又一上市公司因欺诈发行被起诉。 ST起步（603557.SH）财务造假余波未了，继行政处罚后还将被追究刑事责任。 根据ST起步（即"起步股份"）近日发布的公告，该公司及六位相关责任人因涉嫌欺诈发行证券罪、违 规披露、不披露重要信息罪，被丽水市人民检察院起诉。 近年来，监管部门持续加大对上市公司财务造假的综合惩防力度，并强调"立体化"追责。此次ST起步 被起诉，则与其此前连续多年财务造假、信披违规等一系列违法违规行为有关，2023年该公司及其主要 涉事责任人已受到行政处罚，合计被罚款7700万元。 除了深陷财务造假泥沼，曾被称为"童鞋第一股"的ST起步近些年业绩持续亏损，负债高企。自去年以 来，该公司通过卖房回笼资金、发力线上业务、控股股东现金"输血"等方式自救，但至今仍未扭转业绩 亏损局面。 涉欺诈发行被追究刑责 公告显示，ST起步于7月10日收到丽水市人民检察院出具的《起诉书》。该案由丽水市公安局侦查终 结，以被告单位起步股份、被告人周建永等6人涉嫌欺诈发行证券罪、违规披露、不披露重要信息罪， 向丽水市人民检察院移送起诉。 其中，被告人包括该公司前董事长章利民、前总经理周建永、前副总裁邹习军、前董事会秘书吴 ...

Group 1: Automotive Industry - The average payment term for domestic automotive companies exceeds 170 days, with some companies extending it to over 240 days [1][3] - The long payment terms are seen as a way for automotive companies to transfer financing and cash flow pressures onto suppliers [1] - The revised "Regulations on Payment of Funds for Small and Medium-sized Enterprises" aims to address the payment difficulties faced by small suppliers, mandating large enterprises to pay within 60 days [3] Group 2: Real Estate Industry - The average payment term for real estate companies is reported to be 9 months, with some companies like Greenland Holdings exceeding 20 months [1] Group 3: Home Appliances Industry - The average payment term for white goods manufacturers is approximately 145 days, with Gree Electric Appliances notably lagging at over 170 days [1] Group 4: Food and Beverage Industry - The average payment term in the liquor industry is around 4 months, while *ST Rock faces a prolonged payment term of 4.5 years due to operational crises [1] Group 5: Textile and Apparel Industry - The textile and apparel industry has an average payment term of 71 days, with 107 listed companies reporting a total operating cost of 351.62 billion and accounts payable of 56.63 billion [5][7] - The payment term for the textile manufacturing sector is 55 days, while the apparel and home textile sector has a significantly longer payment term of 147 days [7] - The jewelry sector has a notably shorter payment term, averaging 8 days, due to the concentrated supply chain and strong bargaining power of suppliers [8][10] Group 6: Specific Company Case - ST Start - ST Start has an alarming payment term of 440 days, significantly higher than its peers in the apparel sector [12] - The company has faced severe operational challenges, leading to a cumulative net loss of 1.258 billion over three years and a debt ratio of 92.69% as of 2024 [14][16] - To alleviate cash flow issues, ST Start has extended its payment terms, with a drastic increase from around 200 days in 2020 to 452 days in 2023 [16]

陈白丨文 谁也没想到，王宁和他创立的泡泡玛特（09992.HK），能有今天这样的成绩。 继6月8日以203亿美元身家超越牧原股份的秦英林，登顶"河南新首富"之后，王宁6月9日的财富排名再度攀升。 上，泡泡玛特以 600万—700 万美元的销售额成了美区 4 月销量榜首，连泡泡玛特官方 APP都直接登顶了美区苹果商店的购物榜首。一场 APP 里的直播，可 以同时吸引到 12 万人在线抢货。 LABUBU是什么可能并不那么重要。真正重要的问题是，在这些吸引年轻人的玩具背后，到底是什么样的商业机制在发挥作用。 当一个售价几十元的盲盒能让人反复购买，甚至引发抢购狂潮；当一个塑料小人能在社交平台上成为身份象征；当一个IP形象能激发粉丝的情感共鸣并形成 忠实社群，今天的年轻人们，到底在消费什么？ 趋势已经非常明显了——情绪价值正在成为真正意义上的硬核消费。成长于物质相对富足的年代Z世代，他们对商品的功能性需求已趋于饱和，转而更加关 注品牌背后的意义、审美体验以及是否符合自我认同。这一代人早已不再单纯为"功能"买单。 泡泡玛特抓住了这样的机会。这家公司真正意义上的护城河，就在于其对IP价值的深度挖掘与情感绑定。它通过盲盒机 ...

