Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company is a leading player in the cross-border apparel retail sector, transitioning from a broad product distribution model to a brand-focused strategy. It has successfully incubated 10 self-owned brands with over 100 million in revenue by the end of 2024 [1][4]. - The cross-border e-commerce industry is experiencing differentiation, with brand-oriented sellers expected to break through amidst a mature market. The industry has seen a compound annual growth rate (CAGR) of nearly 24% from 2018 to 2022, despite a slowdown in growth due to supply pressures and international circumstances [2]. - The company is enhancing its operational management capabilities through a brand-focused strategy and agile organizational structure, which includes a small front-end and a large middle platform to support agile teams [3]. Summary by Sections 1. Brand Transformation and Growth - The company has seen significant revenue growth, with sales increasing from 5.3 billion to 10.3 billion from 2020 to 2024, achieving a CAGR of 18%. The brand transformation has led to a notable increase in market share and brand recognition [20][21]. - The core business of apparel and accessories is growing rapidly, with projected revenue growth rates of 59% for apparel and 34% for non-apparel categories in 2024 [22]. 2. Industry Environment and Trends - The cross-border e-commerce market in China has expanded from 2.8 trillion yuan in 2018 to 6.6 trillion yuan in 2022, with a forecasted growth to 10.4 trillion yuan by 2025 [36][37]. - The B2B model dominates the cross-border e-commerce landscape, accounting for nearly 70% of the market, while B2C is gaining traction and is expected to continue growing due to changing consumer behaviors [38]. 3. Operational Efficiency and Digitalization - The company is implementing a fully digitalized supply chain and flexible production system, which enhances operational efficiency and supports the rapid production of small batches [3][29]. - The organization is structured to support agile teams focused on specific consumer needs, backed by a robust digital management and assessment mechanism [3]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 12.7 billion, 15.5 billion, and 19.1 billion yuan in 2025, 2026, and 2027, respectively, with a consistent growth rate of 23% [4][10]. - The net profit attributable to the parent company is expected to reach 3.4 billion, 5.4 billion, and 6.8 billion yuan in the same years, reflecting growth rates of 59%, 58%, and 26% [4][10].

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【】 ...