比音勒芬服饰股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 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。 比音勒芬服饰股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开 第五届董事会第四次会议、第五届监事会第三次会议，会议审议通过了《关于使 用闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响正常生产经 营和确保资金安全的情况下，使用不超过人民币 18 亿元的闲置自有资金进行现 金管理。此次审议的现金管理额度期限自董事会通过之日起 12 个月内有效，在 上述额度及有效期内，资金可滚动使用。具体内容详见 2024 年 8 月 31 日公司指 定信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮 资讯网（www.cninfo.com.cn）的相关公告。 根据上述决议，公司就近日购买理财产品的相关事宜公告如下： | 受托方 | 产品名称 | | 产品类 | 金额 | 起息日 | 到期日 | 预期年化收益 | 资金来源 | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing steady expansion in its franchise operations, with profitability showing a stable upward trend [2][3] - In H1 2024, the company achieved revenue of 1.94 billion yuan, representing a year-on-year increase of 15.0% [2] - The company’s net profit attributable to shareholders for H1 2024 was 480 million yuan, with a growth of 20.4% in Q1 and 1.7% in Q2 [2] Revenue Breakdown - Revenue from different product categories in H1 2024: - Tops: 990 million yuan (up 14.2%) - Bottoms: 450 million yuan (up 12.9%) - Outerwear: 290 million yuan (up 13.7%) - Others: 190 million yuan (up 26.1%) [2] - Revenue by channel in H1 2024: - Online: 120 million yuan (up 34.6%) - Direct sales: 1.28 billion yuan (up 2.4%) - Franchise: 520 million yuan (up 56.5%) [2] Store Expansion and Efficiency - The company added 8 stores in H1 2024, bringing the total to 1,263 stores, with direct and franchise stores increasing by 2 and 6 respectively [2] - The average revenue per direct store in H1 2024 was 2.098 million yuan, showing a slight decline of 2.6% year-on-year [2] Profitability and Operational Quality - Gross margin for H1 2024 was 77.9%, an increase of 0.7 percentage points year-on-year, with Q2 gross margin at 81.3% [3] - The net profit margin for H1 2024 was 24.7%, reflecting a slight increase of 0.05 percentage points year-on-year [3] - Inventory turnover days improved to 309 days, a reduction of 26 days year-on-year [3] Financial Forecast - Revenue projections for 2024-2026 are as follows: - 2024E: 4.086 billion yuan (up 15.6%) - 2025E: 4.722 billion yuan (up 15.6%) - 2026E: 5.416 billion yuan (up 14.7%) [4] - Net profit projections for the same period: - 2024E: 1.053 billion yuan (up 15.6%) - 2025E: 1.216 billion yuan (up 15.5%) - 2026E: 1.400 billion yuan (up 15.1%) [4]

比音勒芬（002832.SZ） 优于大市 上半年收入与净利润增长 15%，各渠道毛利率均有提升 2024 上半年收入增长 15%，归母净利润保持同步增长。比音勒芬是主营高端 运动生活的男装品牌。2024 上半年在消费力疲软的市场环境下，以及去年高 基数基础上，公司收入同比增长 15.0%至 19.4 亿元，归母净利润同比增长 15.3%至 4.8 亿元。基于各渠道毛利率的提升，公司整体毛利率同比+0.7 百 分点至 77.9%；费用率基本保持稳，整体费用率同比+0.5 百分点。进而归母 净利率同比+0.1 百分点至 24.7%。存货金额虽同比增长 11%，存货周转天数 大幅改善，同比-27 天、环比-37 天至 309 天，应收、应付周转天数基本保 持稳定。现金流充裕，经营活动现金流净额为 5.3 亿元，净现比为 1.1。 第二季度收入同比增长 10%，毛利率提升，净利润受非经影响承压。第二季 度公司收入同比增长 10.5%至 6.7 亿元，归母净利润同比增长 1.7%至 1.2 亿 元，扣非归母净利润同比增长 16.3%至 1.1 亿元，非经常性损益主要受政府 补助减少、理财产品收益减少影响。主营业务来看， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.95 CNY based on a 15x PE valuation for 2024 [2][4][7]. Core Insights - The company reported a revenue of 1.94 billion CNY for H1 2024, representing a 15% year-on-year growth, and a net profit of 480 million CNY, up 15.3% year-on-year, with a non-recurring profit of 460 million CNY, which is a 21% increase year-on-year [1]. - The growth was driven by franchise and online channels, with online revenue increasing by 35% year-on-year and gross margin rising by 15 percentage points to 77.6% [1]. - The company's profitability is improving, with a gross margin of 77.9% for H1 2024, up 0.7 percentage points year-on-year, and a net profit margin of 24.7%, an increase of 0.1 percentage points year-on-year [1]. - Inventory turnover days improved to 309 days, a decrease of 27 days year-on-year, indicating better inventory management [1]. - The company is expanding its brand portfolio, with new brands launched and a refreshed brand image showcased at major events [1]. Financial Summary - Revenue (in million CNY): 2022A: 2,885, 2023A: 3,536, 2024E: 4,138, 2025E: 4,783, 2026E: 5,397 [3]. - Net profit (in million CNY): 2022A: 728, 2023A: 911, 2024E: 1,103, 2025E: 1,303, 2026E: 1,499 [3]. - Earnings per share (in CNY): 2022A: 1.27, 2023A: 1.60, 2024E: 1.93, 2025E: 2.28, 2026E: 2.63 [3]. - Gross margin (%): 2022A: 77.4%, 2023A: 78.6%, 2024E: 78.8%, 2025E: 78.7%, 2026E: 78.6% [3]. - Net margin (%): 2022A: 25.2%, 2023A: 25.8%, 2024E: 26.6%, 2025E: 27.2%, 2026E: 27.8% [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a 15% year-on-year increase in revenue for the first half of 2024, reaching 1.94 billion yuan, and a 15.3% increase in net profit, totaling 479 million yuan [6][9]. - The company's gross margin improved to 77.9% in the first half of 2024, reflecting a 0.7 percentage point increase year-on-year, driven by product competitiveness and brand value [6][8]. - The company has shown strong operational quality with inventory turnover improving, and cash reserves reaching approximately 3.2 billion yuan, providing a solid foundation for high dividends [6][8]. - The company is actively pursuing high-quality growth despite a challenging retail environment, with plans to accelerate store openings in the second half of the year [6][8]. - The company has made strategic acquisitions and appointments, including the acquisition of global trademarks and hiring a new chief creative officer, which are expected to enhance its growth trajectory [6][8]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.94 billion yuan, a 15% increase year-on-year, and a net profit of 479 million yuan, up 15.3% [6][9]. - The gross margin for the first half of 2024 was 77.9%, with a net profit margin of 24.7% [6][8]. Operational Metrics - The company reported a decrease in inventory turnover days by 27 days to 309 days, indicating efficient inventory management [6][8]. - The cash flow from operations was 533 million yuan, with a net cash ratio of 1.1, highlighting strong liquidity [6][8]. Market Position and Strategy - The company is expanding its store network, with a total of 1,263 stores by the end of the first half of 2024, and plans to open more stores in the upcoming months [6][8]. - The company has made significant investments in brand acquisitions and creative leadership to drive future growth [6][8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 24.44 CNY, down from the previous 37.73 CNY [4]. Core Insights - The company has shown steady revenue growth in H1 2024, with total revenue reaching 1.94 billion CNY, a year-on-year increase of 15.0%. The net profit attributable to shareholders was 480 million CNY, up 15.3% year-on-year [3]. - The company is expected to continue its high-quality growth trajectory, supported by a robust expansion strategy in the second half of the year [3]. - The report highlights the company's focus on high-end sports fashion and its steady channel expansion, which positions it to maintain industry leadership [3]. Financial Performance Summary - H1 2024 revenue breakdown: Direct sales revenue was 1.28 billion CNY (+2.4% YoY), franchise revenue was 520 million CNY (+56.5% YoY), and online revenue was 120 million CNY (+34.6% YoY) [3]. - Q2 2024 revenue was 670 million CNY, a 10.5% increase year-on-year, with a net profit of 120 million CNY, reflecting a 1.7% increase year-on-year [3]. - The gross margin improved by 1.6 percentage points year-on-year, indicating effective cost control measures [3]. Future Outlook - The company plans to expand its main brand and golf independent stores, focusing on internationalization and high-end branding, which is expected to create a second growth curve [3]. - The company has a strong cash position, which will support its expansion plans [3]. - Inventory as of H1 2024 was 760 million CNY, an 11% increase year-on-year, with inventory turnover days reduced by 27 days to 309 days [3].

