证券代码：301381 证券简称：赛维时代 公告编号：2025-023 赛维时代科技股份有限公司 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。 特别提示： 1.本次股东大会未出现否决议案的情形； 2.本次股东大会不涉及变更以往股东大会已通过的决议； 3.本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 1.股东大会届次：2024 年年度股东大会 2.股东大会的召集人：赛维时代科技股份有限公司（以下简称"公司"）董 事会 3.会议召开的合法、合规性：经公司第三届董事会第二十四次会议审议通过， 决定召开公司 2024 年年度股东大会，召集程序符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 4.会议召开的日期、时间： （1）现场会议召开时间：2025 年 5 月 19 日（星期一）下午 15:00 （2）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 19 日上午 9:15-9:25、9:30-11:30 和下午 13:00-15:00； 通 ...

Core Viewpoint - The recent financial report of Saiwei Times (301381) indicates a significant increase in revenue but a notable decline in net profit, prompting the company to reassess its non-apparel categories and optimize marketing strategies for better efficiency [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 2.458 billion yuan, representing a year-on-year growth of 36.65% [2]. - The net profit attributable to shareholders was 47.0261 million yuan, showing a year-on-year decline of 45.35% [2]. - The net profit after deducting non-recurring gains and losses was 40.5473 million yuan, down 42.32% year-on-year [2]. Business Strategy - The company plans to conduct a systematic evaluation of its non-apparel categories due to severe losses caused by market demand fluctuations and intensified competition [2]. - In 2024, sales expenses increased by 37.56% as the company intensified marketing efforts to enhance market share [2]. - The company aims to optimize its marketing strategy in 2025 by leveraging previous promotional results and utilizing data analysis to improve targeting and resource allocation [2]. Cost Management - Management expenses rose by 34.85% in 2024 due to business expansion and the implementation of an employee stock incentive plan [3]. - The increase in management expenses is significantly lower than revenue growth, indicating effective cost control [3]. - The company plans to dynamically adjust personnel configurations based on business line developments and strengthen cost management [3]. Market Expansion - Saiwei Times has achieved remarkable success in the European market, with its apparel business doubling in growth in 2024 [3]. - The company intends to continue investing in the European market while leveraging successful brands from North America to strengthen its market position [3]. Brand Incubation - The company has successfully incubated two brands with annual sales exceeding one billion yuan and several others with sales over 100 million yuan [4]. - It has established strong competitive barriers in product development, procurement, production, and logistics, enhancing selection accuracy and reducing inventory risks [4]. - Future plans include empowering new brand incubation with foundational capabilities and operational experience to increase market share and brand premium in niche areas [4]. Supply Chain Development - Saiwei Times is actively advancing its overseas supply chain, with a factory in Vietnam already operational [4]. - The company aims to enhance production capacity utilization and gradually shift core style production to its overseas supply chain [4]. - This supply chain strategy is expected to improve stability and flexibility, supporting sustainable growth in a complex trade environment [5].

Group 1 - The reduction of tariffs between China and the U.S. is expected to benefit both producers and consumers, enhancing trade relations and contributing positively to the global economy [1] - The A-share market reacted positively to the easing of the tariff conflict, with the Wind Shipping Index rising by 3.82%, marking the highest increase among industry indices [2][4] - Several shipping and port stocks experienced significant gains, with companies like China National Offshore Oil Corporation (CNOOC) and Nanjing Port hitting their daily price limits [4] Group 2 - The adjustment of tariffs includes a reduction from 34% to 10% on certain goods, with a 90-day suspension of an additional 24% tariff, effective from May 14 [3] - The shipping sector is expected to see a surge in demand, with a 90-day window for expedited shipping anticipated, leading to a continuous rise in shipping stocks [4] - The main futures contract for the European shipping index surged over 15%, reaching above 1700 points, indicating a significant market response [5] Group 3 - Companies are closely monitoring the dynamic changes in tariff policies and adjusting their strategies accordingly to ensure stable business operations [6][8] - Some companies, like Daya Co., are enhancing their global production capacity and establishing subsidiaries in various countries to mitigate the impact of tariff fluctuations [8] - Companies are also exploring new markets and diversifying trade to reduce reliance on the U.S. market, as seen in the strategies of Miao Exhibition [9]

A股出海概念延续近期强势，服装、家居方向领涨，盛泰集团、皮阿诺、华纺股份、浙江正特、迎丰股 份涨停，美之高、太湖雪双双涨超20%，恒泰照明、有棵树、致欧科技、赛维时代涨超10%。 ...

