门店减少、净利润下滑，“热搜体质”的七匹狼上半年业绩“凉”了

Core Insights - The company, Seven Wolves, reported a revenue of 1.375 billion yuan for the first half of the year, reflecting a slight decline of 5.93% year-on-year. The net profit attributable to shareholders decreased by 13.93% to 160 million yuan, while the net profit after deducting non-recurring gains and losses plummeted by 61.35% to only 29.1 million yuan [1][2][3] Financial Performance - The company's cash flow from operating activities showed a net outflow of 22.6 million yuan, a drastic decline of 245.21% year-on-year [1] - Seven Wolves plans to recognize an asset impairment provision of 59.66 million yuan for the first half of the year, primarily due to inventory impairment exceeding 60.64 million yuan [3][5] - The company's inventory amounted to approximately 1.189 billion yuan, with inventory turnover days increasing from 197 days in mid-2022 to 220 days in the first half of this year, indicating a longer capital retention period [5] Market and Sales Channels - The number of Seven Wolves' stores has decreased, with 32 direct (including joint venture) stores closed in the first half of the year, and a total of 74 franchise stores shut down, leaving 875 franchise stores [6] - Online sales revenue for the first half was 489 million yuan, accounting for over 30% of total revenue, but this represents a decline of 5.42% from the previous year [7] - The return rate for e-commerce sales has significantly increased, with rates around 50% across major platforms, including 58.9% on Douyin and 50.43% on Tmall [7][8] Industry Challenges - The apparel industry is facing challenges with high inventory levels and long turnover periods, which are common issues for many clothing companies [3][4] - High return rates are causing additional costs, including logistics expenses, and may be attributed to changing consumer behavior and product quality concerns [8]