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].

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'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]

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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]

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a decline in net profit, indicating challenges in profitability due to intensified competition and rising costs [1][3]. Financial Performance - In 2024, the company achieved revenue of 10.28 billion, a year-on-year increase of 56.5%, while net profit attributable to shareholders was 210 million, a decrease of 36.2% [1]. - For Q1 2025, revenue reached 2.46 billion, up 36.6%, with net profit of 47.03 million, down 45.3%, aligning with market expectations [1]. - Quarterly revenue growth for 2024 was 44.7% in Q1, 55.5% in Q2, 63.9% in Q3, and 58.7% in Q4, while net profit showed fluctuations, with a notable decline in Q4 [1]. Business Segments - The apparel segment is expected to continue rapid growth, with 2024 revenue projected at 7.45 billion, a 59.4% increase, driven by strong performance from top brands [2]. - The top five brands accounted for 81% of apparel revenue, with sales growth of 50.4%, 61.9%, and 39% for the leading brands Coofandy, Ekouaer, and Avidlove respectively [2]. - Non-apparel revenue for 2024 is expected to reach 2.32 billion, a 33.9% increase, reflecting steady growth through focused category simplification [2]. Competitive Landscape - The company faces short-term pressure on profitability due to intense competition and increased promotional efforts, leading to a decline in gross margin [3]. - The gross margin for 2024 decreased by 2.1 percentage points to 43.8%, with apparel and non-apparel margins declining by 2.2 and 0.2 percentage points respectively [3]. - In Q1 2025, the gross margin was 43.9%, showing a year-on-year decline of 3.3 percentage points but a quarter-on-quarter increase of 2.4 percentage points [3]. Strategic Outlook - The company is positioned as a leading B2C cross-border e-commerce player in apparel, focusing on brand building and market expansion in non-US regions [3]. - Inventory levels are expected to rise by 125% in 2024, which may support operations amid uncertainties regarding US tariffs [3]. - Plans include leveraging core capabilities in apparel to enhance brand growth and market share, while also expanding supply chain operations to mitigate trade risks [3]. Earnings Forecast and Valuation - Due to competitive pressures and tariff uncertainties, the net profit forecast for 2025 has been reduced by 37% to 310 million, with a new forecast for 2026 at 430 million [4]. - The current stock price corresponds to a P/E ratio of 27 and 19 for 2025 and 2026 respectively, with a target price adjustment of 20% down to 24, indicating a potential upside of 16% [4].

Key Points Summary of Saiwei Times Conference Call Company Overview - **Company**: Saiwei Times - **Year**: 2024 - **Revenue**: 10.275 billion (102.75亿元), up 56.55% year-on-year - **Net Profit**: 214 million (2.14亿元), down 36.19% year-on-year - **Q1 2025 Revenue**: 2.458 billion (24.58亿元), up 36.65% year-on-year - **Q1 2025 Net Profit**: 47 million (4,700万元), down 45.35% year-on-year - **Net Profit Margin**: Approximately 1.9% in Q1 2025, under pressure but expected to recover in Q2 2025 [2][6][21] Core Business Insights - **Apparel Segment**: Revenue reached 7.45 billion (74.5亿元), up 59.4%, accounting for 72.8% of main business revenue [2][7] - **Key Brands**: Men's brand Kofendi and homewear brand Yike both surpassed 2 billion (20亿元) in annual sales, growing 50.4% and 61.9% respectively [2][7] - **Emerging Channels**: Sales from new channels like Temu and TikTok reached 400 million (4亿元), representing 4% of main business revenue [2][8] Market Performance - **North America**: Sales grew 53%, making up 88% of main business revenue [2][7] - **Europe**: Sales increased by 40%, now accounting for 6% of revenue, reversing previous declines [2][7] - **Logistics Growth**: Logistics business sales grew 200%, with an expected annual growth rate exceeding 70% [5][22] Strategic Responses - **Tariff Management**: Implemented a tiered pricing strategy and established overseas suppliers to mitigate tariff impacts. Anticipated cost reductions from decreased shipping rates in Q2 2025 [2][9][11] - **Supply Chain Adjustments**: Increased overseas inventory to stabilize short-term sales and built relationships with quality suppliers to navigate trade uncertainties [4][15] - **Non-Apparel Business**: Plans to reduce losses through supply chain evaluation, retaining profitable categories, and inventory clearance [5][32] Future Outlook - **Profitability Goals**: Aiming for a net profit margin recovery post-Q2 2025, with expectations of a 40% growth in apparel categories [21][32] - **Logistics Expansion**: Continued focus on logistics with significant growth anticipated, leveraging past experiences to enhance customer service [17][22] - **Market Expansion**: Plans to replicate successful strategies from North America in Europe, with a focus on apparel [18][23] Additional Considerations - **Inventory Management**: Current inventory includes strategic reserves for tariff adjustments, with overseas inventory around 1.3 billion (13亿元) [25] - **Cost Management**: Anticipated gradual improvements in cost management as the new Vietnam factory stabilizes [26][27] - **Marketing Strategy**: Adjusting marketing strategies for 2025 to optimize advertising spend and improve effectiveness [23][24] This summary encapsulates the key insights and strategic directions of Saiwei Times as discussed in the conference call, highlighting both challenges and growth opportunities in the current market landscape.

Group 1: Business Performance - In Q1 2025, the apparel business maintained rapid revenue growth, with improved profitability returning to historical normal levels after increased promotional efforts in the previous year [2][3] - Non-apparel business is currently in an adjustment phase, facing significant losses due to market fluctuations, with a focus on reducing losses as a primary goal for 2025 [3][4] Group 2: Cost and Supply Chain Management - The impact of shipping costs on gross margin has decreased since Q4 2024, with a notable reduction in shipping rates expected in the coming quarters [5] - The company has proactively planned for supply chain adjustments in response to trade tensions, establishing a factory in Vietnam to enhance overseas supply chain capabilities [13][14] Group 3: Market Strategy and Expansion - The company aims to deepen its existing product categories while cautiously expanding into new ones, focusing on strong growth areas such as women's and sportswear [7][8] - In 2024, the apparel business achieved a doubling of revenue in the European market, with plans to continue leveraging North American operational strategies in Europe [8] Group 4: Marketing and Pricing Strategies - The marketing strategy for 2025 will focus on optimizing promotional efforts based on previous successes, with an emphasis on data-driven targeting and resource efficiency [11] - A tiered pricing strategy has been implemented in response to increased tariffs, balancing market competitiveness with brand value [12][15] Group 5: Logistics and Operational Efficiency - The logistics business has developed a mature service system, with plans to enhance smart warehousing and expand strategic partnerships with major clients in 2025 [9][10]