Core Viewpoint - The latest financial report indicates that Winner Fashion is experiencing a decline in both revenue and net profit for 2024, attributed to decreased retail channel sales and consumer perceptions of high prices [1][4][5]. Financial Performance - In 2024, Winner Fashion's revenue decreased by 4.68% to 6.589 billion yuan, while net profit fell by 44.1% to 469 million yuan [4]. - This performance contrasts sharply with previous years, where the company had consistent growth, including a revenue increase of 22.05% and a net profit increase of 119.17% in 2023 [4]. Brand Performance - Among Winner Fashion's main brands, only NEXY.CO saw a slight growth of 0.79%, while Koradior and NAERSI experienced declines of 9.68% and 1.87%, respectively [5]. - Younger brands like LaKoradior and FUUNNYFEELLN showed growth of 10.23% and 22.23%, indicating a potential shift in consumer preference towards younger, more dynamic brands [5]. Pricing and Consumer Perception - Winner Fashion's products are positioned in the light luxury segment, with prices often exceeding 1,000 yuan, leading to consumer complaints about high pricing [7][8]. - The company has been criticized for extreme discounting practices, which may undermine brand value and consumer trust [8]. Marketing and Brand Strategy - The company is facing challenges in customer acquisition, with management noting a reliance on existing customers rather than attracting new ones [9]. - To combat brand aging, Winner Fashion is exploring strategies such as increasing marketing expenditures and enhancing brand influence through advertising in airports [10][11]. Future Outlook - Winner Fashion is considering introducing a new international brand to rejuvenate its offerings, although plans have been delayed due to increased partnership conditions [11].

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].