文 ｜ 杨帆 玛西高娃 ▍ 我国对美出口贸易在省际层面呈现出东部集中、区域分化和集群支撑的三重特征 。 第一，我国对美出口高度集中于东部沿海省份，2 0 2 3年以来前五大省份贡献了7 2 . 3%的出口额，前八大省份合计贡献8 4 . 9%，其中广东和浙江 出口动能更为强劲，两者分别贡献了2 5 . 1%和1 6 . 6%。不过前五大外贸大省在面对关税2 . 0的表现，出现了分化，山东和浙江可能抢出口诉求更 强，上海和广东略靠后。出口交货值视角也基本印证上述结论，当前上海在出口交货值增速上较为疲弱。 我国分省市对美出口整体呈现出东部集中、区域分化和产业集群支撑的三重特征。其中，广东和浙江等东部沿海省份是出口主力，山西和河南等 中部省份对美出口依赖偏高。同时结合商品结构层面，我国各省市对美出口贸易呈现商品出口中心度较高、总体依赖度不高且结构多元的特征。 第一，从出口中心度来看，机电设备、纺织鞋服和家具类是支撑出口的核心品类，不同省份在这些品类上的中心度高低差异明显。第二，从对美 出口依赖度来看，大部分省市总体依赖度不高，大部分省份在主要品类上的依赖度低于5%，另外，沿海地区整体呈现出产业链多元、出口商品 类别 ...

Summary of Conference Call Company and Industry - The conference call pertains to a company in the apparel industry, specifically focusing on intimate wear and related products. Key Points and Arguments 1. **Revenue Growth**: The company reported a revenue of RMB 30.1 billion for 2024, representing a 9% increase from RMB 27.57 billion in 2023 [1][5][6]. 2. **Gross Margin Decline**: The gross margin decreased from 47.5% in the previous year to 45.7% in 2024, attributed to lower margins from industrial projects compared to core business [6][7]. 3. **Profit Increase**: The company's profit increased significantly, from approximately RMB 42 million in the previous year to RMB 126.1 million in 2024, marking a twofold increase [6][10]. 4. **Dividend Distribution**: The company initiated dividend payments for the first time post-pandemic, with a distribution of HKD 1.6 per share [6][10]. 5. **Sales Strategy Shift**: A strategic shift from self-operated to a combination of self-operated and joint-operated models was implemented, leading to a GMV of RMB 15.7 billion in 2023 [4][9][22]. 6. **Market Positioning**: The company aims to strengthen its market position in key provinces, focusing on both online and offline sales channels [19][21]. 7. **Brand Marketing Initiatives**: Significant investments in brand marketing were made, including partnerships with national sports teams and extensive advertising campaigns across various platforms [20][21]. 8. **Product Diversification**: The company introduced new product lines and maintained a focus on high-quality offerings, with a notable increase in sales for certain brands [11][25]. 9. **E-commerce Growth**: The e-commerce segment showed substantial growth, with a GMV increase of 100% year-over-year, indicating a strong online presence [22][42]. 10. **Inventory Management**: Effective inventory management strategies were highlighted, with a reduction of RMB 200 million in old inventory, contributing to improved gross margins [39][40]. Other Important but Possibly Overlooked Content 1. **Operational Efficiency**: The company emphasized improvements in operational efficiency and cost control, which contributed to better profit margins despite revenue challenges [9][15]. 2. **Future Outlook**: The management expressed optimism about future growth, particularly in e-commerce and market expansion in lower-tier cities [28][32]. 3. **Asset Utilization**: The company is actively working on asset optimization, including the sale of underperforming properties to enhance cash flow [43][44]. 4. **Shareholder Returns**: Discussions on shareholder returns included a focus on dividends rather than share buybacks, with a projected return rate of approximately 6% based on current share prices [44]. This summary encapsulates the essential insights from the conference call, highlighting the company's performance, strategic initiatives, and future outlook within the apparel industry.

