Following last week’s A-share debut of Eastroc Beverage (605499.SH), another member of the Harvest Capital family is set to go public this week.

Harvest Capital’s portfolio company Aimer Co., Ltd. will be listed on the Shanghai Stock Exchange on May 31, 2021.

Stock Name: Aimer
Stock Code: 603511.SH

Congratulations to Aimer on embarking on a new chapter.

Three Decades of Persistence: Success Rooted in Focus and Innovation

Tomorrow, Aimer—China’s leading intimate apparel company—will officially ring the opening bell and list on the Shanghai Stock Exchange. The company has been shaping China’s lingerie industry for nearly 30 years.

Throughout these decades, Aimer has navigated challenges ranging from product lifecycle pressures and technological breakthroughs in lingerie R&D to fierce competition from multinational brands and the disruptive rise of livestream commerce. Aimer’s growth journey is, in many ways, a microcosm of China’s modern lingerie industry.

Aimer’s success has been built on focus, innovation, and an uncompromising pursuit of excellence.

Aimer has consistently advanced the aesthetics of intimate apparel, empowering women to express themselves and care for themselves more confidently.

Despite generational shifts in consumer behavior and competition from international giants, Aimer remains the leader in China’s intimate apparel market.

According to monitoring data from the China Commerce Association for General Merchandise and the China National Commercial Information Center (offline retail channels):

• In women’s lingerie, Aimer ranked No.1 nationwide in market share from 2018–2019.

• In the premium women’s segment, Aimer’s luxury brand La Clover ranked No.1 in market share.

• In the men’s category, Aimer Men also ranked No.1 nationwide during the same period.

In a volatile market, vigilance and sensitivity are essential. Aimer’s brand evolution has been driven by a continuous sense of responsibility and forward thinking.

Innovation plays a central role in this progress.

To keep pace with market development, Aimer established an effective internal innovation system early on—encouraging creativity, fostering craftsmanship, and integrating cutting-edge industry technologies throughout its product development chain. Every step is centered on converting emerging consumer needs into product breakthroughs.

Aimer has invested in the Beifu–Aimer Lingerie Research Institute and the Capital Institute–Aimer Sports Functionality Research Center, focusing on ergonomic design, sports technology, new functional materials, advanced manufacturing, and smart wearables.

Consumption Upgrade and Steady Growth

Harvest Capital began systematic research on China’s premium lingerie market back in 2010.

The team observed that many traditional low-end manufacturers were facing declining margins and stagnation, while mid-to-high-end brands with strong product capabilities and brand equity—such as Aimer—were maintaining steady growth.

Years ago, Harvest Capital had already identified the power of China’s consumption upgrade.

As incomes rise and consumers pursue quality and self-expression, demand for higher-end products accelerates. China entered a new era defined by consumers’ willingness to “spend more to please themselves.”

In May 2017, Harvest Capital formally invested in Aimer.

This investment has proven to be a sound decision.

Whether navigating the shift from early-stage extensive operations to refined management, or competing against long-standing domestic brands and aggressive global players, Aimer has continued to advance steadily.

International lingerie giant Victoria’s Secret exited the Chinese market via bankruptcy in 2020, while long-established domestic brand Cosmo Lady posted a massive loss of RMB 1.298 billion in 2019 and continued to lose money in 2020.

In contrast, Aimer has maintained revenue growth and stable development.

China’s lingerie market remains full of potential. According to Euromonitor International, the industry is projected to reach RMB 197.3 billion by 2022.

Harvest Capital’s long-term focus on China’s consumer sector has aligned naturally with Aimer’s steady growth trajectory, reflecting both organizations’ emphasis on quality and resilience.

A New Starting Point, A New Journey

Aimer’s successful listing marks the beginning of a new chapter in China’s lingerie industry.

Standing at this new starting point, Aimer will continue to provide Chinese consumers with high-quality intimate apparel. As a representative of China’s lingerie industry, Aimer remains committed to its mission of “creating beauty and spreading love”, dedicated to delivering exceptional consumer experiences.

Aimer will continue to invest in product R&D, innovation, brand building, and omnichannel development—strengthening its core competitiveness and extending its leadership position as China’s leading intimate apparel company.

“Over our four years of working with Aimer, Harvest Capital has gained even deeper industry insight and strategic understanding. Harvest Capital is not just an investment institution—we operate as a real-economy partner and a service-oriented investor. We approach investing as if we were building our own business.

We position ourselves as co-creators, super-employees, and value-enablers for the companies we partner with. This is why our level of commitment must exceed that of our peers,” said Alan Song, Founder and Chairman of Harvest Capital.

We look forward to Aimer continuing to grow stronger, bigger, and better.

Harvest Capital will continue to partner with leading companies, deepen its work in China’s consumer sector, and contribute to improving the quality of life for the Chinese people.

About Harvest Capital

Harvest Capital focuses on investments in China’s consumer and modern services sectors and manages over RMB 20 billion in assets. The firm has successfully invested in industry leaders including Taikang, Qiaqia Food, Jiajia Food, Laiyifen, Aimer, Eastroc Beverage, Laoxiangji, Xiao Guan Tea, Babi Food, Easyhome, Meituan, Meitu, Didi, and other benchmark consumer companies.

Harvest Capital remains committed to supporting private enterprises and enabling China’s consumption economy—partnering with industry champions to create long-term value for millions of Chinese families.