本文源自：金融界 作者：行情君 8月26日，都市丽人(02298)盘中上涨20.27%，截至13:52，报0.445元/股，成交1246.22万元。 都市丽人（中国）控股有限公司专注于在中国设计、研发及销售自有品牌的贴身衣物产品，涵盖文胸、 内裤、睡衣、家居服及配饰，并通过多元品牌战略及垂直整合业务模式提升市场竞争力。根据Frost & Sullivan报告，公司按2018年零售销售收入及门店数量计为中国最大品牌贴身衣物企业，旗下品牌拓展 至九个，覆盖从大众到高端的多个消费层级。 截至2024年年报，都市丽人营业总收入30.1亿元、净利润1.26亿元。 8月29日，都市丽人将披露2025财年中报。 ...

Core Insights - The core focus of the event was the launch of the "Scientific Bra Selection White Paper" by JD Fashion, aimed at providing a systematic guide for female consumers on bra selection and revealing current fashion trends [1][4][8] Group 1: White Paper and Consumer Guidance - The white paper addresses the shift in women's lingerie consumption from "functional necessity" to "self-pleasure," emphasizing the importance of emotional experience alongside functionality [4] - It offers professional advice on bra selection based on various factors such as size measurement, fabric choice, dressing scenarios, and age [4][6] - The initiative aims to promote a scientific and standardized approach to lingerie selection, enhancing consumer awareness and industry standards [4][8] Group 2: Industry Collaboration and Innovations - The event featured discussions with industry leaders from brands like Aimer, Anlifang, and Xinxian, focusing on user needs, industry development, and women's health [7] - Innovations highlighted include the use of aerospace-grade memory foam in bra design for better support and comfort, as well as eco-friendly production practices [7] - Solutions for specific consumer needs were presented, such as designs that visually slim larger busts and enhance the appearance of smaller busts [7] Group 3: Promotions and Consumer Engagement - During the event, JD Fashion launched the "88 Bra Festival," offering significant discounts and a "discomfort return" service for bras that do not meet consumer expectations [3] - The return policy allows for the return of uncomfortable items within 30 days, with a focus on sustainability through the destruction of returned items [3]

Core Insights - The increasing awareness of women's health management has led to a growing focus on breast health, with a report released by JD Fashion and Yien on August 7, 2023, providing a comprehensive guide for bra selection tailored to different demographics [1][3] Industry Trends - Breast cancer cases in China have reached approximately 420,000 new cases annually, with a breast nodule detection rate of 33.9%, indicating a rising concern for women's breast health [3] - Social media interactions regarding "women's health" have exceeded 660 million in the past year, reflecting a 50% year-on-year increase, highlighting the growing interest in breast health and related products [3] Consumer Behavior - The report indicates a shift in bra consumption from a single functional focus to a more refined matching approach, with market shares for bras that enhance cleavage, minimize larger breasts, and enhance smaller breasts leading the market [3] - Categories such as cooling, invisible, and plus-size bras are experiencing the highest growth rates in the industry [3] Target Demographics - The report identifies four key demographics: developing girls, millennials, mature women, and older women, providing tailored bra selection guidelines based on age, breast type, and situational needs [4][5][7][8] - Developing girls require bras that support body shaping, with recommendations for different styles at various growth stages [4] - Millennials prioritize comfort and style, seeking bras that offer "no-feel" wearability suitable for various activities [5] - Mature women face diverse needs across different life scenarios, requiring bras that provide support and comfort for both professional and casual settings [7] - Older women focus on support and material safety, with recommendations for designs that accommodate body changes and prevent health issues [8] Fashion Trends - The report highlights three major trends in the bra market: outerwear aesthetics, everyday invisibility, and technological fabrics [10][12][14] - The "innerwear as outerwear" trend has gained popularity, with social media discussions exceeding 48.5 million views, showcasing styles like tank tops and lace bras as fashionable outerwear [10] - The demand for "invisible" designs has increased, with bras designed to be discreet under various outfits becoming essential for daily, athletic, and formal occasions [12] - Innovations in bra materials, such as cooling, antibacterial, and eco-friendly fabrics, are becoming more prevalent, with technologies that regulate body temperature and enhance skin health [14]

Core Insights - The release of the "Scientific Bra Selection White Paper" by JD Fashion provides a systematic guide for female consumers on bra selection, revealing current fashion trends and addressing the shift from functional necessity to self-pleasure in lingerie consumption [1][2] - The white paper aims to promote a scientific and standardized approach to bra purchasing, helping women establish a more informed consumer mindset [2][4] Industry Developments - The event featured discussions among industry leaders from brands like Aimer, Anlifang, and others, focusing on user needs, industry growth, and women's health [3][4] - Innovations in bra design were highlighted, such as Aimer's use of aerospace-grade memory foam for comfort and support, and Anlifang's commitment to sustainable production practices [3] - Solutions for specific consumer needs were presented, including designs that visually slim larger busts and enhance the appearance of smaller busts [3] Consumer Engagement - JD Fashion is actively addressing women's lingerie health needs through various initiatives, including health awareness campaigns and tailored lingerie solutions for different demographics [2][4] - The launch coincided with the JD 88 Bra Festival, offering significant discounts and a "discomfort return" policy to enhance consumer confidence in purchasing [1][2]

