近日，都市丽人在公益领域迎来又一次高光时刻。 都市丽人携手中国社会福利基金会展开"丽人公益行"新疆站活动，向图木舒克市捐赠5万件优质内衣，并获民政部与中国社会福利基金会的专题报道和高度 肯定。如全国人大社会建设委员会委员、中国社会福利基金会理事长詹成付在致辞中提到，此次对新疆生产建设兵团的捐赠将都市丽人履行社会责任的纪录 推向了新高度。 透过这场公益行动，我们也能更清晰看到其背后经营哲学、品牌战略与社会价值的深层共振与独到之处。 更可以看到，都市丽人所推动的公益行动并非"单向付出"，而是能够反哺企业经营，带来可持续发展动能的支点之一。这使其较好地构建起商业向善的完整 闭环。 具体可以从几个角度来理解： 其一，这场公益行动直观、深刻地诠释着都市丽人"国民品牌"的内核，也有望沉淀出更优的品牌资产。 这句话不仅揭示都市丽人公益的逻辑起点，也道出了国民品牌的本质—— 国民品牌从来不是冰冷的商业符号，而是与大众生活紧密相连、始终守护民生需 求的温暖存在。 而如今，在国家乡村振兴与共同富裕蓝图下，对边疆地区特殊群体的关怀显得尤为重要，内衣作为与女性生活朝夕相伴的贴身之物，直接影响着边疆女性的 身体感受和心理健康。为边疆女 ...

港股都市丽人(02298.HK)冲高回落，一度涨超27%，现涨超13%，成交额超465万港元。 ...

Group 1 - The article discusses the absurdities and challenges faced by women in the current fashion industry, particularly regarding women's pants and clothing design [1][3][19] - It highlights the discomfort and impracticality of women's clothing, such as pants that are poorly designed and do not fit well, leading to a sense of frustration among consumers [12][28][39] - The article points out the trend of women increasingly purchasing men's clothing due to better quality, comfort, and price, indicating a shift in consumer behavior [52][50][44] Group 2 - The article critiques the sizing inconsistencies in women's clothing, where sizes can vary dramatically between brands, making shopping a gamble [28][36][39] - It mentions the prevalence of "pink tax," where women pay more for clothing that is often of lower quality compared to men's clothing [50][52] - The article calls for a change in the fashion industry to prioritize comfort and practicality over aesthetics, suggesting that consumer demand could drive this shift [52][53]

Core Insights - The apparel industry in China is experiencing a slowdown in growth, with retail sales of clothing reaching 1,071.62 billion yuan in 2024, reflecting a mere 0.1% increase year-on-year, a significant decline of 15.3% compared to 2023 [1] - Among 25 selected publicly listed companies in the apparel sector, only 7 reported increases in both revenue and net profit, while 10 companies experienced declines in both metrics [1][2] Revenue and Profit Overview - In 2024, 15 companies reported a decline in net profit, and 13 saw a decrease in revenue. Notably, 10 companies experienced declines in both revenue and net profit [2] - Companies with declining performance include: - Baoxini: Revenue of 5.153 billion yuan, down 1.91%; net profit of 495 million yuan, down 29.07% [2][3] - Hailan Home: Revenue of 20.957 billion yuan, down 2.65%; net profit of 2.159 billion yuan, down 26.88% [2][3] - Sanfu Outdoor: Revenue of 800 million yuan, down 5.45%; net profit loss of 21 million yuan, down 158.83% [2][3] - Anzheng Fashion: Revenue of 2.034 billion yuan, down 6.23%; net profit loss of 124 million yuan, down 365.03% [2][3] - Aimer: Revenue of 3.163 billion yuan, down 7.71%; net profit of 163 million yuan, down 46.56% [2][3] Losses and Underperformance - Six companies reported losses, including: - Ge Li Si: Loss of 310 million yuan [4][5] - Sanfu Outdoor: Loss of 21 million yuan [4][5] - Anzheng Fashion: Loss of 124 million yuan [4][5] - Xinhe Shares: Loss of 67 million yuan [4][5] - Meibang Clothing: Loss of 195 million yuan [4][5] - Annai: Loss of 115 million yuan [4][5] Performance Rankings - The top three companies in revenue growth are: - 361 Degrees: 19.6% growth [7] - Tanshan: 14.44% growth [7] - Anta Sports: 13.6% growth [7] - The bottom three in revenue growth are: - Meibang Clothing: -49.79% [7] - Annai: -20.7% [7] - Xinhe Shares: -20.1% [7] Net Profit Growth Rankings - The top three companies in net profit growth are: - Urban Beauty: 197% growth [9] - Anta Sports: 52.4% growth [9] - Tanshan: 48.5% growth [9] - The bottom three in net profit growth are: - Meibang Clothing: -715.45% [9] - Ge Li Si: -392.99% [9] - Anzheng Fashion: -365.03% [9]

