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].