Core Viewpoint - Meibang Apparel (002269) has seen a stock price increase after a period of decline, attributed to the founder's active engagement in live streaming to attract younger consumers, despite ongoing challenges in financial performance [1][3]. Group 1: Stock Performance - On September 10, Meibang Apparel's stock reached a peak of 2.79 yuan, closing at 2.69 yuan, marking a 5.91% increase and a market capitalization of approximately 6.8 billion yuan [1]. - The stock had previously experienced two consecutive days of decline before this rebound [1]. Group 2: Founder’s Engagement and Strategy - Zhou Chengjian, the founder and chairman, has been actively participating in live streaming, including a recent performance that attracted over 200,000 viewers [1][2]. - Zhou emphasizes a shift away from traditional celebrity endorsements, stating that genuine engagement and quality are essential for successful live streaming [2]. - The strategy aims to create a youthful and trendy brand image, focusing on quality and cost-effectiveness [2]. Group 3: Financial Performance and Challenges - Meibang Apparel's revenue has significantly declined from nearly 10 billion yuan in 2011 to 1.356 billion yuan in 2023, with cumulative losses exceeding 3.2 billion yuan from 2017 to 2023 [3]. - The company's 2024 annual report indicated a revenue drop of 49.79% to 681 million yuan and a net loss of 195 million yuan, a 715.4% decline year-on-year [4]. - The first half of 2025 also showed a revenue decrease of 45.23% to 227 million yuan, with a net profit of 9.93 million yuan, down 87.07% [4]. Group 4: Strategic Changes - Zhou's return initiated a "second entrepreneurship," focusing on e-commerce and optimizing the store structure, resulting in 54 direct stores and 655 franchise stores by mid-2025 [3]. - The company has adopted a new retail strategy and rebranded to target the outdoor fashion segment, changing its slogan and brand image [3].

Core Viewpoint - The recent live-streaming event featuring the 60-year-old founder of Metersbonwe, Zhou Chengjian, dancing has garnered significant attention, with over 200,000 viewers, highlighting the company's attempt to engage with younger consumers through innovative communication strategies [1][4]. Financial Performance - Metersbonwe's parent company, Metersbonwe Apparel, has faced severe financial challenges, with net profit dropping over 80% in recent years. The company reported a revenue of 6.81 billion yuan in 2024, a year-on-year decline of 49.79%, and a net loss of 1.95 billion yuan, a significant decrease from the previous year's profit [8][9]. - The company's revenue has consistently declined from 54.63 billion yuan in 2019 to 14.39 billion yuan in 2022, with net losses recorded during these years [8]. Strategic Initiatives - Zhou Chengjian has re-entered the company to lead a transformation towards a "new retail 5.0" model, focusing on appealing to younger consumers and enhancing product quality and experience [4][11]. - The company is expanding into the trendy toy market and outdoor economy, launching the LABUBU themed clothing line and planning to open 50 urban lifestyle experience stores and 10,000 community stations nationwide [11][12]. - Metersbonwe's new strategy emphasizes "youthfulness, scene-based, and digitalization," aiming to cater to the diverse needs of Generation Z consumers [12].