Financial Performance - The company's profit attributable to shareholders for the year ended December 31, 2024, was approximately RMB 126,157,000, representing a growth of about 197% compared to RMB 42,483,000 for the year ended December 31, 2023[9]. - The profit attributable to the owners of the company for the year ended December 31, 2024, was approximately RMB 126,157,000, an increase of about 197% compared to RMB 42,483,000 in 2023[19]. - Revenue from intimate apparel products was RMB 2,554,880,000, accounting for 84.9% of total revenue, while revenue from logistics and industrial projects was RMB 455,250,000, accounting for 15.1%[20]. - The company's revenue for the year ending December 31, 2024, is projected to be RMB 3,010.13 million, an increase from RMB 2,757.08 million for the year ending December 31, 2023[170]. - The gross profit margin for the group remained stable at approximately 45.7%, with the gross profit margin for intimate apparel products at about 47.3%[22]. E-commerce and Market Expansion - The e-commerce gross merchandise value (GMV) exceeded RMB 1.5 billion for the year ended December 31, 2024, marking a growth of over 100% compared to the previous year[14]. - The company successfully expanded its e-commerce business, achieving a total gross merchandise value (GMV) of approximately RMB 1.1 billion from related e-commerce platforms[26]. - The company successfully expanded its offline store network, achieving net growth in store numbers despite a challenging market environment[12]. - The "Pure Cotton Home" brand achieved a revenue growth of approximately 50% year-on-year in 2024, with expectations to double store numbers and revenue by 2025[13]. Cost Management and Financial Stability - Sales and marketing expenses decreased by approximately 7.5% to about RMB 1,019,925,000, primarily due to changes in e-commerce business strategy and optimized marketing investments[23]. - General and administrative expenses decreased by approximately 5.4% to about RMB 184,383,000, attributed to effective cost control measures[24]. - The net financial expenses decreased to approximately RMB 19,840,000, mainly due to a reduction in bank loan interest expenses[27]. - The group maintained a solid financial position with cash and cash equivalents of approximately RMB 621,871,000 and a current ratio of about 1.6 times[29]. - The total debt ratio was approximately 19.6%, indicating a slight decrease from 20.4% in the previous year[29]. Corporate Governance and Management - The company has a strong management team with extensive experience in operations and strategic planning, including independent directors with over 21 years of financial and accounting experience[50]. - The company has adopted the principles outlined in the Corporate Governance Code as per the Hong Kong Stock Exchange, except for the separation of roles between the Chairman and CEO[58]. - The board consists of 11 members, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors[59]. - The company has implemented a mechanism to ensure the independence of the board, which is crucial for effective corporate governance[69]. - The company is committed to high standards of corporate governance, emphasizing quality management, transparency, and accountability to all shareholders[57]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to achieving carbon neutrality by 2060 and has integrated this concept into its business operations, complying with environmental regulations[110]. - The company has established an Environmental, Social, and Governance (ESG) working group to collect data and prepare the ESG report, ensuring regular reviews of its ESG performance[111]. - The company has achieved ISO 14001:2015 certification for its environmental management system, demonstrating its commitment to environmental protection and sustainability[160]. - The company aims to balance economic success with stakeholder expectations and environmental needs, reflecting its core values in daily operations[115]. - The company has implemented strict environmental management systems to minimize negative impacts on the environment and natural resources[172]. Employee Management and Workplace Culture - The company employed approximately 2,200 full-time employees as of December 31, 2024, down from 2,600 the previous year[39]. - The company emphasizes a diverse and inclusive work environment, with recruitment based on merit regardless of age, gender, or ethnicity[124]. - The company has implemented a comprehensive employee benefits system, including compliance with social insurance laws and additional commercial accident insurance for specific roles[126]. - The employee turnover rate increased to 20.86% in 2024 from 15.19% in 2023, with significant increases among females (22.55% vs. 16.14%) and employees under 30 (31.34% vs. 23.29%)[128]. - The company has achieved ISO45001:2018 certification for its occupational health and safety management system, reflecting its commitment to providing a safe working environment[133]. Community Engagement and Corporate Social Responsibility - The company has actively engaged in corporate social responsibility since 2009, contributing to community welfare through donations and support[112]. - The company participated in community charity activities, including tree planting and educational contributions, in 2024[183]. - The company donated 488 sets of thermal underwear and homewear to various community groups in 2024, supporting vulnerable populations[178]. - The company organized various employee engagement activities in 2024 to enhance team cohesion and promote a healthy work-life balance[129]. - The company is committed to corporate social responsibility and plans to continue giving back to society in the future[183].