Investment Rating - The investment rating for the company is "Buy" with a target price set at 108.38 billion [2][4]. Core Insights - The company's revenue and net profit for H1 2024 showed a year-on-year growth of 15.02% and 15.25%, respectively, driven primarily by increased sales from franchise stores [2][3]. - The company experienced a decrease in asset impairment losses by 23 million, contributing positively to its financial performance [2][3]. - The operating cash flow was reported at 5.33 billion, which is higher than net profit due to increased depreciation of right-of-use assets and a reduction in receivables [2][3]. Summary by Sections Financial Performance - For H1 2024, the company reported revenues of 19.36 billion, net profit of 4.79 billion, and operating cash flow of 5.33 billion, with revenue growth attributed to franchise store sales [2][3]. - In Q2 2024, revenues were 6.68 billion, with a net profit of 1.17 billion, reflecting a year-on-year growth of 10.5% [2][3]. Revenue Breakdown - Revenue from different channels in H1 2024 was as follows: online 1.25 billion (up 34.58%), direct sales 12.77 billion (up 2.41%), and franchise 5.17 billion (up 56.51%) [3]. - The number of direct and franchise stores at the end of H1 2024 was 609 and 654, respectively, with a net increase of 2 and 6 stores [3]. Profitability Metrics - The gross margin for H1 2024 was 77.9%, an increase of 0.7 percentage points year-on-year, while the net margin was 24.75%, up 0.1 percentage points [3]. - The company’s selling, general, and administrative expenses increased, impacting net profit margins [3]. Inventory and Receivables - The ending inventory for H1 2024 was 7.63 billion, with a year-on-year increase of 11%, and inventory turnover days improved by 27 days to 309 days [3]. - Accounts receivable stood at 2.80 billion, with turnover days remaining stable at 28 days [3]. Future Outlook - The company anticipates opening around 100 new stores throughout the year, with expectations for store efficiency to improve [4]. - The revenue forecasts for 2024-2026 have been adjusted downwards, with projected revenues of 38.81 billion, 43.67 billion, and 48.89 billion, respectively [4].

比音勒芬（002832.SZ） 2024Q2 扣非利润同增 16%，卓越业绩领跑行业 2024Q2：收入同比+10%/扣非归母净利润同比+16%。2024Q2 公司收入为 6.7 亿元，同比 +10%，归母净利润为 1.2 亿元，同比+2%，扣非归母净利润为 1.1 亿元，同比+16%（（非常损 益 883 万元，同比减少 1320 万元，主要系政府补助同比减少 1259 万元）。盈利质量方面，2024Q2 公司毛利率同比+1.6pct 至 81.3%，我们判断主要系公司优化产品结构所致。销售/管理/财务费用 率同比分别+1.8/-0.6/-0.6pct 至 50.2%/11%/-1.8%，我们根据公司业务进度判断销售费用率增加 主要系新品牌培育开支；综合以上，2024Q2 净利率同比-1.5pct 至 17.5%。 分渠道：电商、加盟渠道收入增长靓丽，全渠道毛利率稳步提升。分渠道来看：2024H1 公司电商 /直营/加盟/其他渠道收入分别 1.25/12.77/5.17/0.17 亿元，同比分别+35%/+2%/+57%/+31%， 占比分别 6%/66%/27%/1% ； 毛 利 率 分 别 77.6%/ ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-032 比音勒芬服饰股份有限公司 关于2024年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会发布的《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求》和深圳证券交易所颁布的《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南第 2号——公告格式》等有关规定，比音勒芬服饰股份有限公司（以下简称"公司"）董事 会编制了截至2024年6月30日的募集资金半年度存放与实际使用情况的专项报告。 一、 募集资金基本情况 经中国证券监督管理委员会"证监许可[2020]638号"文核准，比音勒芬服饰股份有 限公司向社会公开发行68,900万元可转换公司债券，债券每张面值100元，按面值发行， 募集资金总额为人民币689,000,000.00元，扣除承销费、保荐费及其他发行费用 10,270,660.38元（不含税金额）后净筹得人民币678,729,339.62元。该募集资金已 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,936,317,061.29, representing a 15.02% increase compared to CNY 1,683,526,532.44 in the same period last year[11]. - Net profit attributable to shareholders was CNY 479,199,793.18, up 15.25% from CNY 415,781,916.03 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was CNY 459,078,103.28, reflecting a 20.52% increase from CNY 380,921,692.27 in the previous year[11]. - The basic earnings per share increased to CNY 0.84, a rise of 15.07% compared to CNY 0.73 in the same period last year[11]. - Total operating costs for the first half of 2024 were CNY 1,389,717,953.75, compared to CNY 1,213,318,105.32 in the first half of 2023, reflecting an increase of about 14.54%[146]. - The total operating profit increased to ¥617,880,374.15, up from ¥572,348,347.51, marking