Metersbonwe(SZ:002269) 36氪·2026-01-22 11:08Core Viewpoint - The decline of Metersbonwe is not just a corporate tragedy but reflects the broader challenges faced by the first generation of private entrepreneurs in China during power transitions [6][11]. Group 1: Company Performance and Financials - In 2011, Metersbonwe reached its peak with revenue of 9.945 billion and a net profit of 1.206 billion, operating 5,220 stores [16][22]. - By 2023, the company's revenue plummeted to 1.356 billion, a 79% decrease from 2016 when it was 6.519 billion, and a staggering 93% drop from its peak in 2011 [24][22]. - Over the past seven years, Metersbonwe incurred cumulative losses of nearly 3.2 billion, depleting the wealth built by founder Zhou Chengjian [14][24]. Group 2: Leadership Transition and Challenges - Zhou Chengjian stepped back in 2016 due to regulatory pressures, leading to his daughter Hu Jiajia taking over as chairman at the age of 30 [18][19]. - Hu Jiajia's tenure saw a series of operational missteps, including a focus on aesthetics over inventory management, resulting in inventory turnover days increasing from 182 to approximately 290 [34][33]. - The company failed to adapt its business model, continuing to rely on traditional ordering methods while competitors like SHEIN embraced rapid response strategies [35][50]. Group 3: Governance Issues - The dual leadership structure created confusion, with Zhou Chengjian's influence lingering despite Hu Jiajia's official role, leading to strategic dissonance within the company [42][44]. - The lack of clear authority and conflicting visions between the two generations resulted in operational inefficiencies and a failure to capitalize on market opportunities [45][49]. Group 4: Market Position and Competitive Landscape - Metersbonwe's market position deteriorated significantly compared to competitors like Semir, which successfully transitioned to a non-family-centric model and diversified its brand portfolio [52][58]. - While Semir maintained stable revenues between 13 billion and 15 billion, Metersbonwe's revenue fell to under 700 million by 2024, highlighting a stark contrast in business resilience [58][64]. Group 5: Asset Liquidation and Future Outlook - In 2023 and 2024, Metersbonwe began selling assets, including stakes in banks and prime real estate, totaling nearly 1.3 billion, to cover debts and operational costs [62][63]. - The company's stock price has plummeted from around 14 yuan to just over 1 yuan, reflecting a nearly 90% loss in market value [64][65]. - The leadership change in early 2024, with Hu Jiajia resigning, marks a significant shift, but the company faces an uphill battle to regain market trust and operational stability [65][66].