Summary of Conference Call Company and Industry - The conference call pertains to a company in the apparel industry, specifically focusing on intimate wear and related products. Key Points and Arguments 1. **Revenue Growth**: The company reported a revenue of RMB 30.1 billion for 2024, representing a 9% increase from RMB 27.57 billion in 2023 [1][5][6]. 2. **Gross Margin Decline**: The gross margin decreased from 47.5% in the previous year to 45.7% in 2024, attributed to lower margins from industrial projects compared to core business [6][7]. 3. **Profit Increase**: The company's profit increased significantly, from approximately RMB 42 million in the previous year to RMB 126.1 million in 2024, marking a twofold increase [6][10]. 4. **Dividend Distribution**: The company initiated dividend payments for the first time post-pandemic, with a distribution of HKD 1.6 per share [6][10]. 5. **Sales Strategy Shift**: A strategic shift from self-operated to a combination of self-operated and joint-operated models was implemented, leading to a GMV of RMB 15.7 billion in 2023 [4][9][22]. 6. **Market Positioning**: The company aims to strengthen its market position in key provinces, focusing on both online and offline sales channels [19][21]. 7. **Brand Marketing Initiatives**: Significant investments in brand marketing were made, including partnerships with national sports teams and extensive advertising campaigns across various platforms [20][21]. 8. **Product Diversification**: The company introduced new product lines and maintained a focus on high-quality offerings, with a notable increase in sales for certain brands [11][25]. 9. **E-commerce Growth**: The e-commerce segment showed substantial growth, with a GMV increase of 100% year-over-year, indicating a strong online presence [22][42]. 10. **Inventory Management**: Effective inventory management strategies were highlighted, with a reduction of RMB 200 million in old inventory, contributing to improved gross margins [39][40]. Other Important but Possibly Overlooked Content 1. **Operational Efficiency**: The company emphasized improvements in operational efficiency and cost control, which contributed to better profit margins despite revenue challenges [9][15]. 2. **Future Outlook**: The management expressed optimism about future growth, particularly in e-commerce and market expansion in lower-tier cities [28][32]. 3. **Asset Utilization**: The company is actively working on asset optimization, including the sale of underperforming properties to enhance cash flow [43][44]. 4. **Shareholder Returns**: Discussions on shareholder returns included a focus on dividends rather than share buybacks, with a projected return rate of approximately 6% based on current share prices [44]. This summary encapsulates the essential insights from the conference call, highlighting the company's performance, strategic initiatives, and future outlook within the apparel industry.

尽管都市丽人实现了盈利，但是老牌内衣品牌的生存境况仍然艰难。 据都市丽人2024年财报，去年全年，都市丽人实现营业收入30.10亿元，同比增长9.18%；归母净利润 1.26亿元，同比增长196.96%。至此，都市丽人已经连续盈利三年，基本走出阵痛期。 都市丽人业绩上涨，主要归功于"卖厂房"带来的收益。去年，都市丽人的营收中有4.55亿元来自于产业 项目及物流分部收入。这部分收入为都市丽人贡献利润6000万元到7000万元，产业项目贡献利润比例大 概占比一半。 21世纪经济报道记者 吴抒颖 广州报道 这是传统制造业企业在面临增长瓶颈后，多数企业选择"激活"业绩的路径。得益于前期的布局，这类企 业坐拥区位价值较好的旧厂房以及旧仓库，通过更新改造出让能够释放一定的价值，在企业低潮之时也 可有力支撑业绩。 未来几年，都市丽人也不排除继续通过这种方式释放业绩。都市丽人董事长郑耀南表示，目前，都市丽 人在东莞市凤岗镇还有土地储备面积约11万平方米可供未来盘活。"我们还有几个类似的仓库，但是需 要有意向方明确需求并交付定金后才会正式启动旧改。目前还在市场摸底阶段。" 都市丽人并不排除未来继续倚重"卖厂房"来撑起业绩。尽管 ...

