格隆汇9月11日｜开源证券研报指出， 赛维时代发布股权激励计划，关注后续经营趋势改善。拟向共计 329名激励对象授予403.5万份股票，约占公司股本总额的1.00%。考虑公司服饰品牌影响力和市场份额 的持续提升，非服饰业务经营持续改善，库存去化顺利，维持"买入"评级。公司制定本次股权激励计划 旨在健全公司长效激励机制，吸引和留住优秀人才，充分调动核心团队积极性。激励对象范围包括公司 董事、高级管理人员等共计329人。以2024年净利润为基数，2025-2027年业绩考核目标增速为 70%/155%/215%。此外，公司基于全链路数字化底层，驱动品牌矩阵战略的发展，提升业务扩张的效 率。 ...

Group 1 - The core point of the article is that Saiwei Times reported on September 10 that as of August 29, 2025, the total number of shareholders is 16,284 [2]

Market Overview - On September 10, the internet e-commerce sector declined by 0.19% compared to the previous trading day, with Kuaijingtong leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Notable gainers included: - Liren Lizhuang (605136) with a closing price of 10.90, up 3.81% and a trading volume of 645,800 shares, totaling 709 million yuan [1] - Nanji E-commerce (002127) closed at 3.79, up 1.34% with a trading volume of 594,800 shares, totaling 225 million yuan [1] - Notable decliners included: - Kuaijingtong (002640) closed at 5.67, down 1.90% with a trading volume of 1,695,200 shares, totaling 958 million yuan [2] - Yiwang Yichuang (300792) closed at 32.22, down 1.56% with a trading volume of 209,900 shares, totaling 686 million yuan [2] Capital Flow Analysis - The internet e-commerce sector experienced a net outflow of 246 million yuan from institutional investors, while retail investors saw a net inflow of 283 million yuan [2] - The capital flow for individual stocks showed: - Liren Lizhuang had a net inflow of 38.28 million yuan from institutional investors, but a net outflow of 43.85 million yuan from retail investors [3] - ST Yigou (002024) had a net inflow of 2.85 million yuan from institutional investors and a net inflow of 394,000 yuan from retail investors [3]

商贸零售/互联网电商 赛维时代（301381.SZ） 公司发布股权激励计划，关注后续经营趋势改善 2025 年 09 月 10 日 投资评级：买入（维持） | 日期 | 2025/9/9 | | --- | --- | | 当前股价(元) | 24.58 | | 一年最高最低(元) | 32.80/16.49 | | 总市值(亿元) | 99.17 | | 流通市值(亿元) | 48.01 | | 总股本(亿股) | 4.03 | | 流通股本(亿股) | 1.95 | | 近 3 个月换手率(%) | 198.41 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-09 2025-01 2025-05 赛维时代 沪深300 相关研究报告 《库存因素短期拖累利润，服饰品类 增长维持靓丽—公司信息更新报告》 -2025.4.29 | 黄泽鹏（分析师） | 吕明（分析师） | 姚慕宇（联系人） | | --- | --- | --- | | huangzepeng@kysec.cn | lvming@kysec.cn | yaomuyu@kysec.cn | | 证书编号 ...

东方证券股份有限公司 关于赛维时代科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：东方证券股份有限公司 | 被保荐公司简称：赛维时代 | | --- | --- | | 保荐代表人姓名：周洋 | 联系电话：021-23153888 | | 保荐代表人姓名：赖学国 | 联系电话：021-23153888 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制度、 | 是 | | 内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 次 1 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 ...

