Core Insights - The article discusses the evolution of Aimer, a leading Chinese lingerie brand, highlighting its technological innovations and market challenges in the context of changing consumer preferences and increased competition [1][2][3]. Company Overview - Aimer was founded by Zhang Rongming in the early 1990s, leveraging memory alloy technology to create innovative lingerie products [1]. - The company has grown to encompass over ten brands, including Aimer, Aimer Mr., Aimer Kids, and LA CLOVER, with more than 1,700 stores across China and international markets [2]. Market Trends - The lingerie market is shifting towards comfort and self-expression, with a growing preference for wireless and simplified sizing options, leading to increased competition from emerging brands like Ubras and Nainai [3]. - Aimer reported a revenue of 3.163 billion yuan for 2024, a decline of 7.71% year-on-year, and a net profit of 163 million yuan, down 46.56% from the previous year [3]. Strategic Initiatives - The company plans to open more flagship stores while increasing its online sales proportion, aiming for online sales to account for over 30% of total revenue [3][20]. - Aimer is focusing on brand rejuvenation and expanding its product offerings to cater to younger consumers, particularly through the Aimer brand and its sub-brands [12][35]. Product Development - Aimer has been innovating in fabric technology, introducing products made from seaweed fiber and milk fiber, which align with sustainability trends [32][34]. - The company has a strong emphasis on research and development, with approximately 6% of its workforce dedicated to R&D and an annual investment of over 3% of revenue in this area [34]. Consumer Insights - The company has collected extensive data on Chinese women's body shapes, allowing it to create products that better meet local consumer needs compared to Western brands [29][31]. - There is a notable shift in consumer preferences towards comfort and practicality, with a significant demand for wireless bras, which now constitute half of Aimer's product offerings [25][22].

Core Viewpoint - IFBH, a Thai beverage company, is expanding its presence in the Greater China market, focusing on coconut water, which is experiencing strong growth globally and particularly in China [1][2]. Group 1: Company Overview - IFBH was founded in 2013 by Pongsakorn Pongsak and has introduced the "if" brand to mainland China, with additional markets in Hong Kong, Taiwan, and Singapore [1]. - The company operates two main brands: "if" and "Innococo," with "if" contributing the majority of revenue in 2024, while "Innococo" is gradually increasing its share due to higher profit margins [1]. - In terms of regional sales, mainland China accounts for 92.4% of revenue, Hong Kong 4.6%, and other regions 3.0% [1]. Group 2: Market Growth - The global coconut water beverage market is projected to grow at a compound annual growth rate (CAGR) of 14.7% from 2019 to 2024, with a forecasted CAGR of 11.1% from 2024 to 2029 [1]. - China is a major consumer of coconut water, with retail sales expected to represent 21.9% of the global total in 2024, and the Greater China region is experiencing the fastest growth in the market, with a CAGR of 60.8% from 2019 to 2024 [1]. Group 3: Market Position - IFBH has maintained the leading market share in mainland China for five consecutive years, reaching 34% in 2024, which is over seven times that of the second competitor [2]. - In Hong Kong, IFBH has led the market for nine years with a share of approximately 60%, also surpassing the second competitor by over seven times [2]. - Globally, IFBH ranks second in market share at 7.5%, with the highest retail sales growth rate among the top five coconut water companies, achieving 81% in 2024 [2]. Group 4: Business Strategy - The company employs a light-asset model, focusing on supply chain management and outsourcing production to ensure product quality while minimizing costs [2]. - IFBH benefits from a stable supply chain, with General Beverage as its main supplier and co-manufacturer, providing coconut water raw materials at 18% lower costs compared to competitors [2]. - The company is expanding its product matrix with innovative offerings such as sparkling coconut water, coconut coffee, and coconut green tea to meet diverse consumer demands [3]. Group 5: Future Outlook - The company plans to accelerate its global expansion into markets such as Australia, the Americas, and Southeast Asia, enhancing its innovation capabilities [3]. - Revenue projections for 2025-2027 are estimated at $212 million, $275 million, and $344 million, with year-on-year growth rates of 34.52%, 29.66%, and 24.96% respectively [3].

Investment Rating - The investment rating for the company is "Buy" (首次) [3] Core Views - The company is a leading organic raw milk producer in China, with a fundamental reversal expected [3] - The company has obtained dual certification for organic standards from China and the EU, making it a prominent player in the organic milk market [6] - The company operates across the entire dairy value chain, from pasture planting to raw milk production and high-end liquid milk processing [6] - The high-end organic milk market is anticipated to continue expanding due to rising consumer demand for healthy food options [6] - The company benefits from a unique geographical advantage in Inner Mongolia, recognized as a prime milk source region [6] - A rebound in milk and beef prices is expected to enhance the company's fundamental performance [6] Financial Forecasts and Valuation - Revenue projections for the company are as follows: - 2023: 3,383.63 million RMB - 2024: 3,126.18 million RMB - 2025E: 2,989.43 million RMB - 2026E: 3,207.90 million RMB - 2027E: 3,447.21 million RMB - The expected growth rates show a decline in 2024 and 2025, followed by a recovery in 2026 and 2027 [4] - The projected net profit for 2025 is -47.31 million RMB, with a significant recovery expected in 2026 and 2027 [4] - The company’s price-to-earnings ratio (P/E) for 2026 is estimated at 5.51, significantly lower than the average P/E of comparable companies at 9.6 [6]

Group 1 - The core viewpoint is that despite external pressures, China is accelerating the cultivation of new momentum in AI application scenarios, advanced manufacturing, and consumption upgrades [1] - The recent research direction of the fund aligns with this viewpoint, having conducted surveys on companies like Cangge Mining, Juguang Technology, Ximai Food, and Shengxin Lithium Energy since June [1] - Market data supports the fund's layout logic, with the main product, Siyuan Three-Year Holding Period Mixed A, achieving a nearly one-year return of 10.16% as of June 17, 2025, with the top ten heavy stocks in technology and new energy accounting for 53.37% [1] Group 2 - The fund manager emphasizes that the AI terminal's intelligentization will enter a product explosion cycle by 2025, while lithium battery leaders have begun to recover from the industry bottom [2] - Industry trends are reflected in the upcoming production of Shengxin Lithium Energy's 60,000 tons lithium salt project in Indonesia and Cangge Mining's successful team preparation for lithium extraction technology [2] - The fund currently manages a scale of 17.09 billion yuan and continues to enhance its ability to capture industry trends through research and investment linkage [2]