Summary of the Conference Call for Saiwei Times Company Overview - **Company**: Saiwei Times - **Industry**: Apparel and Logistics Key Financial Performance - **Q2 2025 Revenue**: 2.887 billion CNY, up 21.4% YoY [1] - **Net Profit**: 122 million CNY, down 18.3% YoY [1] - **Non-GAAP Net Profit**: 145 million CNY, up 4.3% YoY, marking the first positive growth since Q3 2024 [1][2] - **H1 2025 Revenue**: 5.346 billion CNY, up 28% YoY [2] - **Net Profit for H1**: 169 million CNY, down 28.2% YoY [2] - **Gross Margin**: Q2 net margin at 4.23%, non-GAAP margin at 5.04% [2] Business Segment Performance - **Apparel Revenue**: 3.93 billion CNY, up 30.9% YoY, accounting for 73% of total revenue [1][4] - **Non-Apparel Revenue**: 1.04 billion CNY, up 2.5% YoY, accounting for 19% of total revenue [1][4] - **Logistics Revenue**: 300 million CNY, up 151% YoY, accounting for 6% of total revenue [1][4] - **Brand Performance**: - Men's brand Doufen Di: 1 billion CNY, up 9% [4] - Homewear brand Yikou: 1 billion CNY, up 27% [4] - Lingerie brand Everylove: 400 million CNY, up 23% [4] - Women's brand Zeguo: 200 million CNY, up 30% [4] - Children's wear: 57% growth [4] Market and Channel Insights - **European Market Growth**: Revenue up 32% YoY, with apparel business growing over 80% [5] - **Sales Channels**: - Amazon remains the primary channel, accounting for 77% of revenue [5] - Emerging channels like Temu and TikTok have increased to 3% and 2% respectively [5] Supply Chain and Operational Strategy - **Supply Chain Transition**: - Own factory in Vietnam and partnerships with Southeast Asian suppliers [6] - Limited order transfer due to lower efficiency overseas compared to domestic [15] - **Inventory Management**: - Continuous reduction in inventory for three consecutive quarters [10] - Cautious stocking strategy to maintain net profit levels [2] Profitability and Pricing Strategy - **Profit Margin Improvement**: Driven by reduced losses in non-apparel business and selective price increases [7][8] - **Pricing Adjustments**: Dynamic pricing based on market competition rather than significant adjustments post-tariff changes [8] Future Outlook - **H2 2025 Profitability**: Expected to maintain mid-level profit margins, with slight decreases anticipated in Q3 due to seasonal product launches [2][14] - **2026 Growth Projections**: Revenue growth expectations adjusted from over 30% to 15%-20% due to tariff uncertainties [14] Organizational Changes - **Employee Optimization**: Workforce reduced to approximately 2,900, with ongoing structural adjustments to enhance team efficiency [2][18] Non-Apparel Business Strategy - **Focus on Profitability**: Streamlining non-apparel categories and prioritizing self-sustaining growth models [12][13] - **Resource Allocation**: Concentrating resources on high-potential areas while considering divestment of underperforming segments [11] Conclusion - **Overall Performance**: Saiwei Times shows resilience with strong revenue growth in apparel, strategic market expansion in Europe, and a cautious yet adaptive approach to supply chain and inventory management. The company is positioned to navigate challenges while optimizing profitability across its business segments.

Investment Rating - The report maintains an "Outperform" rating for the company [2][6]. Core Insights - The company reported a narrowing decline in quarterly profits, indicating effective cost control measures [6]. - For the first half of 2025, the company achieved a revenue of 5.35 billion yuan, representing a year-on-year growth of 28.0%, while the net profit attributable to the parent company was 170 million yuan, down 28.2% year-on-year [6][7]. - The apparel category showed rapid growth, with revenue of 3.93 billion yuan, up 30.9% year-on-year, accounting for 73.9% of total revenue [6]. - The company is leveraging a technology-driven approach in cross-border e-commerce, focusing on brand strategy development and market expansion [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 12.534 billion yuan, with a year-on-year growth rate of 22.0% [5]. - The net profit attributable to the parent company is forecasted to be 341 million yuan for 2025, reflecting a significant recovery with a growth rate of 59.3% [5]. - The gross margin is expected to stabilize around 44.0% for 2025, with a return on equity (ROE) projected at 12.2% [5].

