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证券代码： 002127 证券简称：南极电商 南极电商股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | √ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 新闻发布会 | √ 路演活动 | | | □ 现场参观 | | | | √ 其他 （券商策略会） | | | 参与单位名称及 | | 东北证券、华泰证券、中泰证券、开源证券、易正朗、宽潭 Quartet | | 人员姓名 | Capital | 、青骊投资、海通资管、远东宏信、钦沐资产、循远资 ...

Summary of Conference Call Records Company Overview - The company is focused on the consumer goods sector, specifically as a manufacturer and brand owner of optional consumer products [1][2][3]. - The company underwent strategic adjustments from 2020 to 2022, including the acquisition of Baijiahao and the transition of its business model [1][2][3]. Strategic Changes - In 2022, the company acquired Baijiahao, which led to the divestment of its offline business and a shift to online operations [1][2][3]. - By 2023, the company transitioned the Nanji brand's men's, women's, and underwear lines from an authorized cooperation model to a self-sourcing model, focusing on centralized management of procurement, design, and logistics [1][2][3]. - The company plans to enhance product quality and cost efficiency through this new model, aiming for high-quality, cost-effective products [1][2][3]. Financial Performance - In 2023, Baijiahao's total revenue reached approximately 2.5 billion (GMV), with a goal to triple this figure by the end of the year [1][2][3]. - The company aims to achieve significant sales growth, with the Nanji brand's sales strategy focusing on personalized products to meet diverse consumer needs [1][2][3]. Brand Positioning - The company has positioned the Nanji brand as a provider of high-quality, affordable luxury products, competing with brands like Lululemon and Uniqlo [3][4]. - The brand matrix includes a variety of lifestyle products, with a focus on fashion and home essentials [1][2][3]. Store Closures and Restructuring - In 2023, the company closed approximately 3,000 stores across various platforms, including Pinduoduo, Taobao, and JD.com, as part of its restructuring efforts [1][2][3]. - The company is moving towards a strategic authorization model, collaborating with top clients to enhance product quality and reduce inefficiencies [1][2][3]. Product Development and Supply Chain - The company has established a centralized management system for product development, ensuring high standards from raw material procurement to final production [6][7][8]. - The product line is expected to expand with the introduction of 3 to 5 new major products, including quick-drying clothing and thermal wear [9][10][11]. Future Outlook - The company anticipates a strong market response to its new product lines, with a goal to achieve daily sales milestones of 10 million and 20 million [12][13][14]. - The company is optimistic about returning to historical sales levels, projecting significant growth in the coming years [15][16]. Additional Insights - The company has invested heavily in upgrading its manufacturing capabilities, focusing on advanced machinery and efficient production processes [10][11]. - The strategic shift towards self-sourcing and enhanced quality control is expected to improve overall product competitiveness in the market [12][13][14].

Group 1: Company Overview and Product Strategy - The company focuses on optional consumer goods, emphasizing emotional value and transforming it into necessity when products become fast-moving consumer goods [1] - The core philosophy is to provide good quality products at reasonable prices, ensuring aesthetics, comfort, trendiness, and functionality [1] - The company has identified 6-7 major product categories for development, including plush fabrics and quick-drying clothing, with significant R&D investment [2] Group 2: Strategic Direction and Innovation - The company has clarified what not to pursue, concentrating on large single products and long-term development [2] - Emphasis on cost-effectiveness and innovation, aiming to provide high-quality products at affordable prices [2] - Adoption of advanced production techniques to enhance efficiency and ensure stable product quality [2] Group 3: Brand Management and Quality Control - The company is undergoing a brand renewal process, focusing on self-sourcing and franchise models to better control product quality and brand image [3] - Strengthened supply chain management with a whitelist system for partners, implementing strict quality guidelines and regular inspections [3] Group 4: Market Positioning and Consumer Engagement - The company prioritizes long-term value and consumer recognition over short-term profit margins, focusing on high turnover and efficient inventory management [3] - Recent product launches, such as warm suits and shark pants, have become popular items in their respective channels [3] Group 5: Future Plans and Market Expansion - The company plans to open fewer but strategically significant stores, including flagship and medium-sized stores, to enhance consumer experience [5] - Future product lines will focus on fashion, comfort, and quality, with a commitment to maintaining high standards across self-sourced and franchise products [4] - The company is exploring cross-border opportunities, adapting products to meet different market demands [7]

