1．比音勒芬服饰股份有限公司（以下简称"公司"、"本公司"）于 2025 年 6 月 11 日召开的 2024 年度股东大会审议通过了《关于 2024 年度利润分配预 案的议案》，具体内容为：公司拟以 2024 年 12 月 31 日总股本 570,707,084 股 为基数，向全体股东按每 10 股派发现金红利 5 元(含税)，共计派发现金红利 285,353,542 元，不送红股，也不进行资本公积金转增，剩余未分配利润将结转 至下一年度。公司 2024 年度权益分派以固定比例的方式分配。 2．自分配方案披露至实施期间公司股本总额未发生变化。 3．本次实施的分配方案与股东大会审议通过的分配方案是一致的。 4．本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、权益分派方案 本公司 2024 年度权益分派方案为：以公司现有总股本 570,707,084 股为基 数，向全体股东每 10 股派 5 元人民币现金（含税；扣税后，通过深股通持有股 份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和证券投资基 金每 10 股派 4.50 元；持有首发后限售股、股权激励限售股及无限售流通股的 ...

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]

Group 1 - The company disclosed a share reduction plan by director Shen Jindong, intending to reduce up to 4,913,000 shares within three months from May 15, 2025 [1] - Shen Jindong executed the share reduction through centralized bidding from June 10 to June 26, 2025, at an average price of 16.06 yuan per share, representing 0.8609% of the total share capital [1][2] - The shares reduced were from pre-IPO holdings and capital reserve conversion, with a price range of 15.4 yuan to 16.81 yuan per share [1] Group 2 - Before the reduction, Shen Jindong held 19,652,000 shares, which accounted for 3.4435% of the total share capital, and after the reduction, he holds 14,739,000 shares, representing 2.5826% [2] - The reduction does not affect the company's control structure or governance, as Shen Jindong is not a controlling shareholder [3] - Shen Jindong has complied with the commitment regarding share transfer limits during his tenure and after leaving the company [3]

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 article discusses the challenges faced by the company Bi Yin Le Fen as it attempts to transition towards a younger demographic while maintaining its existing customer base, which primarily consists of consumers aged 30 and above [5][10]. Group 1: Company Performance - Bi Yin Le Fen's market capitalization has halved from its peak of 200 billion to below 100 billion, with a closing stock price of 15.82 yuan per share as of June 19, 2023, reflecting a year-on-year decline of 0.88% [2]. - The company's net profit for 2024 is projected to be 781 million yuan, a decrease of 14.28% year-on-year, marking the first negative growth in net profit since its listing [3]. - Despite a stable net profit growth of around 20% during the pandemic, the company is now facing significant challenges in maintaining its previous performance levels [2]. Group 2: Strategic Shift - The company is initiating a series of actions aimed at brand rejuvenation, including appointing a new spokesperson from the post-95 generation, which is expected to attract younger consumers [6][9]. - The brand's pricing strategy remains targeted at middle and upper-income groups, with products priced between 1,500 and 8,000 yuan, and it aims to maintain its high-end positioning while appealing to younger audiences [8][10]. - The chairman emphasized that the brand's young transformation is a long-term strategy, focusing on making existing customers feel younger and attracting new younger consumers without necessarily lowering prices [10][11]. Group 3: Marketing and Investment - In 2024, the company increased its sales expenses by 22.96% to 1.613 billion yuan, with advertising costs surging by 108% to 196 million yuan, indicating a significant investment in marketing efforts [16][17]. - The company is also investing in new brands, having spent 700 million yuan to acquire two high-end international menswear brands, which are currently operating at a loss [17][18]. - The chairman acknowledged that while short-term losses are expected for the newly acquired brands, he remains optimistic about their long-term potential and brand recognition in the Chinese market [19]. Group 4: Future Outlook - The company aims to achieve total revenues of 3.536 billion yuan and 4.004 billion yuan for 2023 and 2024, respectively, with year-on-year growth rates of 22.58% and 13.24% [20]. - The company is focusing on building a strong team and enhancing decision-making efficiency as part of its strategy to navigate the current market challenges and ensure sustainable growth [20].

