8月13日，大健云仓(GCT)盘中上涨2.73%，截至22:32，报31.59美元/股，成交999.63万美元，总市值 11.90亿美元。 财务数据显示，截至2025年06月30日，大健云仓收入总额5.95亿美元，同比增长5.8%；归母净利润 6169.8万美元，同比增长13.91%。 作者：行情君 资料显示，大健云仓科技公司是一家在开曼群岛注册成立的境外控股母公司,主要由其境内实体子公司 大健云仓科技(苏州)有限公司运营。大健云仓"是从事大件商品出口的B2B交易平台,是全球领先的国际 贸易数字化服务商。依靠国际化商业架构,自有全球化物流仓储系统及精准数据营销分析系统,打造"全球 家居流通骨干网"。 本文源自：金融界 ...

Core Viewpoint - The article highlights the financial performance and market position of Dajian Cloud Warehouse (GCT), emphasizing its growth in revenue and net profit, as well as its role as a leading B2B trading platform for large goods exports [1]. Financial Performance - As of June 30, 2025, Dajian Cloud Warehouse reported total revenue of $595 million, representing a year-on-year growth of 5.8% [1]. - The company's net profit attributable to shareholders reached $61.698 million, showing a year-on-year increase of 13.91% [1]. Company Overview - Dajian Cloud Warehouse Technology Company is a Cayman Islands-registered holding company, primarily operated by its domestic subsidiary, Dajian Cloud Warehouse Technology (Suzhou) Co., Ltd. [1]. - The company operates a B2B trading platform focused on the export of large goods and is recognized as a global leader in international trade digital services [1]. - Dajian Cloud Warehouse leverages an international business structure, a proprietary global logistics and warehousing system, and precise data marketing analysis to create a "global home goods circulation backbone network" [1].

Core Viewpoint - The stock price of GCT.US surged by 30% following the release of its latest earnings report, despite a slowdown in revenue growth and expectations of stagnation due to US-China trade tensions [1][3][4]. Financial Performance - GCT.US reported a modest revenue increase of 3.8% in Q2, significantly down from a 65% growth in the previous year, and anticipates near-zero growth for the upcoming quarter [2][3][7]. - The company's revenue rose from $311 million to $323 million year-over-year, but the average annual spending per active buyer decreased by 13% [8][9]. - The gross margin fell from 24.6% to 23.9% due to tariff disruptions, yet net profit increased by 28.1% to $34.6 million, attributed to reduced administrative expenses [9]. Market Position and Valuation - Despite the recent stock price increase, GCT.US maintains a low price-to-earnings ratio of 9.4, compared to 25 for EDA Group and significantly higher ratios for Salesforce and Shopify [6]. - The company is seen as a potential "Chinese Easter egg" stock, indicating it is undervalued relative to its peers [5][6]. Strategic Developments - GCT.US is expanding its market presence by diversifying its supplier base beyond China to include Vietnam and Malaysia, and is accelerating its entry into the European market [6][8]. - The company has made strategic acquisitions, such as the $85 million purchase of Noble House Furnishings, which is expected to enhance its product offerings and operational efficiency [9]. Future Outlook - GCT.US's management views Europe as a key growth engine, with expectations that it could match the scale of its US operations in the coming years [8].

Core Insights - The stock price of GCT increased by 6.68% on August 11, reaching $30.84 per share, with a total market capitalization of $1.162 billion [1] - For the fiscal year ending June 30, 2025, GCT reported total revenue of $595 million, reflecting a year-on-year growth of 5.8%, and a net profit attributable to shareholders of $61.698 million, which is a 13.91% increase compared to the previous year [1] Company Overview - GCT is a Cayman Islands-registered holding company primarily operated by its domestic subsidiary, GCT Technology (Suzhou) Co., Ltd. [2] - The company operates a B2B trading platform focused on the export of large goods and is recognized as a leading provider of digital services in international trade [2] - GCT leverages an international business structure, a global logistics and warehousing system, and precise data marketing analysis to establish a "global home goods circulation backbone network" [2] Share Buyback Activity - On August 7, GCT announced a cumulative share repurchase amounting to $46.03 million for the second quarter of 2025 [2]

Core Insights - GCT's stock opened up by 4.08% on August 11, reaching $30.09 per share, with a total market capitalization of $1.133 billion [1][2] - For the fiscal year ending June 30, 2025, GCT is projected to generate total revenue of $595 million, reflecting a year-over-year growth of 5.8%, and a net profit attributable to shareholders of $61.698 million, which is a 13.91% increase [1][2] Financial Highlights - As of August 7, GCT has repurchased shares worth $46.03 million in the second quarter of 2025 [2] - The company operates as a B2B trading platform focused on large goods exports and is recognized as a leading digital service provider in international trade [2] - GCT leverages an international business structure, a global logistics and warehousing system, and precise data marketing analysis to establish a "global home goods circulation backbone network" [2]

