Core Viewpoint - The company is transitioning from a "brand licensing" model, known for its "label-selling" business, back to a self-operated model, aiming to revitalize the "Nanji Ren" brand and improve its market position [1][18]. Business Strategy - Starting in 2023, the company has shifted some core categories of the "Nanji Ren" brand from brand licensing to self-operated sales, launching new product lines including thermal clothing and planning to enter the down jacket market [1][18]. - The company aims to position "Nanji Ren" as a brand that combines the pricing of Decathlon, the variety of Uniqlo, and the quality of Lululemon [2]. Financial Performance - In 2024, the company expects revenue growth of 24.75% to reach 3.358 billion yuan, but it anticipates a net loss of 237 million yuan, marking a shift from profit to loss [1]. - The company's revenue has been declining, with total revenue falling from 3.888 billion yuan in 2021 to 2.692 billion yuan in 2023, and net profit dropping from 477 million yuan to a loss of 298 million yuan in the same period [16]. Historical Context - The "Nanji Ren" brand began as a thermal underwear seller but transitioned to a "label-selling" business model around 2008, focusing on brand licensing and outsourcing production [4][10]. - At its peak in 2019, the brand achieved a GMV of 27.138 billion yuan across e-commerce platforms, with significant market share in various categories [5]. Market Challenges - The company faces challenges related to quality control and brand positioning, as the "label-selling" model has led to inconsistent product quality and legal disputes [12][14]. - The decline in e-commerce platform traffic and the limitations of a single brand strategy have highlighted the need for diversification and improved quality management [16]. Marketing and Sales - The company has increased its marketing budget significantly, with sales expenses projected to reach 588 million yuan in 2024, a 430.28% increase from the previous year [19]. - The company plans to enhance its marketing efficiency and focus on product planning and overall marketing strategies moving forward [20]. Future Outlook - The company is optimistic about its self-operated business model, believing it will yield results in the next one to two years despite current losses [20]. - The company continues to invest in mobile internet marketing, which has been a significant revenue contributor, accounting for over 80% of total revenue in recent years [21].

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]

Core Viewpoint - Aimer Co., Ltd. reported a significant decline in both revenue and net profit for the fiscal year 2024, indicating severe challenges due to weak consumer demand and intensified industry competition [3][4]. Financial Performance - In 2024, Aimer's total revenue was 3.163 billion yuan, a year-on-year decrease of 7.71% - The net profit attributable to shareholders was 163 million yuan, down 46.56% year-on-year, falling short of market expectations [3][4]. - For Q1 2025, Aimer's revenue was 854 million yuan, a decline of 2.86% year-on-year, with net profit at 85.56 million yuan, down 20.26% year-on-year [5]. Business Structure - Revenue from core product lines saw varying degrees of decline, with lingerie revenue down 15.83% and homewear, thermal clothing, and underwear experiencing declines between 4% and 9% [3]. - The decline in revenue was attributed mainly to reduced foot traffic, with offline direct sales down 7.96% and online sales down 8.14% [4]. Dividend Policy - Despite poor overall performance, Aimer announced a substantial cash dividend of 4 yuan per 10 shares, totaling 99.55% of net profit, raising concerns about future funding reserves [4]. Cost Management - Aimer's sales expenses decreased by 4.42% due to reduced promotional spending, while management expenses increased by 6.33% due to higher personnel costs [4]. - The inventory level remained high at 982 million yuan, with a provision for inventory impairment at 21.85%, indicating significant inventory digestion pressure [4]. Strategic Adjustments - In response to performance challenges, Aimer is focusing on the sportswear segment by establishing dedicated divisions for the "Aimer Sports" and "Chichu" brands and accelerating channel restructuring [4]. - Although R&D investment decreased by 3.01%, Aimer added 58 new patents, including 26 Chinese invention patents [4].

Core Viewpoint - The article discusses the rise of counterfeit brands, particularly "minmin," which closely resembles the luxury brand Miu Miu, highlighting the blurred lines between genuine and imitation products in the fashion industry [4][6][15]. Group 1: Counterfeit Brands and Consumer Perception - The emergence of "minmin" as a high-quality counterfeit brand reflects a growing trend where consumers are increasingly exposed to imitations that mimic luxury brands [4][6]. - Consumers often feel deceived when they discover they have purchased counterfeit items, leading to a sense of embarrassment and frustration [13][15]. - The perception of luxury brands is changing, with consumers becoming more aware of the differences between genuine and counterfeit products, leading to a decline in the allure of brand logos [15][19]. Group 2: Market Dynamics and Trends - The fashion industry has seen a shift towards "fashion democratization," where trends are influenced more by smaller brands than by traditional luxury labels [14][15]. - The article notes that the demand for high-quality imitations is driven by consumers seeking value for money, as they prioritize cost-effectiveness over brand prestige [19][85]. - The proliferation of counterfeit brands has led to a complex market where even established brands struggle to maintain their identity against a backdrop of imitations [36][39]. Group 3: Legal and Regulatory Challenges - The article highlights the challenges faced by brands like Ralph Lauren in protecting their trademarks against counterfeiters, illustrating the legal complexities involved in brand protection [52][53]. - There is a significant number of registered trademarks for counterfeit brands, complicating the enforcement of intellectual property rights [39][40]. - The rise of e-commerce has made it easier for counterfeit brands to operate, often blurring the lines between legitimate and fake online stores [65][70]. Group 4: Consumer Behavior and Brand Value - Consumers are increasingly prioritizing the quality and functionality of products over brand names, leading to a decline in the perceived value of luxury branding [85][87]. - The article suggests that the emotional value associated with brands is diminishing, as consumers seek alternatives that offer better performance and price [87][89]. - The trend of purchasing high-quality imitations reflects a broader societal shift away from traditional notions of luxury and status [87][89].