比音勒芬服饰股份有限公司 2024 年度独立董事述职报告 一、独立董事的基本情况 本人贺春海，1971 年出生，中国国籍，无境外永久居留权，大学本科学历，注 册会计师，具有会计、审计业务专长。曾任广东康元会计师事务所有限公司项目经 理、中和正信会计师事务所有限公司高级经理、天健正信会计师事务所有限公司高 级经理、合伙人，曾任广州天赐高新材料股份有限公司独立董事、海南海峡航运股 份有限公司独立董事。现任信永中和会计师事务所（特殊普通合伙）合伙人，兼任 国义招标股份有限公司独立董事、悍高集团股份有限公司独立董事。现任公司独立 董事。 报告期内，本人任职期间符合《上市公司独立董事管理办法》第六条规定的独 立性要求，不存在影响独立性的情况。 二、独立董事年度履职概况 （一）出席股东大会及董事会情况 2024 年度，公司共召开 8 次董事会会议和 3 次股东大会会议。本人秉持勤勉尽 责、真诚守信的原则，认真审阅会议资料，积极投身讨论并提出合理化建议。在所 有会议中，我均对审议的议案投下赞成票，未对任何议案表示异议。通过审慎行使 表决权，为公司董事会作出正确决策起到了积极的作用。报告期内，本人出席股东 大会、董事会的情况 ...

一、独立董事的基本情况 本人刘晓英，1979 年出生，中国国籍，无境外永久居留权，华南理工大学，管 理学博士，具有品牌战略管理专长。现任华南理工大学新闻与传播学院副教授、硕 士生导师。2024 年 1 月至今，任公司独立董事。 本人任职期间符合《上市公司独立董事管理办法》第六条规定的独立性要求， 不存在影响独立性的情况。 比音勒芬服饰股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 本人作为比音勒芬服饰股份有限公司（以下简称"公司"）第五届董事会独立 董事，2024 年度严格按照《公司法》《证券法》《上市公司独立董事管理办法》及 《公司章程》《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》等有关规定，勤勉、忠实、尽责地履行职责，充分发挥独立董事的独立作 用，谨慎认真地行使法律所赋予的权利，维护公司整体利益以及全体股东尤其是中 小股东的合法权益。现就 2024 年度履行独立董事职责情况汇报如下： （二）出席董事会专门委员会、独立董事专门会议情况 报告期内，公司召开 1 次战略委员会会议，1 次薪酬与考核委员会，本人任期内 召开了 5 次审计委员会会议，本人作为公司战略 ...

Financial Performance - The company's operating revenue for 2024 reached ¥4,004,463,319.82, representing a 13.24% increase compared to ¥3,536,132,714.02 in 2023[19] - The net profit attributable to shareholders decreased by 14.28% to ¥780,690,051.75 in 2024 from ¥910,754,003.74 in 2023[19] - The net profit after deducting non-recurring gains and losses was ¥744,252,350.90, down 14.20% from ¥867,457,631.43 in the previous year[19] - Cash flow from operating activities fell by 42.10% to ¥750,261,880.49 in 2024, compared to ¥1,295,880,336.01 in 2023[19] - Basic earnings per share decreased to ¥1.37 in 2024, down 14.38% from ¥1.60 in 2023[19] - The total assets at the end of 2024 were ¥7,201,774,632.60, a 7.05% increase from ¥6,727,642,887.64 at the end of 2023[19] - The net assets attributable to shareholders increased by 3.74% to ¥5,079,630,378.87 at the end of 2024, compared to ¥4,896,650,107.72 at the end of 2023[19] - The weighted average return on equity decreased to 15.65% in 2024 from 20.31% in 2023, a decline of 4.66%[19] Revenue and Sales Growth - In Q1 2024, the company's operating revenue was approximately CNY 1.27 billion, with a net profit attributable to shareholders of CNY 362.08 million[23] - The company's net profit for Q2 2024 was CNY 117.12 million, showing a significant decrease compared to Q1[23] - The total retail sales of clothing in China for 2024 reached CNY 1.07 trillion, with a year-on-year growth of 0.1%[29] - The outdoor apparel sales on Tmall reached CNY 13.61 billion from January to October 2024, representing a year-on-year increase of 14.5%[33] - The apparel segment accounted for ¥3,970,129,288.3, or 99.14% of total revenue, with a growth of 13.19% from ¥3,507,507,207.6 in the previous year[106] - Online sales surged by 35.03%, totaling ¥263,258,481.76, up from ¥194,966,298.83 in 2023, reflecting a growing trend in e-commerce[108] - The total sales volume for apparel reached 4,958,576 units, marking a 13.07% increase from the previous year[114] Market Strategy and Brand Development - The company aims to become a globally recognized high-end apparel group with a focus on high-end, youth-oriented, international, and standardized strategies accelerating in 2024[42] - The company operates multiple brands, including Biyinlefen, Biyinlefen Golf, CARNAVAL DE VENISE, KENT & CURWEN, and CERRUTI 1881, targeting various market segments[43] - The company has launched a youth-oriented branding