上半年靠“节流”大幅止亏的跨境通，能加速“造血”吗？

Core Viewpoint - The company, Kuaijingtong, has reported a narrowing loss of between 4 million to 7.5 million yuan for the first half of 2025, but still faces significant challenges with aging brands losing users and a pressing need to generate new growth drivers [2] Financial Performance - The net profit attributable to shareholders is expected to be a loss of 4 million to 7.5 million yuan, an improvement from a loss of 11.3842 million yuan in the same period last year [3] - The net profit after deducting non-recurring gains and losses is also projected to be a loss of 4 million to 7.5 million yuan, compared to a loss of 23.9362 million yuan last year [3] - Basic earnings per share are expected to be a loss of 0.0025 to 0.0048 yuan per share, improving from a loss of 0.0073 yuan per share in the previous year [3] Business Operations - The reduction in losses is primarily attributed to decreased promotional spending on self-operated platforms, indicating a reliance on traffic and low conversion rates [4] - ZAFUL, once a star brand for Kuaijingtong, has seen a significant decline, with a 77.60% drop in revenue to 35.7391 million yuan due to reduced advertising spending [4] - In 2024, Kuaijingtong reported total revenue of 5.719 billion yuan, with over 90% coming from import business, while export business accounted for only 6.24% [5] Challenges and Risks - The company faced a net loss of 479 million yuan in 2024, a decline of over 4800% year-on-year, with significant losses concentrated in the fourth quarter [5] - Asset impairment amounted to 468 million yuan in 2024, reflecting a 105.53% impact on total profit due to goodwill, receivables, and inventory impairments [8] - Kuaijingtong's export business is heavily reliant on the performance of its subsidiaries, with ongoing legal challenges amounting to 796 million yuan, including nearly 200 million yuan as a defendant [8]