Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Xtep International, among others [10]. Core Insights - The overall performance of the sportswear sector is stable, with a forecasted slowdown in revenue growth for Q2 2025 compared to Q1 2025 due to fluctuations in the consumer environment [1][4]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality, anticipating performance recovery and valuation increases in 2025 [4]. - The jewelry sector is experiencing significant disparities in performance among companies, influenced by high gold prices and varying consumer demand for gold jewelry [3][29]. Summary by Sections Sportswear Sector - The sportswear companies are expected to maintain a healthy inventory turnover ratio of around 5 as of the end of Q2 2025, despite a forecasted revenue growth slowdown [1][15]. - Anta Sports is projected to achieve over 10% revenue growth in H1 2025, while Li Ning's revenue is expected to remain flat with a 20% decline in net profit [1][18]. - Xtep International is anticipated to see a 5% revenue growth and a 10% increase in net profit for H1 2025 [1][19]. - 361 Degrees is expected to achieve a revenue growth of 10% to 15% and a similar increase in net profit for H1 2025 [1][19]. A-Share Brand Apparel - The A-share brand apparel sector is experiencing stable terminal retail performance, but individual company performance is diverging [2][20]. - Companies like Hailan Home are expected to see a revenue growth of 0% to 5% in Q2 2025, while Steady Medical is projected to grow by 15% to 25% [2][24]. - The report indicates that companies with healthy terminal performance and effective cost management may see year-on-year growth, while those struggling with revenue scale may face pressure [2][20]. Jewelry Sector - The jewelry sector is benefiting from rising gold prices, with retail sales of gold and silver jewelry expected to grow by 12.3% year-on-year in 2025 [3][29]. - Companies like Chow Tai Fook and Chao Hong Ji are highlighted for their strong product differentiation and market competitiveness, with Chow Tai Fook expected to see a 10% increase in operating profit year-on-year [7][29]. - However, companies like Lao Feng Xiang and Zhou Da Sheng are projected to experience revenue declines of 20% to 10% and 15% to 5%, respectively, due to fluctuating consumer demand [3][29]. Apparel Manufacturing - The apparel manufacturing sector is expected to see stable output in finished garments, while upstream textile manufacturing orders are affected by pessimistic expectations [3][6]. - Shenzhou International is projected to achieve a revenue growth of 10% to 15% in H1 2025, while Wei Xing Co. is expected to see a decline in both revenue and net profit by 10% to 15% [3][6]. - The report suggests that leading companies with integrated and international supply chains are likely to outperform the industry in the medium to long term [3][6].

Core Viewpoint - The partnership between Bi Yin Le Fen and Guangzhou signifies a deepening collaboration aimed at enhancing the city's economic development and showcasing the brand's strength in the high-end sports outdoor apparel sector [2][3] Group 1: Company Overview - Bi Yin Le Fen, established in 2003, has evolved into an international group with multiple brands, rooted in Guangzhou, benefiting from the city's favorable business environment and strong industrial foundation [2] - The company aims to leverage its advantages in international resource integration and high-end brand management to contribute to Guangzhou's urban development and modern industrial system [2] Group 2: Partnership Details - The collaboration is part of Guangzhou's initiative to engage local enterprises as "city partners," reflecting a symbiotic relationship between the city and its businesses [3] - Bi Yin Le Fen plans to utilize the momentum from the upcoming 15th National Games to organize city landmark events and fashion forums, promoting the integration of fashion with sports and technology [2][3] Group 3: Future Aspirations - The company envisions contributing to the creation of a high-quality urban lifestyle and positioning Guangzhou as an international fashion capital through its initiatives [2] - The partnership is expected to enhance the visibility of Chinese high-end sports outdoor fashion and culture on a global stage [3]

证券代码：002832 证券简称：比音勒芬 公告编号：2025-023 比音勒芬服饰股份有限公司 董事申金冬先生保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 比音勒芬服饰股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日披露 了《关于公司董事股份减持计划的预披露公告》（公告编号：2025-018），公司 董事申金冬先生计划自前述公告披露之日起 15 个交易日后的 3 个月内以集中竞 价交易或大宗交易方式减持本公司股份不超过 4,913,000 股，占本公司总股本的 公司于近日收到申金冬先生《关于股份减持计划实施情况的告知函》，截至 一、股东减持情况 股东 减持均价 减持股数 减持比例 减持方式 减持期间 名称 （元/股） （股） （%） 申金冬 集中竞价交易 2025.6.10-2025.6.26 16.06 4,913,000 0.8609 本次减持的股份为首次公开发行前持有的股份及资本公积金转增股本获得 其担任公司董事、监事和高级管理人员的任职期间，每年转让的股份不超过其所 持有公司股 ...

