服饰年报|欣贺股份上市后首亏 高端女装的失速与转型阵痛

Core Insights - The financial report for 2024 reveals that Xinha shares will face a significant downturn, with a revenue of 1.405 billion yuan, a year-on-year decline of 20.10%, and a net profit of -67.3781 million yuan, marking the first annual loss since the company's listing [1] - The crisis stems from the failure of brand premium, slow channel transformation, and inventory accumulation, reflecting deep fractures in the traditional high-end women's wear business model [1] - The company's high-end women's wear matrix is collapsing, with brand positioning losing focus, as the core customer demographic ages and the Gen Z consumer base remains insufficient [1] Company Challenges - The essence of Xinha's predicament is the collapse of high-end women's wear business logic, as the "high pricing + heavy channel" model clashes with the "high cost-performance + content-driven" new consumerism [2] - To break through, the company must reconstruct value across three dimensions: focusing on core products instead of full series development, building a data-driven agile supply chain to improve inventory turnover efficiency by over 50%, and reshaping high-end recognition through artistic collaborations and sustainable fashion [2] - The transformation window is closing, and if Xinha cannot achieve a breakthrough in its business model, it risks becoming a casualty of industry changes [2]