彻底告别“星期六”：遥望科技4.53亿出售鞋业资产，直播电商之路再无退路

Core Viewpoint - The long transformation story of "the first stock of women's shoes" seems to have reached its conclusion as the company announces the transfer of its wholly-owned subsidiary, Foshan Saturday Shoe Industry Co., Ltd., for a minimum price of 453 million yuan [1][2]. Business Transition - The company has been expanding its brand joint sales while reducing offline self-operated channels, but new business developments have not fully alleviated the operational pressures from the transformation, leading to significant revenue declines and ongoing losses [2][5]. - The divestiture is a clear declaration of the company's strategic shift towards becoming the "first stock of live e-commerce," focusing all resources on digital marketing and e-commerce live streaming [2][8]. Historical Context - Saturday was the first women's shoe company listed on A-shares, with a revenue of 880 million yuan and a net profit of 114 million yuan in its first year of listing in 2009 [3]. - The traditional shoe retail industry has faced significant challenges over the past decade due to the rise of e-commerce and changing consumer habits, leading to high inventory and declining store revenues [3][4]. - In 2017, the company's net profit plummeted by 1789.31%, prompting a shift towards a "light asset" operational model [3]. Financial Performance - By 2021, the company's internet advertising revenue reached 2.266 billion yuan, accounting for 80.62% of total revenue, while fashion footwear revenue dropped to 538 million yuan, making up less than 20% [4]. - In 2022, the internet advertising and clothing and footwear business accounted for 91.64% and 8.15% of revenue, respectively, indicating a significant shift in business focus [5]. - The company's clothing and footwear revenue fell to 86.44 million yuan in the first half of the year, a year-on-year decline of 26.34%, representing less than 5% of total revenue [5][11]. Market Position and Challenges - The divestiture of the footwear business allows the company to present a cleaner narrative to the capital market, focusing on its capabilities in supply chain management and star IP resources [8]. - However, the complete divestiture also means the company loses its last tangible asset buffer, exposing it to intense competition in the internet traffic market [8][9]. - The company has recorded continuous losses for four years, totaling over 3 billion yuan, with a significant decline in net profit since 2021 [9][10]. Future Outlook - The company's future performance will be entirely defined by its internet business, facing challenges such as high traffic costs and the need for refined operations to achieve cost reduction and efficiency [12][13]. - The divestiture marks the end of a ten-year transformation story but also begins a new chapter, testing the company's resilience in the live e-commerce sector [13].