Core Insights - The traditional underwire bra market is declining, with brands like Triumph announcing their exit from the Chinese market by December 31, 2025 [1] - Consumer preferences are shifting towards comfort and functionality, leading to the rise of new brands that focus on wireless and size-free options [2] Company Analysis - Triumph, known for its underwire bras, was one of the first foreign brands to introduce this concept in China, but has struggled to adapt to changing consumer demands [1] - The brand's flagship products are priced between 200-600 RMB, but many consumers find them uncomfortable and ill-fitting, contributing to declining sales [1] - The company has attempted to launch wireless comfort bras, but underwire products remain its primary offering [1] Industry Trends - Established brands like Wacoal are also experiencing revenue declines, with a reported 7.1% drop in total revenue to 173.9 billion JPY for the fiscal year ending March 31, 2025, attributed to poor sales of core women's lingerie [2] - Emerging brands such as Ubras and Bananain are gaining market share by focusing on comfort and innovative sizing solutions, reflecting a significant shift in consumer preferences [2] - The top five lingerie brands during the 2024 Double Eleven shopping festival included Ubras and Bananain, indicating a clear trend away from traditional brands [2] Expert Opinions - Experts suggest that Triumph's withdrawal is due to its inability to keep pace with market changes, particularly in the wireless segment, and its slow online expansion [3] - Factors contributing to the decline of established brands include outdated brand images, lack of product innovation, and high dependency on physical stores [3] - The shift in consumer demand towards comfort and sustainability has created challenges for traditional brands that struggle to respond quickly to market changes [3]

Core Viewpoint - The mid-to-high-end lingerie brand, Triumph, is set to withdraw from the mainland China market by December 31, 2025, as consumer preferences shift away from traditional underwire bras towards more comfortable, wire-free, and sports-oriented lingerie options [1][5][10] Company Summary - Triumph, a well-known lingerie brand from Germany, was one of the first foreign brands to enter the Chinese market, establishing a local production system in the early 1990s [5] - At its peak, Triumph operated over a thousand stores in mainland China, becoming a significant player in the lingerie market [5] - The brand's long-standing focus on underwire bras has led to a failure to adapt to changing consumer demands for comfort and functionality, resulting in its decision to exit the market [5][10] Industry Summary - The lingerie market is experiencing a transformation, with emerging brands focusing on comfort and functionality gaining popularity over traditional brands like Triumph [8][9] - New brands such as ubras and NEIWAI have successfully captured market share by offering wire-free products and innovative designs that resonate with younger consumers [9][10] - Established brands are facing declining sales and profitability, with companies like Wacoal and Aimer reporting significant revenue drops [6][7] - The shift in consumer preferences from "beauty for others" to "comfort for oneself" has created challenges for traditional brands that have not kept pace with market changes [10]

Core Insights - The high-end lingerie brand, Triumph, is set to completely withdraw from the Chinese mainland market by December 31, 2025, as confirmed by multiple store employees [2] - The brand has a long history in China, starting its operations in 1979 and establishing a local production system by the early 2000s [4] Market Dynamics - The withdrawal of Triumph reflects significant changes in the Chinese lingerie market over the past decade, with consumer demand shifting from "shaping" to "comfort" [5] - The market share of non-underwire bras is projected to reach 68% by 2024, a 42 percentage point increase since 2018, while Triumph has primarily focused on underwire products [5] - Local brands like ubras and NEIWAI have rapidly gained market share by emphasizing "non-underwire" and "zero constriction" products, with ubras achieving over 2 billion yuan in annual sales within five years [5] Sales Channels - The online sales channel has become crucial for brands to reach consumers effectively, with e-commerce platforms providing the ability to target specific customer groups and meet diverse consumer needs [5] - The Chinese women's lingerie market is expected to see a growth rate of 7%-8% in 2025, with e-commerce sales experiencing a year-on-year increase of 44.75% [5]

