A few days ago, the initial public offering application of Aimer Co., Ltd. (hereinafter referred to as “Aimer”) was approved by the China Securities Regulatory Commission. By applying for listing this time, the company plans to raise 761 million yuan, which will be used for marketing network construction projects, information system construction projects, and investment and construction of production bases in Vietnam.
The prospectus of Aimu Shares shows that the number of shares in this public offering is no less than 40 million shares, accounting for no less than 10% of the company’s total share capital after this issuance. The actual controller of the company is Zhang Rongming, the company’s legal representative and chairman, who directly and indirectly holds 70.11% of the company’s shares. Among them, he directly holds 45.37% of the company’s total shares and indirectly holds 18.68% of the company’s shares through Aimu Investment. At the same time, as the executive partner of Imamori Zeai, Imamori Zeyu, and Imamori Zemei, he indirectly holds 6.06% of the company’s shares.
The prospectus shows that from 2017 to 2019, Aimer’s operating income increased steadily, reaching 2.94 billion yuan, 3.11 billion yuan and 3.31 billion yuan respectively, while the net profit attributable to the parent company after excluding non-recurring gains and losses declined, respectively. 520 million yuan, 400 million yuan and 320 million yuan. The prospectus disclosed that from 2017 to 2019, the decline in Aimer’s net profit was mainly due to the company’s gradual transformation and upgrading of its brands since 2018, and at the same time, the company’s investment in brand promotion, channel construction, product research and development, etc. increased.
Among them, in the first half of 2020, Aimer’s operating income was 1.54 billion yuan, a year-on-year decrease of 6.4%; operating profit was 180 million yuan, a year-on-year decrease of 20.7%; excluding non-recurring gains and losses, the net profit attributable to the parent was 170 million yuan, A year-on-year decrease of 7%. The company’s main business income from e-commerce channels was 550 million yuan, an increase of 93% compared with the same period last year. During the epidemic, the company diverted offline members to online through “cloud customer service” and facilitated members’ transactions in the WeChat mini program of the official mall.
In terms of sales channels, as of June 30, 2020, Aimer’s retail network consisted of 2,256 offline sales terminals and online channels mainly Tmall and Vipshop. Among them, the company’s offline direct The number of operating terminal stores reached 1,793.
Data shows that from 2017 to 2020, the company’s main business gross profit margins were 73.7%, 72.3%, 70.7% and 67.3% respectively. The company has seen an increase in its e-commerce revenue share in recent years, and has launched more products or sub-brands suitable for e-commerce sales. Consumers in e-commerce channels are often more price sensitive than offline channels, so gross profit margins are generally lower than offline channels.
In offline retail channels, the monitoring data of offline retail channels by the China Chamber of Commerce and the China National Commercial Information Center show that in the women’s underwear market, Aímer’s comprehensive market share has continued to rise from 2017 to 2019. Ranked first in the industry; in the high-end women’s underwear market, La Clover’s comprehensive market share also ranked first in the industry from 2017 to 2019; in the men’s underwear market, from 2017 to 2019, Aimu Aímer men’s comprehensive market share has also ranked first in the industry every year. In the online retail channel, the “Aimu Official Flagship Store” operated by the company has been among the top ten best-selling underwear stores on Tmall “Double 11” for three consecutive years from 2017 to 2019.
Compared with Aimer Holdings, the development status of several other domestic listed underwear brands is relatively different. Urban Beauty suffered a loss of 1.298 billion yuan in 2019; Embry Holdings’ company revenue fell by 7.55% year-on-year in 2019; Huijie Holdings returned to its parent company in 2019 Although profits increased by 9.34% year-on-year, the company later stated that it planned to accrue asset impairments of inventory, accounts receivable, goodwill and other assets totaling 67.6138 million yuan, which accounted for 40.82% of its net profit attributable to the parent company in 2019. If Aimer Co., Ltd. is successfully listed this time, it will become the fourth domestic underwear brand listed company after Urban Beauty, Huijie Co., Ltd. and Embry Holdings. </p
