“淘系女装第一股”戎美走不出舒适圈

Core Viewpoint - Rongmei Co., Ltd. has not fully realized its fundraising plan since its IPO, with a significant portion of the raised funds redirected to supplement working capital instead of intended projects [1][2][4]. Fundraising and Project Implementation - The company raised a total of 17.33 billion yuan, with 6.01 billion yuan designated for investment projects, but only about 3.2 billion yuan was actually used for these projects [2][4]. - The largest project, the "Modern Manufacturing Service Base Project," was completed with an actual investment of 2.4 billion yuan, leaving a surplus of 1.9 billion yuan for working capital [1][2]. - The remaining three projects were concluded with significant budget reductions, leading to a total surplus of approximately 1.2 billion yuan, all allocated for working capital [2][4]. Business Performance and Market Position - Rongmei's revenue peaked at 949 million yuan in 2022 but has since declined to 767 million yuan in 2023 and is projected to drop further to 689 million yuan in 2024, with a 17% decline in Q1 2025 [7][9]. - The company maintains a strong position in the Taobao platform, contributing 99.9% of its revenue, with its main store ranking among the top in sales [6][7]. - Despite external pressures, the company has not effectively adapted its strategy, remaining conservative in channel expansion and failing to establish a strong brand identity [8][9]. Strategic Adjustments and Future Outlook - The company plans to reduce investment in physical expansion and focus on improving online store operations, reflecting a shift in strategy due to market conditions [4][9]. - Rongmei's approach to cost-cutting has led to a 34% reduction in sales expenses, resulting in a 26% increase in net profit, but its gross margin remains lower than industry peers [9]. - Analysts suggest that the company needs to clarify its brand positioning and develop a long-term strategy to avoid stagnation and ensure growth [9][10].