Core Viewpoint - The overseas concept continues to show strong performance, particularly in the apparel and home furnishing sectors, with several stocks reaching their daily limit up [1] Group 1: Stock Performance - Sheng Tai Group, Pi'ano, Huafang Co., Zhejiang Zhengte, and Yingfeng Co. all hit the daily limit up [1] - Meizhi Gao and Taihu Xue both surged over 20% [1] - Hengtai Lighting, Youkeshu, Zhiou Technology, and Saiwei Times all increased by more than 10% [1]

Core Insights - The company reported significant revenue growth in both the 2024 annual report and Q1 2025, with total revenue exceeding 10 billion yuan for the first time, but faced challenges with declining net profit and rising sales expenses [1][6] Revenue Performance - In 2024, the company achieved total revenue of 10.275 billion yuan, a year-on-year increase of 56.55% [1] - For Q1 2025, revenue was 2.458 billion yuan, up 36.65% from 1.799 billion yuan in the same period last year [1] Profitability Challenges - Net profit for 2024 was 214 million yuan, down 36.19% year-on-year, while the non-recurring net profit decreased by 41.30% to 181 million yuan [1] - In Q1 2025, net profit fell by 45.35% compared to the previous year [1] Expense Analysis - Sales expenses in 2024 reached 939 million yuan, a 37.56% increase from 683 million yuan the previous year, driven by revenue growth, marketing strategy optimization, and rising promotional costs [1][2] - Management expenses also rose by 34.85% to 50.3036 million yuan, primarily due to increased employee numbers and new share-based payment expenses [2] Brand and Product Performance - The company has successfully expanded its brand matrix, with notable sales growth in its clothing and accessories category, generating 7.447 billion yuan in revenue, a 59.43% increase [3] - Non-apparel categories faced significant pressure, with revenue of 2.324 billion yuan, a 33.85% increase, but still struggling with high inventory and price competition [4] Market and Channel Insights - North America remains the primary market, accounting for 88.08% of total revenue, while Europe showed significant growth with a 40.87% increase, now representing 6.88% of total revenue [5] - Amazon is the main sales channel, contributing 82.08% of revenue, followed by Walmart and self-operated websites [5][6] - The company plans to continue exploring various sales channels and adjust its regional strategies based on market conditions [6]

Core Insights - The company's core brand performance is strong, and sales in Europe have stabilized, indicating expectations for future performance recovery [1] Financial Performance - The company maintains a "buy" rating, adjusting the EPS forecast for 2025-26 to 0.82/1.06 yuan from the previous 0.89/1.28 yuan, with growth rates of 53% and 29% respectively, and a forecast EPS of 1.34 yuan for 2027, representing a 27% growth [2] - The 2024 financial summary shows revenue of 10.28 billion yuan, a 56.6% increase, with a net profit of 214 million yuan, down 36.2%, and a non-recurring net profit of 181 million yuan, down 41.3% [2] - The company plans to distribute a dividend of 120 million yuan, with a payout ratio of approximately 56% [2] - Quarterly revenue growth rates for 2024 were 44.7%, 55.5%, 63.9%, and 58.7%, while net profit growth rates were 65.6%, 52%, -156%, and -83.5% [2] - The gross margin was 43.8%, down 2.1 percentage points, with apparel and accessories at 47%, down 2.23 percentage points, and non-apparel at 37.9%, down 0.21 percentage points [2] Brand and Market Performance - The apparel and accessories segment generated revenue of 7.45 billion yuan, up 59.4%, accounting for 72.8% of total revenue, while non-apparel revenue was 2.32 billion yuan, up 33.9%, accounting for 22.7% [3] - The logistics service segment saw revenue of 455 million yuan, a significant increase of 261% [3] - Core brands Coofandy and Ekouaer achieved sales of 2.19 billion yuan and 2.08 billion yuan, with growth rates of 50.4% and 61.9% respectively [3] - North America generated revenue of 9.01 billion yuan, up 53.4%, while Europe saw revenue of 700 million yuan, up 40.9%, reversing a downward trend from the previous two years [3] - Amazon accounted for 8.39 billion yuan in revenue, up 45.6%, representing 82.1% of total revenue, with Walmart and self-operated websites contributing 3.77% and 2.89% respectively [3] Recent Quarterly Performance - In Q1 2025, revenue reached 2.46 billion yuan, a 36.7% increase, while net profit was 47 million yuan, down 45.4%, and non-recurring net profit was 41 million yuan, down 42.3% [4] - The gross margin for Q1 2025 was 43.9%, down 3.28 percentage points, with a net profit margin of 1.91%, down 2.87 percentage points [4] - The quarterly net profit margin showed a recovery trend, increasing from -1.53% in Q3 2024 to 0.54% in Q4 2024, and further to 1.91% in Q1 2025 [4]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported impressive revenue growth, with total revenue for 2024 reaching 10.28 billion yuan, a year-on-year increase of 56.5%, while net profit declined by 36.2% to 214 million yuan due to increased promotional expenses and competition in the e-commerce sector [6][7] - The company is a technology-driven cross-border e-commerce entity, focusing on a fully digitalized supply chain and agile organizational capabilities to enhance brand strategy [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 10,275 million yuan - 2025E: 13,107 million yuan (27.6% YoY growth) - 2026E: 15,844 million yuan (20.9% YoY growth) - 2027E: 18,903 million yuan (19.3% YoY growth) [5] - Net profit forecasts are: - 2025E: 307 million yuan - 2026E: 419 million yuan - 2027E: 572 million yuan [5] - The company’s gross margin for 2024 was 43.8%, down 2.1 percentage points from the previous year [12] Business Performance - The apparel segment generated 74.5 billion yuan in revenue for 2024, accounting for 72.8% of total revenue, with a growth rate of 59.4% [6] - The company has ten brands with annual sales exceeding 100 million yuan, with notable performances from brands like Coofandy and Ekouaer [6] - Amazon remains the primary sales channel, contributing 82.1% of total revenue, with a 45.5% year-on-year increase [6] Market Position - North America is the main market, accounting for 88% of total revenue, with a 53% year-on-year growth [6] - The company’s stock is currently valued at a price-to-earnings ratio (PE) of 27 for 2025, with a target market value of 9.4 billion yuan, indicating a potential upside of 14% [6][14]

