今年上半年，在零售复苏的宏观数据背后，服装行业却相对增长乏力。国家统计局数据显示，全国限额 以上社零同比增长 5.0%，但服装类零售额仅录得 2.5% 的增幅。 与此同时，高端服饰消费更显疲态 ——贝恩预计全球奢侈品消费将下滑2%至5%，中国市场已连续六个季度负增长。 在消费心态趋向理性谨慎的氛围下，国内领先的轻奢品牌管理平台——赢家时尚（03709.HK）却交出 一份"高收入、高效率、稳利润"的中期业绩答卷，展现穿越周期的经营韧性。 财务层面，公司上半年实现营收31.04亿元，期内溢利2.89亿元，同比增长2.17%；整体毛利率提升0.11 个百分点至76.41%；每股基本盈利增长5.2%至42.6分。 这一轮业绩改善的背后，离不开公司对多品牌矩阵、全渠道布局及数智化协同经营方法论的持续深耕。 1.主力品牌稳健支撑，顶端品牌逆势增长 从品牌层面看，公司旗下八大品牌的差异化布局实现了广度与深度的双重覆盖。品牌风格上， Koradior、NEXY.CO、FUUNNY FEELLN 等分别围绕"浪漫、女人味""简约、知性、智美""酷飒"等风格 打造独特造型语言，有效覆盖从成熟职场女性到年轻休闲群体的多元需求；价格 ...

Core Viewpoint - The high-end women's clothing group, Winner Fashion, is facing significant challenges with a decline in both revenue and net profit, despite increased marketing expenditures and a shift towards a multi-channel strategy [1][6][9]. Financial Performance - In 2024, Winner Fashion's revenue decreased by 4.68% to RMB 6.589 billion, while net profit fell over 43% to RMB 469 million, a drop of more than RMB 360 million [1][8]. - The gross profit margin increased by 1.13 percentage points to 76.43% [1]. - The company reported a significant reduction in the number of stores, closing 322 and opening 197, resulting in a net decrease of 125 stores [5]. Brand Performance - Winner Fashion's three main brands, Koradior, NAERSI, and NEXY.CO, which each generate over RMB 1 billion in annual revenue, saw mixed results, with only NEXY.CO achieving a slight revenue increase of 0.79% [3]. - Koradior and NAERSI experienced revenue declines of 9.68% and 1.87%, respectively, indicating a significant drop in the performance of the company's leading brands [3]. Marketing and Strategy - The company increased its marketing and promotional expenses by 32.34% to RMB 263 million, despite the overall revenue decline [6]. - Winner Fashion is focusing on channel innovation and enhancing consumer experience through a strategy that emphasizes large stores and online sales, with e-commerce revenue growing by 16.57% to RMB 1.13 billion [5]. Future Outlook - Winner Fashion plans to deepen its multi-brand, omni-channel, and platform-based strategy over the next decade, aiming to leverage AI in fashion design and supply chain management [9]. - The company is optimistic about its future despite current challenges, with plans to extend brand scenarios and explore new market segments [9].