Core Viewpoint - The company reported a significant increase in revenue but a decline in net profit for the first half of 2025, raising concerns in the market [2] Financial Performance - The company achieved operating revenue of 5.35 billion yuan, a year-on-year increase of 27.96% [2] - Net profit attributable to shareholders was 169 million yuan, down 28.18% from 236 million yuan in the same period last year [2] - The net profit after deducting non-recurring gains and losses was 186 million yuan, a decrease of 11.30% [2] - Basic earnings per share fell to 0.4226 yuan, a decline of 28.23% compared to 0.5888 yuan last year [7] - The weighted average return on equity decreased from 9.29% to 6.60% [7] - The net cash flow from operating activities surged by 365.65% to 510 million yuan [9] Revenue Composition - The apparel and accessories category remains the main revenue driver, generating 3.93 billion yuan, a 30.91% increase, accounting for 73.90% of total revenue [3] - Non-apparel categories generated 1.04 billion yuan, a modest growth of 2.46%, representing 19.54% of total revenue [3] Market Focus - North America is the primary market, with sales reaching 4.82 billion yuan, making up 90.65% of total revenue, and growing by 30.15% [4] - European sales amounted to 383 million yuan, accounting for 7.20% of total revenue, with a growth of 32.42% [4] Sales Channels - The Amazon platform remains the largest sales channel, contributing 4.13 billion yuan, or 77.64% of total revenue, although its share has decreased [5] - Emerging platforms like Temu and TikTok are gaining traction, with sales contributions of 3.13% and 2.34%, respectively [5] Cost and Expense Management - Operating costs rose to 2.97 billion yuan, an increase of 32.84% year-on-year [6] - Sales expenses increased to 1.96 billion yuan, up approximately 28% from the previous year [6] - Management expenses also grew to 114 million yuan, a 30.59% increase [6] Cash Flow and Accounts Receivable - Accounts receivable increased to 415 million yuan, with a reasonable aging structure [8] - The company has made provisions for bad debts, including a full provision of 9.4 million yuan for a specific overdue customer [8] Future Outlook - The company is expected to face challenges in cost control and market competition, but it has the potential for growth in the cross-border e-commerce sector if it can effectively address these issues [9]

Core Viewpoint - The financial performance of Saiwei Times (301381) for the first half of 2025 shows a significant increase in total revenue but a decline in net profit, indicating potential challenges in profitability despite revenue growth [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 5.346 billion yuan, a year-on-year increase of 27.96% compared to 4.177 billion yuan in 2024 [1]. - The net profit attributable to shareholders was 169 million yuan, down 28.18% from 236 million yuan in the previous year [1]. - The second quarter alone generated a total revenue of 2.887 billion yuan, up 21.39% year-on-year, while the net profit for the same period was 122 million yuan, a decrease of 18.31% [1]. - The gross profit margin was 44.47%, down 4.38% from the previous year, and the net profit margin was 3.17%, down 43.88% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 2.047 billion yuan, accounting for 38.29% of revenue, a slight increase of 0.17% year-on-year [1]. - The company reported a significant increase in operating cash flow per share, which reached 1.27 yuan, up 361.77% from 0.27 yuan in the previous year [1]. Accounts Receivable and Debt Analysis - The accounts receivable reached 415 million yuan, an increase of 18.04% from 352 million yuan in 2024, with accounts receivable accounting for 194.01% of net profit [1][2]. - Interest-bearing liabilities increased to 617 million yuan, a rise of 43.49% from 430 million yuan in the previous year [1]. Business Model and Strategy - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors [2]. - The company plans to focus on deepening and upgrading existing product categories while cautiously expanding into new categories, particularly in women's and sportswear, which have shown strong growth [3]. - There is an emphasis on regional brand expansion and diversification of sales channels as part of the strategic approach for 2025 [3].

