NanJi E-Commerce(SZ:002127) Xinda Securities·2025-04-26 08:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on strategic transformation and revenue growth despite short-term profit pressure [1]. Core Viewpoints - The company achieved a revenue of 3.358 billion yuan in 2024, representing a year-on-year increase of 24.75%, while the net profit attributable to shareholders was -237 million yuan, indicating a shift from profit to loss [1][2]. - The strategic transformation includes restructuring the supply and distribution channels, introducing self-operated sales formats, and innovating offline channels, which contributed to revenue growth [2]. - The company plans to continue expanding its offline presence and explore innovative cooperation models with various retail formats to create a second growth curve [2]. - The strategic transition period has led to profit pressure, with a significant increase in sales expenses due to marketing activities, resulting in a sales expense of 588 million yuan, up 430% from the previous year [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.358 billion yuan, a 24.75% increase year-on-year, with a net profit of -237 million yuan, a decrease of 348 million yuan from the previous year [1][3]. - For Q1 2025, the company achieved a revenue of 729 million yuan, a 2.03% increase year-on-year, with a net profit of -14 million yuan [1]. Strategic Initiatives - The company has restructured its supply and distribution channels, moving from an open authorization model to an invitation-based franchise model, collaborating with high-quality suppliers and distributors [2]. - New self-operated sales formats have been introduced, focusing on consumer-friendly products and establishing a brand pop-up store in Shanghai, which received positive consumer feedback [2]. - The company has engaged in a brand strategy upgrade, including collaborations with media for marketing, which has led to increased sales expenses [3]. Market Positioning - The company aims to position itself as a "big brand alternative" through collaborations with professional design teams and efficient supply chain management [2]. - The introduction of a light luxury series and various marketing strategies, including celebrity endorsements, has been part of the brand's strategic upgrade [3].