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 - Biemlfdlkk, a local clothing brand, has achieved significant sales success despite its unremarkable brand image and design, targeting middle-aged male consumers with high brand loyalty and a focus on high-quality T-shirts [4][6][23]. Group 1: Company Overview - Biemlfdlkk's headquarters is located in Panyu District, Guangzhou, surrounded by various industrial parks and garment companies [3]. - The brand's annual sales have reached 4 billion yuan, with a target customer base of middle-aged men earning around 30,000 yuan per month [6][12]. - The company has maintained a gross profit margin above 70% since 2020, earning it the nickname "the Moutai of clothing" [7][12]. Group 2: Financial Performance - In 2024, Biemlfdlkk reported a 14.28% decline in net profit, marking the first annual drop since its IPO in 2016 [45]. - The company's net profit for Q1 2025 was 331 million yuan, down 8.47% year-on-year, with inventory increasing by 28.2% to 888 million yuan [46][48]. - The 2024 financial report showed a revenue increase of 13.24% to approximately 4 billion yuan, but net profit decreased to 780 million yuan [47]. Group 3: Market Position and Strategy - The brand's market position is threatened by increased competition in the high-end sportswear sector, particularly from brands like Li Ning and FILA [48]. - Biemlfdlkk aims to transform into a global luxury goods group, having acquired two high-end international menswear brands for 700 million yuan in 2023 [49][54]. - The company is focusing on high-quality materials and has positioned itself as a "T-shirt expert," with T-shirts accounting for nearly 50% of its revenue [21][29]. Group 4: Target Demographics - The primary customer demographic for Biemlfdlkk consists of men aged 35-55, with a significant portion being over 40 years old and earning above 30,000 yuan monthly [29][41]. - The brand has cultivated a "silent market" among middle-aged, affluent men, who are less vocal on social media but possess strong purchasing power and brand loyalty [24][41]. Group 5: Brand Evolution and Future Direction - The founder, Xie Bingzheng, has emphasized the importance of appealing to younger consumers as a long-term strategy, recently signing a younger celebrity as a brand ambassador [11][64]. - The company is navigating a transition period with the appointment of Xie Bingzheng's son as the new general manager, adding complexity to its strategic direction [61][63]. - Biemlfdlkk's branding strategy has historically focused on high-end positioning, but it faces challenges in adapting to a more transparent and information-driven consumer landscape [65].

Overview - The golf apparel market in China is experiencing significant growth, with a projected market size of 1.495 billion yuan in 2024, representing a year-on-year increase of 6.86% [1][12] - The expansion of the middle class and rising national income levels are driving demand for golf products, particularly apparel [1][12] - The golf apparel segment is expected to benefit from supportive policies and changing consumer trends, indicating a promising growth trajectory [1][12] Market Policies - The Chinese government has implemented various policies to support the development of the apparel industry, including the textile industry, which positively impacts the golf apparel sector [4][6] - Key policies include the "Overall Plan for the China (Xinjiang) Pilot Free Trade Zone" and the "Textile Industry Quality Improvement Implementation Plan (2023-2025)" aimed at enhancing brand value and promoting sustainable practices [4][6] Industry Chain - The golf apparel industry consists of upstream suppliers of raw materials (natural and synthetic fibers), midstream design and production, and downstream sales channels including brand stores and e-commerce platforms [7] Market Demand - The number of golf consumers in China is expected to exceed 1.8 million in 2024, with a core consumer base of 730,000, providing strong growth momentum for the golf apparel market [9] Competitive Landscape - The golf apparel market in China is characterized by a mix of domestic and international brands, with international brands holding a significant market share, especially in the high-end segment [14][15] - Major domestic brands include 比音勒芬 (Biyinlefen) and 金狐狸 (Gold Fox), which focus on high-end and specialized golf apparel [15][18] Development Trends - There is a growing trend towards personalized and customized golf apparel, catering to consumer preferences for unique styles and functionalities [24] - The integration of fashion elements into golf apparel is becoming mainstream, appealing to younger consumers who seek stylish yet functional clothing [24]