Operational stability and market expectations deviation: The market generally believes that high-end brands have a greater correlation with the economic environment (especially the consumer environment). For high-end consumption as a whole, this perception should be correct, but from a bottom-up perspective/from the individual enterprise itself, we can observe that since the economic pressure in the second half of 2018 has increased, the three mentioned above The company’s quarterly same-store growth still maintained a steady performance and was not affected too much as the economic growth rate declined. This performance we believe is that on the one hand, China's high-end clothing brands are in the process of shaping their core competitiveness, and they can strengthen and improve in many aspects and form marginal improvements in performance. On the other hand, the consumer groups of high-end brands are generally It is a number of millions of people, VIP customers account for a relatively high proportion of consumption, and operating a specific consumer group around their own brand characteristics can maintain performance stability. Therefore, from a bottom-up perspective, there is an expected gap between the operational stability of high-quality high-end brands and the general market perception.

From the perspective of future development space: continuous improvement in all aspects of operation and management will bring continuous growth. This is exactly the fact that Disu Fashion has continued to strengthen the retail link since the beginning of the 18th, which has brought 5 consecutive quarters of high growth in the same store. Our inspiration: Relying on years of continuous and focused investment in products and brands, we will occupy an absolute leading competitive position when the demand for the segmented industry is erupting, and catalyze rapid growth. This is a successful case presented by Bierlefen for the capital market. ;Using the established channels and brand operation capabilities, we will continue to introduce scarce brands that meet market demand. This is exactly the industry prospects that Gelix has shown us. The strong performance of Edhardy and IRO confirms this point. It is also actively incubating the holiday and leisure market to pursue new growth points.