Core Insights - Wang Ning and his company Pop Mart (09992.HK) have achieved remarkable success, with his wealth reaching $20.8 billion, ranking him 10th in China and 101st globally as of June 9 [2] - Pop Mart's stock price has surged 174% this year, and over 11 times since the beginning of 2024 [2] - The LABUBU toy has become a cultural phenomenon among young consumers, indicating the significant impact of trend culture [2][3] Market Performance - Pop Mart's sales in the U.S. reached $6-7 million in April, making it the top-selling brand in that region [3] - The company's app topped the shopping charts in the U.S. Apple Store, demonstrating strong consumer engagement [3] Consumer Behavior - Young consumers are increasingly valuing emotional connections and brand significance over mere functionality in products [3][4] - The blind box mechanism creates anticipation and excitement, while limited editions enhance desirability [4] Business Model - Pop Mart's competitive advantage lies in its deep exploration of IP value and emotional attachment, transforming toys into symbols of identity [4] - The company is expanding its product range beyond toys to include various categories like apparel and cultural content, aiming to create a comprehensive emotional economy [4] Industry Trends - The rise of Pop Mart reflects a shift towards a new consumption era, where understanding the needs of the younger generation is crucial for business sustainability [5]

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].

Core Insights - The company's core brand performance is strong, and sales in Europe have stabilized, indicating expectations for future performance recovery [1] Financial Performance - The company maintains a "buy" rating, adjusting the EPS forecast for 2025-26 to 0.82/1.06 yuan from the previous 0.89/1.28 yuan, with growth rates of 53% and 29% respectively, and a forecast EPS of 1.34 yuan for 2027, representing a 27% growth [2] - The 2024 financial summary shows revenue of 10.28 billion yuan, a 56.6% increase, with a net profit of 214 million yuan, down 36.2%, and a non-recurring net profit of 181 million yuan, down 41.3% [2] - The company plans to distribute a dividend of 120 million yuan, with a payout ratio of approximately 56% [2] - Quarterly revenue growth rates for 2024 were 44.7%, 55.5%, 63.9%, and 58.7%, while net profit growth rates were 65.6%, 52%, -156%, and -83.5% [2] - The gross margin was 43.8%, down 2.1 percentage points, with apparel and accessories at 47%, down 2.23 percentage points, and non-apparel at 37.9%, down 0.21 percentage points [2] Brand and Market Performance - The apparel and accessories segment generated revenue of 7.45 billion yuan, up 59.4%, accounting for 72.8% of total revenue, while non-apparel revenue was 2.32 billion yuan, up 33.9%, accounting for 22.7% [3] - The logistics service segment saw revenue of 455 million yuan, a significant increase of 261% [3] - Core brands Coofandy and Ekouaer achieved sales of 2.19 billion yuan and 2.08 billion yuan, with growth rates of 50.4% and 61.9% respectively [3] - North America generated revenue of 9.01 billion yuan, up 53.4%, while Europe saw revenue of 700 million yuan, up 40.9%, reversing a downward trend from the previous two years [3] - Amazon accounted for 8.39 billion yuan in revenue, up 45.6%, representing 82.1% of total revenue, with Walmart and self-operated websites contributing 3.77% and 2.89% respectively [3] Recent Quarterly Performance - In Q1 2025, revenue reached 2.46 billion yuan, a 36.7% increase, while net profit was 47 million yuan, down 45.4%, and non-recurring net profit was 41 million yuan, down 42.3% [4] - The gross margin for Q1 2025 was 43.9%, down 3.28 percentage points, with a net profit margin of 1.91%, down 2.87 percentage points [4] - The quarterly net profit margin showed a recovery trend, increasing from -1.53% in Q3 2024 to 0.54% in Q4 2024, and further to 1.91% in Q1 2025 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to shareholders was 214 million yuan, down 36.2% [4][5] - In Q1 2025, the company achieved a revenue of 2.458 billion yuan, up 36.6%, but the net profit attributable to shareholders decreased by 45.3% to 47 million yuan [4][5] - The company is expected to continue its brand strategy and expand into non-US markets, which may enhance brand influence and market share [4][6] - Due to inventory impacts, profit forecasts for 2025-2026 have been adjusted downwards, with new profit estimates for 2027 introduced [4] Financial Performance Summary - The company’s revenue for 2024 was 10.275 billion yuan, with a gross margin of 43.8%, down 2.1 percentage points from the previous year [5][7] - The company’s inventory turnover days increased to 81 days in 2024, reflecting a slowdown in inventory turnover [5] - The revenue breakdown for 2024 shows significant growth in apparel and accessories, with revenues of 7.447 billion yuan (up 59.4%) and 2.324 billion yuan (up 33.9%) respectively [5] Future Outlook - The company aims to enhance its brand premium and market share through a robust brand incubation strategy and expansion into overseas markets [6] - The projected net profits for 2025, 2026, and 2027 are 371 million yuan, 511 million yuan, and 665 million yuan respectively, with corresponding EPS of 0.93, 1.28, and 1.66 yuan [4][7]

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 | ...

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 招股意向书 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 招股意向书 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。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格波动引致的投资 风险。 1-1-1 ...

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 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明 书（注册稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 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） 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 | 不超过4,010万股，不涉及原股东公开发售股份数量，不低于 本次发行后公司总股本的10%。 | | 每股面值 | 人民币1.00元 | | 每股发行价格 | 【】 | | 预计发行日期 | 【】年【】 ...