授 权 的 轻 资 产 模 式 曾 一 度 是 南 极 电 商 极 为 倚 重 、 驱 动 增 长 的"现金牛"业务，然而授权模式的颓势在近年持续凸显。 作者：叶心冉 封图：图虫创意 1月4日下午，南极电商股份有限公司（002127.SZ，下称"南极电商"）公告披露两起诉讼，案件 均涉及同一合作方——上海新和兆企业发展有限公司（下称"上海新和兆"），南极电商同时以被 告、原告身份涉诉，其中作为被告的案件诉讼金额高达5.65亿元。诉讼主要与南极电商旗下品 牌"卡帝乐鳄鱼"的授权使用有关。 与合作伙伴发生商标使用冲突 两起诉讼的时间线与诉求分别是：2025年1月，上海新和兆率先向法院提起诉讼，初始诉讼请求 金额约2000万元；同年12月，该公司大幅提高诉讼金额至5.65亿元。南极电商则于2025年4月 对上海新和兆提起另案诉讼，请求法院判令对方赔付约8000万元。 随后记者以投资者身份致电南极电商方面，其工作人员给出的回应是：2025年4月，上海新和兆 提起诉讼时，诉求原本包括减少后续许可费及追偿相关金额；到了2025年12月，对方抓住诉讼金 额超过一定标准后，上市公司必须发布公告的规则，大幅提高了诉讼额度。 关 ...

Core Viewpoint - The recent quality inspection report from Suzhou's market supervision authority highlights that the "Nanji Ren" brand has once again failed quality checks, indicating a systemic issue related to its long-term "authorization" model [1][2]. Group 1: Quality Inspection Results - In the latest inspection, 30 batches of thermal underwear were tested, with 5 batches failing, resulting in an overall failure rate of 16.7% [2]. - Among the tested samples, 2 batches from manufacturers had a failure rate of 0%, while 25 batches from physical stores had 4 failures (16% failure rate), and 3 batches from e-commerce platforms had 1 failure (33.3% failure rate) [2]. - The specific failure for "Nanji Ren" was related to breathability, a critical performance indicator for thermal underwear that affects comfort and functionality [3]. Group 2: Company Background and Business Model - The manufacturer of the problematic "Nanji Ren" thermal underwear, Jiangyin Zimi Er Clothing Co., Ltd., is a small enterprise with a registered capital of 500,000 yuan [4]. - "Nanji Ren" operates primarily through a brand authorization model, having shifted away from direct production and sales since 2008, which has led to a diverse range of production partners [4]. - The company has faced multiple quality issues in recent years, with previous inspections revealing non-compliance in various products, including pH levels and fiber content [4]. Group 3: Financial Performance - In the first three quarters of 2025, "Nanji Ren" reported revenues of 1.99 billion yuan, a year-on-year decline of 17.3%, with a net profit of 42.79 million yuan, down 21.1% [5]. - The primary business of "Nanji Ren" is now focused on internet advertising, with brand authorization services being secondary, despite the latter having a significantly higher gross profit margin [6]. - The company has been adjusting its business model, moving from an open authorization system to a more selective franchise model, aiming to partner with higher-quality suppliers and distributors [6][7]. Group 4: Brand Strategy and Market Position - "Nanji Ren" is attempting to transition from a "hands-off" authorization approach to a more engaged brand management strategy, including the opening of its first brand pop-up store [7][8]. - Despite these efforts, "Nanji Ren" has become synonymous with low-quality "private label" products, raising questions about its ability to regain consumer trust [8].

Core Insights - The article discusses the strategic developments in the instant retail sector, particularly focusing on the launch of Taobao's new convenience store brand and the competitive dynamics with Meituan's flash purchase service. Group 1: Market Dynamics - Taobao's flash purchase service has introduced a new convenience store brand, "Taobao Convenience Store," which aims to cover over 200 cities through brand authorization to qualified merchants [1] - Meituan has announced a partnership with numerous brands to establish "official flagship flash warehouses," indicating a competitive push into each other's territories [1] - The instant retail market is experiencing explosive growth, with Taobao's peak daily orders reaching 120 million in August, and the number of monthly active buyers surpassing 300 million, a 200% increase since April [2] Group 2: Business Model and Strategy - Unlike traditional self-operated models, Taobao's convenience store adopts a brand authorization model, focusing on empowering merchants through technology and standardization [2] - The company plans to invest 2 billion yuan in the next year to enhance merchant quality, product upgrades, logistics capabilities, and digital transformation [3] - The instant retail sector is evolving from emergency needs to a broader range of scenarios, including business trips and camping, highlighting the need for improved service quality and brand recognition [2][3] Group 3: Operational Challenges - The industry faces challenges such as inventory accuracy, with current estimates around 80%, leading to issues like picking errors and stockouts [4] - A successful case is noted where a warehouse achieved a 99.7% inventory accuracy rate, showcasing the potential for improvement through digital upgrades [5] - The article emphasizes the need for brands to address homogenization and enhance quality to avoid price competition, as 70% of products in some stores are similar [6][7] Group 4: Consumer Insights - The demand for quality and brand recognition is increasing, with a significant rise in daily active users and purchase frequency on Taobao's platform [6] - Brands must leverage localized data to understand consumer needs and innovate products to build long-term trust with younger consumers [7] - The competition between Taobao and Meituan represents a shift in the retail landscape, where platforms are becoming facilitators rather than direct competitors [6][7]

