NanJi E-Commerce(SZ:002127) Jing Ji Guan Cha Wang·2026-01-06 01:26Core Viewpoint - Nanji E-commerce Co., Ltd. is involved in two lawsuits with Shanghai Xinhe Zhao Enterprise Development Co., Ltd., with claims related to trademark usage of the "Cardi Le Crocodile" brand, including a significant claim of 565 million yuan [2][3]. Group 1: Lawsuit Details - The first lawsuit was initiated by Shanghai Xinhe Zhao in January 2025, initially seeking approximately 20 million yuan, which was later increased to 565 million yuan in December 2025 [3]. - Nanji E-commerce filed a counter lawsuit in April 2025, seeking compensation of around 80 million yuan from Shanghai Xinhe Zhao [3]. - The lawsuits are set to be heard in January and March 2026, respectively [6]. Group 2: Background of the Dispute - Nanji E-commerce and Shanghai Xinhe Zhao began their partnership in 2018, signing a trademark licensing agreement that allowed the latter to use the Cardi Le series trademarks until December 31, 2027 [3]. - Nanji E-commerce alleges that Shanghai Xinhe Zhao violated the agreement by sublicensing the trademarks to downstream distributors and modifying the trademark styles, leading to quality management issues [3][5]. - The disputes have resulted in Nanji E-commerce being implicated in third-party trademark infringement lawsuits, affecting its business reputation and financial standing [3][5]. Group 3: Financial Impact and Business Model - The brand Cardi Le, acquired for nearly 600 million yuan in 2016, was a significant revenue driver for Nanji E-commerce, contributing 10.80% of total GMV in 2021 [7]. - However, revenue from brand licensing has declined sharply from 747 million yuan in 2021 to 235 million yuan in 2023, indicating a more than 70% decrease over three years [7][8]. - In 2024, Nanji E-commerce reported total revenue of 3.358 billion yuan with a net loss of 237 million yuan, reflecting a significant drop in profitability compared to previous years [7]. Group 4: Strategic Response - In response to the challenges posed by the licensing model, Nanji E-commerce has initiated a strategic transformation, focusing on "fashion licensing + strategic cooperation licensing + self-operated retail" [8][9]. - The company has also begun to restructure its supply chain and enhance product quality control, aiming to improve its self-operated product offerings, which saw a revenue increase of 152.01% in the first half of 2025 [9]. - Despite these efforts, the overall financial performance remains under pressure, with sales expenses rising significantly [9].