罗莱生活(002293) - 2017年10月26日投资者关系活动记录表（二）

Group 1: Financial Performance - Revenue growth for Q3 was 47.9%, with a total growth of 47.67% for the first three quarters [1] - Net profit attributable to shareholders increased by 37.08% in Q3, with a growth of 19.68% for the first three quarters [1] - Non-recurring net profit growth was 44.83% in Q3 and 32.1% for the first three quarters [1] Group 2: Revenue Sources - The acquisition of Lexington contributed approximately 580 million, accounting for about 26% of total revenue [2] - Original business revenue growth exceeded 20%, with e-commerce showing a nearly 50% growth rate for the first three quarters [2] - Traditional offline channels experienced a year-on-year growth of about 11%-12% [2] Group 3: Profitability Insights - The overall gross margin was affected by the higher proportion of low-margin businesses due to the acquisition [2] - Main business expenses were well-controlled, with a decrease of 1-2 percentage points in expense ratio compared to previous years [2] - Lexington is expected to contribute 4 to 5 million in profit annually, with gradual profit release expected in the coming quarters [2] Group 4: E-commerce and Market Trends - E-commerce growth is driven by increased investment from platforms like JD and Vipshop, alongside consumer upgrading trends [3] - Future e-commerce growth is projected to stabilize around 30%, with a potential for 40%-50% in the short term [3] - The online product structure remains separate from offline offerings, with no dedicated products for online sales [3] Group 5: Store Expansion and Inventory Management - The company plans to accelerate store openings, exceeding 100 new stores in the coming year [4] - Inventory levels have been reduced significantly, but returning to previous low levels will take time [4] - Approximately 10% of inventory consists of aged stock, with most being less than a year old [6]