证券代码： 002127 证券简称：南极电商 南极电商股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | √ 特定对象调研 \n□ 媒体采访 □ \n□ 新闻发布会 \n√ 现场参观 | □ 分析师会议 \n 业绩说明会 \n □ 路演活动 | | 参与单位名称及 人员姓名 | □ 其他 | （请文字说明其他活动内容） 招商证券、天风证券、东北证券、中天证券、 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 6.14 CNY per share [4] Core Views - The company has been cleaning up historical burdens and strictly controlling its supply chain and distributors, transitioning to an invitation-based franchise model to improve product quality and brand image [1] - A new "self-procurement + franchise" model has been launched to reshape the Nanjiren brand, with the introduction of a "light luxury" series that has shown rapid growth in GMV [1] - The successful case of Basic House, acquired in 2022, provides a foundation for Nanjiren's transformation, with its GMV reaching 2.5 billion CNY in 2023 and aiming for 5 billion CNY in 2024 [1] - The company is expected to achieve net profits of 80 million, 300 million, and 510 million CNY in 2024, 2025, and 2026, respectively [1] Financial Summary - Revenue is projected to grow from 3.31 billion CNY in 2022 to 5.05 billion CNY in 2026, with a CAGR of 22.4% [2] - EBITDA is expected to increase from 130 million CNY in 2022 to 610 million CNY in 2026 [2] - Net profit margin is forecasted to improve from -8.9% in 2022 to 10.1% in 2026 [2] Business Model Transformation - The company has shifted from a traditional retail model to a brand licensing service model, focusing on online channels and expanding product categories [34][35] - The transformation includes strict control over the supply chain and distributors, with a focus on quality and brand management [1][51] - The new "self-procurement + franchise" model aims to enhance product quality and market penetration, with the "light luxury" series targeting higher-end consumers [57][58] Brand and Market Strategy - The Nanjiren brand is being repositioned with a focus on "light luxury" quality, supported by marketing efforts including celebrity endorsements and advertising campaigns [61][62] - The company is leveraging the success of Basic House to guide the transformation of Nanjiren, with both brands sharing similarities in product categories and channels [67][71] Financial Performance and Projections - Revenue for 2024 is expected to reach 3.34 billion CNY, with a growth rate of 24.0% [2] - The company's net profit is projected to rebound significantly in 2025, with a growth rate of 293.9% [2] - The ROE is expected to improve from 2.4% in 2023 to 9.3% in 2026, indicating a recovery in profitability [2] Valuation and Investment Recommendation - The company is valued at 0.7x PE/G for 2025, with a target price of 6.14 CNY per share, based on comparable company valuations [94] - The "Buy" rating is supported by the company's strategic transformation and expected growth in profitability [94]

关于公司使用闲置自有资金购买理财产品的进展公告 证券代码：002127 证券简称：南极电商 公告编号：2024-062 南极电商股份有限公司 关于公司使用闲置自有资金购买理财产品的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 南极电商股份有限公司（以下简称"公司"）2023年年度股东大会审议通过了《关于使用 闲置自有资金购买理财产品的议案》，授权董事长审批使用公司及合并报表范围内下属子公 司暂时闲置的自有资金用于购买理财产品的额度为250,000万元（人民币）；投资类型为安全 性高、流动性好、保本型或低风险型的理财产品或固定收益类证券（除股票、证券投资基金、 无担保债券等有价证券及其衍生品），期限不超过12个月，在上述额度及期限范围内可循环 滚动使用。 现将公司 2024 年 11 月份使用闲置自有资金购买理财产品的事项公告如下： - 1 - 序 号 受托人名称 产品名称 产品 类型 委托理 财金额 （万 元） 预计年化收 益率 起始日 到期日 资金 来源 关联 关系 1 中国建设银行 上海长三角一 体化示范区支 行 中国建设银行上海分 行单位人民 ...

证券代码： 002127 证券简称：南极电商 南极电商股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | √ 特定对象调研 \n□ 媒体采访 □ \n□ 新闻发布会 \n√ 现场参观 \n□ 其他 | □ 分析师会议 \n 业绩说明会 \n √ 路演活动 \n（请文字说明其他活动内容） | | 参与单位名称及 人员姓名 | | 申万宏源证券、东吴证券、财通证券、国盛证券、中金基金、兴 业基金、银河基金、华夏基金、诺安基金、汇丰晋信基金、财通 | | | 基金、中银基金、睿远基金等 | | | 时间 | 2024 年 ...

证券代码： 002127 证券简称：南极电商 南极电商股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|-----------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | √ 特定对象调研 \n□ 媒体采访 □ \n□ 新闻发布会 √ 现场参观 \n□ 其他 | □ 分析师会议 \n 业绩说明会 \n □ 路演活动 \n（请文字说明其他活动内容） | | 参与单位名称及 人员姓名 | 易同投资等 | 广发基金、华夏基金、上海人寿、汇添富基金、海通资管、浙商 资管、财通资管、海富通基金、汇安基金、丹奕投资、轩汉投资、 | | 时间 | 2024 年 11 月 25 日 | | ...