证券代码：603511 证券简称：爱慕股份 公告编号：2025-024 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原因 爱慕股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开了第三届 董事会第十一次会议、第三届监事会第十次会议，2025 年 5 月 20 日召开 2024 年年度股东会审议通过了《关于 2023 年限制性股票激励计划第二个解除限售期 解除限售条件未成就暨回购注销部分限制性股票的议案》。根据《爱慕股份有限 公司 2023 年限制性股票激励计划》（草案）的规定，公司第二个解除限售期公 司层面业绩考核未达标，另基于激励对象中有 7 名激励对象离职（含 1 名激励对 象退休离职），不再具备主体资格，公司将对上述激励对象已获授但尚未解除限 售的合计 250.53 万股限制性股票回购注销。 具 体 内 容 详 见 公 司 2025 年 4 月 25 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）及指定媒体的《关于 2023 年限制性股票激励计划 ...

北京市金杜律师事务所 关于爱慕股份有限公司 2024 年年度股东大会 之法律意见书 4. 2025 年 4 月 25 日，公司刊登于上海证券交易所网站（www.sse.com.cn）的 《爱慕股份有限公司关于召开 2024 年年度股东大会的通知》（以下简称《股东大 会通知》）； 5. 2025 年 5 月 13 日，公司刊登于上海证券交易所网站（www.sse.com.cn）的 《爱慕股份有限公司 2024 年年度股东大会会议资料》； 6. 公司本次股东大会股权登记日的股东名册； 7. 出席现场会议的股东的到会登记记录及凭证资料； 8. 上证所信息网络有限公司提供的本次股东大会网络投票情况的统计结果； 致：爱慕股份有限公司 北京市金杜律师事务所（以下简称本所）接受爱慕股份有限公司（以下简称 公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华 人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市 公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简 称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特 别行政区和中国台湾地区）现行有效的法 ...

证券代码：603511 证券简称：爱慕股份 公告编号：2025-023 | 1、出席会议的股东和代理人人数 | 104 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 348,183,628 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 85.6422 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持 情况等。 爱慕股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 5 月 20 日 (二) 股东会召开的地点：北京市朝阳区望京开发区利泽中园二区 218、219 号楼爱慕大厦会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： 本次股东会由董事会召集，会议由董事长张荣明先生主持，会议采取现场投 票与网络投票相结合的表决方式。会议的召集、召开程 ...

证券代码：603511 证券简称：爱慕股份 公告编号：2025-024 具 体 内 容 详 见 公 司 2025 年 4 月 25 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）及指定媒体的《关于 2023 年限制性股票激励计划第二个解 除限售期解除限售条件未成就暨回购注销部分限制性股票的公告》。 本次回购注销完成后，公司总股本由 406,555,912 股减少至 404,050,612 股， 公司注册资本由 406,555,912 元减少至 404,050,612 元。公司将于本次回购注销完 成后履行变更登记等相关程序，实际减资数额以上海证券交易所、中国证券登记 结算有限责任公司上海分公司核准数为准。本次回购注销部分限制性股票不会对 公司的财务状况和经营成果产生实质性影响，也不会影响公司管理团队的勤勉尽 职。 二、需债权人知晓的相关信息 本次回购注销限制性股票将导致公司总股本及注册资本的减少，根据《中华 人民共和国公司法》等相关法律、法规和《爱慕股份有限公司章程》的规定，公 爱慕股份有限公司 关于回购注销部分限制性股票暨通知债权人的公告 本公司董事会及全体董事保证本公告 ...

Core Viewpoint - The lingerie industry is facing significant challenges as a growing number of women, particularly those born after 1995, are opting to forgo bras, which is reshaping consumer preferences and impacting sales across the sector [2][10]. Industry Overview - The lingerie market is experiencing a downturn, with major companies reporting declining sales and profits. In 2024, five leading publicly listed companies in the industry saw a comprehensive decline in their lingerie business, with two A-share companies experiencing a halving of their performance [5][9]. - Aimer, one of the A-share companies, reported a revenue of 3.163 billion yuan, a decrease of 7.71% year-on-year, and a net profit of 163 million yuan, down 46.56% [6]. - Huijie Co., known as the "first A-share lingerie stock," saw a slight revenue increase of 0.85% to 2.95 billion yuan, but its net profit plummeted by 56.54% to 79.04 million yuan, indicating that its core bra business is struggling [8]. Consumer Behavior Changes - A significant shift in consumer preferences is noted, with comfort becoming the primary concern for lingerie buyers, as 32% of users prioritize comfort over other factors [12]. - Many consumers are increasingly opting for alternatives to traditional bras, such as silicone pasties, to avoid discomfort while still addressing concerns about visibility [14]. - Social media platforms are amplifying this trend, with discussions around the discomfort of wearing bras gaining traction, leading to a cultural shift where not wearing a bra is becoming more accepted [15]. Market Dynamics - The lingerie industry is facing intensified competition from lower-priced brands, which is undermining the pricing strategies of mid-to-high-end brands [9][21]. - The overall economic downturn and sluggish consumer spending are contributing to the industry's challenges, making it difficult for brands to maintain profitability [10][21]. Future Outlook - The lingerie industry must adapt to these changing consumer preferences and address the comfort and fit issues that have been highlighted by consumers. Brands need to innovate and enhance their offerings to meet the evolving demands of the market [20][21].