Core Viewpoint - The German mid-to-high-end lingerie brand Triumph is set to exit the mainland China market by December 31, 2025, sparking discussions among consumers about the brand's significance in their lives [1][7]. Company Overview - Triumph, founded in 1886 in Germany, is one of the largest lingerie manufacturers globally, with annual sales of $1.6 billion and production exceeding 200 million lingerie items [3]. - The brand entered the Chinese market in 1979, initially engaging in processing operations, and established local production companies in 1992 [3]. Market Dynamics - The Chinese lingerie market has undergone significant changes over the past decade, shifting consumer demand from "shaping" to "comfort," with the no-wire lingerie segment expected to account for 68% of the market by 2024, a 42 percentage point increase since 2018 [4]. - Local brands like ubras and NEIWAI have rapidly gained market share by focusing on "no-wire, zero constriction" products, with ubras achieving annual sales exceeding 2 billion yuan within five years [4]. Competitive Landscape - The Chinese lingerie market is projected to reach 223.7 billion yuan in 2024, growing at 8.3% year-on-year, with market share increasingly concentrated among local brands [5]. - Established local brands like Aimer and Maniform hold nearly 30% of the mid-to-high-end market due to their multi-channel strategies and competitive pricing [5]. - Triumph and other foreign brands have seen their market share decline to less than 1% by 2024, hindered by slow online channel adaptation, higher price points, and inadequate local design [5]. Industry Trends - Triumph's exit reflects broader challenges faced by international lingerie brands in adapting to evolving consumer preferences and competitive dynamics in China [7]. - The rise of local brands and market diversification offers consumers more choices, with a focus on sustainability, comfort, and personalization becoming central to lingerie consumption [7].

Core Viewpoint - The German mid-to-high-end lingerie brand Triumph is set to exit the mainland China market by December 31, 2025, sparking discussions among consumers about the brand's significance in their lives [1][3]. Company Overview - Triumph, founded in 1886 in Germany, is one of the largest lingerie manufacturers globally, with annual sales of $1.6 billion and production exceeding 200 million lingerie items [3]. - The brand entered the Chinese market in 1979, initially focusing on processing operations, and established local production companies in 1992 [3]. Market Dynamics - The Chinese lingerie market has undergone significant changes over the past decade, shifting consumer demand from "shaping" to "comfort," with a notable rise in the preference for wireless bras [4]. - By 2024, the market share of wireless bras in China is projected to reach 68%, a 42 percentage point increase since 2018, while Triumph's core product line has remained focused on wired bras [4]. Competitive Landscape - Local brands like ubras and NEIWAI have rapidly gained market share by emphasizing "wireless and zero constriction" products, with ubras achieving annual sales exceeding 2 billion yuan within five years [4]. - The overall market size for lingerie in China is expected to reach 223.7 billion yuan in 2024, growing by 8.3% year-on-year, with local brands capturing nearly 30% of the mid-to-high-end market [4]. Challenges Faced by Triumph - Triumph has struggled with channel adaptation, slow online presence, and pricing strategies that are generally 30% higher than local brands, leading to a market share decline to below 1% by 2024 [4]. - The brand's inability to fully adapt its designs to fit the body types of Chinese women has further hindered its competitiveness in the evolving market [4]. Industry Trends - The exit of Triumph reflects a broader trend where several international lingerie brands have withdrawn from the Chinese market due to failure to adapt to changing consumer preferences and competitive dynamics [6]. - The rise of local brands and the diversification of the market are providing consumers with more choices, emphasizing innovation and user experience as key competitive factors in the lingerie industry [6].

