Investment Rating - The report maintains a "Buy" rating for the company [1][6][8] Core Views - The company achieved a revenue of 3 billion RMB in the first three quarters of 2024, representing a growth of 7.3%, and a net profit attributable to shareholders of 762 million RMB, up by 0.55% [1] - The third quarter of 2024 saw a revenue decline of 4.37% to 1.064 billion RMB and a net profit drop of 17.32% to 283 million RMB, attributed to increased expenses from new brand investments [1] - The company’s gross margin remained stable at 76.4%, while net profit margin decreased by 1.71 percentage points to 25.4% [1] - The new brand KENT&CURWEN launched in September 2024, with both online and offline stores opening, is expected to contribute positively to revenue [1] - The company is projected to achieve net profits of 921 million RMB, 1.061 billion RMB, and 1.217 billion RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13, 11, and 10 [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 3 billion RMB and a net profit of 762 million RMB, with a gross margin of 76.4% [1][3] - The company’s management expenses increased by 43.49% to 268 million RMB, primarily due to new brand promotional costs [1] - The company’s cash and cash equivalents decreased by 44.18% to 1.21 billion RMB, mainly due to increased investments in financial products [1] Brand Development - The KENT&CURWEN brand was launched in London in September 2024, with a flagship store opening on Tmall in October and seven offline stores established in various regions [1] - The company aims to enhance brand recognition and sales performance, expecting significant revenue contributions from the new brand [1] Future Outlook - The company is expected to continue expanding its main brand and improve store efficiency, with a focus on internationalization and high-end market positioning [1] - The projected net profits for 2024 to 2026 indicate a steady growth trajectory, supported by ongoing brand diversification and digital transformation efforts [1][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a revenue growth of 7% year-on-year for Q1 to Q3 2024, with a total revenue of 3 billion yuan and a net profit of 760 million yuan, indicating strong performance compared to the industry [2] - The main brand continues to outperform the industry, with ongoing development of sub-brands that open up long-term growth opportunities [4] - The company is expected to maintain stable profits in 2024, with revenue growth projected to continue in the medium to long term due to channel expansion [6] Financial Performance Summary - For Q1 to Q3 2024, the company reported a gross margin of 76.4%, with a net profit margin of 25.4%, despite a slight decline in profitability metrics [2][3] - In Q3 2024, the company experienced a revenue decline of 4% year-on-year, with a net profit decrease of 17%, attributed to changes in product mix [3] - The company’s cash flow management remains stable, with a net operating cash flow of 650 million yuan, approximately 0.9 times the net profit for the same period [6] Brand and Channel Development - The main brand is focusing on product innovation and marketing strategies to enhance consumer engagement, including collaborations for promotional activities [4] - The company has seen positive performance in its direct sales channels, with a 35% increase in e-commerce revenue [5] - The total number of stores increased to 1,263 by the end of H1 2024, with plans for further expansion in H2 [5] Future Outlook - The company is expected to achieve a net profit of 919 million yuan in 2024, with a projected P/E ratio of 13 times [7] - Long-term growth is anticipated as the company continues to expand its brand portfolio and enhance its market presence [7]

证券代码：002832 证券简称：比音勒芬 公告编号：2024-046 比音勒芬服饰股份有限公司 2024 年第二次临时股东大会决议公告 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 （1）会议召开时间 现场会议时间：2024 年 10 月 30 日（星期三）14:30 开始 网络投票时间：2024 年 10 月 30 日 通过深圳证券交易所互联网投票系统投票时间：2024 年 10 月 30 日 9:15- 15:00 的任意时间； 通过深圳证券交易所交易系统进行网络投票的时间：2024 年 10 月 30 日上 午 9:15-9:25、9:30-11:30 和下午 13:00-15:00。 （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：董事 ...