历经转型阵痛期的都市丽人，时隔六年净利润重回亿元水平，这一次靠的不仅是内衣业务。 2024年，"中国内衣第一股"都市丽人实现营业收入30.1亿元，同比增长9.18%；公司拥有人应占利润1.26 亿元，同比增长197%。 都市丽人的业绩增长除成本控制和效率提升等方面的原因外，来自"副业"的厂房等物业出售为公司带来 超3亿元收入，扣税后利润贡献约6000万元-7000万元。基于已有的产业项目资源，都市丽人未来仍有继 续"卖楼"的打算。 "卖楼"业务贡献约一半利润 2024年年报是都市丽人创始人郑耀南回归经营一线后，提交的第三份年度盈利成绩单。此前因库存积 压、定位失误等原因，都市丽人在2019年至2021年连续三年业绩亏损，直到2022年业绩才逐步恢复盈 利。 2024年都市丽人实现的30.1亿元收入中，主营业务贴身衣物产品贡献收入25.55亿元，非主营业务中的物 流收入贡献1.32亿元，产业项目销售收入贡献3.23亿元。 | | | 裁至十二月三十一日止年度 | | | | --- | --- | --- | --- | --- | | | 二零二四年 | | 二零二三年 | | | | 人民幣千元 | | % ...

Core Viewpoint - The apparel industry is facing significant challenges in 2024, with weak consumer demand and intense competition leading to squeezed profit margins. However, Urban Beauty has managed to achieve double-digit growth in both revenue and net profit, indicating a successful turnaround and effective strategies under the leadership of Chairman Zheng Yaonan [1][2]. Group 1: Financial Performance - Urban Beauty reported a revenue of 3.01 billion yuan in 2024, representing a year-on-year growth of 9.18%. The net profit reached 126 million yuan, showing a remarkable increase of 196.96% [2]. - The company has achieved three consecutive years of positive profitability, with accelerating growth rates [2][9]. Group 2: Product Innovation - Urban Beauty has focused on innovative product development, creating new offerings that meet core consumer needs such as comfort, style, and functionality, while maintaining a strong price-performance ratio [3][7]. - The launch of the soft size invisible underwear exemplifies this innovation, featuring advanced materials and design processes that enhance comfort and fit [3][5]. - The company has also introduced the Peach Cup underwear, which combines multiple advantages for women's health and aesthetics [5]. Group 3: Brand Strategy and Marketing - Urban Beauty is evolving its brand strategy by diversifying its brand portfolio and engaging in sports and entertainment marketing to strengthen its market position [11][15]. - The partnership with the Chinese national synchronized swimming team and endorsements from sports champions are part of a broader strategy to enhance brand visibility and consumer trust [11][12]. - The company has also signed popular celebrities to promote its products, creating a deeper emotional connection with consumers [15][17]. Group 4: Channel Expansion - Urban Beauty has opened over 850 new stores in 2024, bringing the total to over 4,500, focusing on major population centers to capture market share [19][21]. - The company is expanding its online presence, achieving over 100% growth in e-commerce GMV, particularly in the fast-growing instant retail segment [22]. - Urban Beauty's flexible ordering and rapid replenishment systems are designed to reduce inventory risks and enhance profitability for franchisees [22]. Group 5: Market Outlook - With consumer spending expected to rebound in 2025, Urban Beauty's strategic transformation is likely to yield better results, positioning the company favorably in the recovering market [23]. - The capital market is showing increasing interest in the consumer sector, with Urban Beauty's improved fundamentals suggesting strong mid-to-long-term growth potential [23].

Core Insights - Urban Beauty, known as "China's first lingerie stock," reported a revenue of 3.01 billion yuan for 2024, marking a year-on-year increase of 9.18% and a net profit of 126 million yuan, up 196.96% [2][4] Revenue Breakdown - The revenue growth was significantly driven by over 300 million yuan from the sale of properties, while the core business of intimate apparel saw a slight decline in sales [2][5] - The main business, intimate apparel, generated 2.555 billion yuan, a slight decrease from 2.643 billion yuan the previous year [4][5] - Non-core business revenues included 132 million yuan from logistics and 323 million yuan from industrial project sales [4] Store Expansion and Strategy - Urban Beauty opened 850 new stores in 2024, bringing the total to over 4,500, with plans to exceed 5,000 stores by the end of the year [2][8] - The company is focusing on a "strong county in major provinces" strategy, targeting six populous provinces for store openings [9][10] E-commerce and Market Share - The company reported that its e-commerce gross merchandise volume (GMV) exceeded 1.5 billion yuan, with a year-on-year growth of over 100% [5] - A shift in e-commerce strategy has occurred, moving from self-operated to partnerships with large merchants, which is expected to drive further growth [5] Operational Adjustments - Urban Beauty has adjusted its ordering system from a futures model to a spot model, allowing for better inventory management and increased profitability for franchisees [10] - The company aims to enhance store efficiency and ensure sustainable growth for franchisees, with a focus on improving the overall health of the franchise network [10]