strategy, appointing actor Ding Yuxi as the brand ambassador to connect with younger consumers[83] - KENT & CURWEN returned to London Fashion Week in September 2024, unveiling its first women's collection, aiming to enhance brand competitiveness[84][85] - The company plans to expand its presence in first-tier and new first-tier cities with new store openings for KENT & CURWEN and CERRUTI 1881[56][57] - The company is focusing on expanding its market presence in high-end sportswear, leveraging new technologies for product differentiation[133] Innovation and Technology - By 2026, over 80% of technology products are expected to integrate some form of AI technology, significantly impacting the apparel manufacturing sector[40] - The company has adopted a light asset brand operation model, focusing on high value-added product R&D and brand marketing while outsourcing production and logistics[59] - The company is enhancing its digital transformation, integrating AI into product planning and design processes, and building smart warehouses and stores[63] - The company aims for an AI penetration rate of over 90% in key scenarios within the next three years, collaborating with Guangzhou Lijing Software Technology and Tsinghua University[80] - The company is committed to continuous R&D efforts to meet the growing demand for functional textiles in the sportswear market[134] Financial Management and Governance - The company has established a complete and independent business system, ensuring operational independence from the controlling shareholder in areas such as business, personnel, assets, and finance[182] - The company has an independent financial department and a standardized financial management system, allowing for independent financial decision-making and tax compliance[190] - The company has a total of 3 supervisors in the supervisory board, including 1 employee representative, complying with legal and regulatory requirements[181] - The controlling shareholder, Mr. Xie Bingzheng, serves as the chairman and adheres to regulations, ensuring that major business decisions do not harm the interests of the company and other shareholders[182] - The company has established a governance structure that complies with the Company Law and Articles of Association, ensuring independent operation of the board and supervisory board[189] Challenges and Risks - Risks include outsourcing production, which may affect product quality and delivery timelines, with measures in place to mitigate these risks[171] - The company faces management risks associated with rapid network expansion, necessitating enhanced talent management and performance evaluation systems[172] - High inventory levels pose a risk, with strategies to diversify channel layouts and strengthen digital management to address potential market changes[174] Future Outlook - The company plans to increase marketing investments to strengthen brand value and enhance internationalization efforts through new media channels[168] - The strategy includes expanding the shopping center presence and optimizing store models to improve single-store performance[169] - The company is committed to attracting top talent to build a management team with international perspectives and competitive capabilities[170]

比音勒芬服饰股份有限公司 2025 年第一季度报告 证券代码：002832 证券简称：比音勒芬 公告编号：2025-015 比音勒芬服饰股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 1,286,065,302.48 | 1,268,238,226.85 | | 1.41% | | 归属于上市公司股东的净利 | 331,428,305.29 | 362,078,897.80 | | -8.47% | | 润（元） | | | ...