深圳大迈多式联运有限公司总经理孙鲁表示，深圳的跨境电商企业可以依托欧洲电商快线，为境外客户 提供更优质、便捷、高效的跨境物流服务，助力客户进一步开拓海外市场。 在物流通道升级的同时，丰富的展会也为全球商贸资源对接提供平台。 4月25日，2025深圳消费品跨境电商展览会开幕，该展会以"链接全球资源，驱动跨境未来"为主题，吸 引600余家海内外供应商、1300多家源头工厂、5万多名从业人士参加，构建起从生产端到消费端的全产 业链闭环，全面助力中国品牌通过跨境电商进行全球化布局。 支持跨境电商企业打造自有品牌、开展境内物流仓储，开通粤港澳大湾区首条中欧班列电商快线，全国 首创"跨境电商保"促进行业阳光化合规发展……近日，在美国滥施关税的影响下，深圳多部门危中寻 机、频频出招，从市场开拓、物流通道、金融服务等多维度发力，全方位助力跨境电商新兴贸易发展， 有效应对外部冲击和挑战。据统计，今年一季度深圳海关日均监管跨境电商包裹超200万票，3月以来增 长趋势更为明显。 构建全链条政策支撑体系 4月25日，深圳跨境电商头部企业之一赛维时代发布财报显示，该公司2024年营业收入首次突破百亿大 关，2025年一季度营业收入24 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to shareholders was 214 million yuan, down 36.2% [4][5] - In Q1 2025, the company achieved a revenue of 2.458 billion yuan, up 36.6%, but the net profit attributable to shareholders decreased by 45.3% to 47 million yuan [4][5] - The company is expected to continue its brand strategy and expand into non-US markets, which may enhance brand influence and market share [4][6] - Due to inventory impacts, profit forecasts for 2025-2026 have been adjusted downwards, with new profit estimates for 2027 introduced [4] Financial Performance Summary - The company’s revenue for 2024 was 10.275 billion yuan, with a gross margin of 43.8%, down 2.1 percentage points from the previous year [5][7] - The company’s inventory turnover days increased to 81 days in 2024, reflecting a slowdown in inventory turnover [5] - The revenue breakdown for 2024 shows significant growth in apparel and accessories, with revenues of 7.447 billion yuan (up 59.4%) and 2.324 billion yuan (up 33.9%) respectively [5] Future Outlook - The company aims to enhance its brand premium and market share through a robust brand incubation strategy and expansion into overseas markets [6] - The projected net profits for 2025, 2026, and 2027 are 371 million yuan, 511 million yuan, and 665 million yuan respectively, with corresponding EPS of 0.93, 1.28, and 1.66 yuan [4][7]