Core Viewpoint - The company, Urban Beauty (02298), reported unexpectedly strong financial results amidst a challenging macroeconomic environment, showcasing its robust recovery in profitability and significant growth in e-commerce sales [1][2]. Financial Performance - In 2024, Urban Beauty achieved revenue of RMB 3.01 billion, a year-on-year increase of 9.18% [1] - The profit attributable to the company's owners reached RMB 126 million, reflecting a remarkable year-on-year growth of 196.96% [1]. E-commerce Growth - The company's e-commerce GMV surpassed RMB 1.5 billion, with a year-on-year growth exceeding 100% [1] - The innovative "joint venture e-commerce" model has effectively reduced channel costs and improved overall business gross margins [1]. Store Expansion Strategy - Urban Beauty opened 850 new stores, bringing the total to over 4,500, focusing on third and fourth-tier cities and county markets [2] - The company aims to enhance its market share in key provinces such as Henan, Shandong, and Sichuan through a "strong county" strategy [2]. International Expansion - The company is exploring cross-border e-commerce opportunities in Southeast Asia rather than opening physical stores abroad [3]. R&D and Product Innovation - Urban Beauty has accumulated 561 patents, focusing on innovative products like invisible bras and lightweight down jackets [3]. - The brand positions itself as "good yet affordable," integrating deeply with sports and entertainment sectors for enhanced brand recognition [3]. Marketing and Supply Chain Optimization - The company has optimized its supply chain management, introducing flexible ordering and rapid replenishment systems, leading to a 200% year-on-year increase in instant sales [4]. - Urban Beauty's marketing strategy includes extensive high-speed rail media coverage across over 29 provinces and 160 cities [4]. Future Revenue Streams - The industrial park project completed in 2024 is expected to contribute to revenue in 2025, enhancing profitability and cash flow [5]. Shareholder Returns - Urban Beauty has shown commitment to shareholder returns with a total dividend payout of HKD 11.24 million, maintaining a dividend payout ratio of approximately 30% since the pandemic [5].

Group 1 - The core viewpoint of the article highlights the significant growth in revenue and profit for the company, with a revenue of 3.01 billion yuan in 2024, representing a 9.18% increase year-on-year, and a net profit attributable to shareholders of 126 million yuan, up 196.96% [2] - The company's revenue growth is primarily attributed to the expansion of its e-commerce business, which has significantly improved its market share in China [2] - The company has made strides in brand building, product development, channel expansion, and supply chain management, contributing to overall performance improvement [2] Group 2 - The company reported that its e-commerce GMV exceeded 1.5 billion yuan, with a year-on-year growth of over 100% [2] - The company opened more than 850 new stores, bringing the total to over 4,500, with the number of pure cotton home brand stores exceeding 100 for the first time [2] - The company has accumulated 561 patents as of 2024, including products like soft size invisible underwear and black gold lightweight down clothing [2] Group 3 - The company optimized its supply chain management by introducing a flexible ordering system and rapid replenishment mechanism, effectively reducing inventory risk and improving cash flow turnover efficiency [3] - Instant sales for the company grew by over 200% year-on-year in 2024, addressing consumer demand for quick shopping [3] - The company plans to continue deepening its presence in the Chinese market, particularly in shopping centers and e-commerce channels, with expectations of doubling the number of pure cotton home brand stores and performance by the end of 2025 [3]

Core Viewpoint - Urban Beauty, known as the "first stock in underwear," has released a positive profit forecast, expecting a profit attributable to shareholders of approximately 180% increase compared to 42.483 million yuan in 2023 [2] Financial Performance - For the fiscal year 2024, Urban Beauty's revenue is projected to grow primarily due to e-commerce partnerships, cost control, and industrial project development [4] - The e-commerce segment achieved a breakthrough with a total gross merchandise volume (GMV) of approximately 1.1 billion yuan in 2024 [4] - In the first half of 2024, Urban Beauty reported revenue of 1.514 billion yuan, a year-on-year increase of 10.74%, and a net profit of 82.398 million yuan, up 215% from 26.13 million yuan in the same period last year [4] - The main business of intimate apparel generated revenue of 1.295 billion yuan, accounting for 85.5% of total revenue, while logistics revenue was 47 million yuan and property sales from industrial projects amounted to 172 million yuan [4] - Sales revenue from intimate apparel slightly declined to 1.295 billion yuan compared to 1.319 billion yuan in the same period last year, primarily due to a decrease in e-commerce revenue [4] Strategic Initiatives - To address market competition, Urban Beauty is accelerating its digital transformation and actively expanding its e-commerce channels, leveraging resources from various platforms to enhance customer acquisition capabilities across over 4,000 offline stores [5] - In early 2022, Urban Beauty signed a strategic cooperation agreement with JD Technology for deep collaboration in digital transformation [5] - In 2023, Urban Beauty launched JD's "hourly delivery" service, creating a new business model for instant retail [5] - The company aims to enhance its core competitiveness through brand building, product innovation, channel optimization, and service improvement, striving for stable performance growth [6] - Recently, Urban Beauty announced actress Guli Nazha as its new brand ambassador and launched a customized lingerie product in collaboration with JD, utilizing live streaming to create a new retail scenario [6]