元旦跨年出行热潮中，保暖内衣早已从冬日刚需升级为兼具实用与美感的出行必备单品。2025 年中国 纺织工业联合会数据显示，保暖内衣市场规模已达 892 亿元，同比增长 6.8%，其中功能性产品占比超 45%，成为行业核心增长引擎。这一增长背后，北方持续严寒与南方湿冷天气常态化，直接催生了元旦 出行的即时性保暖需求。展望 2026 年，艾媒咨询精准预测，行业规模将突破 1000 亿元大关，达到 1035 亿元，智能温控、抗菌环保等高端产品增速将达 30% 以上，成为市场增长主力。2026 年元旦假 期，全国铁路预计发送旅客超 1200 万人次，中短途探亲、跨年出游仍是主流出行选择，保暖装备成为 旅客行囊必备，其中下沉市场与南方地区需求增速显著领先全国。 元月启新，寒意渐浓，浪莎带来的不仅是肌肤的暖意，更有 2026 年元旦出行的团圆期盼与新年欢悦。 浪莎保暖内衣与"中国高铁传媒第一股"兆讯传媒携手，打造覆盖多城市、多站台的"2026 元旦暖程"品 牌传播矩阵。兆讯传媒已构建覆盖全国 30 个省份的高铁数字媒体网络，年触达客流量超 20 亿人次，精 准对接 2026 年元旦超 1200 万人次的铁路出行高峰。 兆讯 ...

11月21日，一纸来自黛安芬中国子公司的停止运营公告，为曾经的德国内衣巨头，也为曾经的钢圈内衣时代划下了一个充满仓促感的休止符。 女性消费者对内衣的需求认知已不同于十年前，以专业导购+身体塑形的传统内衣模式正式走向终结。 与其退场同步发生的，是中国内衣整体市场的萎缩。 据第三方数据显示，2025年1-11月，线上电商平台内衣市场规模突破200亿元，但同比增长仅为2.6%。 关于Triumph 集团从中国大陆市场战略撤离的告知函 来源：网络 2015-2016年是黛安芬的巅峰时期，年销售额曾达到35亿元，线下门店数量超900家，却也难逃退场的命运。 黛安芬的线上售后渠道在12月上旬全面关闭，线下门店也已进入了离场倒计时。 黛安芬的离场绝非孤例，但它无疑是一个极具象征意义的标志。 近乎停滞的增速，也侧面说明内衣市场已进入存量时代，不再有结构性增长红利。 内衣市场真正的变化在于，消费者需求从有钢圈走向无尺码，而当无尺码已成为行业标配，市场并未迎来新的增长曲线，反而陷入"内卷式"洗牌。 品牌只能在同质化的红海中，争夺几乎不再扩大的蛋糕。 钢圈不再是主流，传统内衣模式退潮 要理解黛安芬们的衰败，必须首先回溯它们赖以成功 ...

