Aimer(SH:603511) Xi Niu Cai Jing·2025-04-30 05:59Core 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].