Financial Performance - The company's revenue for Q3 2024 was CNY 1,063,818,784.47, a decrease of 4.37% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 282,954,929.82, down 17.32% year-on-year[2] - The net profit after deducting non-recurring gains and losses was CNY 275,795,086.62, a decline of 19.95% compared to the previous year[2] - Total operating revenue for Q3 2024 reached CNY 3,000,135,845.76, an increase of 7.3% compared to CNY 2,795,944,692.01 in Q3 2023[15] - Operating costs for the same period were CNY 2,121,294,056.58, up 12.1% from CNY 1,892,343,571.95 in the previous year[15] - Net profit attributable to shareholders of the parent company was CNY 762,154,723.00, slightly up from CNY 757,996,419.24 in Q3 2023, reflecting a growth of 0.2%[16] - Basic and diluted earnings per share for Q3 2024 were both CNY 1.34, compared to CNY 1.33 in the same quarter last year[16] Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,739,535,586.04, an increase of 0.18% from the end of the previous year[2] - The total current assets decreased from 4,327,355,844.01 CNY to 4,246,845,076.55 CNY, a reduction of about 1.86%[12] - The total non-current assets increased from 2,400,287,043.63 CNY to 2,492,690,509.49 CNY, an increase of approximately 3.84%[12] - The total liabilities decreased to CNY 1,651,317,315.83 from CNY 1,829,908,942.93, indicating a reduction of approximately 9.7%[15] - The company's total equity increased to CNY 5,088,218,270.21 from CNY 4,897,733,944.71, representing a growth of about 3.9%[15] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 651,697,703.46, a decrease of 32.98% compared to the same period last year[7] - Cash generated from operating activities amounted to CNY 2,712,618,596.32, an increase from CNY 2,474,462,701.23 in Q3 2023[16] - Operating cash inflow totaled CNY 2,845,140,967.55, an increase from CNY 2,557,775,002.02 in the previous year, reflecting a growth of approximately 11.2%[17] - Operating cash outflow amounted to CNY 2,193,443,264.09, compared to CNY 1,585,401,863.86 last year, representing an increase of about 38.3%[17] - Net cash flow from operating activities was CNY 651,697,703.46, down from CNY 972,373,138.16, indicating a decline of approximately 33%[17] - Cash inflow from investment activities was CNY 1,902,272,072.05, a decrease from CNY 3,065,350,121.08, reflecting a decline of about 37.9%[18] - Cash outflow from investment activities totaled CNY 2,579,107,006.62, down from CNY 2,896,441,155.47, showing a decrease of approximately 11%[18] - Net cash flow from investment activities was negative at CNY -676,834,934.57, contrasting with a positive CNY 168,908,965.61 in the previous year[18] - Cash flow from financing activities resulted in a net outflow of CNY -674,059,415.70, compared to CNY -225,525,040.29 last year, indicating a significant increase in outflow[18] - The net increase in cash and cash equivalents was CNY -701,932,220.74, a decline from CNY 949,578,054.33 in the previous year[18] - The ending balance of cash and cash equivalents was CNY 308,970,725.39, down from CNY 2,048,669,569.66 at the end of the previous year[18] Expenses - The company reported a significant increase in management expenses, which rose by 43.49% to CNY 267,652,785.16 due to higher employee compensation and depreciation[6] - Investment income decreased by 87.37% to CNY 2,153,295.15, primarily due to reduced returns from structured deposits[6] - Research and development expenses for Q3 2024 were CNY 98,244,745.54, up from CNY 93,324,948.71 in the previous year, indicating a focus on innovation[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,696[9] - The largest shareholder, Xie Bingzheng, holds 37.88% of the shares, amounting to 216,170,800 shares[9] Inventory and Investments - The