每经AI快讯，有投资者在投资者互动平台提问：贵单位是否启用数字人应用？ 比音勒芬（002832.SZ）12月29日在投资者互动平台表示，公司暂未使用数字人相关应用。 （记者 张海妮） ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

Core Viewpoint - The article reports on the dividend distribution announcements from several A-share listed companies, detailing the amounts and types of dividends being issued to shareholders [1] Dividend Distribution - China International Capital Corporation (中金公司) announced a dividend of 0.90 yuan per 10 shares (after tax: 0.81 yuan) [1] - CITIC Publishing (中信出版) declared a dividend of 1.60 yuan per 10 shares (after tax: 1.44 yuan) [1] - Biyin Lefen (比音勒芬) issued a dividend of 0.20 yuan per 10 shares (after tax: 0.18 yuan) [1] - Longyuan Power (龙源电力) announced a dividend of 1.00 yuan per 10 shares (after tax: 0.90 yuan) [1] - Yanjing Beer (燕京啤酒) declared a dividend of 1.00 yuan per 10 shares (after tax: 0.90 yuan) [1] Equity Registration for Dividend Distribution - Heshun Petroleum (和顺石油) set a registration date for a dividend of 1.00 yuan per 10 shares (after tax: 0.90 yuan) [1] - Southwest Securities (西南证券) announced a registration date for a dividend of 0.10 yuan per 10 shares (after tax: 0.09 yuan) [1] - Sanyuan Biological (三元生物) set a registration date for a dividend of 5.00 yuan per 10 shares (after tax: 4.50 yuan) [1] - *ST Zhongzhuang (ST中装) announced a stock conversion of 10 shares to 10.31 shares [1] - *ST Dongyi (ST东易) set a stock conversion of 10 shares to 12.67 shares [1]

Core Viewpoint - The high-end menswear brand Bi Yin Le Fen (002832.SZ), once dubbed the "Moutai of clothing," has announced the dissolution and liquidation of its controlled investment fund, Guangzhou Hou De Zai Wu Industrial Investment Fund Partnership (Limited Partnership), due to underperforming luxury brand acquisitions [1][2]. Group 1: Fund and Acquisitions - The fund was established in 2022, with Bi Yin Le Fen contributing 748.9 million yuan, holding a 99.86% stake, primarily for acquiring global trademark rights of the French brand "CERRUTI 1881" and the British brand "KENT&CURWEN" [1]. - The company invested 57 million euros and 38 million euros for the acquisitions in 2023, aiming to promote brand internationalization [1]. - Both brands had a history of ownership changes and operational struggles before being acquired, with CERRUTI 1881 known for menswear and accessories, and KENT&CURWEN recognized for its association with David Beckham [1]. Group 2: Performance Challenges - Post-acquisition, the brands did not achieve the expected recovery, attributed to the company's lack of experience in operating high-end luxury brands and a cooling global luxury market, alongside declining demand for men's formal wear [2]. - The fund is projected to incur losses in 2024 and the first half of 2025 [2]. - The company faces dual challenges: revitalizing the two international brands and advancing the main brand's youth-oriented transformation to attract Generation Z consumers [2]. Group 3: Strategic Adjustments - By dissolving the fund, the company aims to transfer the related brand assets into the listed company structure for direct management, intending to optimize cost structure and operational efficiency [2]. - The future performance of the international brands and the success of the youth-oriented strategy will be critical factors influencing the company's development [2].

Core Viewpoint - The company has decided to dissolve and liquidate the Guangzhou Houde Zaiwu Industrial Investment Fund Partnership, marking a significant setback in its international expansion strategy after acquiring luxury brands CERRUTI 1881 and Kent & Curwen [2][3] Group 1: Company Actions and Financials - The dissolution of the Houde Zaiwu partnership is justified by the company as a means to optimize management costs and improve operational efficiency [3][7] - The company invested a total of 570 million euros and 380 million euros to acquire the global trademarks of CERRUTI 1881 and Kent & Curwen, amounting to over 700 million yuan [2][3] - The company reported a revenue of over 4 billion yuan in 2024, a year-on-year increase of 13.24%, but the net profit decreased by 14.28% [6][7] - In 2025, the company faced further challenges with a revenue increase of only 6.71% and a net profit decline of 18.7% [6][7] Group 2: Brand Performance and Market Position - CERRUTI 1881 and Kent & Curwen have struggled with operational difficulties and have not seen significant recovery post-acquisition, leading to a decline in brand value and market presence [5][8] - The brands have been described as nearly stagnant, with Kent & Curwen attempting to reopen stores in high-end shopping areas while CERRUTI 1881 has almost disappeared from the market [7][8] - The company’s main brand, once referred to as the "Moutai of clothing," is facing challenges with brand image aging and lack of product innovation, indicating a potential turning point in its development [6][8]