公司近况 3、看好Q3 服饰增长及非服饰减亏下的经营改善趋势，公司作为跨境电商服饰品牌龙头中长期空间广 阔。我们认为，1）短期看：随品牌心智提升、新品加速爬坡及供应链效率优化，公司服饰业务有望在 营收持续快增的同时，积极获取品牌溢价及小单快反生产优势，实现盈利提升；非服饰业务中，随跑步 机、电助力车等品类库存持续去化，Q3 起非服饰对盈利能力拖累有望趋于减弱，公司整体经营改善可 期；2）中长期看：公司以东南亚产能建设、终端调价等积极应对全球贸易冲击，品牌矩阵培育、平台 扩展、地区扩张等护航中长期成长。 盈利预测与估值 评论 1、2025-27 年目标值收入或归母净利润CAGR不低于25%和47%，彰显管理层信心。公司本次股权激励 考核收入或利润增长，以2024 年为基数，2025-27 年营业收入目标增速不低于25%、55%、95%，对应 2025-27 年营收CAGR25%；或归母净利润目标增速不低于70%、155%、215%，对应2025-27 年归母净 利润CAGR 47%。我们认为，本次公司激励计划目标值设立积极，彰显管理层对公司快速成长信心。 2、激励覆盖范围广且力度较大，有望调动核心人员积极性。公 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301381 | 赛维时代 | 24.73 | 11.10% | 28.04万 | 7.05亿 | | 603613 | 国联股份 | 31.57 | 10.00% | 40.08万 | 12.38亿 | | 301110 | 育不科技 | 65.30 | 4.48% | 3.86万 | 2.47亿 | | 002315 | 焦点科技 | 49.34 | 3.11% | - 10.38万 | 5.10亿 | | 300464 | 星徽股份 | 5.72 | 2.33% | 11.68万 | 6639.71万 | | 300592 | 华凯易佰 | 11.64 | 1.93% | 8.15万 | 9435.81万 | | 600539 | 狮头股份 | 10.77 | 1.60% | 6.55万 | 7020.42万 | | 600365 | ST通葡 | 3.30 | 1.54% | 7.15万 | 2340.37万 | | 605136 | 丽人 ...

Group 1 - The company announced an incentive plan that involves granting 403.46 million restricted stocks to 329 individuals, representing 1% of the company's total share capital at the time of the announcement [1] - The grant price for the restricted stocks is set at 11.03 yuan per share, with a validity period of up to 60 months from the date of the initial grant [1] - For the first half of 2025, the company's revenue composition is as follows: 92.32% from cross-border e-commerce, 6.53% from logistics services, and 1.16% from other sources [1] Group 2 - The company's market capitalization is currently 9 billion yuan [2]

Core Viewpoint - The company is proposing a 2025 restricted stock incentive plan aimed at enhancing talent retention and competitiveness in the industry, particularly by including foreign employees as part of the incentive program [2][3][4] Group 1: Eligibility and Compliance - The company has confirmed its eligibility to implement the stock incentive plan, adhering to relevant laws and regulations, including the Company Law and Securities Law [2][4] - The plan excludes individuals who have been deemed inappropriate candidates by the stock exchange or the China Securities Regulatory Commission (CSRC) within the last 12 months [2] - The incentive plan's design and approval process comply with the necessary legal frameworks, ensuring no infringement on the interests of the company and its shareholders [4] Group 2: Incentive Targets - The incentive plan includes key personnel such as Chen Xiaolan, who is a company director and holds over 5% of the company's shares, highlighting her significant role in management [3] - The plan does not include independent directors or other major shareholders, ensuring a focus on operational management rather than ownership interests [3] - The company will publicly disclose the names and positions of the incentive targets at least 10 days prior to the shareholders' meeting [3] Group 3: Plan Approval and Implementation - The implementation of the incentive plan is contingent upon approval from the shareholders' meeting, emphasizing the need for corporate governance [4] - The plan aims to align the interests of management and shareholders, thereby enhancing operational efficiency and supporting sustainable development [4]

Group 1 - The board of directors of Saiwei Times Technology Co., Ltd. held its fifth meeting of the fourth session on September 5, 2025, with all nine directors present, confirming compliance with relevant laws and regulations [1] - The board approved the draft of the 2025 Restricted Stock Incentive Plan to attract and retain talent while aligning the interests of shareholders, the company, and core teams [1][2] - The voting results for the incentive plan showed 7 votes in favor, 0 against, and 0 abstentions, with 2 directors abstaining due to their involvement as incentive recipients [2][4] Group 2 - The board proposed to authorize the board to manage various aspects of the 2025 Restricted Stock Incentive Plan, including determining the grant date and adjusting the grant price in case of capital changes [3][4] - The board will also be responsible for confirming the eligibility and quantity of restricted stocks for the incentive recipients and managing the overall implementation of the plan [3][4] - A special resolution will be submitted to the third extraordinary general meeting of shareholders scheduled for September 22, 2025, to approve the incentive plan [4][5]