Core Viewpoint - In 2024, Aimer Co., Ltd. faced significant challenges in the intimate apparel industry, with a 7.71% year-on-year decline in revenue to 3.163 billion yuan and a 46.56% drop in net profit to 163 million yuan, marking the worst performance since its listing [1] Group 1: Revenue and Profit Decline - The revenue from the core bra category plummeted by 15.83%, with sales volume decreasing by 18.12%, reflecting a disconnect between product iteration and consumer demand [2] - Overall sales across all channels declined, with offline direct sales down 7.96% and online sales down 8.14%, indicating the fragility of traditional retail models [2] - The company reported a high inventory level of 982 million yuan and an inventory turnover period of 327 days, posing a significant risk of inventory depreciation [2] Group 2: Strategic Challenges - The company implemented a high dividend payout of 4 yuan per 10 shares, distributing 99.55% of its net profit, which, while temporarily boosting stock prices, severely weakened future funding reserves [3] - The sales expense ratio surged to 47.17%, while revenue contribution from the online platform Xiaohongshu was minimal, highlighting a mismatch between marketing investment and channel expansion [3] - Operating cash flow net amount dropped by 53.31% year-on-year, indicating a decline in the company's ability to generate cash from its core business [3] Group 3: Long-term Solutions - The core issue for Aimer Co., Ltd. is its adaptability crisis in the consumer sovereignty era, necessitating inventory turnover optimization and channel value reconstruction as immediate solutions [4] - Long-term strategies should involve redefining brand core through material innovation to enhance product competitiveness or leveraging private domain operations to rebuild user connections [4] - The industry is shifting from "scale expansion" to "value cultivation," requiring a break from reliance on channel inventory pressure and a supply chain transformation driven by user demand [4]