董事申金冬先生保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 比音勒芬服饰股份有限公司 关于公司董事股份减持计划实施完毕的公告 证券代码：002832 证券简称：比音勒芬 公告编号：2025-023 股东名称 股份性质 本次减持前持有股份 本次减持后持有股份 股数（股） 占总股本 比例（%） 股数（股） 占总股本 比例（%） 申金冬 合计持有股份 19,652,000 3.4435 14,739,000 2.5826 其中：有限售条件股份 14,739,000 2.5826 14,739,000 2.5826 无限售条件股份 4,913,000 0.8609 0 0 2、股东本次减持前后持股情况 1、申金冬先生本次减持公司股份未违反《证券法》《上市公司收购管理办 法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引 第 18 号——股东及董事、高级管理人员减持股份》等法律法规及规范性文件的 规定。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 比音勒芬服饰股份有 ...

Group 1 - The first batch of "City Partners" in Guangzhou was officially announced, consisting of 15 companies including strategic partners like JD Group, China Post, and Deloitte Consulting [1][2] - The "City Partners" initiative aims to create a "striving community" and has attracted responses from 168 domestic and international companies since its launch [1] - The collaboration covers various key areas such as strategic consulting, digital technology, low-altitude economy, and intelligent manufacturing, involving several Fortune 500 companies [1] Group 2 - The cooperation scope is broad and innovative, focusing on traditional areas like project investment and sports facility renovation, as well as new economic sectors such as low-altitude economy and AI-based music co-creation [2] - The "City Partners" logo was designed by the main designer of the Beijing Winter Olympics mascot, symbolizing Guangzhou's commitment to progress and long-term development [2] - The initiative is expected to invigorate market vitality and contribute to Guangzhou's urban development strategy, enhancing its identity as a major city [2]

Core Viewpoint - The company, Biyinlefen, has experienced a significant decline in stock price and market value since its peak in 2023, with its market capitalization dropping to 9.03 billion yuan, a 50% decrease from its highest point [2][3]. Financial Performance - Biyinlefen's net profit has shown steady growth over the past decade, maintaining around a 20% growth rate even during the pandemic, unlike its competitors [2]. - In 2024, the company's net profit is projected to be 781 million yuan, marking a 14.28% decrease, which is the first negative growth since its listing [3]. - The company's sales expenses increased by 22.96% to 1.613 billion yuan in 2024, with advertising costs surging by 108% [10]. Strategic Shift - The chairman announced a strategic shift towards a younger demographic, aiming to attract consumers from the 70s, 80s, and 00s, which has raised questions among investors about balancing the needs of different age groups [4][5]. - The brand's positioning remains focused on middle and upper-income groups, with product prices ranging from 1,500 to 8,000 yuan [5]. - The company has engaged a new spokesperson, a post-95 artist, to appeal to younger consumers, while still relying heavily on its existing customer base for sales [4][6]. Brand Development - Biyinlefen is investing in new brands, having spent 700 million yuan to acquire two high-end international menswear brands, which are currently operating at a loss [10][11]. - The company plans to maintain its high-end positioning while expanding its brand matrix, with a focus on both the main brand and new acquisitions [12]. Market Positioning - The company has historically targeted consumers aged 35 and above, who are less price-sensitive and exhibit high brand loyalty [7][8]. - Analysts suggest that the brand's young consumer strategy should not alienate its existing loyal customer base, emphasizing the importance of maintaining quality and brand prestige [9].

