Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 26.18 CNY [7]. Core Views - The company has demonstrated strong sales growth, with a revenue increase of 55.50% year-on-year for the first three quarters of 2024, reaching 6.802 billion CNY. However, the net profit attributable to the parent company decreased by 12.20% year-on-year to 195 million CNY [2]. - The company is focusing on enhancing its product development and marketing efforts, which has led to increased costs and a significant impact on profitability in the third quarter [3]. - The company is leveraging digital technology to create an agile fashion supply chain, with a strong emphasis on brand incubation and overseas logistics to improve efficiency [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 6.802 billion CNY, a year-on-year increase of 55.50%. The net profit attributable to the parent company was 195 million CNY, down 12.20% year-on-year [2]. - In Q3 2024, revenue reached 2.624 billion CNY, reflecting a year-on-year growth of 63.89%, while the net profit was -40 million CNY, a decline of 155.65% year-on-year [2]. Product and Marketing Strategy - The company has increased its product development efforts, resulting in a 57.79% year-on-year increase in revenue from apparel and accessories for the first three quarters, totaling 4.858 billion CNY [2]. - Marketing expenses have risen significantly due to intensified promotional activities and participation in events like New York Fashion Week, which has contributed to increased brand visibility [3]. Inventory and Cash Flow - As of Q3 2024, inventory surged to 2.081 billion CNY, a 159.32% increase from the beginning of the year, with inventory turnover days increasing by 33 days to 103.93 days [4]. - The company reported a negative operating cash flow of -485 million CNY for the first three quarters, primarily due to increased inventory and preparations for the peak season [2][4]. Future Outlook - The company is expected to achieve net profits of 368 million CNY, 462 million CNY, and 587 million CNY for 2024, 2025, and 2026, respectively, with corresponding growth rates of 9.6%, 25.7%, and 27.0% [4]. - The report highlights the company's strategic focus on refining operations across products, services, and channels, indicating a positive long-term growth outlook [4].

证券代码：301381 证券简称：赛维时代 公告编号：2024-061 赛维时代科技股份有限公司 持股 5%以上股东减持股份预披露公告 持股 5%以上股东共青城众腾创业投资合伙企业（有限合伙）保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有本公司股份 93,004,200 股（占本公司总股本比例 23.25%）的股东共青 城众腾创业投资合伙企业（有限合伙）（以下简称"众腾投资"）计划自本公告披 露之日起十五个交易日后的三个月内，以集中竞价和/或大宗交易方式减持本公 司股份合计不超过 8,002,000 股，占公司总股本比例不超过 2%。减持期间内，公 司如有派息、送股、资本公积金转增股本、配股、股份回购注销等股份变动事项， 拟减持股份数量、价格将相应进行调整，但减持股份占公司总股本的比例不变。 1.减持原因：自身资金需求 2.拟减持股份来源：公司首次公开发行股票前持有的股份。 3.减持方式：集中竞价和/或大宗交易方式 4.减持价格：根据市场价格确定 5.减持数量及比例：以集中竞价和/或大宗交 ...

