首富不好当，现在也要靠「老铁666了」

Core Viewpoint - Despite the founder's efforts, the performance of Metersbonwe remains stagnant, highlighting the challenges faced by the brand in a competitive market [6][26]. Financial Performance - Metersbonwe's total revenue for 2024 was only 681 million yuan, a significant decline of 49.79% year-on-year [7]. - The net profit attributable to the parent company was -195 million yuan, a staggering drop of 715.45% compared to the previous year [7]. - For the first half of 2025, the company reported revenue of 227 million yuan, down 45.23% year-on-year, with a net profit of 9.93 million yuan, a decrease of 87.07% [7]. - The cash flow from operating activities has been negative from 2022 to 2025, indicating a severe cash generation issue [7]. Strategic Initiatives - The founder has engaged in live-streaming sales to revitalize the brand, achieving over 15 million yuan in gross merchandise value during a 10-hour live stream [8]. - Metersbonwe is attempting to pivot towards a "trendy outdoor" market with a dual strategy of "trendy outdoor + new retail" [8]. - The company has rebranded with a new logo and slogan, aiming to attract a younger audience [8]. Market Challenges - The entry of international fast-fashion brands like ZARA and H&M has intensified competition, as they can quickly respond to fashion trends [19]. - The rise of e-commerce has shifted consumer shopping habits away from traditional retail, which Metersbonwe has struggled to adapt to [19]. - The brand's reliance on a high percentage of franchise stores (95.5%) has led to operational inefficiencies and cash flow issues [19]. Inventory and Brand Perception - Metersbonwe has faced significant inventory challenges, with stock turnover days reaching 462 days, indicating poor sales performance [23]. - Frequent discounting to clear inventory has eroded the brand's value perception among consumers, leading to a decline in brand image [23]. Historical Context - Metersbonwe was once a dominant player in the Chinese apparel market, achieving peak sales of 9.945 billion yuan in 2011 [15]. - The brand's decline began in 2014, with a steady drop in revenue and store count, from over 5,000 stores to just 607 [16].