Meitene cannot become the "arc'teryx alternative"? profits plummet by 90%, major shareholder in debt.

The slogan "Don't follow the conventional path" still resonates with the post-80s and post-90s generations in China, and many have a deep impression of Jay Chou's "non-mainstream" endorsement advertisements. These are all "tears of the era" created by Metisbonwe.

On July 15, Shanghai Metersbonwe Fashion & Apparel Co., Ltd. (abbreviated as Metersbonwe, stock code: 002269.SZ) announced that it expects a net profit of 7 million to 10 million yuan for the first half of this year, a year-on-year decrease of 86.98% to 90.88%; the expected net profit excluding non-recurring gains and losses is 650,000 to 950,000 yuan, a year-on-year decrease of 88.3% to 91.99%. Affected by this news, Metersbonwe's closing price on the same day was 1.92 yuan, down 3.03%.

Recently, the Shanghai Commercial Paper Exchange disclosed a list of overdue accepting parties, which includes Meibang Apparel. The list shows that in the first half of 2025, 889 accepting parties repeatedly had overdue behaviors, among which Meibang Apparel had a total accepting amount of 7.24 million yuan, an accepting balance of 7.08 million yuan, while the total overdue amount was as high as 103 million yuan. The criteria for defining overdue accepting parties are clear: if an accepting party has more than three instances of overdue bills within six months and has an overdue balance at the end of the month, or if it has overdue bills in the current month, it is considered an overdue accepting party.

According to the relevant provisions of the "Operational Guidelines for Disclosure of Commercial Bill Information," the Shanghai Commercial Paper Exchange has suspended the commercial bill acceptance service authority of the company. If Mebon Apparel wants to restore the relevant authority, it must clear all overdue bills and strictly follow the requirements to complete the credit repair process.

Tianyancha shows that Shanghai Metersbonwe Apparel Co., Ltd. was established on December 6, 2000, with a registered capital of 2.5 billion yuan and nearly 900 employees. The largest shareholder is Shanghai Huafu Investment Co., Ltd., holding a 33.43% stake. On June 25, 2025, the company became an executed party due to a partnership dispute, with a total amount of 797 million yuan to be executed, and the executing court is the Shanghai First Intermediate People's Court. The actual controller of the company is the founder of Metersbonwe, Zhou Chengjian, who was once the richest person in the apparel industry in mainland China in 2009 and 2010. The second largest shareholder is Zhou Chengjian's daughter, Hu Jiajia, who holds an 8.96% stake. Information shows that Hu Jiajia was born in 1986 and took over as the chairman and president of Metersbonwe in 2016. However, it is reported that starting from 2024, Hu Jiajia has stepped down, and Zhou Chengjian has taken the helm again, which is referred to in the industry as "reverse succession."

The core brand Metersbonwe was established in 1995, marking its 30th anniversary this year. From the very beginning, the brand pioneered a virtual operating model combining outsourced production and franchise stores. The period from 2000 to 2010 was a golden era for domestic casual clothing, and Metersbonwe occupied key commercial areas through rapid expansion, using the slogan "Metersbonwe, not following the usual path." In 2003, they successfully gained attention by inviting the then "Asian King" Jay Chou as their spokesperson, deeply integrating into the first generation idol drama "Meteor Garden." They opened a super-large flagship store on Nanjing Road in Shanghai, becoming the brand with the highest market share in domestic casual wear.

Jay Chou's past endorsement advertisements.

In 2008, Meibang Apparel successfully went public on the A-share market, with a market value that once approached 40 billion yuan. The company also began a multi-brand strategy, launching sub-brands such as MECITY, MECITY KIDS, and Moomoo between 2008 and 2011. In 2011, the company reached its peak, with sales revenue of 9.9 billion yuan and a net profit of 1.2 billion yuan. By 2012, Meibang had over 5,000 stores, including 1,306 directly-operated stores and 3,914 franchised stores. Directly-operated stores were mainly located in first-tier cities, while franchised stores were primarily found in second-tier, third-tier, and lower-tier cities, earning the title of "King of Pedestrian Streets."

Good times do not last long. With the rapid entry of foreign fast fashion brands into the domestic market and the swift spread of e-commerce shopping, Meibang Clothing's performance began to decline. In 2015, the company reported its first loss, amounting to 430 million yuan. In 2018, the company experienced a brief recovery, with industry insiders believing it was due to the second generation taking over and reshaping the company's brand and product style from a young person's perspective, but it was not sustained. In 2019, the company incurred losses again, exceeding 800 million yuan. From 2016 to 2023, the cumulative loss reached 3.1 billion yuan. As of April 2024, the number of Meibang Clothing stores nationwide has decreased to 607, with the average revenue per direct store being 2.3679 million yuan, a year-on-year decrease of 70.84%, and the average sales per square meter being 4,275.75 yuan, a year-on-year decrease of 64.70%.

In 2024, Metersbonwe announced a repositioning of its brand from casual fashion to outdoor leisure fashion, updated its logo, changed its classic slogan from "Not Walking the Ordinary Path" to "Unordinary Outdoors, Youth at Ease," and even proposed a strategic positioning as an alternative to Arc'teryx, setting the goal of "returning to a billion-yuan scale within three years." On November 1, 2024, the brand made its debut on Taobao Live, with Zhou Chengjian personally stepping in to propose a strategy of "professional commentary + quality products" for live selling, pioneering a "group-buying coupon" business model. The premiere live stream garnered over 3.78 million views, with total sales exceeding 15 million yuan. Subsequently, Zhou Chengjian initiated weekly regular live broadcasts.

Zhou Chengjian stands for outdoor new products in a "reverse succession".

As of now, the official flagship store of Metersbonwe on Tmall has 11.21 million followers, with the best-selling item, a windbreaker, selling over 100 units per month at a price of 208 yuan. The product page indicates a waterproof index of 10,000 mm, which is far below the industry benchmark of 20,000 mm, leading outdoor enthusiasts to question it as "suitable for subway commuting" and lacking "technological attributes." According to Metersbonwe's financial report for 2024, the total annual revenue was 680 million yuan, a year-on-year decline of 49.79%, with a total profit of -191 million yuan, a year-on-year decrease of 715.45%. Compared to its peak revenue of 9.9 billion yuan in 2011, it has evaporated by over 90%.

On July 9, news spread on Douyin stating "This time it's real @Zhou Tongxue is coming," causing the "Jay Chou concept stock" Giant Star Legend to surge by more than 100% at one point, with Meibang Apparel also hitting the daily limit. In an interview with the media last April, Zhou Chengjian mentioned, "Inviting Jay Chou to our live stream is something many Meibang consumers are looking forward to, and many partners are expecting as well. I think Jay Chou is also willing to do it. It is definitely possible to invite Jay back to our live stream again." The founder has lowered his stance, reaching out to a former spokesperson who is now a top influencer. Having once walked down an "unusual path" together, will the spillover effect of today's top influencer help 30-year-old Meibang find a way out?