县城中产的 “最爱”，也卖不动了

Core Viewpoint - The domestic fashion giant Peacebird, once achieving over 10 billion in annual revenue and operating more than 5,000 stores, is currently facing a decline in performance for three consecutive years, with net profit halved despite cost-cutting strategies [1][4]. Group 1: Financial Performance - In the first half of 2025, Peacebird reported revenue of 2.898 billion, a year-on-year decrease of 7.86%, and a net profit of 77.7116 million, down 54.61% year-on-year [4]. - The main brands under Peacebird, including women's, men's, girls', and children's clothing, all experienced declines in the first half of 2025, with women's clothing revenue dropping to 1.060 billion, a decrease of 10.45% [5]. - The girls' brand, Ledin, has seen a continuous decline of over 20% for three years, with its revenue share dropping from nearly 15% at its peak to 8.10% [6]. Group 2: Operational Challenges - Peacebird has been closing stores to cope with performance pressure, net closing 194 stores in the first half of 2025, including 150 franchise stores [7]. - As of June 2025, the total number of Peacebird stores has decreased to 3,179, nearly a 40% reduction from its peak in 2021 [8]. - The company's inventory issues are evident, with a net inventory value of 1.736 billion at the end of 2024, a year-on-year increase of 15.05%, and inventory turnover days extending to 192 days [10]. Group 3: Market Position and Strategy - Peacebird's rapid expansion strategy, characterized by high-frequency new product launches and collaborations with over 50 popular IPs in 2020, initially led to explosive growth, with revenue reaching 10.921 billion in 2021 [31]. - However, this aggressive strategy has backfired, leading to operational inefficiencies and a significant drop in profitability, with revenue declining over 37% from 2021 to 2024 [38]. - The departure of key executives, including the resignation of the general manager in February 2023, has raised concerns about the company's future direction and stability [41][42].