Core Viewpoint - The article highlights the evolution and strategic initiatives of Biyinlefen Apparel Co., Ltd., emphasizing its commitment to innovation, cultural integration, and global market expansion in the fashion industry [2][6]. Group 1: Company Overview - Biyinlefen, established in 2003, has transformed from a golf apparel company into a diversified fashion group with five major brands, including CERRUTI 1881 and KENT& CURWEN, catering to various consumer dressing needs [2]. - The company focuses on high-quality, high-tech apparel development, driven by technological innovation and a brand culture of continuous improvement [2]. Group 2: Technological Innovation - Biyinlefen is enhancing its technological capabilities by integrating digital technology, big data, and artificial intelligence into design, product development, and production processes [3]. - The company has launched a new product, the "Small Collar T" for spring and summer 2025, featuring a patented collar design and proprietary fabric with high durability and sun protection, addressing multiple consumer scenarios [3]. - Biyinlefen's T-shirt category has maintained the highest market share in its segment for seven consecutive years, showcasing its effective market conversion of technological achievements [3]. Group 3: Cultural Integration - The company emphasizes cultural production power by incorporating elements of traditional Chinese culture into its fashion offerings, aiming to modernize and express these cultural aspects [4]. - Biyinlefen has been a partner of the Chinese national golf team for 12 years, providing innovative sportswear that reflects cultural significance and supports the growth of golf in China [4]. - The brand collaborates with cultural institutions to create collections that blend traditional craftsmanship with contemporary fashion, enhancing the cultural depth of its products [4][5]. Group 4: Global Market Strategy - Biyinlefen is actively pursuing an international development strategy, establishing design and production bases in various countries, including Japan, South Korea, and Vietnam [6]. - The company has acquired historical brands CERRUTI 1881 and KENT& CURWEN, gaining global trademark rights and craftsmanship systems to enhance its international presence [6]. - Biyinlefen has set up a brand licensing subsidiary in Singapore and a creative center in Paris, collaborating with global designers and suppliers to integrate international resources into its product offerings [6]. Group 5: Industry Positioning - The company aims to leverage China's comprehensive industrial system and vast consumer market to elevate its status to a world-class apparel group, contributing to the high-quality development of the Chinese fashion industry [7].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The brand sector shows steady recovery in Q1 under consumer promotion policies, with most companies achieving positive growth, outperforming expectations. The performance varies across sub-sectors, with mid-to-high-end menswear showing strong growth, sports retail maintaining steady growth, and mass brands also experiencing a rebound. Profitability varies due to differentiated cost control and operational leverage [2][4][16] - The manufacturing sector faces short-term pressure as downstream inventory has reached healthy levels, but demand from major export countries is weakening. In Q1, demand from the US and Japan shows marginal weakening. Most brands and retailers have returned to healthy inventory levels, but weak overseas demand is expected to limit replenishment momentum, affecting order elasticity in the related supply chain [2][4][17] Summary by Relevant Sections Brand Sector - Q1 retail sales of clothing and textiles increased by 3.3% year-on-year, with a month-on-month increase of 3.6 percentage points [20] - Mid-to-high-end menswear brands are leading in retail growth, while the sports sector continues to show steady growth. Mass apparel brands are also experiencing a recovery [20][27] Manufacturing Sector - The manufacturing sector is under short-term pressure due to weak demand from major export markets and healthy inventory levels. The overall order placement is cautious, with expectations of further pressure from tariff forecasts [4][28] Key Company Performance - **Wanjian Medical**: Expected Q1 revenue growth of 30%-40%, driven by non-woven products and strong brand power in sanitary napkins [5][40] - **Zhejiang Natural**: Anticipated Q1 revenue growth of 25%-35%, with net profit expected to increase by 50%-100% [5][40] - **Weixing Co.**: Expected Q1 revenue growth of 10%-15% and double-digit net profit growth [5][40] - **Anta Sports**: Expected Q1 revenue growth in the high single digits, with FILA brand showing mid-to-low single-digit growth [6][20] - **361 Degrees**: Anticipated Q1 revenue growth of 10%-15% for adult apparel and around 15% for children's clothing, with e-commerce growth of about 20% [6][20] Inventory and Demand Trends - The inventory levels of most brands and retailers have returned to a healthy state, with the wholesale inventory destocking nearing completion. However, weak overseas demand is expected to limit replenishment momentum [4][28]