Group 1 - The stock price of Dajian Cloud Warehouse (GCT) increased by 30.02% on August 9, reaching $28.8 per share, with a trading volume of $84.934 million and a total market capitalization of $1.085 billion [1] - As of March 31, 2025, Dajian Cloud Warehouse reported total revenue of $272 million, representing a year-on-year growth of 8.3%, while the net profit attributable to shareholders was $27.146 million, showing a slight decrease of 0.18% year-on-year [1] Group 2 - On August 7, Dajian Cloud Warehouse is scheduled to release its mid-year report for the fiscal year 2025 after the market closes (Eastern Time), with the actual disclosure date subject to company announcements [2] - Dajian Cloud Warehouse Technology Company is a Cayman Islands-registered holding company primarily operated by its domestic subsidiary, Dajian Cloud Warehouse Technology (Suzhou) Co., Ltd. It is a leading B2B trading platform for large goods export and a global leader in international trade digital services [2]

Financial Data and Key Metrics Changes - Revenue increased by 4% year over year to $323 million, exceeding expectations [3][14] - Net income grew to $35 million with a net margin of 10.7% [20] - Gross margin expanded by 50 basis points sequentially to 23.9% [19] Business Line Data and Key Metrics Changes - Total product revenue grew by approximately 5% year over year to $226 million, driven by international momentum, particularly in Europe with a 59% year over year revenue growth [15][16] - Service revenue grew modestly by approximately 1% year over year to $97 million, impacted by lower ocean freight revenue [18] Market Data and Key Metrics Changes - Marketplace GMV increased over 31% year over year, surpassing $1.4 billion [7] - Active 3P seller base expanded by about 25% year over year to 1,162, with GMV from this group rising roughly 32% year over year [7][8] - Active buyer base surpassed 10,000 for the first time, increasing approximately 51% year over year [7] Company Strategy and Development Direction - The company is focused on SKU rationalization, having retired 3,800 outdated SKUs and introduced approximately 1,200 new ones [12][13] - Europe is emerging as a strategic pillar for global expansion, with plans to scale operations in the region [10][11] - The company aims to maintain flexibility in sourcing to navigate the dynamic tariff environment [29] Management's Comments on Operating Environment and Future Outlook - Management noted that the quarter faced challenges from supply chain disruptions due to tariff hikes but still delivered strong results [3][4] - The company expects a gross margin headwind of around 2.5% in the coming quarter due to recent tariff developments, but plans to implement targeted price increases to mitigate this [22][36] Other Important Information - The company ended the quarter with liquidity of nearly $300 million, reflecting strong cash generation and disciplined capital deployment [20][21] - The company has executed $46 million in share buybacks and made net purchases of liquid investments totaling approximately $20 million [21] Q&A Session Summary Question: Can you provide more details on Noble House's performance in June and the SKU rationalization efforts? - Management reported good progress in SKU rationalization, having introduced 1,200 new SKUs and trimmed the overall portfolio, with results exceeding expectations [26][27] Question: How should we think about the tariff impact and relative sourcing costs? - Management emphasized the importance of flexibility in sourcing and maintaining strong supplier relationships to adapt to changing policies [29] Question: What drove the upside in the second quarter compared to initial guidance? - The surprise came from the performance of the Noble House portfolio, which exceeded initial conservative estimates [33] Question: Can you elaborate on the 2.5% gross margin headwind and mitigation efforts? - Management confirmed that the 2.5% is an unmitigated estimate and that targeted price increases will be implemented, though adjustments may take time [35][36]

Financial Performance - GigaCloud Technology's total revenues reached $323 million in Q2'25, a 4% year-over-year growth from Q2'24[16] - The company's gross profit was $77 million in Q2'25, representing a 1% year-over-year increase compared to Q2'24[19] - Net income for Q2'25 was $35 million, a 28% increase year-over-year[22] - Adjusted EBITDA for Q2'25 was $43 million, a 1% increase year-over-year[22] Marketplace Growth - GigaCloud Marketplace GMV (Gross Merchandise Value) reached $1.4 billion LTM (Last Twelve Months) ended June 30, 2025, a 31% year-over-year growth[23] - 3P (Third-Party) Seller GigaCloud Marketplace GMV was $758 million LTM ended June 30, 2025, a 33% year-over-year growth[23] - The number of active 3P sellers was 1,162 LTM ended June 30, 2025, a 25% year-over-year growth[24, 25] - The number of active buyers was 10,951 LTM ended June 30, 2025, a 51% year-over-year growth[26] - The average spend per active buyer was approximately $131,000 LTM ended June 30, 2025[26] Capital Allocation - GigaCloud raised $41 million in gross proceeds from its IPO[28] - The company acquired Noble House and Wonder for $87 million[28] - GigaCloud repurchased $2 million in Class A shares under the 2023 authorization and $69 million under the 2024 authorization[28]