Core Viewpoint - La Chapelle is undergoing a significant transformation after experiencing A+H share delisting and bankruptcy restructuring, with a new major shareholder and a shift towards a light asset brand authorization model [1][3][6]. Company Restructuring - The recent change in control marks a critical step in La Chapelle's nearly two-year restructuring journey, with Wang Guoliang becoming the new actual controller and the first major shareholder, holding 65% of the shares through his company [1][2][3]. - The restructuring plan involved a capital reserve conversion to increase the total share capital to 2.438 billion shares, with 1.584 billion shares allocated to Jin Sui Fenghua, alleviating some financial pressure [3][4]. Business Model Transformation - La Chapelle has shifted from a heavy asset direct sales model to a light asset brand authorization model, which has helped improve profitability but raises concerns about brand dilution and quality control [2][6]. - The company aims to leverage the online channel advantages of its new controlling shareholder, Jin Sui Fenghua, to enhance brand recovery through product innovation and supply chain restructuring [2][4]. Financial Situation - As of February 28, 2025, La Chapelle has 281 creditors with a total claim amount of approximately 4.7 billion yuan, indicating significant financial obligations that need to be managed during the restructuring process [8]. - The company reported that its brand comprehensive service revenue reached 6.137 million yuan in 2024, accounting for 47% of total revenue, with a gross margin of 100% [6]. Market Position and Challenges - The fashion industry is highly competitive, with many regional brands and a trend towards online sales, which poses challenges for La Chapelle to maintain its market position [9]. - The company plans to expand its offline presence by adding 2,000 new stores over the next three years, while also focusing on profitability and optimizing its business model [9].

Core Viewpoint - Forever 21, a previously exited American fast fashion brand, is re-entering the Chinese market through a partnership with Shanghai Chengdi Trading Co., Ltd, which was announced on June 13, 2023 [2]. Group 1: Company Background - Forever 21 was previously an independent company that filed for bankruptcy protection in 2019 due to overexpansion, large store sizes, and e-commerce impacts [4]. - In February 2020, Authentic Brands Group (ABG) acquired Forever 21's intellectual property and some business operations for $81 million, forming SPARC Group to continue its operations [5]. - SPARC Group merged with JCPenney to form Catalyst Brands in January 2025, but the company filed for bankruptcy in March 2025, with liabilities ranging from $10 billion to $100 billion [5]. Group 2: Current Developments - The partnership with Shanghai Chengdi Trading Co., Ltd is focused on brand licensing, which means Forever 21's operations in China are not directly linked to its bankruptcy in the U.S. [6]. - The Shanghai Chengdi Trading Co., Ltd was established in January 2015, with a registered capital of 5 million RMB, and its business scope includes wholesale and retail of various products, including clothing [2]. - Forever 21 has also registered multiple trademarks under "FOREVER 21" in categories related to clothing and leather goods [3].

Core Insights - The recent annual report from Nanji E-commerce highlights significant changes in the compensation of Chairman Zhang Yuxiang, which has drawn attention from the media [1] Compensation Analysis - Zhang Yuxiang's compensation has shown a consistent upward trend from 426,000 yuan in 2020 to 1,440,000 yuan in 2024, with the largest increase of 591,500 yuan occurring in 2024 [3] - In contrast, Vice President Yu Hanqing's salary decreased from 1,337,000 yuan in 2023 to 859,300 yuan in 2024, marking a decline of 477,700 yuan [5] - For the first time since 2021, Zhang Yuxiang's salary surpassed that of Yu Hanqing by 580,700 yuan, indicating a shift in compensation strategy [5] Shareholding and Market Value - As of the latest closing price of 3.98 yuan per share, Zhang Yuxiang holds 612.2 million shares, representing a 24.94% ownership stake in Nanji E-commerce, with a market value of approximately 2.4 billion yuan [5] Wealth Ranking - In 2021, Zhang Yuxiang was ranked 2,524th on the Forbes Global Billionaires List with a net worth of 1.1 billion USD, primarily derived from the clothing industry [6]

