In recent years, Victoria’s Secret, Cosmopolitan and other fashionable and sexy underwear brands have fallen into operating difficulties of closing stores and losing money.
At the same time, underwear brands with higher comfort are increasingly favored by female consumers. Many new underwear brands have emerged rapidly and compete fiercely with established underwear companies.
On the evening of January 29, the China Securities Regulatory Commission announced on its official website that the application for the initial listing of the long-established underwear company Aimer Co., Ltd. (hereinafter referred to as: Aimer Shares) was reviewed and approved, and underwear stocks will welcome Come new members.
Aimer shares’ initial listing application was reviewed and approved Screenshot of the official website of the China Securities Regulatory Commission
A set of autumn clothes 1,000 Duo Aimu is not cheap
Aimu Co., Ltd. was established in 1981. It is an old underwear company, mainly engaged in the research and development, production and sales of intimate apparel and supplies. Its products cover men’s and women’s underwear, Children’s clothing, home clothes, etc. However, in the eyes of most consumers, women’s underwear is still the most well-known category of Aimer.
On January 29, the reporter visited many Aimu stores and shopping mall counters in Nanjing. Like other underwear brands in shopping malls, Aimu is also doing discount activities in shopping malls. One of the stores is offering “100 yuan off for purchases over 600 yuan” and “200 yuan off for purchases over 1,000 yuan.”
The reporter looked at the prices of a variety of underwear. The prices after discounts are generally around 700 yuan, while the prices of home clothes are higher. The discounted price of autumn clothes and autumn trousers is more than 1,700 yuan. In other underwear brand stores on the same floor, the price of a set of underwear after discount is mostly 300-500 yuan. The Aimu store clerk said that the brand is positioned as a mid-to-high-end product, so the price is relatively expensive.
Ms. Shang, a white-collar worker born in the 1980s, said that she has bought Aimu’s underwear several times. “It is more comfortable to wear, but there are fewer styles and there is not much choice.” Xiaoqiu, born in the 1995s He said, “The styles of Aimu’s underwear are relatively mature and the prices are relatively high. We young people with average incomes are too embarrassed to buy them.”
Compared with Aimu’s prices, which can easily cost hundreds or even thousands, Products with higher cost performance are more favored by consumers. In recent years, new brands such as Ubras, Waiwai, and Jiaonei have continued to rise in reputation and popularity due to their comfort and high cost performance. From “sexy and fashionable” to “cheap and comfortable”, consumption habits have changed. Faced with the siege of new brands, established underwear companies such as Aimer Co., Ltd., Huijie Co., Ltd., and Urban Beauty will face more intense market competition.
△Aimu Counter
The net profit has continued to decline year after year and the gambling agreement will be terminated after the listing.
At present, three domestic companies specializing in the production and sales of underwear have landed in the capital market, namely A-share Huijie Holdings, Hong Kong-listed Embry Holdings and Urban Beauty. If Aimer Co., Ltd. can be successfully listed, it will become the second A-share listed company specializing in underwear production after Huijie Co., Ltd. In this IPO of Aimer, the company plans to raise 761 million yuan, which will be used for construction projects such as marketing networks and information systems, as well as investment and construction of production bases in Vietnam.
Although it has not fallen into the predicament of huge losses and large-scale store closures like City Beauty, it is an indisputable fact that Aimer’s net profit has declined year after year. The prospectus shows that from 2017 to 2019 and from January to June 2020, Aimer achieved operating income of 2.947 billion yuan, 3.119 billion yuan, 3.318 billion yuan and 1.545 billion yuan respectively; net profits in each period were 556 million yuan and 449 million yuan respectively. yuan, 334 million yuan and 161 million yuan.
As for the reason for the decline in net profit, Aimer said that the main reason is that since 2018, the company has gradually transformed and upgraded its brands, and the brand image and terminal image have been comprehensively updated. At the same time, the company has Investments were increased in brand promotion, channel construction, product research and development, etc., so the level of expenses showed an upward trend during the reporting period.
Although profitability has been declining year by year, Aimer still chose to go public at this time. This is inseparable from the gambling agreement signed by the company’s actual controller and controlling shareholder Zhang Rongming. The prospectus shows that the company’s controlling shareholder and actual controller is Zhang Rongming, and there is a gambling agreement with the investing shareholders.
Zhang Rongming directly holds 45.37% of the company’s shares, and indirectly holds 18.68% of the shares through Aimu Investment. In addition, he also holds 45.37% of the company’s shares through Jin Shengze Ai, Jin Sheng Zeyu, and Jin Sheng Zemei. Indirectly controls 2.11%, 2.11%, and 1.84% of the company’s shares. Zhang Rongming directly and indirectly controls 70.11% of the company’s shares and is the actual controller of the company.
The reporter noticed that in May 2017, Zhang Rongming signed an agreement with five investors including Zhonghai Jiaxin, October Haichang, Jiangsu Chenhui, October Shengxiang, and Yan Xiaoping. The “Supplementary Agreement to the Capital Increase Agreement” was signed, and five investors subscribed for a total of 4.6 million additional shares issued by the company.
From the date of signing the agreement, if Aimu Shares has not submitted an IPO application to the China Securities Regulatory Commission within 5 years, or the IPO application is rejected by the China Securities Regulatory Commission, then the five investors have the right to Five years after signing, the actual controller Zhang Rongming was required to repurchase investors’ shares. However, with the growth of Aimer Shares,After the company goes public, the gambling agreement will be automatically terminated. </p