Core Viewpoint - The German mid-to-high-end lingerie brand Triumph is set to exit the mainland China market by December 31, 2025, sparking discussions among consumers about the brand's historical significance in the lingerie sector [4][10]. Company Overview - Triumph, founded in 1886 in Germany, is one of the largest lingerie manufacturers globally, with annual sales of $1.6 billion and over 200 million lingerie items produced each year [8]. - The brand entered the Chinese market in 1979, initially focusing on processing operations, and later established local production companies in 1992 [8]. - Triumph introduced the concept of "underwire bras" to China and became a prominent player in the mid-to-high-end lingerie market, especially known for its supportive underwire products [8]. Market Dynamics - The exit of Triumph reflects significant changes in the Chinese lingerie market over the past decade, with consumer preferences shifting from "shaping" to "comfort" [10]. - Data from Euromonitor indicates that by 2024, the market share of wireless bras in China will reach 68%, a 42 percentage point increase since 2018 [10][11]. - Local brands like ubras and NEIWAI have rapidly gained market share by focusing on comfort and leveraging online sales channels, with ubras achieving annual sales exceeding 2 billion yuan in just five years [11]. - The overall market size for lingerie in China is projected to reach 223.7 billion yuan in 2024, growing at 8.3% year-on-year, with local brands capturing nearly 30% of the mid-to-high-end market [11]. Competitive Landscape - Triumph's market share has declined from 5.2% in 2015 to less than 1% in 2024 due to slow adaptation to local market needs, including online presence and pricing strategies [11]. - The brand's pricing, typically between 200-500 yuan, is about 30% higher than the average price of local brands, which has further hindered its competitiveness [11]. - The exit of Triumph is part of a broader trend where several international lingerie brands have struggled to adapt to the evolving Chinese market, leading to a reshaping of the competitive landscape [12].

Core Viewpoint - The article emphasizes the importance of self-love and personal care, particularly for women, highlighting that many women neglect their own needs in favor of family, and it suggests a focus on quality personal items like lingerie as a form of self-care [4][9][19]. Group 1: Self-Love Levels - The article outlines five levels of self-love, starting from basic physical needs to deeper emotional and cognitive needs [4][5][6][7][8]. - The first level focuses on material needs such as health and well-being [4]. - The second level emphasizes beauty and personal grooming [5]. - The third level addresses independence and acceptance of solitude [6]. - The fourth level involves emotional acceptance, both of joy and pain [7]. - The fifth level is about self-awareness and taking control of one's destiny [8]. Group 2: Common Pitfalls - It is noted that 90% of women struggle at the second level, prioritizing family over their own needs [9]. - Many women compromise on personal items, such as lingerie, often opting for cheaper options that do not reflect self-care [11][13]. - The article warns that wearing the wrong type of lingerie can lead to health issues, including breast pain and potential diseases [13]. Group 3: Brand Highlight - The article promotes the French lingerie brand "Dior" as a high-quality option, stating that French women typically spend 20% of their budget on lingerie, reflecting their commitment to self-care [16][19]. - "Dior" is described as a prestigious brand with over 140 years of history, known for its quality and elegance [19][21]. - The brand's products are highlighted for their luxurious materials and design, which are said to enhance comfort and style [23][26]. Group 4: Product Recommendations - Specific products from "Dior" are recommended, including the "Floral Care Bra" and "Amber Bra," which are designed to address various breast shape issues and provide comfort [39][50]. - The article mentions the use of high-quality materials and innovative designs in these products, ensuring a luxurious experience for the wearer [57][63]. - Special promotions and discounts for these products during live broadcasts are also highlighted, encouraging consumers to take advantage of the offers [48][61][70].