Group 1 - The global women's lingerie market is expected to exceed $44.2 billion by 2025, with China's market growth rate recovering to 7%-8%, making it a global growth engine [5][13][21] - E-commerce sales of women's lingerie have increased by 44.75% year-on-year, with strong demand for core categories such as bras and strapless bras [5][15][21] - The primary consumer demographic is aged 18-35, focusing on comfort and materials like ice silk and silk, with a shift towards refined functional demands such as "seamless," "gathering," and "breathable" [5][18][33] Group 2 - Douyin remains the dominant platform in social media e-commerce, accounting for over 60% of sales, while Xiaohongshu has shown a 120% year-on-year growth [6][26][28] - The brand "Herbal Initial Color" has effectively utilized 32 matrix accounts, achieving over 75% of sales from its flagship store, with a single-day sales record exceeding 100 million [6][28] - The number of tail KOLs has increased by 55.34%, indicating a growing trend in influencer marketing across platforms [6][31] Group 3 - The number of live streaming sessions has increased by 27.89%, with a 14.56% rise in the number of brands and a 12.93% increase in products sold, reflecting a vibrant market [21][23] - The market concentration has decreased compared to 2024, suggesting potential adjustments in the competitive landscape among leading brands [23][26] - The average transaction price for women's lingerie is approximately 85.87 yuan, with significant sales growth in the 50-100 yuan price range, indicating a dual pursuit of cost-effectiveness and functionality by consumers [33][34]

Core Viewpoint - The lingerie industry is facing significant challenges as a growing number of women, particularly those born after 1995, are opting to forgo bras, which is reshaping consumer preferences and impacting sales across the sector [2][10]. Industry Overview - The lingerie market is experiencing a downturn, with major companies reporting declining sales and profits. In 2024, five leading publicly listed companies in the industry saw a comprehensive decline in their lingerie business, with two A-share companies experiencing a halving of their performance [5][9]. - Aimer, one of the A-share companies, reported a revenue of 3.163 billion yuan, a decrease of 7.71% year-on-year, and a net profit of 163 million yuan, down 46.56% [6]. - Huijie Co., known as the "first A-share lingerie stock," saw a slight revenue increase of 0.85% to 2.95 billion yuan, but its net profit plummeted by 56.54% to 79.04 million yuan, indicating that its core bra business is struggling [8]. Consumer Behavior Changes - A significant shift in consumer preferences is noted, with comfort becoming the primary concern for lingerie buyers, as 32% of users prioritize comfort over other factors [12]. - Many consumers are increasingly opting for alternatives to traditional bras, such as silicone pasties, to avoid discomfort while still addressing concerns about visibility [14]. - Social media platforms are amplifying this trend, with discussions around the discomfort of wearing bras gaining traction, leading to a cultural shift where not wearing a bra is becoming more accepted [15]. Market Dynamics - The lingerie industry is facing intensified competition from lower-priced brands, which is undermining the pricing strategies of mid-to-high-end brands [9][21]. - The overall economic downturn and sluggish consumer spending are contributing to the industry's challenges, making it difficult for brands to maintain profitability [10][21]. Future Outlook - The lingerie industry must adapt to these changing consumer preferences and address the comfort and fit issues that have been highlighted by consumers. Brands need to innovate and enhance their offerings to meet the evolving demands of the market [20][21].

Core Viewpoint - The lingerie industry is facing significant challenges as a growing number of women, particularly those born after 1995, are opting to forgo bras, which is reshaping consumer preferences and impacting sales [2][3][19]. Industry Overview - The lingerie market is experiencing a downturn, with major listed companies reporting declines in their lingerie business for 2024, including two A-share companies that have seen their performance halved [6][16]. - Aimer, one of the A-share companies, reported a revenue of 3.163 billion yuan, a decrease of 7.71% year-on-year, and a net profit of 163 million yuan, down 46.56% [8]. - Aimer's bra production was 4.019 million units, with sales of 5.117 million units, reflecting an 18.12% year-on-year decline, and an inventory of 5.771 million units [10]. - The company also closed 84 stores in the past year, highlighting the retail challenges faced [11]. Competitive Landscape - Huijie Co., known as the "first A-share lingerie stock," reported a slight revenue increase of 0.85% to 2.95 billion yuan, but its net profit plummeted by 56.54% to 79.04 million yuan [14]. - The lingerie segment accounts for 46.7% of Huijie's main business, indicating that the decline in bra sales is a significant factor in its profitability issues [15]. - Other companies in the Hong Kong market, such as Urban Beauty and Anlifang Holdings, are also struggling, with Urban Beauty resorting to selling properties to maintain operations and Anlifang facing its fourth consecutive year of losses [15]. Consumer Behavior - A shift in consumer preferences is evident, with comfort becoming the primary concern for 32% of lingerie consumers, overshadowing other factors like functionality and style [20]. - Many consumers are expressing a preference for not wearing bras, citing comfort as a key reason, and are exploring alternatives like silicone pasties to avoid visible outlines [22][24]. - Social media platforms are amplifying this trend, with discussions around the discomfort of bras and the benefits of going braless gaining traction [24][27]. Market Dynamics - The lingerie industry is grappling with increased competition from lower-priced brands, which has made it difficult for mid-to-high-end brands to maintain their market position [12][17]. - The overall economic downturn and sluggish consumer spending are contributing to the industry's challenges, making it imperative for brands to adapt to changing consumer demands [18][40]. - The emergence of the "braless" trend represents a new variable in the market, which could have lasting implications for the lingerie industry [27][41].

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].