Revenue and Profit - Revenue for the third quarter reached 2,624,173,706.25 yuan, a year-on-year increase of 63.89%[3] - Net profit attributable to shareholders of the listed company was -40,179,789.07 yuan, a year-on-year decrease of 155.65%[3] - Total operating revenue for the first three quarters of 2024 reached 6.802 billion yuan, a year-on-year increase of 55.50%[16] - Net profit attributable to shareholders of the listed company for the first three quarters of 2024 was 195 million yuan, a year-on-year decrease of 12.20%[16] - Total revenue for the current period reached 6,801,651,543.61 RMB, compared to 4,374,179,393.78 RMB in the same period last year, representing a growth of approximately 55.5%[22] - Net profit for the quarter was RMB 195.41 million, a decrease from RMB 222.55 million in the same period last year[23] - Net profit margin for the current period was approximately 3.7%, calculated based on total revenue and operating costs[22] Assets and Liabilities - Total assets as of the end of the reporting period were 4,982,777,373.51 yuan, an increase of 37.53% compared to the end of the previous year[3] - Total liabilities increased to 2,566,315,868.99 RMB from 1,208,714,398.19 RMB in the same period last year, a significant rise of approximately 112.3%[20] - Total equity remained relatively stable at 2,416,461,504.52 RMB, compared to 2,414,426,646.46 RMB in the same period last year[21] - The company's total assets increased to 4,982,777,373.51 RMB from 3,623,141,044.65 RMB in the same period last year, representing a growth of approximately 37.5%[21] - Total assets at the end of the period were 4,982,777,373.51 yuan, compared to 3,623,141,044.65 yuan at the beginning of the period[19] Inventory and Sales - Inventory increased by 159.32% to 2,081,070,618.75 yuan, mainly due to increased sales volume and new product development[7] - The apparel and accessories category saw a 57.79% year-on-year growth, contributing significantly to overall revenue growth[8] - Revenue from apparel and accessories category for the first three quarters of 2024 was 4.858 billion yuan, a year-on-year increase of 57.79%[16] - Revenue from non-apparel accessories category for the first three quarters of 2024 was 1.636 billion yuan, a year-on-year increase of 37.66%[16] - Inventory at the end of the period was 2,081,070,618.75 yuan, a significant increase from 802,495,867.78 yuan at the beginning of the period[19] - Sales revenue from goods and services was RMB 4.14 billion, an increase from RMB 2.74 billion in the same period last year[24] Expenses and Costs - Sales expenses rose by 66.16% to 2,584,768,666.08 yuan, driven by increased brand marketing and promotional efforts[8] - R&D expenses increased by 60.98% to 82,153,915.41 yuan, reflecting investments in new technologies and system upgrades[8] - Operating costs for the current period were 6,549,545,191.21 RMB, compared to 4,089,189,076.54 RMB in the same period last year, an increase of approximately 60.2%[22] - Sales expenses increased to 2,584,768,666.08 RMB from 1,555,548,113.84 RMB in the same period last year, a rise of approximately 66.2%[22] - R&D expenses for the current period were 82,153,915.41 RMB, up from 51,033,601.90 RMB in the same period last year, an increase of approximately 61%[22] - Payments for goods and services were RMB 3.34 billion, up from RMB 1.64 billion in the same period last year[24] - Employee compensation and benefits paid were RMB 543.41 million, an increase from RMB 361.51 million in the previous year[24] Cash Flow - Net cash flow from operating activities decreased by 242.87% to -485,301,612.37 yuan due to increased inventory for sales growth and new product development[11] - Net cash flow from investing activities increased by 109.35% to 111,484,531.77 yuan due to the redemption of financial products to meet peak inventory funding needs[11] - Net cash flow from financing activities decreased by 51.84% to 393,365,291.36 yuan due to new bank loans, discounting of bank acceptance bills, and dividend payments[11] - Operating cash flow was negative at RMB -485.30 million, compared to a positive RMB 339.68 million in the previous year[24] - Investment cash flow was positive at RMB 111.48 million, a significant improvement from RMB -1,192.92 million in the same period last year[25] - Financing cash flow was positive at RMB 393.37 million, down from RMB 816.75 million in the previous year[25] - Total cash and cash equivalents at the end of the period were RMB 721.70 million, up from RMB 671.61 million at the beginning of the period[25] - Tax refunds received were RMB 274.56 million, more than double the RMB 122.33 million received in the previous year[24] Shareholder Information - Xiamen Junteng Equity Investment Co., Ltd. holds 35.94% of the company's shares, totaling 143,812,440 shares[12] - Qingcheng Zhongteng Venture Capital Partnership holds 23.25% of the company's shares, totaling 93,004,200 shares[12] - Xiamen Junhui Equity Investment Co., Ltd. holds 15.07% of the company's shares, totaling 60,289,920 shares[12] - Xiamen Xinrui Jitai Equity Investment Partnership holds 8.84% of the company's shares, totaling 35,351,640 shares[12] - Total restricted shares at the end of the period amounted to 207,801,000 shares[15] Financial Instruments and Other Income - The fair value change of financial products resulted in a gain of 13,303,932.40 yuan, a 267.80% increase[10] - Inventory impairment provision changes led to a loss of 69,367,000.78 yuan, a 43.77% increase[10] - Subleasing of leased warehouse properties generated a gain of 11,119,427.82 yuan, a 196.32% increase[10] - Government subsidies decreased by 67.65% to 3,394,846.76 yuan, impacting other income[8] Earnings and Returns - The company's weighted average return on equity was -1.58%, a decrease of 4.98 percentage points compared to the same period last year[3] - The company's basic earnings per share were RMB 0.4884, down from RMB 0.6033 in the same period last year[23] Borrowings and Payables - Short-term borrowings surged by 550.98% to 713,794,893.11 yuan, primarily to meet funding needs during peak inventory periods[7] - Short-term borrowings at the end of the period were 713,794,893.11 yuan, a substantial increase from 109,650,118.22 yuan at the beginning of the period[19] - Accounts payable increased to 592,984,501.61 RMB from 265,391,456.91 RMB in the same period last year, a rise of approximately 123.4%[20] Monetary Funds and Receivables - Monetary funds at the end of the period were 769,258,946.62 yuan[18] - Accounts receivable at the end of the period were 342,709,919.93 yuan, an increase from 218,807,935.86 yuan at the beginning of the period[19]

