品开发和营销端的 | | | | | | 大力度集中投入及本期的持续营销优化也推动 | | | | | | 了服装多个细分品类市场占有率和品牌影响力 | | | | | | 的提升 销售费用上升来自于销售收入增长、营销推广 | | 销售费用 | 2.976.743.663.36 | 2.584.768.666.08 | 15.16% | 成本上涨、品牌营销推广策略优化及平台佣金 费率下降等因素的综合影响。本期的营销策略 | | | | | | 是基于去年下半年集中推广期的资果进行更精 | | | ...

证券研究报告 | 浙商早知道 '' 报告日期：2025 年 11 月 03 日 浙商早知道 2025 年 11 月 03 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 重要观点 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 【浙商社服 宁浮洁/冯翠婷/徐紫薇】拼多多（PDD）海外市场公司深度：下沉铸基、出海筑垒——20251030 【浙商社服 宁浮洁/吴安琪】赛维时代（301381）公司深度：技术驱动品牌孵化，铸就服饰类跨境电商龙头—— 20251031 【浙商宏观 李超/潘高远】宏观专题研究：10 月 PMI：供需均有所放缓，新动能延续扩张——20251031 【浙商策略 廖静池/王大霁/李沛】A 股策略周报：上证突破但不完美，关注信号、继续均衡——20251101 1 重要推荐 1.1 【浙商社服 宁浮洁/冯翠婷/徐紫薇】拼多多（PDD）海外市场公司深度：下沉铸基、出海筑垒 ——20251030 1、社服-拼多多（PDD） 2、推荐逻辑：主站竞争压力缓解， ...

[Table_Title] 证券研究报告 / 公司点评报告 单季扭亏为盈，去库存成效显现 [Table_Summary] Q3 单季扭亏为盈但利润率环比下降，去库存持续。（1）25Q3：实现营 业收入 28.43 亿元，同比+8.33%，归母净利润 0.41 亿元，同比扭亏为盈， 归母净利率 1.43%，环比 Q2 略降，或系去库存影响；（2）25Q1-Q3：实 现营收 81.88 亿元/+20.39%，归母净利润 2.10 亿元/+7.34%，归母净利率 2.56%/-0.31pcts。 新品推介+营销效率提升驱动营收增长：我们认为，公司营收增长源于公 司长期深耕服饰配饰品类，底层能力在服饰细分品类中高度复用，赋能 品牌孵化和发展，保障服饰品类在较大规模基数的基础上仍能持续增长。 同时，公司去年下半年在产品开发和营销端的大力度集中投入及本期的 持续营销优化也推动了服装多个细分品类市场占有率和品牌影响力的提 升。25Q1-Q3 营销效率仍在持续提升，销售费用 29.77 亿元/+15.16%， 销售费用率 36.35%/-1.65pcts。 去库存进程继续。25Q1-Q3，实现经营活动产生的现金流量净额 7. ...

上 市 公 司 联系人 刘佩 (8621)23297818× liupei@swsresearch.com 10-30 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 -40% -20% 0% 20% 40% 赛维时代 沪深300指数 (收益率) 证券分析师 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 增持（维持） | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.60 | | 资产负债率% | 44.85 | | 总股本/流通 A 股（百万） | 403/195 | | 流通 B 股/H 股（百万） | -/- | 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com | 市场数据： | 2025 年 10 月 30 日 | | --- | --- | | 收盘价（元） | 23.35 | | 一年内最高/最低（元） | 31. ...