Core Insights - GigaCloud Technology Inc. reported quarterly earnings of $0.91 per share, significantly exceeding the Zacks Consensus Estimate of $0.46 per share, marking an earnings surprise of +97.83% [1] - The company achieved revenues of $322.61 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 11.17% and showing an increase from $310.87 million year-over-year [2] - GigaCloud Technology has outperformed the S&P 500, with its shares rising approximately 18.3% since the beginning of the year compared to the S&P 500's gain of 7.9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.70 on revenues of $298 million, while for the current fiscal year, the estimate is $2.79 on revenues of $1.16 billion [7] - The estimate revisions trend for GigaCloud Technology was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Technology Services industry, to which GigaCloud Technology belongs, is currently ranked in the top 38% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8] - Another company in the same industry, Bit Digital, Inc., is expected to report a quarterly loss of $0.03 per share, reflecting a significant year-over-year decline [9]

[Financial and Operational Overview](index=1&type=section&id=Financial%20and%20Operational%20Overview) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) GigaCloud achieved record Q2 2025 revenue with strong growth in revenue and net income, despite a slight gross margin decline [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Q2 2025 total revenues increased 3.8% to $322.6 million, with net income rising 28.1% to $34.6 million Q2 2025 Financial Performance vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $322.6 million | $310.9 million (calculated) | +3.8% | | Gross Profit | $76.9 million | $76.4 million (calculated) | +0.7% | | Gross Margin | 23.9% | 24.6% | -70 bps | | Net Income | $34.6 million | $27.0 million (calculated) | +28.1% | | Net Income Margin | 10.7% | 8.7% | +200 bps | | Diluted EPS | $0.91 | $0.65 | +40.0% | | Adjusted EBITDA | $43.3 million | $42.7 million (calculated) | +1.4% | | Adjusted EPS - diluted | $1.14 | $1.03 | +10.7% | [Year-to-Date 2025 Financial Highlights](index=1&type=section&id=Year-to-Date%202025%20Financial%20Highlights) H1 2025 total revenues increased 5.8% to $594.5 million, with net income up 13.8% to $61.7 million H1 2025 Financial Performance vs. H1 2024 | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $594.5 million | $561.9 million (calculated) | +5.8% | | Gross Profit | $140.7 million | $143.0 million (calculated) | -1.6% | | Gross Margin | 23.7% | 25.4% | -170 bps | | Net Income | $61.7 million | $54.2 million (calculated) | +13.8% | | Net Income Margin | 10.4% | 9.6% | +80 bps | | Diluted EPS | $1.58 | $1.32 | +19.7% | | Adjusted EBITDA | $76.5 million | $77.2 million (calculated) | -0.9% | | Adjusted EPS - diluted | $1.96 | $1.88 | +4.3% | [Operational Highlights](index=1&type=section&id=Operational%20Highlights) The company achieved strong marketplace growth, with GigaCloud Marketplace GMV increasing 31.0% year-over-year Marketplace Metrics (12 Months Ended June 30, 2025) | Metric | Value | YoY Change | | :--- | :--- | :--- | | GigaCloud Marketplace GMV | $1,438.5 million | +31.0% | | 3P Seller GMV | $757.5 million | +32.5% | | Active 3P Sellers | 1,162 | +24.9% | | Active Buyers | 10,951 | +50.9% | | Spend per Active Buyer | $131,359 | N/A | - 3P seller GMV constituted **52.7%** of the total GigaCloud Marketplace GMV for the 12 months ended June 30, 2025[12](index=12&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Commentary) Management highlighted record quarterly revenue driven by the Noble House portfolio and strategic market expansion - CEO Larry Wu emphasized that record revenue was powered by the accelerating performance of the Noble House portfolio, which is becoming a significant margin contributor[8](index=8&type=chunk) - Strategic priorities include attracting new marketplace participants and expanding the European footprint to match the scale of the U.S. market[8](index=8&type=chunk) - CFO Erica Wei noted the company has repurchased approximately **4.3 million shares** for **$71 million** and invested around **$87 million** in acquisitions, highlighting a solid, debt-free balance sheet and strong operating cash flow[8](index=8&type=chunk) [Business Outlook](index=3&type=section&id=Business%20Outlook) The company forecasts Q3 2025 total revenues to be between $295 million and $310 million, based on current conditions - The Company expects total revenues for the third quarter of 2025 to be in the range