Core Insights - The innerwear industry is experiencing a shift in consumer perception from "functional necessity" to "scientific self-appreciation," with 58% of consumers focusing on emotional value and scientific selection [1][3] - The DreamX Technology men's innerwear conference in Shanghai highlighted structural changes in the industry, emphasizing the importance of private domain operations and strategies for sustainable growth [1][4] Industry Trends - Three significant trends in the innerwear market: 1. Consumer mindset is evolving towards valuing brand and quality assurance, with emotional value and scientific selection becoming core demands [3] 2. Product technology is advancing towards a digital health ecosystem, with tech-enabled products rapidly gaining popularity [3] 3. Consumption scenarios are expanding from physiological needs to psychological aspects, with high-energy fitness, outdoor activities, and daily commuting driving demand [3] - In the men's apparel category, a structural transformation is evident: 1. Sports leisure has replaced business formal wear as the main growth driver, with casual and functional blends dominating the market [3] 2. Consumer demand is shifting from "looking good" to "smart dressing," with over 60% of products utilizing functional fabrics [3] 3. Style segmentation is growing, with trends like Guochao and City Boy seeing a 156% increase in store growth [3] Company Strategies - DreamX Technology has identified four core development directions for the upcoming year: 1. Focus on "quality products" by upgrading the supply chain and differentiating product strategies [2] 2. Enhance "content" by launching new features and improving private domain live-streaming tools [2] 3. Deepen "AI empowerment" to optimize operational efficiency across the entire supply chain [2] 4. Expand the open ecosystem by connecting diverse online and offline partners [2] - The company aims to leverage its B2R model and AI technology to provide comprehensive support for merchants, enhancing user engagement and driving sustainable growth [2] Performance Highlights - DreamX Technology has achieved impressive growth despite market changes, with high user loyalty and low return rates since 2025 [4] - Key product categories like down jackets, outdoor jackets, loungewear, and underwear have emerged as new growth engines, with some brands experiencing growth rates exceeding 200% [4] - GXG, through exclusive collaboration with DreamX, achieved sales exceeding 10 million yuan, setting a benchmark for private domain cooperation [4] Practical Insights - Brand representatives from GXG, MEINS, and others shared successful growth strategies at the conference, emphasizing the importance of private domain operations [5] - The company is committed to empowering partners to achieve performance growth while driving transformation in the men's innerwear industry [5]

今天分享的是：2025科技内衣趋势洞察白皮书 报告共计：41页 贴身衣物迎来科技革命：2025内衣消费趋势深度解码 曾经被视为"隐蔽角落"的内衣行业，正悄然成为科技与消费变革的前沿阵地。当舒适与塑形不再是唯一答案，一件件贴身衣物 正被赋予健康监测、情绪疗愈、场景适配等多重使命，一场由科技深度赋能的产业升级浪潮已全面袭来。 行业变局：从高速增长到存量博弈，科技成破局关键 中国内衣市场已告别过往的高速增长，进入以"存量博弈"为特征的新阶段。消费者健康意识的觉醒，让内衣作为"第二层皮 肤"的重要性日益凸显。在市场规模增速放缓的背景下，行业转型的驱动力来自三股合力：政策引导产业向高科技、绿色化迈 进；面料工艺持续迭代，智能穿戴、3D编织等技术融入生产；而最根本的力量，则源于消费者自身需求的深刻演进。人们不再 满足于基础功能，对舒适性、健康属性、悦己体验以及特定场景功能性的追求，共同推动着行业迈入以"科技赋能"为核心的4.0 时代。 人群新象：六类消费者画像，勾勒"千人千需"市场图景 当下的内衣消费者呈现出高度细分与多元化的特征。报告精准聚类出六大核心消费人群：注重性价比与便捷的"无感通勤族"； 关注健康与专业功能的" ...

2025年12月31日，将是139岁的德国品牌黛安芬（Triumph）在中国市场的最后一天。 对于很多中国消费者而言，黛安芬曾是"第一件专业内衣"的代名词，代表着源自德国的精工品质与对女性曲线的精细刻画。11月21日，黛安芬中国子公司 发布停止运营的公告，为这家曾占据各大高端商场一楼"金角银边"的国际内衣巨头在中国市场的时间按下了倒计时。 撤退的节奏果断又急促。微信小程序售后12月10日截止，天猫、京东、抖音等全线电商平台12月5日停止售后。实体门店虽营业至2025年底，但实际上， 北京、南京等多地的门店已进入最后的清仓周期。黛安芬离场的同时，中国本土新锐内衣玩家们却在近两年开启陡峭的增长线。 成立仅8年的蕉内（Bananain），2024年GMV突破70亿元，成交体量已是许多老牌内衣的两倍。在刚刚过去的2025天猫双11中，蕉内与Ubras稳居榜单前 二，相比去年，他们只是交换了排名位置。以"性感"著称的维多利亚的秘密（Victoria's Secret）则连续两年守住了第三的位置。 在榜单排名前20的内衣品牌中，几乎全是本土品牌，除了排名第三的维多利亚的秘密（Victoria's Secret）和排名第六 ...

