The industry competition pattern is accelerating its restructuring. Veteran lingerie giants, represented by Triumph, are experiencing market contraction - by the end of 2025, Triumph announced its withdrawal from the Chinese market, ending its more than 30 year operation in China. Anlifang's market share decreased from 1.2% in 2014 to 0.5% in 2023, while Urban Beauty's market share decreased from 2.6% to 1.3% during the same period.

At the same time, emerging brands with technological innovation, scene segmentation, and digital direct sales as their core are rapidly rising. Ubras、 Since 2021, brands such as Jiaonei and Neiwai have consistently ranked in the top 10 of Tmall lingerie sales, while traditional brands have gradually fallen off the list. In the 2025 Tmall Singles' Day lingerie category list, the only remaining traditional "Five Golden Flowers" in the category of Manifen has also fallen out of the top ten.

'Sports oriented' has become a key path for brands to break through. Aimer Sports has launched its sports branch AIMER SPORTS, expanding its NEIWAI ACTION both internally and externally. Jiaonei and Ubras have also set up tracks for sports underwear and yoga pants. Sports underwear is evolving from "sports equipment" to "daily wear items", with a continuously expanding range of usage scenarios.

Core insight: Competitive barriers are shifting from channel and scale advantages to fabric technology, product innovation, and brand differentiation. If traditional underwear companies cannot complete category innovation and brand rejuvenation transformation, they will face sustained market share loss.