Investment Rating - The report maintains a "Positive" investment rating for the textile and apparel industry [5] Core Insights - The high-end outdoor sports market remains vibrant both domestically and internationally, with a notable shift in China's consumer market towards a more competitive landscape where strong brands outperform [4][25] - The report highlights the competitive advantages and moats of leading brands, recommending investments in Anta Sports (02020, Buy), Li Ning (02331, Buy), and Xtep International (01368, Buy), while suggesting to pay attention to Biyinlefen (002832, Buy) and Baoxini (002154, Buy) [4][25] Summary by Sections Financial Performance - Amer Sports reported a revenue of $5.183 billion for 2024, an 18% year-on-year increase, exceeding the guidance of 16-17% [7][8] - The adjusted operating profit margin for 2024 was 11.1%, up 1.3 percentage points year-on-year, also above the guidance of 10.5-11% [7][8] - In Q4 2024, revenue reached $1.636 billion, a 23% increase year-on-year, with a gross margin of 56.1%, up 3.7 percentage points [9][19] Segment Performance - Functional apparel drove overall revenue growth in Q4 2024, with revenue of $745 million, a 33% increase year-on-year [12][14] - Outdoor apparel revenue was $594 million, up 13% year-on-year, primarily driven by Salomon brand [12][14] - Revenue from ball sports and racquet sports reached $296 million, a 22% increase year-on-year [13][14] Regional Insights - The Greater China region remains a key growth engine, with Q4 revenue increasing by 54% year-on-year, followed by the Asia-Pacific region at 52% [16][19] - The Americas and EMEA regions saw revenue growth of 15% and 8% respectively [16][19] Future Guidance - For 2025, Amer Sports projects a revenue growth rate of 13-15%, with specific guidance for functional apparel at 20%, outdoor apparel in the low double digits, and ball sports in the low to mid double digits [21][22] - The company anticipates an operating profit margin of 11.5%-12% for 2025, leaning towards the lower end of the range due to macro uncertainties [21][22] Store Expansion Plans - Amer Sports plans to open 200 stores for the Arc'teryx brand in North America, 75-100 in Europe, 75-100 in the Asia-Pacific region (excluding China), and 150-200 in China by 2025 [24][22]

证券代码：002832 证券简称：比音勒芬 公告编号：2025-006 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 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 型 | （万元） | | | 率 | | | 上海浦东 | 利多多公司稳 | | | | | | | | | 发展银行 | 利 | 25JG5539 | 保本浮 | | 2025.2. | 2025.5 | | | | 股份有限 | 期（三层看涨） | | 动收益 | 20,000 | 24 | .20 | 0.85%-2.30% | 自有资金 | | 公司广州 | 人民币对公结 | | 型 | | | | | | | 东湖支行 | 构性存款 | | | | | | | | 一、购买理财产品的基本情况 比音勒芬服饰股份有限公司 证券代码：002832 证券简称：比音勒芬 公告编号：2025-005 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 ...

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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 型 | （万元） | | | 率 | | | 上海浦东 | 利多多公司稳 | | | | | | | | | 发展银行 | 利 | 25JG5434 | 保本浮 | | 2025.2. | 2025.5 | | | | 股份有限 | 期（三层看涨） | | 动收益 | 40,000 | 14 | .14 | 0.85%-2.30% | 自有资金 | | 公司广州 | 人民币对公结 | | 型 | | | | | | | 东湖支行 | 构性存款 | | | | | | | | 一、购买理财产品的基本情况 证券代码：002832 证券简称：比音勒芬 公告编号：2025-004 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 ...

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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 型 | （万元） | | | 率 | | | 中信证券 | 中信证券股份 有限公司节节 | | | ...

比音勒芬服饰股份有限公司 BIEM.L.FDLKK Garment Co., LTD. 章 程 广东·广州 二〇二五年二月 | 第一章 | 则 2 总 | | --- | --- | | 第二章 | 经营宗旨和经营范围 3 | | 第三章 | 股 份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东大会 6 | | 第一节 | 股 东 6 | | 第二节 | 股东大会的一般规定 10 | | 第三节 | 股东大会的召集 12 | | 第四节 | 股东大会的提案与通知 13 | | 第五节 | 股东大会的召开 15 | | 第六节 | 股东大会的表决和决议 18 | | 第五章 | 董事会 22 | | 第一节 | 董 事 22 | | 第二节 | 董事会 25 | | 第六章 | 总经理及其他高级管理人员 32 | | 第一节 | 总经理 32 | | 第二节 | 董事会秘书 33 | | 第七章 | 监事会 35 | | 第一节 | 事 35 监 | | 第二节 | 监事会 36 | | 第八章 | 财务会计制度、 ...

