南极电商上半年净利下滑83%，转型自营致销售费用激增64%

Core Viewpoint - The company is facing significant performance pressure as it attempts to transform its brand and business model, moving away from its previous reliance on low-cost branding strategies to a more self-operated model aimed at improving brand reputation and quality [1][6][12]. Financial Performance - In the first half of the year, the company reported revenue of 1.353 billion yuan, a year-on-year decline of 13.07%, and a net profit attributable to shareholders of 13.62 million yuan, down 82.52% [3]. - The company's core mobile internet marketing business generated revenue of 1.176 billion yuan, also down 13.11%, with a low gross margin of 3.70%, a decrease of 1.94 percentage points from the previous year [4]. - The modern service industry, which includes brand comprehensive services and authorized distribution, remains the company's main profit source, boasting a high gross margin of 92.36%, but its revenue fell to 125 million yuan, down 31.56% [5]. Business Strategy and Transformation - The company is undergoing a painful transition as it shifts from a low-cost branding model to a self-operated model, which is expected to improve its brand image over time [6][17]. - The company has significantly increased its marketing expenditures, with sales expenses rising by 64.43% to 138 million yuan in the first half of the year, leading to a sales expense ratio of 10.22%, up from 5.41% the previous year [5][13]. - The company aims to position its brands as "affordable alternatives" to major international brands like Uniqlo and Zara, with plans to open 2,000 online stores by the end of the year [15][16]. Market Position and Challenges - The company has faced increased competition from low-cost e-commerce and short video platforms, which have eroded its market share and brand reputation [11][12]. - The company has acknowledged that the era of brand authorization is over and is now focusing on self-operated strategies to regain market presence [12][18]. - Despite the challenges, the company is optimistic about its future, with expectations of gradual improvement in profitability as it optimizes its cost management and scales its operations [5][18].