Core Insights - The company is a leading player in the cross-border apparel retail sector, focusing on brand transformation and leveraging a flexible supply chain for rapid response to market demands [1][4] - The cross-border e-commerce industry is experiencing differentiation, with brand sellers expected to emerge successfully amidst a mature market [2] - The company is advancing its brand strategy and enhancing operational management capabilities through an agile organizational structure [3] Group 1: Company Overview - The company has established itself as a top seller in the cross-border fashion sector, primarily on the Amazon platform, and is expanding into B2B and logistics services [1] - By the end of 2024, the company aims to have incubated 10 self-owned brands with revenues exceeding 100 million [1] Group 2: Industry Trends - The cross-border e-commerce sector has seen a compound annual growth rate (CAGR) of nearly 24% from 2018 to 2022, although growth has slowed due to supply pressures and international circumstances [2] - In 2022, cross-border e-commerce transactions were predominantly B2B, accounting for 68%, but B2C is gaining traction and is expected to become a new growth driver [2] Group 3: Strategic Initiatives - The company is implementing a "small front-end + large middle platform" agile organizational structure to enhance operational efficiency and focus on niche market demands [3] - Investment in system and product development is ongoing, with a focus on digitalizing the supply chain and optimizing processes to improve efficiency [3] - The company is developing a self-researched flexible supply chain system to meet the demands of fast fashion, enabling small-batch and multi-batch production [3] Group 4: Financial Projections - Revenue projections for the company are estimated at 12.7 billion, 15.5 billion, and 19.1 billion for 2025, 2026, and 2027, respectively, with a consistent growth rate of 23% [4] - Net profit forecasts for the same years are 340 million, 540 million, and 680 million, reflecting growth rates of 59%, 58%, and 26% [4] - The current market valuation corresponds to a price-to-earnings ratio (PE) of 28, 18, and 14 for 2025, 2026, and 2027, respectively, with a "buy" rating assigned [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company is a leading player in the cross-border apparel retail sector, transitioning from a broad product distribution model to a brand-focused strategy. It has successfully incubated 10 self-owned brands with over 100 million in revenue by the end of 2024 [1][4]. - The cross-border e-commerce industry is experiencing differentiation, with brand-oriented sellers expected to break through amidst a mature market. The industry has seen a compound annual growth rate (CAGR) of nearly 24% from 2018 to 2022, despite a slowdown in growth due to supply pressures and international circumstances [2]. - The company is enhancing its operational management capabilities through a brand-focused strategy and agile organizational structure, which includes a small front-end and a large middle platform to support agile teams [3]. Summary by Sections 1. Brand Transformation and Growth - The company has seen significant revenue growth, with sales increasing from 5.3 billion to 10.3 billion from 2020 to 2024, achieving a CAGR of 18%. The brand transformation has led to a notable increase in market share and brand recognition [20][21]. - The core business of apparel and accessories is growing rapidly, with projected revenue growth rates of 59% for apparel and 34% for non-apparel categories in 2024 [22]. 2. Industry Environment and Trends - The cross-border e-commerce market in China has expanded from 2.8 trillion yuan in 2018 to 6.6 trillion yuan in 2022, with a forecasted growth to 10.4 trillion yuan by 2025 [36][37]. - The B2B model dominates the cross-border e-commerce landscape, accounting for nearly 70% of the market, while B2C is gaining traction and is expected to continue growing due to changing consumer behaviors [38]. 3. Operational Efficiency and Digitalization - The company is implementing a fully digitalized supply chain and flexible production system, which enhances operational efficiency and supports the rapid production of small batches [3][29]. - The organization is structured to support agile teams focused on specific consumer needs, backed by a robust digital management and assessment mechanism [3]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 12.7 billion, 15.5 billion, and 19.1 billion yuan in 2025, 2026, and 2027, respectively, with a consistent growth rate of 23% [4][10]. - The net profit attributable to the parent company is expected to reach 3.4 billion, 5.4 billion, and 6.8 billion yuan in the same years, reflecting growth rates of 59%, 58%, and 26% [4][10].

Core Viewpoint - The company has successfully acquired a piece of land in Longgang District, Shenzhen, for the purpose of developing a global innovation and digital operation center, aligning with its overall development strategy [1] Group 1: Land Acquisition Details - The company won the state-owned land use rights for a total price of 154 million yuan [1] - The land area is 26,863.91 square meters, designated for new industrial and transportation facilities [1] - Payment for the land will be made in two installments of 77 million yuan each, due by November 12, 2025, and October 22, 2026 [1] Group 2: Strategic Implications - The acquisition supports the construction of the global innovation and digital operation center project, which is essential for the company's future operational needs [1] - The move is in line with the company's overall development strategy and is not expected to significantly impact its financial status or operational results [1]

证券代码：301381 证券简称：赛维时代 公告编号：2025-078 赛维时代科技股份有限公司 关于拟购买土地使用权的进展公告 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，没有虚假记载、误 导性陈述或重大遗漏。 一、交易概述 赛维时代科技股份有限公司（以下简称"公司"）于 2024 年 8 月 8 日召开 第三届董事会第十九次会议，审议通过了《关于拟购买土地使用权的议案》， 为了扩大公司经营规模，公司或全资子公司拟使用自有资金或自筹资金不超过 人民币 21,000 万元（最终金额以土地招拍挂结果为准）购买土地使用权。公司 于 2025 年 10 月 13 日按照法定程序参与了深圳交易集团有限公司土地矿业权业 务分公司举办的宗地号为 G01062-0199 的国有建设用地使用权挂牌出让活动， 最终以人民币 15,400 万元竞得本次出让宗地，并与深圳交易集团有限公司土地 矿业权业务分公司签署了《成交确认书》。具体内容详见披露于巨潮资讯网 （www.cninfo.com.cn）的《关于拟购买土地使用权的公告》（2024-041）、《关 于拟购买土地使用权的进展公告》（2025-065）。 受让人： ...