关于完成工商变更登记并换发营业执照的公告 证券代码：002832 证券简称：比音勒芬 公告编号：2025-002 比音勒芬服饰股份有限公司 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。 住所：广东省广州市番禺区南村镇兴业大道东 608 号 比音勒芬服饰股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日召开 第五届董事会第七次会议、于 2025 年 1 月 3 日召开 2025 年第一次临时股东大会， 审议通过了《关于增加公司经营范围的议案》《关于修订<公司章程>的议案》，具 体内容详见公司于 2024 年 12 月 18 日在巨潮资讯网（www.cninfo.com.cn）披露 的《关于增加经营范围及修订<公司章程>的公告》（公告编号：2024-054）。 一、变更后的工商登记信息 近日，公司完成了工商变更登记、《公司章程》备案等手续，并取得了广州 市市场监督管理局《准予变更登记（备案）通知书》及换发的《营业执照》。相 关信息如下： 名称：比音勒芬服饰股份有限公司 统一社会信用代码：914401017462725710 类型：股份有限公司（ ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 19.15 CNY and a fair value of 33.72 CNY [2][7]. Core Views - The company is focusing on brand upgrades to enhance its high-end, international, and youthful image. This includes a logo change and collaborations with notable figures and brands [7]. - The company has acquired the global trademark ownership of the luxury brand KENT&CURWEN, marking its entry into the Chinese market [7]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected to be 1.61 CNY, 1.87 CNY, and 2.17 CNY respectively, with a target price based on a 25-year PE of 18 times [7]. Financial Summary - Revenue is expected to grow from 3,536 million CNY in 2023 to 4,830 million CNY in 2026, with growth rates of 22.6%, 10.5%, 11.4%, and 11.0% for the respective years [6]. - EBITDA is projected to increase from 1,416 million CNY in 2023 to 1,738 million CNY in 2026 [6]. - The net profit attributable to the parent company is forecasted to rise from 911 million CNY in 2023 to 1,236 million CNY in 2026, with growth rates of 25.2%, 0.9%, 16.4%, and 15.6% [6]. - The company maintains a strong return on equity (ROE), expected to reach 20.4% by 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 11x for 2024 [7][15] Core Views - The company's main brand is positioned in the high-quality sportswear and fashion segment, while its sub-brands are expected to expand the long-term growth potential [7] - The company's 2024Q1-Q3 revenue reached 3.0 billion yuan, up 7% YoY, with net profit attributable to shareholders of 760 million yuan, up 1% YoY, outperforming the industry [7] - The company is expected to achieve a 10% revenue growth and 15% profit growth in 2025, driven by channel expansion [7] Main Brand Development - The main brand successfully held its new product ordering meeting, focusing on product quality upgrades and brand building [4] - The company emphasizes its core product categories and continues to develop outdoor and collegiate-style products, such as expanding the sportswear SKU and launching Harvard co-branded golf series [4] - Marketing efforts align with the brand's youthful and high-end positioning, with endorsements driving consumer interest [4] Sub-Brand Strategy - The company has established a differentiated brand matrix, with KENT&CURWEN and CERRUTI 1881 launching new products in the 2024 autumn/winter season [4] - The Venice brand focuses on community operations for hiking and camping, creating long-term growth opportunities [4] Channel Expansion - In 2024H1, e-commerce, direct sales, and franchise channels grew by 35%, 2%, and 57% YoY, respectively, outperforming the industry [5] - The company plans to open around 100 new stores in 2025, with a focus on high-tier city expansion and low-tier city penetration [5] - As of 2024H1, the company had 1,263 stores, including 609 direct stores and 654 franchise stores [5] Financial Health - The company has strong cash reserves, with operating cash flow of 650 million yuan in 2024Q1-Q3, approximately 0.9x net profit [6] - Inventory turnover days increased by 7.7 days to 304.5 days, with inventory up 28.2% YoY to 890 million yuan, but overall inventory remains controllable [6] Financial Projections - Revenue is expected to grow to 4.165 billion yuan in 2025, up 10.4% YoY, with net profit attributable to shareholders reaching 1.06 billion yuan, up 15.3% YoY [11] - EPS is projected to increase from 1.61 yuan in 2024 to 1.86 yuan in 2025 [11] - ROE is expected to rise from 17.5% in 2024 to 18.5% in 2025 [11]

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 2025 年第一次临时股东大会的 法律意见书 国枫律股字[2025]A0004 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 2025 年第一次临时股东大会（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 ...