NanJi E-Commerce(SZ:002127)2024-12-06 12:39Company Overview - The company is a consumer goods manufacturer and brand owner, listed in 2015, primarily under the "Nanji" brand [1] - Acquired several brands including "Kadi Le Crocodile" and "Classic Teddy" in 2016 and 2017, respectively [1] - Expanded brand portfolio with acquisitions of "Bella Villa" and "Han" from 2020 to 2022 [1] Brand Performance - "Bai Jia Hao" brand achieved a GMV of 2.5 billion in 2023, with a target to double this figure in 2024 [1] - In the first half of 2024, "Bai Jia Hao" has already reached a GMV of 2.5 billion [1] Business Model Transition - Transitioned from an open authorization model to a self-purchase and franchise model for the "Nanji" brand in 2024 [2] - The self-purchase model focuses on centralized management of raw materials, design, and logistics to enhance product quality and cost-effectiveness [2] - The franchise model aims to offer personalized products to meet diverse consumer needs [2] Sales and Revenue Insights - In October and November, self-purchased products slightly outperformed franchise products, but franchise sales are expected to grow significantly [3] - The gross margin for the franchise model is based on service fees, while self-purchase is currently in an investment phase, focusing on scale rather than immediate profit [3] Marketing and Advertising Strategy - Minimal advertising investment in 2023, with plans for continued brand image investment in 2024, including potential endorsements and social media campaigns [4] - The company aims to maintain a competitive edge on platforms like Douyin by ensuring a high volume of new product launches [3] Consumer Trends and Positioning - The brand positions itself as "Affordable Luxury," focusing on high-quality products at accessible prices [4] - The company recognizes the ongoing trend of consumer demand for quality and affordability, aiming to leverage its scale and operational expertise to meet these needs [5]