证券时报e公司讯，赛维时代(301381)10月17日晚间公告，持有公司8.84%股份的股东厦门鑫瑞集泰股权 投资合伙企业（有限合伙）（简称"鑫瑞集泰"）计划通过集中竞价和/或大宗交易方式，减持公司股份 不超过1600万股，占公司总股本比例不超过4%。 ...

证券代码：301381 证券简称：赛维时代 公告编号：2024-059 赛维时代科技股份有限公司 持股 5%以上股东减持股份预披露公告 持股 5%以上股东厦门鑫瑞集泰股权投资合伙企业（有限合伙）保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有本公司股份 35,351,640 股（占本公司总股本比例 8.84%）的股东厦门鑫 瑞集泰股权投资合伙企业（有限合伙）（以下简称"鑫瑞集泰"）计划自本公告披 露之日起十五个交易日后的三个月内，以集中竞价和/或大宗交易方式减持本公 司股份合计不超过 16,000,000 股，占公司总股本比例不超过 4%。减持期间内， 公司如有派息、送股、资本公积金转增股本、配股、股份回购注销等股份变动事 项，拟减持股份数量、价格将相应进行调整，但减持股份占公司总股本的比例不 变。 公司近日收到股东鑫瑞集泰出具的《关于计划减持公司股份的告知函》，现 将相关情况公告如下: 一、股东的基本情况 2.拟减持股份来源：公司首次公开发行股票前持有的股份。 3.减持方式：集中竞价和/或 ...