an 8.0% rise year-over-year[149]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,105,113,556.26, marking a 5.61% increase from CNY 6,727,642,887.64 at the end of the previous year[11]. - The total liabilities increased to CNY 2,246,742,938.00 in the first half of 2024 from CNY 1,787,828,021.56 in the first half of 2023, representing a rise of approximately 25.67%[146]. - The total equity attributable to shareholders decreased to CNY 4,806,960,842.83 from CNY 4,896,650,107.72, a decline of about 1.8%[141]. - The company's cash and cash equivalents at the end of the reporting period amounted to ¥2,024,068,347.30, representing 28.49% of total assets, down from 32.11% the previous year[83]. Cash Flow - The net cash flow from operating activities was CNY 532,532,905.09, down 13.38% from CNY 614,780,946.88 in the same period last year[11]. - Cash flow from operating activities generated ¥532,532,905.09, a decrease from ¥614,780,946.88 in the first half of 2023[151]. - The company reported a significant cash outflow of 1,600,000,000.00 CNY related to other investment activities, reflecting strategic investments[154]. Market Strategy and Brand Development - The company operates under a multi-brand strategy, including its main brand, golf brand, and two newly acquired luxury brands: CERRUTI 1881 and KENT & CURWEN[16]. - The company aims to enhance its brand positioning through high-quality, high-tech, and innovative product designs, focusing on the elite consumer segment[15]. - The company has completed the acquisition of CERRUTI 1881 and KENT & CURWEN brands, planning to revitalize them with a focus on high-end suits and light luxury designer styles targeting younger consumers[24][25]. - The company has established a digital retail presence through flagship stores on platforms like Tmall, JD, and Vipshop, leveraging live streaming and social media for marketing[28]. Retail and Sales Performance - The company has 1,263 retail outlets, comprising 609 direct-operated stores and 654 franchised stores, covering 31 provinces and municipalities in China[28]. - In the first half of 2024, Biyinlefen's retail sales of clothing, shoes, and textiles increased by 1.3% year-on-year, while online retail sales of physical goods in the clothing category grew by 7.0%[47]. - The e-commerce segment reported revenue of CNY 124,661,570.41, with a significant year-on-year increase of 34.58%[63]. Research and Development - Research and development investment increased by 19.25% to ¥62,927,262.78 from ¥52,767,563.85 in the previous year[58]. - The company's product development process includes market data analysis, initial design, sample evaluation, and final design confirmation[27]. Risk Management - The company has outlined potential risks and corresponding countermeasures in its management discussion and analysis section[2]. - The company faces risks related to outsourcing production, which may affect product quality and delivery times[96]. - The company has implemented measures to mitigate production risks, including establishing a selection and evaluation system for garment factories and conducting quality inspections[96]. Corporate Governance and Compliance - The company emphasizes a strong governance structure to protect investor rights and ensure compliance with regulatory requirements[111]. - The company has not engaged in any major related party transactions during the reporting period[118]. - The company has maintained a clean record with no violations regarding external guarantees during the reporting period[115]. Community and Employee Engagement - The company is committed to providing a safe and comfortable working environment for employees, focusing on their health and satisfaction[112]. - The employee stock ownership plan includes 1,324 employees holding a total of 5,909,000 shares, representing 1.04% of the company's total equity[105]. - The company provided psychological health services to over 500 children and adolescents, including counseling for 26 youths and intervention in 8 crisis cases[114].