TheA-sharemarketwelcomedanotherunderwearcompanytogopublic.OnMay31,thelong-establishedunderwearcompanyAimerCo.,Ltd.officiallylandedonthemainboardoftheShanghaiStockExchange.
PublicinformationshowsthatAimer’smainbusinessistheresearchanddevelopment,productionandsalesofhigh-qualityintimateapparelandsupplies,andhasadoptedamulti-brand,multi-category,andomni-channeloperationmodel.Thecompanyhasbeenoperatingfornearly30yearssincetheestablishmentoftheAimubrand,andhasgraduallygrownintoaleadingcompanyintheintimateapparelindustry.
ThisinitialpublicofferingwaslistedontheA-sharemarket.Aimerissuedatotalof40.01millionsharesatanissuepriceof20.99yuan,andraisedatotalof761millionyuaninnetfunds,whichwillbeusedformarketingnetworkconstructionprojects,InformationsystemconstructionprojectandinvestmentandconstructionofproductionbaseprojectinVietnam.
Steadyperformancegrowth
AimerCo.,Ltd.wasestablishedin1993,anditspredecessorwasestablishedin1981BeijingHuameiFashionFactoryhasundergonethreecorporaterestructuringssince1994.Aimerhasgrownfromasmallunderwearfactoryinthepasttoacompanywithnearly10,000employeestoday.
Today,Aimer’sproductlinehasgraduallyexpandedfrombrasandunderweartothermalunderwear,homeclothes,otherclothing(suchassportswear,swimwear,etc.),socks,hometextilesandothercategories.
LeveragingonthepopularityofAimu,AimuhasalsosuccessivelylaunchedindependentbrandssuchasLankavin,Aimeili,Mr.Aimu,andAimuChildren,targetinghigh-endwomen,youngwomen,elitemen,andinfantsandchildren.Segmentgroups.
Theprospectusshowsthatfrom2017to2019,Aimer’srevenuewas2.947billionyuan,3.119billionyuan,and3.318billionyuanrespectively;netprofitswere556millionyuan,449millionyuan,and334millionyuan.,amongwhichthemainreasonforthedeclineinthecompany’snetprofitfrom2018to2019isthatthecompanyhasgraduallyreformedandupgradeditsbrandssince2018,andthebrandimageandterminalimagehavebeencomprehensivelyupdated.
Atthesametime,thecompanyhasincreaseditsinvestmentinbrandpromotion,channelconstruction,productresearchanddevelopment,etc.Therefore,thecompany’speriodexpenselevelshowedanupwardtrendduringthereportingperiod,causingthecompany’snetprofitleveltodeclineperiodbyperiod.
However,despitethis,bothintermsofperformancescaleandgrowthrate,AimersharesaresignificantlyaheadofsimilarA-sharelistedcompaniesthatfirstlandedonA-shares.In2020,Aimer’soperatingincomeincreasedagainby1.33%to3.362billionyuan;netprofitattributabletotheparentcompanyafterexcludingnon-recurringgainsandlosseswas382millionyuan,ayear-on-yearincreaseof18.58%.
Behindthestablegrowthofperformance,itisinseparablefromAimer’scontinuousdevelopmentintheunderwearmarket.Inthenearlythirtyyearsoffocusingontheunderwearmarket,Aimerhasmaintaineditsleadingposition.
Intermsofsales,Aimermainlyreliesondirectsaleschannels.DatacomparisonshowsthatasofDecember31,2019,Aimer’sretailnetworkconsistedof2,414offlinesalesterminalsandonlinechannelsmainlyTmallandVipshop,including1,933offlinedirectsalesterminals.;Andsimilarlistedcompaniesthatmainlysellthroughdirectsaleschannelshavesalesnetworkscoveringdirectsales,e-commerce,anddistributionchannels,includingjustoverathousanddirectsalesterminalsandlessthan2,000distributionstores.
Atthesametime,accordingtothe”NationalLarge-scaleRetailEnterprisesandConsumerGoodsMarketMonitoringReport”(2018,2019)showsthatamongwomen’s underwear brands, the market share of Aimu’s brand Aimu Co., Ltd. is above 7%, leading the industry, and in 2019 it was as high as 7.34%.
In addition, among women’s high-end underwear, Aimu’s market share is also higher than that of its peers. In 2019, Aimu’s market share was 1.13%, exceeding the market share of less than 1% among its peers; for men’s underwear brands, Aimu brand market The market share has also reached 13.48%, while the market shares of the following brands are less than 10%.
The brand advantage has also contributed to Aimer’s excellent gross profit margin performance. From 2018 to 2020, the gross profit margin of Aimer’s main business was 72.29%, 70.73% and 67.01% respectively, of which it fell below 70% in 2020. Aimer explained that this was due to the epidemic factors intensifying the overall operating pressure of the retail industry. The proportion of revenue from online channels increased, the degree of sales profit margin increased, and the average price of products dropped, resulting in a slight decline in gross profit margin.
Capital helps further deepen the underwear market
With this listing, Aimer plans to invest in three major projects , of which 440 million yuan is planned to be invested in the marketing network construction project, 152 million yuan is planned to be invested in the information system construction project, and 170 million yuan is planned to be invested in the construction of a production base in Vietnam.
Among them, the marketing network construction project plans to build 362 new direct-operated terminals in major cities in various provinces in China within three years, while optimizing and upgrading 576 existing direct-operated terminals. After the completion of the project, the company’s retail network will be further consolidated and appropriately expanded, and the terminal visual image will be further upgraded to meet consumers’ ever-increasing shopping experience needs;
After the completion of the information system construction project, Aimer can eliminate the barriers to data interaction between different information systems through a unified data architecture, build an enterprise-level computing center, and provide scientific and intelligent early warning, prediction, analysis, decision�� information to improve the company’s operational capabilities and management level.
Amour Vietnam has invested in a new production base in Long Thou Township, Nhon Trach County, Dong Nai Province, Vietnam, mainly using Vietnam’s production advantages to lay out overseas production bases and further enhance production capacity.
In recent years, the concentration of brand companies in my country’s women’s underwear market, men’s underwear market and children’s underwear market has been low, and the market competition pattern has been decentralized. According to Euromonitor statistics, the market concentration rate of the top five Chinese women’s underwear markets in 2019 was only 9%. However, during the same period, the market concentration ratios of the top five markets in Japan, the United States, and the United Kingdom were 66%, 58%, and 19% respectively. In contrast, the market concentration of the top five Chinese women’s markets is far lower than that of Japan, the United States and the United Kingdom.
In the opinion of industry insiders, there is still the potential for China’s women’s market to concentrate its market share towards leading companies. There is also room for further growth in the market size of China’s intimate apparel industry, and market share is expected to be concentrated towards leading brands. With the support of the capital market, Aimu Shares has been able to break out of the fierce competition and promote the concentration of the intimate apparel industry. </p