Financial Data and Key Metrics Changes - The company reported net sales of $1.47 billion, an increase of 9% year-over-year, with adjusted gross margin expansion of 170 basis points and earnings growth of 45% [6][27][32] - Adjusted operating income for the third quarter was break-even, better than the guidance of an adjusted operating loss of $35 million to $55 million [33][34] - Adjusted net loss per share was $0.27, significantly better than the guidance of $0.55 to $0.75 [34] Business Line Data and Key Metrics Changes - The intimates business returned to growth, up mid-single digits, gaining over 1% share in the U.S. intimates market [5][14] - PINK achieved low double-digit sales growth, marking a significant recovery [17][30] - The beauty business grew low single digits, building on last year's mid-teens increase [20][30] Market Data and Key Metrics Changes - International retail sales grew over 30% during the quarter, driven by exceptional performance in China, particularly in the digital channel [6][31] - The company gained market share in the U.S. intimates market despite an overall market decline [25][62] Company Strategy and Development Direction - The company is focused on four strategic pillars: supercharging bra authority, recommitting to PINK, fueling growth in beauty, and evolving brand projection and go-to-market strategy [4][12][19] - The Path to Potential strategy aims to create a powerful multiplier effect, unlocking greater value across the ecosystem [4][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the strategy and deliver a strong holiday season, despite being cautious about potential consumer pullback post-holiday [25][45] - The company raised its full-year outlook for net sales to a range of $6.45 billion to $6.48 billion, reflecting strong momentum [35][36] Other Important Information - The Victoria's Secret fashion show significantly boosted brand engagement, resulting in nearly 9 million new social followers and 51 billion total media impressions [9][10] - The company is investing in talent to scale its beauty business and enhance its innovation pipeline [20][21] Q&A Session Summary Question: How is the company maintaining momentum post-fashion show? - Management noted strong traffic and engagement, particularly in stores, and emphasized the importance of the Path to Potential initiatives [46][47] Question: Can you elaborate on strategies to reduce promotions? - The company is pulling back on promotions while utilizing gifts with purchase (GWPs) to maintain customer value, contributing positively to gross margin [49] Question: What is the profile of new customers being acquired? - New customer acquisition is focused on the 18-24 age group, with a noted increase in higher average order values [51][52] Question: What is the outlook for operating margins? - Management believes a low double-digit operating margin is achievable over the next couple of years, supported by growth and disciplined expense management [53] Question: What is the cadence of monthly comps in Q3? - Strong performance was noted throughout Q3, with significant amplification in October due to the fashion show, sustaining momentum into November [60][61]

Core Viewpoint - The French fashion brand Etam is officially exiting the mainland China market, marking the end of its operations after previously selling its ready-to-wear business and closing all physical stores in 2020 [1][5][8]. Group 1: Brand Operations - Etam's Tmall flagship store will cease operations on November 30, with only a few products remaining available for purchase before the closure [1][4]. - The brand has announced that orders placed before the closure date will be fulfilled, but the online customer service will only be available until December 15 [1][4]. Group 2: Market Performance - Etam has experienced a significant decline in its business in China over the past decade, with its market presence shrinking considerably [6][10]. - The brand's peak was in 2012 when it had over 3,000 retail points in China, but it faced a sharp revenue decline due to market competition and unappealing products [7][8]. Group 3: Industry Trends - The exit of Etam and the recent announcement by another European lingerie brand, Triumph, to withdraw from the Chinese market highlight a broader decline in the traditional lingerie industry [11][12]. - The shift in consumer preferences towards comfort and innovative products, such as those offered by local brands like Ubras, has contributed to the struggles of established brands like Etam [12].