company's inventory increased from 707,668,198.24 CNY to 888,056,751.44 CNY, an increase of approximately 25.4%[12] - The company has ongoing investments in fixed assets, which increased from 580,665,868.39 CNY to 681,809,585.45 CNY, indicating a focus on expansion[12] - The company is exploring new strategies for market expansion and product development, although specific details were not disclosed in the report[11] Other Comprehensive Income - The company reported a decrease in other comprehensive income, with a net amount of CNY -857,919.82 compared to CNY 27,657,775.55 in Q3 2023[16] Audit Status - The third quarter report was not audited, indicating that the financial figures are subject to further verification[19]

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。 一、董事会会议召开情况 比音勒芬服饰股份有限公司（以下简称"公司"）第五届董事会第六次会议 于 2024 年 10 月 30 日在广州市番禺区南村镇兴业大道东 608 号公司总部 8 楼会 议室以现场及通讯会议的方式由董事长谢秉政先生主持召开。通知于 2024 年 10 月 25 日以电话、邮件等方式向全体董事发出，应出席会议董事 7 人，实际出席 会议董事 7 人，监事、高级管理人员列席，本次董事会会议的召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 证券代码：002832 证券简称：比音勒芬 公告编号：2024-047 比音勒芬服饰股份有限公司 第五届董事会第六次会议决议公告 三、备查文件 1.第五届董事会第六次会议决议； 2.董事会审计委员会会议决议。 特此公告。 - 1 - 比音勒芬服饰股份有限公司 董事会 本次会议审议并通过了以下议案： 1. 关于公司 2024 年第三季度报告的议案 表决结果：同意 7 票，反对 0 票，弃权 0 票。 《2024 年第 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-048 比音勒芬服饰股份有限公司 第五届监事会第五次会议决议公告 本公司及监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。 一、监事会会议召开情况 比音勒芬服饰股份有限公司（以下简称"公司"）第五届监事会第五次会议于 2024 年 10 月 30 日在广州市番禺区南村镇兴业大道东 608 号公司总部 8 楼会议室以现 场会议的方式由过半数监事共同推举梁传勇先生主持召开，会议通知于 2024 年 10 月 25 日以电话、邮件等方式向全体监事发出，会议应出席会议监事 3 人，实际出席会议 监事 3 人，本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、监事会会议审议情况 本次会议审议并通过了以下议案： 1．关于公司 2024 年第三季度报告的议案 经审核，监事会认为董事会编制和审核比音勒芬服饰股份有限公司 2024 年第三季 度报告的程序符合法律、行政法规、中国证监会和深交所的规定，报告内容真实、准 确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述 ...

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 2024 年第二次临时股东大会的 法律意见书 国枫律股字[2024]A0531 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（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《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）》（以下简称"《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》（以下简称"《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 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-043 比音勒芬服饰股份有限公司 关于增加 2024 年度日常关联交易预计额度的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 比音勒芬服饰股份有限公司（以下简称"公司"）于 2023 年 12 月 22 日召开 第四届董事会第二十三次会议审议通过了《关于 2024 年度日常关联交易预计的 议案》，根据业务需要，2024 年度公司及子公司拟与关联人发生日常关联交易。 具体内容详见公司于 2023 年 12 月 23 日在巨潮资讯网（www.cninfo.com.cn）披 露的《关于 2024 年度日常关联交易预计的公告》（公告编号：2023-052）。 基于公司及子公司日常生产经营及业务发展需要，公司于 2024 年 9 月 29 日 召开第五届董事会第五次会议审议通过了《关于增加 2024 年度日常关联交易预 计额度的议案》，拟增加公司及子公司与关联方 2024 年度之间的日常关联交易额 度。 根据《深圳证券交易所股票上市规则》《深圳证券交 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-045 比音勒芬服饰股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 比音勒芬服饰股份有限公司（以下简称"公司"）于 2024 年 9 月 29 日召开第五 届董事会第五次会议，会议决议于 2024 年 10 月 30 日召开 2024 年第二次临时股东大 会，本次股东大会采用现场投票与网络投票相结合的方式召开，现将本次会议的有关 事项通知如下： 一、召开会议的基本情况 1．股东大会届次：2024 年第二次临时股东大会。 2．会议召集人：公司董事会。 3．会议召开的合法、合规性：公司第五届董事会第五次会议审议通过了《关于召 开 2024 年第二次临时股东大会的议案》，本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 4．会议召开的日期、时间： 现场会议：2024 年 10 月 30 日下午 14:30； 通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 10 月 30 日上午 9:15-9: ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-040 比音勒芬服饰股份有限公司 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 比音勒芬服饰股份有限公司（以下简称"公司"）第五届董事会第五次会议 于 2024 年 9 月 29 日在广州市番禺区南村镇兴业大道东 608 号公司总部 8 楼会议 室以现场及通讯表决的方式由董事长谢秉政先生主持召开。通知于 2024 年 9 月 24 日以电话、电子邮件等方式向全体董事发出，应出席会议董事 7 人，实际出 席会议董事 7 人，监事、高级管理人员列席，本次董事会会议的召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 本次会议审议并通过了以下议案： 1、关于增加使用闲置自有资金进行现金管理额度的议案 具体内容详见同日公司发布在《证券时报》《证券日报》《中国证券报》《上 海证券报》和巨潮资讯网（www.cninfo.com.cn）上的《关于增加使用闲置自有 资金进行现金管理额度的公告》。 2、关于增加 ...