Investment Rating - The report does not explicitly provide an investment rating for the trade industry or the specific company involved [1]. Core Insights - The company, Nanji E-commerce, is focusing on restructuring its dealer and supply chain systems in 2025, with expectations of significant sales growth driven by new product launches and store openings [16][17]. - The company aims to enhance its market share through centralized promotion and personalized marketing strategies [16]. - The daily sales figures for the Nanji brand are approximately 20 million, while the Baijiahao brand reports around 13 million, both showing positive trends compared to previous periods [17]. Summary by Sections 1. Basic Research Information - The research was conducted on March 10, 2025, focusing on the trade industry, specifically on Nanji E-commerce [13]. 2. Detailed Research Institutions - The research involved several institutions, including Huatai Securities, Zhejiang Merchants Securities, and others [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [15]. 4. Main Content Information - The company plans to expand its product categories in 2025, including women's innerwear and home textiles, while increasing its presence on platforms like Alibaba and JD [16]. - The company has a goal of achieving 25 billion GMV in 2023, with projections of 47 billion GMV in 2024, and aims to increase the sales proportion from its shelf segment to 45% by 2025 [17]. - The company is implementing strict supply chain management practices, ensuring quality and efficiency through a limited number of selected factories [20]. - Marketing investments are set to increase in 2024 to enhance brand influence, with a focus on social media and offline store upgrades in 2025 [21].

Business Strategy and Planning - In 2025, the company plans to reshape its dealer and supply chain systems, focusing on the re-launch of the light luxury series and expanding product categories, including women's innerwear and home textiles [1] - The company aims to increase its market share through centralized and personalized promotions with dealers [1] - The company expects significant sales growth as new products are launched and new stores are opened [1] Sales Performance - The daily sales for the "Nanji Ren" brand from late February to early March 2025 were approximately 20 million [3] - The "Bai Jia Hao" brand achieved daily sales of about 13 million during the same period, with a projected GMV of 2.5 billion in 2023 and 4.7 billion in 2024 [3] - The company anticipates a substantial increase in overall GMV in 2025, with the shelf segment's sales ratio targeted to rise to 45% [3] Retail Expansion - The company opened a pop-up store in Shanghai in December 2024, which received positive consumer feedback, and plans to open more pop-up stores in 2025 [4][5] - Future product offerings in physical stores will include customized products and a rotation of new items every two weeks to maintain consumer interest [5] Product Development - The light luxury series will feature 17 SKUs in 2024, with plans to expand the product line in 2025 to include quick-drying T-shirts and lightweight down jackets [5][6] - The company emphasizes a "big item, big hit" strategy for self-sourced products while promoting a "small item, small hit" approach for franchise products [6] Supply Chain Management - The company employs strict standards for supply chain management, ensuring quality and efficiency by collaborating with over 40 carefully selected factories [8] - A rigorous pre-qualification process for factories includes assessments of production capacity and quality control [8] Dealer Management - The company collaborates with experienced dealers and implements a replacement mechanism based on operational performance [9] - A centralized marketing strategy is employed to ensure alignment between major marketing activities and personalized marketing efforts [9] Marketing Investment - In 2024, the company increased marketing investments to enhance brand influence, including collaborations with media and promotional activities [11] - For 2025, the company plans to optimize marketing strategies through social media and enhance consumer engagement via offline store upgrades [11]