of **$295 million** to **$310 million**[9](index=9&type=chunk) [Share Repurchase Program](index=3&type=section&id=Share%20Repurchase%20Program) The Board authorized a **$78 million** share repurchase program, with **$71 million** already executed as of August 7, 2025 - Total authorization for the share repurchase program is **$78 million**[10](index=10&type=chunk) - As of August 7, 2025, the company has repurchased approximately **4.3 million Class A ordinary shares** for a total of **$71 million**[10](index=10&type=chunk) - The program is set to run through August 28, 2025[10](index=10&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$1.08 billion**, with liabilities decreasing and equity rising Balance Sheet Summary (in thousands of US dollars) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | **$577,260** | **$547,592** | | Cash and cash equivalents | $240,119 | $259,759 | | Inventories | $186,842 | $172,489 | | **Total Assets** | **$1,082,775** | **$1,070,475** | | **Total Current Liabilities** | **$273,891** | **$264,379** | | **Total Liabilities** | **$651,331** | **$665,258** | | **Total Shareholders' Equity** | **$431,444** | **$405,217** | [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) H1 2025 total revenues grew 5.8% to **$594.5 million**, with net income rising 13.8% to **$61.7 million** Income Statement Summary - Six Months Ended June 30 (in thousands of US dollars) | Account | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $594,512 | $561,944 | +5.8% | | Gross Profit | $140,670 | $142,995 | -1.6% | | Total Operating Expenses | $76,504 | $80,730 | -5.2% | | Operating Income | $64,166 | $62,265 | +3.1% | | Net Income | $61,698 | $54,164 | +13.8% | | Diluted EPS | $1.58 | $1.32 | +19.7% | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow increased to **$48.0 million**, with share repurchases leading to a net cash decrease Cash Flow Summary - Six Months Ended June 30 (in thousands of US dollars) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $48,042 | $34,417 | | Net cash used in investing activities | ($24,178) | ($30,403) | | Net cash used in financing activities | ($46,207) | ($1,149) | | **Net decrease in cash** | **($19,634)** | **$2,360** | | Cash at end of period | $240,810 | $186,528 | - The primary use of cash in financing activities was **$46.0 million** for repurchases of ordinary shares, compared to none in the same period of 2024[27](index=27&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Reconciliation of Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA for H1 2025 was **$76.5 million**, a slight decrease from the prior year, after key adjustments Adjusted EBITDA Reconciliation - Six Months Ended June 30 (in thousands of US dollars) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Income | $61,698 | $54,164 | | Add: Income tax expense | $11,761 | $8,190 | | Add: Depreciation and amortization | $4,189 | $4,145 | | Add: Share-based compensation | $4,253 | $14,147 | | Other adjustments | ($5,380) | ($3,405) | | **Adjusted EBITDA** | **$76,521** | **$77,241** | [Reconciliation of Adjusted EPS – Diluted](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EPS%20%E2%80%93%20Diluted) Adjusted EPS for H1 2025 increased to **$1.96**, reconciled from diluted EPS by adding back per-share adjustments Adjusted EPS Reconciliation - Six Months Ended June 30 (in US dollars) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Net income per ordinary share – diluted | $1.58 | $1.32 | | Add: Per share adjustments | $0.38 | $0.56 | | **Adjusted EPS – diluted** | **$1.96** | **$1.88** | [Other Information](index=3&type=section&id=Other%20Information) [About GigaCloud Technology Inc](index=5&type=section&id=About%20GigaCloud%20Technology%20Inc) GigaCloud Technology Inc operates a global B2B e-commerce platform specializing in large parcel merchandise - The company's B2B platform integrates discovery, payments, and logistics for large parcel merchandise[16](index=16&type=chunk) - It connects manufacturers in Asia with resellers in the U.S., Asia, and Europe, offering a comprehensive solution from the manufacturer's warehouse to the end customer's doorstep[16](index=16&type=chunk) [Conference Call](index=3&type=section&id=Conference%20Call) The company will host a conference call on August 7, 2025, at 6:30 pm U.S. ET to discuss financial results - A conference call is scheduled for **6:30 pm U.S. Eastern Time** on August 7, 2025[12](index=12&type=chunk) - A live and archived webcast will be accessible on the GigaCloud investor relations website[15](index=15&type=chunk)