不穿内衣成新审美，行业压力更大了

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 [2][3][19]. Industry Overview - The lingerie market is experiencing a downturn, with major listed companies reporting declines in their lingerie business for 2024, including two A-share companies that have seen their performance halved [6][16]. - 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% [8]. - Aimer's bra production was 4.019 million units, with sales of 5.117 million units, reflecting an 18.12% year-on-year decline, and an inventory of 5.771 million units [10]. - The company also closed 84 stores in the past year, highlighting the retail challenges faced [11]. Competitive Landscape - Huijie Co., known as the "first A-share lingerie stock," reported 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 [14]. - The lingerie segment accounts for 46.7% of Huijie's main business, indicating that the decline in bra sales is a significant factor in its profitability issues [15]. - Other companies in the Hong Kong market, such as Urban Beauty and Anlifang Holdings, are also struggling, with Urban Beauty resorting to selling properties to maintain operations and Anlifang facing its fourth consecutive year of losses [15]. Consumer Behavior - A shift in consumer preferences is evident, with comfort becoming the primary concern for 32% of lingerie consumers, overshadowing other factors like functionality and style [20]. - Many consumers are expressing a preference for not wearing bras, citing comfort as a key reason, and are exploring alternatives like silicone pasties to avoid visible outlines [22][24]. - Social media platforms are amplifying this trend, with discussions around the discomfort of bras and the benefits of going braless gaining traction [24][27]. Market Dynamics - The lingerie industry is grappling with increased competition from lower-priced brands, which has made it difficult for mid-to-high-end brands to maintain their market position [12][17]. - The overall economic downturn and sluggish consumer spending are contributing to the industry's challenges, making it imperative for brands to adapt to changing consumer demands [18][40]. - The emergence of the "braless" trend represents a new variable in the market, which could have lasting implications for the lingerie industry [27][41].