NanJi E-Commerce(SZ:002127) Chang Jiang Shang Bao·2026-02-02 00:50Core Viewpoint - Nanji E-commerce (002127.SZ) is expected to report significant losses in 2025, with projected net losses ranging from 250 million to 320 million yuan, primarily due to goodwill impairment and declining revenues from its "Cartier Crocodile" brand [1][3]. Financial Performance - The company anticipates a net profit loss of 250 million to 320 million yuan for 2025, with a non-recurring net profit loss estimated between 290 million and 360 million yuan [1][3]. - As of the end of Q3 2025, the company's goodwill stood at 326 million yuan, which may be reduced to zero following impairment provisions of 280 million to 326 million yuan [2][4]. Brand and Market Impact - The "Cartier Crocodile" brand, a key asset for Nanji E-commerce, has faced revenue declines due to significant legal disputes and competition, leading to potential goodwill impairment [1][4]. - The company has been involved in legal disputes with its authorized partner, Shanghai Xinhongzhao, which has escalated the claimed damages from 95.25 million yuan to 560 million yuan [4][5]. Strategic Challenges - Nanji E-commerce's performance has been adversely affected by strategic transformation costs and intensified market competition, resulting in a reported revenue of 3.358 billion yuan in 2024, a 24.75% increase year-on-year, but with a net loss of 237 million yuan, a 312.04% decline [8]. - The company expects its total revenue for 2025 to fall below 3 billion yuan, with a significant reduction in sales expenses anticipated in the coming years [9]. Management Changes - There are indications that Zhang Yuxiang, the controlling shareholder, may gradually step back from active management, as evidenced by a recent internal share transfer to his daughter, Zhang Yun [10].