Core Viewpoint - The chairman of Biyinlefen, Xie Bingzheng, emphasized that the company still has significant growth potential despite recent performance challenges and a reduction in dividends [2][3]. Financial Performance - Biyinlefen experienced its first negative net profit growth since its listing, with a continuous decline in stock price, resulting in a market value that has shrunk by over 50% from its peak [3][11]. - The company reported a gross margin exceeding 70%, which has been consistently growing for 12 years from 2012 to 2023 [3]. Dividend Policy - The company plans to maintain annual cash dividends but will not significantly increase the payout, focusing instead on the company's operational conditions [7][11]. - There was investor dissatisfaction regarding the halving of dividends despite the company having substantial cash reserves [6][11]. Brand Strategy - The brand's strategy for youthfulness aims to appeal to younger consumers while retaining its existing customer base, rather than shifting focus entirely to a younger demographic [9][10]. - Xie Bingzheng believes that the growth potential in the Chinese men's clothing market is still vast, citing examples of other brands like Anta that have achieved significant sales growth [10][11]. Market Position - Biyinlefen is positioned as a leading brand in the high-end segment of the market, with a unique genetic advantage that makes it difficult for other brands to compete effectively [11].

Group 1 - The company held a shareholder meeting on June 11, 2025, with both on-site and online voting options available [1][2] - A total of 492 shareholders and their representatives attended the meeting, representing 283,740,202 shares, which is 49.7173% of the total voting shares [2] - The meeting was presided over by the company's chairman, Mr. Xie Bingzheng, and was witnessed by lawyers from Beijing Guofeng Law Firm [1][2] Group 2 - The following proposals were approved during the meeting: - The 2024 Board of Directors' work report received 283,092,602 votes in favor, accounting for 0.0563% of the total voting rights [3] - The 2024 Supervisory Board's work report was approved with 283,075,402 votes in favor, representing 0.0634% of the total voting rights [4] - The 2024 financial settlement report was approved with 283,095,802 votes in favor, which is 0.0538% of the total voting rights [4] - The profit distribution plan for 2024 received 282,984,802 votes in favor, accounting for 0.0480% of the total voting rights [5] - The 2025 Directors' remuneration plan was approved with 282,861,602 votes in favor, representing 0.0697% of the total voting rights [6] - The 2025 Supervisors' remuneration plan received 282,904,902 votes in favor, which is 0.0655% of the total voting rights [6] - The 2024 annual report and its summary were approved with 283,003,402 votes in favor, accounting for 0.0655% of the total voting rights [7] Group 3 - The legal opinion provided by Beijing Guofeng Law Firm confirmed that the meeting's procedures complied with relevant laws and regulations, and the voting results were deemed valid [8]

证券代码：002832 证券简称：比音勒芬 公告编号：2025-022 比音勒芬服饰股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （2）现场会议地点：广州市番禺区南村镇兴业大道东 608 号比音勒芬商业 办公楼 8 楼会议室 （3）会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 （4）会议召集人：公司董事会 （5）现场会议主持人：公司董事长谢秉政先生 （6）本次会议的召集、召开与表决程序符合《公司法》《上市公司股东会 规则》《深圳证券交易所股票上市规则》及《公司章程》等法律、法规、规范性 文件及公司制度的规定。 2、会议出席情况 （1）股东出席的总体情况： （1）会议召开时间 现场会议时间：2025 年 6 月 11 日（星期三）14:30 开始 网络投票时间：2025 年 6 月 11 日 通过深圳证券交易所互联网投票系统投票时间：2025 年 6 ...

2024 年度股东大会的 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于比音勒芬服饰股份有限公司 法律意见书 国枫律股字[2025]A0317 号 致：比音勒芬服饰股份有限公司（贵公司） 北京国枫律师事务所（以下称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年度股东大会（以下称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民 共和国证券法》（以下称"《证券法》"）、《上市公司股东会规则》（以下称"《股东 会规则》"）、《律师事务所从事证券法律业务管理办法》（以下称"《证券法律业务管理办 法》"）、《律师事务所证券法律业务执业规则（试行）》（以下称"《证券法律业务执业规 则》"）等相关法律、行政法规、规章、规范性文件及《比音勒芬服饰股份有限公司章程》 （以下称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席 会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出 ...