Core Viewpoint - The article discusses the transformation of the brand Biemifen, focusing on its strategy to attract younger consumers while maintaining its core identity as a high-end golf apparel brand [2][22][24]. Group 1: Brand Positioning and Target Audience - Biemifen has traditionally catered to middle-aged men, particularly those aged 40-55, becoming a symbol of success and social status [2][14]. - There is a noticeable shift as younger consumers, including young elites and new affluent individuals, are increasingly favoring Biemifen, indicating a need for the brand to adapt to this demographic change [2][3][22]. Group 2: Brand Transformation Strategy - The brand's transformation is described as a well-prepared campaign, initiated around its 20th anniversary in 2023, focusing on comprehensive upgrades in brand image and store design [4][12]. - Key strategies include a logo redesign to enhance brand recognition and emotional connection with younger consumers [6][7]. Group 3: Channel and Store Upgrades - Biemifen is shifting its store locations from transportation hubs to shopping centers, aiming to create flagship stores that serve as brand experience centers rather than just retail spaces [9][10]. - The new store designs will include interactive areas and cultural displays, moving away from traditional clothing displays to lifestyle-oriented environments [10][11]. Group 4: Product Innovation - The brand is expanding its product lines to include styles that appeal to younger consumers, such as more vibrant colors and modern cuts, while maintaining high-quality materials [16][25]. - Collaborations with popular brands and institutions, such as Harvard University, are part of the strategy to resonate with younger audiences [19][20]. Group 5: Marketing and Communication - Biemifen is enhancing its marketing efforts by engaging popular young celebrities as brand ambassadors to better connect with the younger demographic [28][29]. - The brand is also increasing its presence on social media platforms like Xiaohongshu and Douyin to reach a broader audience and engage with younger consumers [34]. Group 6: International Expansion - The company is pursuing international growth by acquiring luxury brands like CERRUTI 1881 and KENT&CURWEN, aiming to elevate its brand value and expand its market reach [37][39]. - Future plans include establishing a fashion industry headquarters in Guangzhou, which will support its international ambitions and enhance its operational capabilities [40].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **apparel and home textile industry** in China, with a focus on retail performance and emerging trends in consumer behavior [2][4][6]. Core Insights and Arguments - **Retail Performance**: In January-February 2025, retail sales of clothing, shoes, and textiles from key enterprises increased by **3.3% year-on-year**, showing improvement compared to declines of **4.5%** in November 2024 and **0.3%** in December 2024. This indicates a recovery in the apparel and home textile consumption [2][3]. - **Online vs. Offline Sales**: Offline retail is outperforming online sales, suggesting a shift in consumer preference towards physical shopping experiences [2]. - **Children's Apparel Market**: The introduction of child-rearing subsidies in Hohhot is expected to positively impact the children's clothing market, with approximately **33 provinces and cities** implementing similar policies. In 2021, clothing and footwear accounted for **26%** of the maternal and infant consumption market, indicating significant growth potential in children's apparel [6]. - **Discount Retail Sector**: The discount retail sector is thriving, with strategic partnerships, such as that between **Hailan Home** and **JD.com**, expected to drive growth. The government’s consumer stimulus policies are also beneficial for the apparel and home goods sectors [7][9]. - **Investment Recommendations**: Companies like **Semir Apparel**, which leads in the children's clothing market, are recommended due to their strong brand positioning and expansion strategies. Other notable companies include **Anta Sports**, **Li Ning**, and **361 Degrees**, which have significant children's apparel lines [8]. Emerging Trends - **Demand for UHMWPE**: The demand for **Ultra-High-Molecular-Weight Polyethylene (UHMWPE)** is projected to grow at approximately **20% annually**, with applications expanding across various sectors. Companies involved in UHMWPE production, such as **Nanshan Zhishang** and **Henghui Security**, are recommended for investment [4][5]. - **Consumer Behavior**: There is a notable trend towards value-for-money products, with consumers increasingly seeking high-quality items at lower prices, particularly in the apparel sector [9]. - **Social Consumption Trends**: The total retail sales of consumer goods in January-February 2025 grew by about **4% year-on-year**, indicating a stabilization in consumer spending [2][10]. Additional Important Insights - **Market Dynamics**: The apparel and home textile industry is expected to see a gradual acceleration in performance due to low base effects from previous years, despite potential fluctuations in end-demand [4]. - **Investment Strategy**: The focus should be on companies that can adapt to changing consumer preferences, particularly those that emphasize quality and affordability. The potential for growth in the children's apparel segment is significant, driven by demographic policies and changing consumer habits [6][8]. - **Discount Retail Viability**: The discount retail model is positioned to thrive in economic downturns, as consumers become more price-sensitive. This sector is expected to benefit from existing inventory pressures among apparel brands [9]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the apparel and home textile industry in China.

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 9 月 29 日召开 第五届董事会第五次会议、第五届监事会第四次会议，会议审议通过了《关于增 加使用闲置自有资金进行现金管理额度的议案》，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 24 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 9 月 30 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...