县城中产的 “最爱”，也卖不动了

Core Viewpoint - The company, once a leading fashion giant with over 5000 stores and annual revenue exceeding 10 billion, is now facing a significant decline in performance, with net profit halving and major brands underperforming [3][4][6]. Group 1: Financial Performance - In the first half of 2025, the company's revenue was 2.898 billion, a decrease of 7.86% year-on-year, while net profit dropped by 54.61% to 77.7116 million [7]. - All major brands under the company experienced revenue declines in the first half of 2025, with the women's wear segment, once the largest revenue contributor, being surpassed by men's wear [8]. - The women's wear revenue fell to 1.060 billion, down 10.45%, while men's wear revenue was 1.180 billion, down 7.42% [8]. Group 2: Operational Challenges - The company closed 194 stores in the first half of 2025, with 150 of those being franchise stores, resulting in a total of 3179 stores, a nearly 40% reduction from its peak in 2021 [9]. - Online sales revenue decreased by 24.58% to 748 million, significantly underperforming compared to offline channels [10]. - Inventory issues are evident, with net inventory reaching 1.520 billion, a year-on-year increase of 9.8%, and inventory turnover days extending to 192 days [10][12]. Group 3: Market Position and Strategy - The company was once a fast-fashion leader but is now struggling with consumer perception, facing criticism for high prices and average quality [4][6]. - The shift to a rapid expansion strategy around 2020 led to a significant increase in store numbers and revenue, peaking at 10.921 billion in 2021, but this aggressive approach has resulted in operational inefficiencies and declining sales [24][26]. - The departure of key management personnel has raised concerns about the company's future direction and stability [28][30]. Group 4: Consumer Trends and Future Outlook - The current market has shifted from "incremental competition" to "stock competition," with consumers increasingly prioritizing product quality and value over marketing gimmicks [30]. - The company's previous growth model, reliant on IP collaborations and rapid expansion, is no longer sustainable, necessitating a strategic transformation to regain competitiveness [30].