Core Viewpoint - In 2023, the global economy underwent significant adjustments due to unexpected interest rate hikes by the Federal Reserve and ongoing geopolitical conflicts, impacting the trade landscape and supply chains, particularly in the consumer sector [1] Company Performance - In 2023, the company reported revenue of 3 billion yuan, remaining stable compared to the previous year [1] - The company is one of the largest cross-border e-commerce B2C firms in China, primarily selling apparel and footwear through third-party platforms like Amazon, which holds a 50% market share in North America [1] - The company has successfully expanded into new sales channels such as Temu and TikTok, with notable revenue growth from these platforms [1] Brand and Inventory Management - The company's top ten brands saw sales revenue increase by over 15% year-on-year, contributing to sustainable growth [1] - The company undertook significant inventory adjustments, focusing on clearing slow-moving stock and reallocating resources to best-selling products, which improved inventory turnover [1] - The company recorded an inventory impairment of approximately 388 million yuan, a substantial increase from 55 million yuan the previous year, impacting profitability [1] Cash Flow and Operational Efficiency - Despite profitability pressures, the company maintained a positive operating cash flow of 76.73 million yuan, indicating healthy business operations [2] - The company has embraced technological advancements, integrating AI and digitalization into its operations to enhance efficiency across the entire business chain [2] Industry Outlook - The Chinese e-commerce market is experiencing slower growth, while overseas markets still have significant potential for expansion, particularly in cross-border B2C e-commerce [2] - The cross-border e-commerce market for apparel is projected to grow from 750.3 billion yuan in 2021 to 1,827.6 billion yuan by 2026, with a compound annual growth rate of 19.5% [2] - The company is expected to continue expanding its non-Amazon channels and international markets, focusing on high-quality development and enhancing brand investment [2]
透视子不语（02420）财报：库存优化顺利 轻装上阵带来成长弹性