Group 1: Company Development and Strategy - The company aims to leverage its foundational capabilities to empower multiple niche brands for scalable growth, primarily through platforms like Amazon that emphasize product quality and service [1] - Strategic categories will be prioritized each year to enhance market share, with ongoing monitoring and adjustment of resource allocation based on market opportunities [2] - The selection of niche categories will consider market space, growth rate, and competitive landscape [2] Group 2: Financial Performance - Historical gross margins have been stable, but net margins have fluctuated significantly due to inventory clearance pressures in 2021-2022, leading to substantial losses in 2022 [2] - The gross margin improved in the first half of 2023 due to increased sales prices and decreased shipping costs, with Amazon FBA fees rising but manageable due to brand strength [3] Group 3: Sales and Marketing - The sales expense ratio for the first half of 2023 was 59.16%, an increase of 5.2 percentage points year-on-year, driven by higher logistics and promotional costs [3] - The company does not perceive direct competition from platforms like Shein and Temu, as their target demographics and pricing strategies differ significantly [3] Group 4: Future Outlook - Future net margin improvements will stem from strong head brands with high market share and brand recognition, while smaller brands will benefit from enhanced incubation efficiency and market share expansion [4]
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