Core Viewpoint - The recent financial report of Saiwei Times (301381) indicates a significant increase in revenue but a notable decline in net profit, prompting the company to reassess its non-apparel categories and optimize marketing strategies for better efficiency [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 2.458 billion yuan, representing a year-on-year growth of 36.65% [2]. - The net profit attributable to shareholders was 47.0261 million yuan, showing a year-on-year decline of 45.35% [2]. - The net profit after deducting non-recurring gains and losses was 40.5473 million yuan, down 42.32% year-on-year [2]. Business Strategy - The company plans to conduct a systematic evaluation of its non-apparel categories due to severe losses caused by market demand fluctuations and intensified competition [2]. - In 2024, sales expenses increased by 37.56% as the company intensified marketing efforts to enhance market share [2]. - The company aims to optimize its marketing strategy in 2025 by leveraging previous promotional results and utilizing data analysis to improve targeting and resource allocation [2]. Cost Management - Management expenses rose by 34.85% in 2024 due to business expansion and the implementation of an employee stock incentive plan [3]. - The increase in management expenses is significantly lower than revenue growth, indicating effective cost control [3]. - The company plans to dynamically adjust personnel configurations based on business line developments and strengthen cost management [3]. Market Expansion - Saiwei Times has achieved remarkable success in the European market, with its apparel business doubling in growth in 2024 [3]. - The company intends to continue investing in the European market while leveraging successful brands from North America to strengthen its market position [3]. Brand Incubation - The company has successfully incubated two brands with annual sales exceeding one billion yuan and several others with sales over 100 million yuan [4]. - It has established strong competitive barriers in product development, procurement, production, and logistics, enhancing selection accuracy and reducing inventory risks [4]. - Future plans include empowering new brand incubation with foundational capabilities and operational experience to increase market share and brand premium in niche areas [4]. Supply Chain Development - Saiwei Times is actively advancing its overseas supply chain, with a factory in Vietnam already operational [4]. - The company aims to enhance production capacity utilization and gradually shift core style production to its overseas supply chain [4]. - This supply chain strategy is expected to improve stability and flexibility, supporting sustainable growth in a complex trade environment [5].

投资要点： 2025Q1 简述：1）营收24.6 亿元/+36.7%，归母净利0.47 亿元/-45.4%，扣非净利0.41 亿元/-42.3%；2） 毛利率43.9%/-3.28pct，净利率1.91%/-2.87pct；单季度净利率自2024Q3 的-1.53%回升至2024Q4 的0.54% 再到2025Q1 的1.91%，保持回升趋势。 维持增持。考虑到非服业务等的影响，我们下调预测2025-26 年EPS至0.82/1.06 元（原0.89/1.28 元）， 增速53/29%，预测2027 年EPS为1.34 元，增速27%；参考可比公司估值，给予2025 年30 倍PE，下调目 标价至24.6 元，维持增持。 本报告导读： 2024 年报简述：1）营收102.8 亿元/+56.6%，归母净利2.14 亿元/-36.2%，扣非净利1.81 亿元/-41.3%； 2）拟分红1.2 亿元，分红率约56%；3）2024Q1-4 营收同比增速分别44.7/55.5/63.9/58.7%，归母净利同 比增速分别65.6/52/-156/-83.5%；4）毛利率43.8%/-2.1pct，其中服饰配饰47%/- ...