以下文章来源于最人物 ，作者北方女王。 最人物 . 有人的地方，就有最人物。 作者：北方女王 来源：最人物（ID：iiirenwu） 11年前某个夏日清晨，都市丽人在香港上市，自此成为"中国内衣第一股"，风头无两。 创始人郑耀南在上午 9点半准时敲响了上市铜锣，马上步入不惑之年的他意气风发，在上 市路演整个过程中，他的身旁一直站着代言人林志玲。 志玲姐姐一句 "新的内衣新的你，我是都市丽人，你呢"广告语，让其成为家喻户晓的内 衣品牌。 上市后，都市丽人的市值一度高达 200亿，被视为"中国版维密"。 随着都市丽人的上市，郑耀南完成了华丽转身，曾经的沃尔玛商场保安在不到 20年的时 间里，蜕变为上市公司董事长兼CEO。 声势最盛时，郑耀南不会想到，日渐拥挤的内衣市场，正在向都市丽人涌来。 01 近日， "中国内衣第一股"都市丽人 正式官宣古力娜扎为全新品牌代言人， 也发布正面盈利报 告，2024年利润飙升至1.19亿元。 自2021年年底郑耀南回归CEO职位后，他陆续推出的改良措施，让都市丽人的经营状况有所回 升。 去年都市丽人的收入增长，主要来源于地产业务，副业生意红火，主业内衣仍面临巨大挑战。 都市丽人诞生 ...

Core Points - JD.com has launched its lingerie festival from April 13 to April 21, featuring discounts of over 50% and cross-store promotions [1][13] - The festival includes popular brands such as Bananain, ubras, and Victoria's Secret, offering a variety of products including camisoles, vests, and stockings [1][3] Group 1 - The lingerie festival offers a discount of over 50% and a promotion of 60 yuan off for every 200 yuan spent [1] - Consumers can receive surprise gifts such as flower exchange cards and plush toys with their purchases during the festival [13] - The event encourages consumers to explore spring outfit ideas with stylish lingerie options [1][13] Group 2 - Featured products include the Bananain soft support bra with patented design for 3D gathering effect and ubras lace bras for comfort and style [5][7] - The festival highlights versatile items that can be worn both as innerwear and outerwear, catering to various fashion preferences [7][9] - The promotion aims to create a romantic spring atmosphere, appealing to consumers' desire for stylish and comfortable lingerie [9][11]

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].

Core Insights - Urban Beauty, known as "China's first lingerie stock," reported a revenue of 3.01 billion yuan for 2024, marking a year-on-year increase of 9.18% and a net profit of 126 million yuan, up 196.96% [2][4] Revenue Breakdown - The revenue growth was significantly driven by over 300 million yuan from the sale of properties, while the core business of intimate apparel saw a slight decline in sales [2][5] - The main business, intimate apparel, generated 2.555 billion yuan, a slight decrease from 2.643 billion yuan the previous year [4][5] - Non-core business revenues included 132 million yuan from logistics and 323 million yuan from industrial project sales [4] Store Expansion and Strategy - Urban Beauty opened 850 new stores in 2024, bringing the total to over 4,500, with plans to exceed 5,000 stores by the end of the year [2][8] - The company is focusing on a "strong county in major provinces" strategy, targeting six populous provinces for store openings [9][10] E-commerce and Market Share - The company reported that its e-commerce gross merchandise volume (GMV) exceeded 1.5 billion yuan, with a year-on-year growth of over 100% [5] - A shift in e-commerce strategy has occurred, moving from self-operated to partnerships with large merchants, which is expected to drive further growth [5] Operational Adjustments - Urban Beauty has adjusted its ordering system from a futures model to a spot model, allowing for better inventory management and increased profitability for franchisees [10] - The company aims to enhance store efficiency and ensure sustainable growth for franchisees, with a focus on improving the overall health of the franchise network [10]

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]