Core Viewpoint - Despite achieving profitability, the survival situation of the traditional lingerie brand Urban Beauty remains challenging due to reliance on non-core revenue sources and declining main business performance [1][2]. Financial Performance - Urban Beauty reported a total revenue of 3.01 billion yuan in 2024, representing a year-on-year increase of 9.18% [1]. - The net profit attributable to shareholders reached 126 million yuan, marking a significant year-on-year growth of 196.96% [1]. - The revenue from industrial projects and logistics contributed 455 million yuan, accounting for approximately half of the profit from this segment [2]. Revenue Sources - The increase in revenue was primarily driven by the sale of factory buildings, which provided a one-time boost to financial performance [1][2]. - The company’s e-commerce gross merchandise volume (GMV) exceeded 1.5 billion yuan, showing a growth of over 100% year-on-year [2]. - Urban Beauty's main business revenue from intimate apparel recorded 2.555 billion yuan, a decline from 2.643 billion yuan in 2023 [3][4]. Cost Management and Challenges - The decline in main business revenue was attributed to the reduction of low-efficiency self-operated e-commerce platforms, leading to a decrease in related e-commerce income [4]. - The gross profit margin for intimate apparel decreased by 0.7 percentage points to 47.3% due to increased promotional activities and inventory clearance efforts [5]. Strategic Adjustments - Urban Beauty is shifting its focus from purely sales volume to the profitability of franchisees, with plans to increase the number of stores to over 5,000 by 2025 [5]. - The company is transitioning its ordering model from a futures-based system to a real-time inventory system to enhance product sell-through rates and reduce channel inventory [5]. Future Outlook - Urban Beauty is exploring opportunities in overseas markets, particularly through cross-border e-commerce in Southeast Asia, with plans to finalize strategies in the near future [6].