商贸零售/互联网电商 赛维时代（301381.SZ） 库存因素短期拖累利润，服饰品类增长维持靓丽 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 20.23 | | 一年最高最低(元) | 33.18/16.49 | | 总市值(亿元) | 80.94 | | 流通市值(亿元) | 38.90 | | 总股本(亿股) | 4.00 | | 流通股本(亿股) | 1.92 | | 近 3 个月换手率(%) | 138.2 | 股价走势图 -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 赛维时代 沪深300 数据来源：聚源 相关研究报告 主营业务维持高增，业绩端阶段性承压 《品牌孵化和发展顺利，服饰配饰品 类增长亮眼—公司信息更新报告》 -2024.8.24 《跨境电商服饰赛道龙头，技术驱动 品牌扬帆出海—公司首次覆盖报告》 -2024.8.21 黄泽鹏（分析师） 吕明（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 lvming ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company achieved a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to the parent company was 214 million yuan, a decrease of 36.2% [1][2] - The apparel business continues to grow rapidly, with significant sales increases across various product categories, particularly in apparel and accessories, which saw a revenue of 7.447 billion yuan, up 59.4% year-on-year [2] - Inventory factors are impacting the company's short-term profitability and operational efficiency, with inventory turnover days increasing to approximately 81 days in 2024 [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.275 billion yuan, with a net profit of 214 million yuan, reflecting a decline in profitability [1][6] - The gross margin for 2024 was 43.8%, down 2.1 percentage points from the previous year [3] - The company expects net profits for 2025, 2026, and 2027 to be 331 million yuan, 451 million yuan, and 611 million yuan respectively, with corresponding P/E ratios of 24.9X, 18.3X, and 13.5X [6] Business Segments - The company’s revenue from apparel and accessories reached 7.447 billion yuan, while non-apparel accessory sales were 2.324 billion yuan, indicating strong growth in the apparel segment [2] - The top five brands contributed significantly to revenue, accounting for approximately 59% of total sales, with notable growth rates among these brands [2] Market Strategy - The company is focusing on deepening its brand strategy and expanding into non-American markets, particularly Europe, while also enhancing its overseas supply chain [4] - The company has established a factory in Vietnam and is working with quality suppliers in Southeast Asia to mitigate trade risks [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company achieved a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to the parent company was 214 million yuan, a decrease of 36.2% [1] - The apparel business continues to grow rapidly, with significant sales increases across various product categories, particularly in accessories, which saw a revenue increase of 59.4% [2] - Inventory factors are impacting the company's short-term profitability and operational efficiency, with inventory turnover days increasing to approximately 81 days [3] - The company is focusing on expanding its brand strategy and overseas supply chain, particularly in non-American markets like Europe and Southeast Asia [4] - Profit forecasts for 2025 to 2027 predict net profits of 331 million, 451 million, and 611 million yuan respectively, with corresponding P/E ratios of 24.9X, 18.3X, and 13.5X [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.275 billion yuan, with a growth rate of 56.5% year-on-year [8] - The net profit attributable to the parent company for 2024 was 214 million yuan, reflecting a decline of 36.2% [8] - The gross profit margin for 2024 was 43.8%, down 2.1 percentage points from the previous year [3] Business Segments - Revenue from apparel and accessories reached 7.447 billion yuan, with a year-on-year growth of 59.4% [2] - The top five brands contributed significantly to revenue, accounting for approximately 59% of total sales [2] Operational Insights - The company faced challenges with inventory management, leading to an increase in inventory turnover days to about 81 days [3] - The company reported a negative cash flow from operating activities of -469 million yuan in 2024 [9] Future Outlook - The company plans to deepen its brand strategy and expand into non-American markets, particularly in Europe and Southeast Asia [4] - The establishment of a factory in Vietnam is expected to enhance the company's overseas supply chain capabilities [4]

股票简称：赛维时代 股票代码：301381 赛维时代科技股份有限公司 Sailvan Times Co., Ltd. （深圳市龙岗区南湾街道上李朗社区康利城6号1001） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （上海市中山南路 318 号东方国际金融广场 2 号楼 24 层） 二零二三年七月 赛维时代科技股份有限公司 上市公告书 特别提示 赛维时代科技股份有限公司（以下简称"赛维时代"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 7 月 12 日在深圳证券交易所创业板上市。本 公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 赛维时代科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书的真实性、准确性、 完整性，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承 担法律责任。 深圳证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 ...

本次股票发行后拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融合 成功与否存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 赛维时代科技股份有限公司 （深圳市龙岗区南湾街道上李朗社区康利城 6 号 1001） 首次公开发行股票并在创业板上市 招股说明书 东方证券承销保荐有限公司 （上海市中山南路 318 号东方国际金融广场 2 号楼 24 层） 保荐人（主承销商） 赛维时代科技股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 本次发行概况 | 发行股票类型 | 人民币普通股（A股） | | --- | --- | | 发行股票的数量 | 本次公开发行股票的数量为4,010万股，占发行后公司总股本 的10.02%；本次发行不涉及原股东公开发售股份 | ...