不过，自2024年起，赢家时尚开始明显感受到高端服装消费环境变化带来的压力。财报显示，2024年公 司实现营收65.89亿元，同比下降4.68%；归母净利润4.69亿元，同比减少44.10%。公司将业绩下滑归因 于各零售渠道产品销售下降、产品结构调整以及运营优化带来的阶段性影响。这也是赢家时尚自2014年 上市以来，第二次出现年度营收同比下滑。 从品牌表现看，其内部结构分化进一步显现。三大主力品牌中，仅有NEXY.CO实现0.79%的微幅增长， Koradior和NAERSI分别下滑9.68%和1.87%。轻奢品牌La Koradior和设计师风格品牌FUUNNY FEELLN 分别实现10.23%和22.23%的增长，但体量仍不足以对冲核心品牌下行带来的整体压力。 渠道层面，作为收入近八成来自线下直营门店的公司，赢家时尚在2024年继续推进门店优化。全年线下 直营零售收入同比下降6.97%，批发给经销商收入同比下滑约25.17%，门店总数净减少125家至1839 家。 进入2025年上半年，压力仍在延续。半年报显示，公司实现收益31.04亿元，同比下降6.12%；归母净利 润同比小幅增长3.2%至2.88亿 ...

Core Viewpoint - The high-end women's clothing group, Winner Fashion, is facing significant challenges with a decline in both revenue and net profit, despite increased marketing expenditures and a shift towards a multi-channel strategy [1][6][9]. Financial Performance - In 2024, Winner Fashion's revenue decreased by 4.68% to RMB 6.589 billion, while net profit fell over 43% to RMB 469 million, a drop of more than RMB 360 million [1][8]. - The gross profit margin increased by 1.13 percentage points to 76.43% [1]. - The company reported a significant reduction in the number of stores, closing 322 and opening 197, resulting in a net decrease of 125 stores [5]. Brand Performance - Winner Fashion's three main brands, Koradior, NAERSI, and NEXY.CO, which each generate over RMB 1 billion in annual revenue, saw mixed results, with only NEXY.CO achieving a slight revenue increase of 0.79% [3]. - Koradior and NAERSI experienced revenue declines of 9.68% and 1.87%, respectively, indicating a significant drop in the performance of the company's leading brands [3]. Marketing and Strategy - The company increased its marketing and promotional expenses by 32.34% to RMB 263 million, despite the overall revenue decline [6]. - Winner Fashion is focusing on channel innovation and enhancing consumer experience through a strategy that emphasizes large stores and online sales, with e-commerce revenue growing by 16.57% to RMB 1.13 billion [5]. Future Outlook - Winner Fashion plans to deepen its multi-brand, omni-channel, and platform-based strategy over the next decade, aiming to leverage AI in fashion design and supply chain management [9]. - The company is optimistic about its future despite current challenges, with plans to extend brand scenarios and explore new market segments [9].