Core Viewpoint - The company reported a significant increase in revenue but a decline in net profit for the first half of 2025, raising concerns in the market [2] Financial Performance - The company achieved operating revenue of 5.35 billion yuan, a year-on-year increase of 27.96% [2] - Net profit attributable to shareholders was 169 million yuan, down 28.18% from 236 million yuan in the same period last year [2] - The net profit after deducting non-recurring gains and losses was 186 million yuan, a decrease of 11.30% [2] - Basic earnings per share fell to 0.4226 yuan, a decline of 28.23% compared to 0.5888 yuan last year [7] - The weighted average return on equity decreased from 9.29% to 6.60% [7] - The net cash flow from operating activities surged by 365.65% to 510 million yuan [9] Revenue Composition - The apparel and accessories category remains the main revenue driver, generating 3.93 billion yuan, a 30.91% increase, accounting for 73.90% of total revenue [3] - Non-apparel categories generated 1.04 billion yuan, a modest growth of 2.46%, representing 19.54% of total revenue [3] Market Focus - North America is the primary market, with sales reaching 4.82 billion yuan, making up 90.65% of total revenue, and growing by 30.15% [4] - European sales amounted to 383 million yuan, accounting for 7.20% of total revenue, with a growth of 32.42% [4] Sales Channels - The Amazon platform remains the largest sales channel, contributing 4.13 billion yuan, or 77.64% of total revenue, although its share has decreased [5] - Emerging platforms like Temu and TikTok are gaining traction, with sales contributions of 3.13% and 2.34%, respectively [5] Cost and Expense Management - Operating costs rose to 2.97 billion yuan, an increase of 32.84% year-on-year [6] - Sales expenses increased to 1.96 billion yuan, up approximately 28% from the previous year [6] - Management expenses also grew to 114 million yuan, a 30.59% increase [6] Cash Flow and Accounts Receivable - Accounts receivable increased to 415 million yuan, with a reasonable aging structure [8] - The company has made provisions for bad debts, including a full provision of 9.4 million yuan for a specific overdue customer [8] Future Outlook - The company is expected to face challenges in cost control and market competition, but it has the potential for growth in the cross-border e-commerce sector if it can effectively address these issues [9]

近日，赛维时代（301381）发布2024年年报和一季度业绩。不管是去年全年还是今年一季度，赛维时代 的营收都有大幅增长，年营收更是突破百亿元。 靠营销推广推进营收大幅突破，但销售与管理费用的高速增长，无形中也进一步侵损承压的利润。 号称"亚马逊爆款制造机" 非服饰类业务面临挑战 初期锁定了彼时风口上的服饰类赛道，赛维时代靠店群铺货的模式，迅速起家。在业内，赛维时代被公 认为店群模式的佼佼者。所谓店群模式，就是通过在线多开店铺，在一个单品领域或者类目里，尽可能 多占位置，从而提高消费者购物时遇见并选中的概率。这样的模式，也让单品领域或者类目里更容易冲 出"爆品"，从而贡献更多的利润。这样的模式，在此后也被赛维时代应用在更多品类领域。 多元品牌矩阵成功出圈背后，这位百亿"初代大卖"也面临着净利润大幅下滑、销售费用率激增的盈利挑 战。未来，究竟如何突破"增收不增利"的局面？ 销售与管理费激增三成以上 净利润下滑超36% 2024年，赛维时代实现营业总收入102.75亿元，同比增长56.55%；归属净利润为2.14亿元，同比下降 36.19%；扣非净利润为1.81亿元，同比下降41.30%。2025年一季度，赛维时 ...