Core Insights - The article discusses the challenges faced by the company "都市丽人" (Urban Lady) in maintaining its market position and profitability amid changing consumer preferences and intense competition in the lingerie market [2][32]. Financial Performance - In 2024, the company reported total revenue of 30.10 billion yuan, a year-on-year increase of 9.18%, and a net profit of 1.26 billion yuan, up 197% [4]. - However, the core business of intimate apparel saw a revenue decline of 3.33% to 25.55 billion yuan, with actual product sales dropping approximately 6% [5]. - The company’s half-year report for 2024 showed a revenue of 14.36 billion yuan, down 5.19%, and a net profit of 57.8 million yuan, down 29.86% [2]. Revenue Sources - The significant profit increase was largely attributed to real estate sales, specifically from the 玉泉 project, which generated 3.23 billion yuan in property sales revenue [6][7]. - The project involved the transformation of an old warehouse into a modern logistics center, with a portion of the space being sold [6]. Market Position and Strategy - The company has struggled to connect with younger consumers, leading to a decline in brand growth despite previous successes [2]. - Urban Lady attempted to reposition itself in the mid-range market but has since shifted back to a focus on the mass market due to declining performance [13][32]. - The company opened 850 new stores in 2024, bringing the total to over 4,500, focusing on "strong counties" in major provinces [28]. Competitive Landscape - Urban Lady faces intense competition from both established brands and new entrants, leading to price sensitivity among consumers [28][32]. - The company has been criticized for its reliance on similar suppliers as competitors, raising concerns about brand differentiation [17][19]. Challenges and Future Outlook - The company’s inventory management remains a significant challenge, with a reported inventory value of 6.22 billion yuan in 2025, indicating ongoing pressure from unsold stock [28]. - Despite various strategic changes, including celebrity endorsements and product line adjustments, Urban Lady has yet to regain its competitive edge in the market [32].
谁还在买都市丽人？国民品牌困在“老派”与“库存”里