证券代码：301381 证券简称：赛维时代 公告编号：2024-058 赛维时代科技股份有限公司 关于控股股东股权结构拟发生变更的提示性公告 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。 同时，陈文平先生与王园园女士签署了《一致行动协议》，一致确认并同意 王园园女士在厦门君腾经营管理及其持有的厦门君腾全部股权涉及的赛维时代 相关的所有事项上均与陈文平先生采取一致行动，双方形成一致行动关系。 本次股权转让事项尚需在市场监督管理机构办理市场主体变更登记，公司 后续将严格按照信息披露要求，及时履行相关信息披露义务。 本次股权转让完成后，公司的控股股东、实际控制人不变，控股股东仍为厦 门君腾，实际控制人仍为陈文平先生。本次控股股东股权结构变更不会导致公司 业务结构发生变化，也不会对公司的正常经营活动产生影响。 特此公告。 赛维时代科技股份有限公司 董事会 2024 年 10 月 8 日 赛维时代科技股份有限公司（以下简称"赛维时代"或"公司"）于近日收 到公司控股股东厦门君腾股权投资有限公司（以下简称"厦门君腾"）的通知，厦 门君腾股东陈文平先生近日与王园园女士协议 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage of the stock [1][3]. Core Insights - The company is positioned as a pioneer in cross-border apparel brands, leveraging China's manufacturing advantages and adapting to Amazon's platform rules to enhance brand incubation success rates [1][14]. - The company has established a rapid response mechanism to market demands, supported by a digitalized supply chain and logistics system, which has significantly improved operational efficiency [1][20]. - The growth in revenue from the company's top brands on Amazon indicates strong market demand, with notable revenue growth rates for brands like Coofandy, Ekouaer, and Avidlove [1][19]. Summary by Sections Investment Logic - The company has successfully aligned its product offerings with Amazon's selection mechanisms, focusing on affordable and stylish apparel to increase brand success rates [1][15]. - The operational efficiency has improved, with revenue per employee rising from 1.32 million RMB in 2018 to 3.88 million RMB in 2023 [1][20]. - The company has cultivated over 20 billion-level apparel and non-apparel brands, demonstrating its effective brand incubation capabilities [1][19]. Channel and Category Growth Drivers - The company has experienced significant growth on the Amazon platform, with revenue growth rates of 32.5% and 43.1% for 2023 and the first half of 2024, respectively [1][14]. - The company is expanding its product matrix and exploring new platforms like Temu and TikTok, which are expected to contribute to future growth [1][33]. Profitability Cycle Management - The company anticipates a steady increase in brand value and market share through targeted marketing investments in key product categories [2][3]. - The IPO in July 2023 raised 820 million RMB, primarily for supply chain and logistics enhancements [2][3]. Profit Forecast, Valuation, and Rating - The projected net profits for 2024-2026 are 456 million, 581 million, and 740 million RMB, reflecting growth rates of 36%, 27.3%, and 27.4% respectively [3][6]. - The current stock price corresponds to a PE ratio of 19.5, 15, and 12 for 2024-2026, with a target price set at 28.1 RMB based on a PEG ratio of 0.9 for 2024 [3][6].

东方证券股份有限公司 关于赛维时代科技股份有限公司 增加部分募投项目实施主体、实施地点及募集资金专户 的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐人"）作为赛维时代科 技股份有限公司（以下简称"赛维时代"或"公司"）的保荐人，根据《证券发行上 市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，经审慎核 查，公司首次公开发行股票募集资金投资项目（以下简称"募投项目"）中"物流仓 储升级建设项目"，拟增加全资子公司 DARWIN FASHION PRODUCTION AND SUPPLY COMPANY LIMITED（以下简称"DARWIN FASHION"）为实施主体， 并增加欧洲、美国及越南等地为实施地点。就该等事项，保荐人发表核查意见如 下： 一、公司增加部分募投项目实施主体及实施地点情况 （一）募集资金基本情况 经中国证券监督管理委员会出具的《关于同意赛维时代科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔202 ...

截至 2024 年 7 月 31 日，公司募集资金余额为人民币 52,120.14 万元（含利 息收入、理财收益并扣除手续费）。其中，存放在募集资金专项账户的金额为人 东方证券股份有限公司 关于赛维时代科技股份有限公司 使用部分闲置募集资金暂时补充流动资金 的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐人"）作为赛维时代科 技股份有限公司（以下简称"赛维时代"或"公司"）的保荐人，根据《证券发行上 市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，综合考虑 当前募集资金投资项目（以下简称"募投项目"）的实施情况，对赛维时代使用 部分闲置募集资金暂时补充流动资金的事项进行了认真、审慎的核查，核查情况 及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意赛维时代科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2023〕998 号）同意注册，并经深圳证 券交易所同意，公司首次公开发行 4,010.0 ...

证券代码：301381 证券简称：赛维时代 公告编号：2024-056 关于增加部分募投项目实施主体及实施地点 并开立募集资金专户的公告 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。 赛维时代科技股份有限公司（以下简称"公司"或"赛维时代"）于 2024 年 9 月 18 日召开了第三届董事会第二十一次会议和第三届监事会第十八次会议， 分别审议通过了《关于增加部分募投项目实施主体及实施地点并开立募集资金专 户的议案》，同意公司在募投项目实施方式、建设内容、募集资金投资用途及投 资规模不发生变更的前提下，增加部分募投项目的实施主体及实施地点并开立募 集资金专户。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》等相关规定，本次增加部分募投项目实施主体及实施地点并开立募集资金专 户事项未改变募集资金投向，在董事会审批权限内，无需提交股东大会审议。现 将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意赛维时代科技股份有限公司首 ...