Core Insights - The "China Underwear Industry High-Quality Supply Chain Summit and JD Fashion & Tianfangbiao Joint Release Conference" was successfully held in Tianjin, where the "New Comfortable Underwear" group standard was launched, marking a significant step towards quality upgrades in the underwear industry [1][4] Industry Overview - The Chinese underwear industry is showing steady growth, with the market size expected to reach 500 billion yuan by 2026. Online channels are becoming the core growth engine, with a reported 8% year-on-year increase in sales of underwear on major e-commerce platforms in the first nine months of this year [3][4] - Consumer demand for high-quality underwear is becoming increasingly refined, with comfort, material safety, and technological features emerging as key purchasing factors [3][4] Quality Upgrade Trends - The penetration rate of high-end fabrics in the underwear sector has exceeded 30%, with upstream production capacity growing at a compound annual growth rate of over 10% over the past five years. The proportion of regenerated fibers in eco-friendly new products has surpassed 40% [4] - From 2018 to 2023, the number of knitting machines has increased by approximately 40%, and the number of patent applications for 3D molded cups has doubled [4] - The demand for functional fibers and finishing agents, such as antibacterial and thermal materials, has surged, with upstream suppliers experiencing a compound annual growth rate of 20% in revenue over the past three years [4] New Standards and Initiatives - The "New Comfortable Underwear" group standard focuses on comfort, covering various categories of intimate apparel, and aims to enhance consumer experience while regulating industry development [5][7] - The summit featured the release of the "Underwear Testing Big Data Report," which provides key data on breathability, shrinkage, and safety, offering clear directions for fabric and production improvements [7][8] Collaborative Efforts - A "High-Quality Underwear Initiative" was signed by various stakeholders, indicating a collective commitment to extend the "New Comfort" concept across the entire supply chain, from raw materials to production and sales [8] - JD Fashion plans to continue collaborating with more brands to implement the "New Comfortable Underwear" standard throughout the industry chain, ensuring consumers have a reliable and comfortable shopping experience [10]

本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导 性陈述或者重大遗漏负连带责任。 根据《上市公司行业信息披露指引第五号——零售》等文件要求， 上海益民商业集团股份有限公司（以下简称"公司"）现将 2025 年 三季度主要子公司门店情况披露如下： 二、报告期拟增加门店情况： 截止本报告期末，公司所属主要子公司不存在已签约但尚未开业 的门店。 一、2025 年第三季度公司所属主要子公司门店变动情况： 品牌 经营业态 本报告期新开门店 本报告期关闭门店 期末门店 门店 家数 建筑面积 (m 2) 门店 家数 建筑面积 (m 2) 门店 家数 建筑面积 (m 2) 古今 内衣 直营 21 1123.75 67 2884.76 337 17858.64 加盟 11 380.00 2 65.00 437 23261.20 小计 32 1503.75 69 2949.76 774 41119.84 天宝 龙凤 直营 0 0.00 0 0.00 1 576.00 加盟 0 0.00 0 0.00 2 160.00 小计 0 0.00 0 0.00 3 736.00 合计 直营 21 1123.75 ...

Core Viewpoint - The article emphasizes the importance of choosing the right lingerie, particularly focusing on the benefits of a specific product from the brand "Tingmei," which is designed to enhance comfort and appearance without compromising on support [23][77]. Group 1: Product Features - The "Tingmei Lace Lift Bra" is highlighted for its comfort and support, featuring no underwire and a design that naturally lifts and gathers the bust [20][27]. - The bra incorporates a W-shaped lifting strap and jelly strips to enhance support and shape without causing discomfort [46][137]. - It is made from soft, breathable materials that ensure comfort throughout the day, making it suitable for various activities, including light exercise [65][171]. Group 2: Brand Background - Tingmei is a well-established domestic brand in China, having been popular for over 23 years, known for its innovative approach to women's lingerie [110][125]. - The brand has a strong reputation, having achieved significant sales milestones and being recognized in various media and educational contexts [115][117]. - Tingmei focuses on the needs of Chinese women, combining advanced design techniques with local consumer preferences [24][127]. Group 3: Pricing and Offers - The article mentions a promotional price of 59.9 yuan for the bra, which is significantly lower than similar products from other brands [77][203]. - A recommendation is made to purchase multiple items for better value, with a combined price of 99.8 yuan for two bras [78][104]. - The brand offers a return policy, allowing customers to exchange or return items within seven days if they are not satisfied [82].