关于内衣业务，艾格曾于2015年将该业务引入中国，开始研发亚洲版型，并在中国上海开出第一家内衣 门店。2017年初，艾格在上海静安寺商圈的晶品Crystal Galleria购物中心开出第二家内衣门店。 值得注意的是，艾格内衣的退场并非个例。近日，黛安芬宣布年底关闭所有线下门店。这背后是不断加 剧的行业竞争和新兴品牌崛起带来的影响。 近几年，内衣行业崛起了一批更关注舒适、功能性的新兴品牌。如2016年成立的ubras，其在2018年推 出的"无尺码内衣"解决了女性在购买内衣时面临的尺码选择难题，随后在2020年，ubras成为"双11"内衣 品牌的销售冠军。与此同时，主打舒适无钢圈的内外（NEIWAI）、无标签的蕉内等品牌备受追捧，并 抓住近两年的运动风口，在运动、舒适领域不断拓展。据不完全统计，近几年以来，获得资本青睐的新 兴内衣电商品牌已超过10家，包括内外、DARE ONE、兰缪（La Miu）等。显然，这些更年轻的品牌对 艾格等造成了一定冲击。 要客研究院院长周婷表示，老牌内衣企业自身普遍存在品牌形象老化、产品创新乏力、客群定位模糊等 问题。此外，随着消费需求变化以及市场竞争加剧，舒适安全环保已经代替 ...

关于内衣业务，艾格曾于2015年将该业务引入中国，开始研发亚洲版型，并在中国上海开出第一家内衣门店。2017年初，艾格在上海静安寺商圈的晶品 Crystal Galleria购物中心开出第二家内衣门店。 值得注意的是，艾格内衣的退场并非个例。近日，黛安芬宣布年底关闭所有线下门店。这背后是不断加剧的行业竞争和新兴品牌崛起带来的影响。 近几年，内衣行业崛起了一批更关注舒适、功能性的新兴品牌。如2016年成立的ubras，其在2018年推出的"无尺码内衣"解决了女性在购买内衣时面临的尺 码选择难题，随后在2020年，ubras成为"双11"内衣品牌的销售冠军。与此同时，主打舒适无钢圈的内外（NEIWAI）、无标签的蕉内等品牌备受追捧，并抓 住近两年的运动风口，在运动、舒适领域不断拓展。据不完全统计，近几年以来，获得资本青睐的新兴内衣电商品牌已超过10家，包括内外、DARE ONE、兰缪（La Miu）等。显然，这些更年轻的品牌对艾格等造成了一定冲击。 要客研究院院长周婷表示，老牌内衣企业自身普遍存在品牌形象老化、产品创新乏力、客群定位模糊等问题。此外，随着消费需求变化以及市场竞争加剧， 舒适安全环保已经代替塑形搭配 ...

Core Viewpoint - Etam, a European fashion brand, is set to cease operations in China after over 30 years in the market, with its Tmall flagship store closing on November 30 due to business adjustments [1][3]. Group 1: Company Operations - The Tmall flagship store will stop operations, but orders placed before the closure will still be delivered as planned [1]. - Customers who won prizes in the Double Eleven membership challenge must redeem their rewards by December 8, after which the warehouse will stop shipping [1]. - As of December 3, the store only has a limited selection of lingerie products available for prize redemption and no new products are being supplied [1]. Group 2: Market Presence and Historical Context - Etam entered the Chinese market in 1994 and established a significant presence, opening 723 stores within two years and achieving annual sales exceeding 900 million yuan [7]. - By June 2014, Etam had 3,083 stores in China, contributing to a total of 4,246 stores globally [7]. - The brand's performance in China has declined over the years, with store closures and losses becoming common, leading to the current situation where its online store is the last remaining operation in the country [7]. Group 3: Industry Trends - Etam's exit is part of a broader trend of European fashion brands leaving the Chinese market, with other brands like the German lingerie brand Triumph also announcing their exit [8]. - The Chinese lingerie market has seen a rise in new brands such as Ubras and NEIWAI, which cater to consumer preferences for comfort and innovative designs, leading to increased competition [10]. - According to Northeast Securities, the global women's lingerie industry is entering a "comfortable and diverse period," with various subcategories like sports bras and plus-size lingerie becoming independent segments [10].