Core Viewpoint - The company, Biyinlefen, has decided to dissolve and liquidate the Guangzhou Houde Zaiwu Industrial Investment Fund Partnership due to the achievement of its investment objectives and the need to optimize management costs and improve operational efficiency [1][3]. Group 1: Company Actions - Biyinlefen's board approved the dissolution and liquidation of the partnership during its 13th meeting of the fifth board session [1]. - The company holds a 99.86% stake in the partnership, with a total investment of 74.89 million yuan out of 75 million yuan [3]. - The liquidation will involve cash distribution to other partners and the transfer of assets, including 100% equity stakes in Hong Kong-based Kerryte Limited and Hong Kong Yingfeng Zerun Limited to Biyinlefen [3]. Group 2: Financial Performance - The partnership has reported significant losses, with net losses of 44.22 million yuan in 2023, 81.18 million yuan in 2024, and 37.08 million yuan in the first half of 2025 [5]. - Biyinlefen's overall financial performance has been declining, with a 14.28% decrease in net profit in 2024 despite a 13.24% increase in revenue [7]. - In the first three quarters of 2025, the company achieved a revenue of 3.20 billion yuan, a 6.71% increase year-on-year, but net profit fell by 18.70% [7]. Group 3: Management Changes - The company appointed Xie Yang, the son of the chairman, as the new general manager following the resignation of the previous general manager, Shen Jindong [6][8]. - Xie Yang has prior experience in the company and in the trading sector, indicating a potential shift in management strategy [8]. Group 4: Market Position - Biyinlefen has faced challenges in the market, being removed from the Shenzhen Component Index and experiencing a significant drop in stock price since May 2023 [8]. - The company's market capitalization has fallen below 10 billion yuan, down from a peak of 20 billion yuan after its A-share listing in 2017 [8].

Core Viewpoint - The company Bi Yin Le Fen has announced the dissolution and liquidation of the Guangzhou Hou De Zai Wu Industrial Investment Fund Partnership due to the achievement of its investment objectives and the need to optimize management costs and improve operational efficiency [1][3]. Group 1: Company Actions - Bi Yin Le Fen's board approved the dissolution of the Guangzhou Hou De Zai Wu Industrial Investment Fund Partnership during its 13th meeting of the 5th board session [1]. - The company had a 99.86% stake in the partnership, contributing 74.89 million yuan out of a total of 75 million yuan [3]. Group 2: Financial Performance - The partnership incurred net losses of 44.22 million yuan, 81.18 million yuan, and 37.08 million yuan for the years 2023, 2024, and the first half of 2025, respectively [3]. - Despite acquiring global trademark ownership of the luxury brands "CERRUTI 1881" and "KENT&CURWEN" in 2023, these acquisitions did not positively impact Bi Yin Le Fen's financial performance [3].

（文章来源：证券日报） 证券日报网讯 12月22日晚间，比音勒芬发布公告称，公司2025年前三季度权益分派方案为向全体股东 每10股派0.2元人民币现金（含税）。股权登记日2025年12月26日，除权除息日2025年12月29日。 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2025-050 比音勒芬服饰股份有限公司 2025 年前三季度权益分派实施公告 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、股东会审议通过权益分派方案等情况 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 12 月 18 日召开的 2025 年第三次临时股东会审议通过了《关于 2025 年前三季 度利润分配预案的议案》，具体内容为：拟以公司现有总股本 570,707,084 股为 基数，向全体股东按每 10 股派发现金红利 0.2 元(含税)，共计派发现金红利 11,414,141.68 元，不送红股，也不进行资本公积金转增。公司 2025 年前三季 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会审议通过的时间未超过两个月。 二、权益分派方案 本公司 2025 年前三季度权益分派方案为：以公司现有总股本 570,707,084 股为基数， ...

责任编辑：小浪快报 截至9月30日，比音勒芬股东户数3.64万，较上期减少4.26%；人均流通股10687股，较上期增加4.45%。 2025年1月-9月，比音勒芬实现营业收入32.01亿元，同比增长6.71%；归母净利润6.20亿元，同比减少 18.70%。 分红方面，比音勒芬A股上市后累计派现17.36亿元。近三年，累计派现10.27亿元。 机构持仓方面，截止2025年9月30日，比音勒芬十大流通股东中，华夏消费龙头混合A（011282）位居 第五大流通股东，持股393.93万股，持股数量较上期不变。香港中央结算有限公司位居第七大流通股 东，持股359.90万股，为新进股东。南方中证1000ETF（512100）位居第八大流通股东，持股312.89万 股，为新进股东。嘉实新消费股票A（001044）退出十大流通股东之列。 融资方面，比音勒芬当日融资买入599.72万元。当前融资余额3.51亿元，占流通市值的4.07%，融资余 额超过近一年60%分位水平，处于较高位。 融券方面，比音勒芬12月18日融券偿还2600.00股，融券卖出2500.00股，按当日收盘价计算，卖出金额 3.77万元；融券余量9.38 ...