Core Insights - Authentic Brands Group (ABG) has established its Asia-Pacific headquarters in Shanghai, marking a significant strategic move following its European, Middle Eastern, and African (EMEA) expansion in 2024 [1][2] - ABG operates over 50 iconic international brands, generating an annual retail revenue of $32 billion, with a notable focus on sports and lifestyle sectors [1][6] - The Asia-Pacific region currently accounts for $2 billion in retail revenue, significantly lower than the $20 billion generated in the U.S., indicating substantial growth potential [2][3] Group 1: Strategic Expansion - The Asia-Pacific headquarters spans nearly 2,000 square meters and includes immersive showrooms and a dedicated StyleStudio, aimed at enhancing brand management and partnerships in the region [2][3] - ABG's founder, Jamie Salter, emphasized the importance of Shanghai as a hub to capture growth opportunities in the Asia-Pacific market, which represents about 15% of ABG's total market [2][3] Group 2: Workforce Development - Currently, ABG has approximately 40 employees in the Asia-Pacific region, with plans to significantly increase this number within the next 12 months to support expanding business needs [3][4] - The company aims to build a full-function team that includes lifestyle, entertainment, brand management, business development, public relations, and marketing [2][3] Group 3: Brand Management Strategy - ABG operates on a light-asset model, focusing on brand management rather than production, which allows for a more flexible and scalable business approach [4][5] - The company employs a three-tier strategy to maintain brand integrity while expanding its licensing operations, including centralized strategic oversight and localized execution [4][5] Group 4: Market Penetration and Product Diversification - ABG plans to diversify its brand portfolio in response to the growing Chinese sports and outdoor market, aiming to introduce more brands that align with consumer demands [3][6] - The company is also exploring high-end market opportunities through its joint venture, Authentic Luxury Group (ALG), which aims to redefine brand experiences in luxury sectors [6][7] Group 5: Innovative Brand Experiences - ABG is extending its brand IP into various sectors, including fashion, health, and hospitality, to create immersive ecosystems that respond to market trends [6][7] - The Barneys New York Residences project in Tulum exemplifies ABG's strategy to blend modern design with luxury brand experiences, targeting high-end consumers [7]

Investment Rating - The report initiates coverage on Nanji E-commerce with a "Buy" rating and a target price of 6.00 RMB, corresponding to a 26x PE for 2026 [1][9]. Core Views - The company is undergoing a significant brand transformation, shifting from an open authorization model to a self-sourcing and invitation-based franchise model, aiming to enhance product quality and restore brand image [1][2]. - The company is expected to achieve positive revenue growth in 2024, with a focus on expanding product SKUs and enhancing both online and offline sales channels [1][20]. - The report highlights the company's strategic pivot towards a "quality-price ratio" consumer demand, positioning itself as a provider of high-quality products at competitive prices [2][19]. Summary by Sections Company Overview - Nanji E-commerce, established in 1998, operates under national brand Nanji Ren and international brands such as Cardin Crocodile and Baijiahao, focusing on e-commerce and brand authorization services [1][25]. Brand Transformation - The company is implementing a dual-track operation model combining self-sourcing and franchise, enhancing product capabilities through collaboration with high-quality suppliers and luxury design teams [3][19]. - The introduction of a light luxury product line in September 2024 has significantly improved brand perception, with daily sales increasing from approximately 200,000 RMB to 20 million RMB by the end of December [2][20]. Supply Chain Reform - The company is reforming its supply chain by adopting a SPA model, which includes self-sourcing and a whitelist invitation system for franchises, thereby creating industry barriers [3][19]. - The focus on high-quality materials and advanced production techniques is expected to enhance product competitiveness and meet consumer demands [3][19]. Sales Channels - The company is leveraging both online platforms like Douyin and traditional e-commerce channels to drive sales, with Douyin's GMV showing a year-on-year increase of 103% in December 2024 [4][20]. - Offline, the company is testing self-operated retail through pop-up stores, with plans to open fixed stores in 2025, which could become a future growth driver [4][20]. Financial Projections - The report forecasts the company's net profit for 2025-2027 to be 331 million RMB, 575 million RMB, and 796 million RMB respectively, with a significant turnaround expected in 2025 [6][21]. - Revenue is projected to grow from 3.995 billion RMB in 2025 to 5.605 billion RMB in 2027, reflecting a compound annual growth rate of approximately 18.9% [6][21]. Market Positioning - The report contrasts its views with the market, asserting that despite previous challenges, the brand's strong recognition and strategic repositioning towards quality-price ratio will enable it to regain growth momentum [5][24]. - The company aims to continuously enrich its product offerings and expand its market presence, particularly in the homewear and bedding categories through its Baijiahao brand [20][23].