目 录 爱慕股份有限公司 会议资料 二零二五年五月二十日 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据中国证监会发布的《上市公司股东大会规则》、 《爱慕股份 有限公司章程》(以下简称"《公司章程》")等的规定，特制定本须知，请出席会 议的全体人员自觉遵守。 一、本次会议会务处设在公司董事会办公室，负责会议的组织及相关会务工 作。 二、参加本次股东大会的 A 股股东为截至本次股东大会股权登记日收市后 在中国证券登记结算有限责任公司上海分公司登记在册的本公司股东。参加现场 会议的股东或其授权代表（以下统称"股东"）按规定出示本人有效身份证件或法 人单位证明以及授权委托书等相关证件资料，经律师验证合格后方可出席会议。 除出席会议的股东或股东代理人、公司董事、监事、高管人员、公司聘请的律师 等人员外，公司有权依法拒绝其他人员进入会场。 三、进入会场后，请将手机等通讯工具关闭或置于静音状态。 四、与会人员应自觉遵守会场秩序，对任何干扰股东大会召开或侵犯其他股 东权益的行为，工作人员有权予以制止并送有关部门查处。 五、出席会议的股东或股东代理人均依法享有发言权、质询权、表决权等 ...

爱慕股份有限公司 2024 年年度股东大会 会议资料 二零二五年五月二十日 1 | 1 | | | --- | --- | | | œ | | | | 爱慕股份有限公司股东大会 会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据中国证监会发布的《上市公司股东大会规则》、《爱慕股份 有限公司章程》(以下简称"《公司章程》")等的规定，特制定本须知，请出席会 议的全体人员自觉遵守。 一、本次会议会务处设在公司董事会办公室，负责会议的组织及相关会务工 作。 二、参加本次股东大会的 A 股股东为截至本次股东大会股权登记日收市后 在中国证券登记结算有限责任公司上海分公司登记在册的本公司股东。参加现场 会议的股东或其授权代表（以下统称"股东"）按规定出示本人有效身份证件或法 人单位证明以及授权委托书等相关证件资料，经律师验证合格后方可出席会议。 除出席会议的股东或股东代理人、公司董事、监事、高管人员、公司聘请的律师 等人员外，公司有权依法拒绝其他人员进入会场。 三、进入会场后，请将手机等通讯工具关闭或置于静音状态。 四、与会人员应自觉遵守会场秩序，对任何干扰股东大会召开或侵 ...

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]

Core Viewpoint - In 2024, Aimer Co., Ltd. faced significant challenges in the intimate apparel industry, with a 7.71% year-on-year decline in revenue to 3.163 billion yuan and a 46.56% drop in net profit to 163 million yuan, marking the worst performance since its listing [1] Group 1: Revenue and Profit Decline - The revenue from the core bra category plummeted by 15.83%, with sales volume decreasing by 18.12%, reflecting a disconnect between product iteration and consumer demand [2] - Overall sales across all channels declined, with offline direct sales down 7.96% and online sales down 8.14%, indicating the fragility of traditional retail models [2] - The company reported a high inventory level of 982 million yuan and an inventory turnover period of 327 days, posing a significant risk of inventory depreciation [2] Group 2: Strategic Challenges - The company implemented a high dividend payout of 4 yuan per 10 shares, distributing 99.55% of its net profit, which, while temporarily boosting stock prices, severely weakened future funding reserves [3] - The sales expense ratio surged to 47.17%, while revenue contribution from the online platform Xiaohongshu was minimal, highlighting a mismatch between marketing investment and channel expansion [3] - Operating cash flow net amount dropped by 53.31% year-on-year, indicating a decline in the company's ability to generate cash from its core business [3] Group 3: Long-term Solutions - The core issue for Aimer Co., Ltd. is its adaptability crisis in the consumer sovereignty era, necessitating inventory turnover optimization and channel value reconstruction as immediate solutions [4] - Long-term strategies should involve redefining brand core through material innovation to enhance product competitiveness or leveraging private domain operations to rebuild user connections [4] - The industry is shifting from "scale expansion" to "value cultivation," requiring a break from reliance on channel inventory pressure and a supply chain transformation driven by user demand [4]

Core Viewpoint - Aimer Co., Ltd. reported a significant decline in both revenue and net profit for the fiscal year 2024, indicating severe challenges due to weak consumer demand and intensified industry competition [3][4]. Financial Performance - In 2024, Aimer's total revenue was 3.163 billion yuan, a year-on-year decrease of 7.71% - The net profit attributable to shareholders was 163 million yuan, down 46.56% year-on-year, falling short of market expectations [3][4]. - For Q1 2025, Aimer's revenue was 854 million yuan, a decline of 2.86% year-on-year, with net profit at 85.56 million yuan, down 20.26% year-on-year [5]. Business Structure - Revenue from core product lines saw varying degrees of decline, with lingerie revenue down 15.83% and homewear, thermal clothing, and underwear experiencing declines between 4% and 9% [3]. - The decline in revenue was attributed mainly to reduced foot traffic, with offline direct sales down 7.96% and online sales down 8.14% [4]. Dividend Policy - Despite poor overall performance, Aimer announced a substantial cash dividend of 4 yuan per 10 shares, totaling 99.55% of net profit, raising concerns about future funding reserves [4]. Cost Management - Aimer's sales expenses decreased by 4.42% due to reduced promotional spending, while management expenses increased by 6.33% due to higher personnel costs [4]. - The inventory level remained high at 982 million yuan, with a provision for inventory impairment at 21.85%, indicating significant inventory digestion pressure [4]. Strategic Adjustments - In response to performance challenges, Aimer is focusing on the sportswear segment by establishing dedicated divisions for the "Aimer Sports" and "Chichu" brands and accelerating channel restructuring [4]. - Although R&D investment decreased by 3.01%, Aimer added 58 new patents, including 26 Chinese invention patents [4].