Market Performance - On August 29, the internet e-commerce sector rose by 1.57%, led by Ruoyuchen [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Ruoyuchen (code: 003010) closed at 66.36, with a gain of 9.56% and a trading volume of 137,200 shares, amounting to a transaction value of 882 million [1] - Saiwei Times (code: 301381) closed at 22.76, up 5.42%, with a trading volume of 168,500 shares, totaling 382 million [1] - New Xunda (code: 300518) closed at 14.70, gaining 5.38% with a trading volume of 160,100 shares, amounting to 232 million [1] Underperformers - Jihong Co. (code: 002803) closed at 17.93, down 2.98%, with a trading volume of 183,000 shares, totaling 329 million [2] - Cross-Border Communication (code: 002640) closed at 5.66, down 2.41%, with a trading volume of 1,777,600 shares, amounting to 1.016 billion [2] - Star徽股份 (code: 300464) closed at 5.67, down 2.24%, with a trading volume of 117,600 shares, totaling 67 million [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 17.44 million from institutional investors and 61.87 million from speculative funds, while retail investors saw a net inflow of 79.31 million [2][3] - Major stocks like Guolian Co. (code: 603613) had a net outflow of 80.49 million from institutional investors, while Ruoyuchen saw a net inflow of 75.90 million [3]

Group 1 - The company, Saiwei Times, announced the convening of its fourth board meeting on August 27, 2025, to review the 2025 semi-annual report and its summary [1] - For the year 2024, the company's revenue composition is as follows: cross-border e-commerce accounts for 94.64%, logistics services account for 4.42%, and others account for 0.93% [1]

智通财经APP讯，赛维时代(301381.SZ)发布2025年半年度报告，该公司营业收入为53.46亿元，同比增 长27.96%。归属于上市公司股东的净利润为1.69亿元，同比减少28.18%。归属于上市公司股东的扣除非 经常性损益的净利润为1.86亿元，同比减少11.30%。基本每股收益为0.4226元。 ...

Core Viewpoint - Saiwei Times (301381.SZ) reported a revenue of 5.346 billion yuan for the first half of 2025, reflecting a year-on-year growth of 27.96%. However, the net profit attributable to shareholders decreased by 28.18% to 169 million yuan [1]. Financial Performance - The company's operating revenue reached 5.346 billion yuan, marking a year-on-year increase of 27.96% [1]. - The net profit attributable to shareholders was 169 million yuan, which represents a decline of 28.18% compared to the previous year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 186 million yuan, down 11.30% year-on-year [1]. - Basic earnings per share stood at 0.4226 yuan [1].

证券代码：301381 证券简称：赛维时代 公告编号：2025-050 赛维时代科技股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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 2025 年 8 月 27 日召开了第四届董事会第四次会议，审议通过了《关于使用部分闲置 募集资金暂时补充流动资金的议案》，同意公司及全资子公司使用不超过 15,000.00 万元闲置募集资金暂时补充流动资金，使用期限自董事会审议通过之 日起不超过 12 个月。现将相关情况公告如下： 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 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 4,010.00 万股人民币普通股（A 股），每股 发行价格为 20.45 元，募集资金总额为人民币 820,045,000.00 元，扣除发行费用 96,947,169.66 元（含增值税）后，募集资金净额为 723,097, ...

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：赛维时代科技股份有限公司 单位：万元 注：①表中非经营性占用部分，关联方范围依照《创业板股票上市规则》确定。 ②本表数据合计数与各分项数值之和存在尾差系由四舍五入造成。 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表（续） 编制单位：赛维时代科技股份有限公司 单位：万元 | 其他关联资金往来 | 资金往来方名称 | 往来方与上市 | 上市公司核算 | 年期初往 | 年半年度往 2025 | 年半年度往 2025 | 年半年度偿 | 年半年度 2025 | 往来形成原 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 公司的关联关 | 的会计科目 | 2025 来资金余额 | 来累计发生金额 | 来资金的利息（如 | 2025 还累计发生金额 | 期末往来资金 | 因 | （经营性往来、 | | | | 系 | | | （不含利息） | 有） | | 余额 | | 非经营性往来） | | 控股股东、实际控制 ...