证券代码：002832 证券简称：比音勒芬 公告编号：2025-022 比音勒芬服饰股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （2）现场会议地点：广州市番禺区南村镇兴业大道东 608 号比音勒芬商业 办公楼 8 楼会议室 （3）会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 （4）会议召集人：公司董事会 （5）现场会议主持人：公司董事长谢秉政先生 （6）本次会议的召集、召开与表决程序符合《公司法》《上市公司股东会 规则》《深圳证券交易所股票上市规则》及《公司章程》等法律、法规、规范性 文件及公司制度的规定。 2、会议出席情况 （1）股东出席的总体情况： （1）会议召开时间 现场会议时间：2025 年 6 月 11 日（星期三）14:30 开始 网络投票时间：2025 年 6 月 11 日 通过深圳证券交易所互联网投票系统投票时间：2025 年 6 ...

2024 年度股东大会的 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 法律意见书 国枫律股字[2025]A0317 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（以下称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年度股东大会（以下称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民 共和国证券法》（以下称"《证券法》"）、《上市公司股东会规则》（以下称"《股东 会规则》"）、《律师事务所从事证券法律业务管理办法》（以下称"《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，出具本法律意见书。 对本法律意见书的出 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2025-021 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 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。 一、购买理财产品的基本情况 公司与上表所列受托方无关联关系。 二、风险控制措施 尽管公司会选择低风险理财产品投资，但金融市场受宏观经济的影响较大， 不排除该项投资受到市场波动的影 ...

Trading Information Summary - On May 23, 2025, the stock price of Biyinlefen (002832) closed at 16.28 yuan, down 1.51%, with a turnover rate of 2.25%, trading volume of 87,600 shares, and a transaction amount of 144 million yuan [1] - On the same day, the fund flow for Biyinlefen showed a net inflow of 1.681 million yuan from institutional investors, a net inflow of 1.6311 million yuan from retail investors, and a net outflow of 3.3121 million yuan from individual investors [4] Company Announcement Summary - Biyinlefen's board of directors approved a proposal to increase the use of idle self-owned funds for cash management, allowing up to 2.4 billion yuan to be used within 12 months from the date of approval [2] - The company recently purchased a structured deposit product from Shanghai Pudong Development Bank, amounting to 200 million yuan, with an expected annualized return of 0.85%-2.25%, and the product is set to mature on August 21, 2025 [2][4] - As of the announcement date, the total principal amount of idle self-owned funds invested in financial products that have not yet matured is 1.3 billion yuan, including this recent purchase [2]

证券代码：002832 证券简称：比音勒芬 公告编号：2025-020 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。 | 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 | 25JG6899 | 保本浮 | | 2025.5. | 2025.8 | | | | 股份有限 | 期（三层看涨） | | 动收益 | 20,000 | 22 | .21 | 0.85%-2.25% | 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 公司与上表所列受托方无关联关系。 二 ...

Core Viewpoint - The report by China Galaxy Securities on Biyinlefen highlights the company's leadership in high-end fashion sportswear and its multi-brand international expansion strategy, initiating coverage with a "buy" rating [1] Group 1: Company Overview - Biyinlefen, established in 2003, focuses on high-end golf and outdoor sports apparel, operating multiple brands including Biyinlefen, Biyinlefen Golf, and international brands like KENT & CURWEN and CERRUTI 1881 [2][3] - The company has shown consistent revenue growth, with a CAGR of 20.38% from 2015 to 2024, achieving revenue of 4.404 billion yuan in 2024, a year-on-year increase of 13.24% [2] - Net profit increased from 123 million yuan in 2015 to 781 million yuan in 2024, with a CAGR of 22.80%, although it saw a decline of 14.28% in 2024 due to new brand investments and brand rejuvenation efforts [2] Group 2: Brand Strategy - The company is implementing a multi-brand strategy to establish itself as a leader in niche apparel markets, with Biyinlefen targeting the lifestyle and affordable luxury segments, while Biyinlefen Golf focuses on professional golf apparel [3] - Recent acquisitions of KENT & CURWEN and CERRUTI 1881 aim to enhance brand diversity and international presence, complementing Biyinlefen's existing brand portfolio [3][4] Group 3: Sales Channels - Biyinlefen has a strong offline channel presence, combining direct sales and franchising, with 2024 direct sales revenue reaching 2.568 billion yuan, accounting for 64.12% of total sales [4] - The franchise channel experienced a 24.14% growth in 2024, contributing 28.45% to total sales, while e-commerce sales grew by 35.03% to 263 million yuan, representing 6.57% of total sales [4] - The company operates 1,294 physical stores as of 2024, with a net increase of 39 stores year-on-year [4] Group 4: Investment Outlook - The company focuses on high-end apparel design, brand management, and supply chain optimization, aiming to meet the diverse dressing needs of elite consumers [5] - Despite short-term profit pressures, the company is expected to maintain steady growth in its main brand and expand its international brand presence, with projected net profits of 703 million yuan, 799 million yuan, and 901 million yuan for 2025, 2026, and 2027 respectively [5] - The current market valuation corresponds to 13.38, 11.78, and 10.44 times the estimated earnings for 2025, 2026, and 2027 [5]

Group 1: Outdoor Consumption Trends - Tmall's 618 outdoor consumption shows strong growth, with high-end and light luxury demand increasing significantly [3] - Brands like lululemon, Descente, and Hoka one one saw year-on-year growth exceeding 160%, with Salomon experiencing a remarkable 400% increase [3] Group 2: Sports Sponsorships - Archer Aviation has formed an exclusive partnership with the Los Angeles Olympic and Paralympic Organizing Committee to deploy its Midnight eVTOL aircraft during the events [4] - The partnership aims to support emergency services and security, with the city expecting over 15 million visitors [4] Group 3: Sports Events and Market Opportunities - Zhao Xintong's victory at the Snooker World Championship is expected to create significant commercial opportunities for the sport, with a 25% increase in viewership compared to the previous year [8] - The World Snooker Tour plans to increase resource investment in Asia to tap into market potential [8] Group 4: Company Developments - Adidas CEO Bjoern Gulden announced that two-thirds of the planned layoffs at the company's Munich headquarters have been completed to improve operational efficiency [16] - Mizuno has renewed its partnership with Volleyball World, continuing to provide official uniforms and promote volleyball globally [7] Group 5: Financial Performance - Asics reported a 19.7% increase in net sales for Q1 2025, with sales in the Greater China region growing by 21.5% [22] - Biyinlefen's net profit declined by 14.28% in 2024, marking the first annual drop since its listing in 2016, with sales expenses rising by 22.96% [18]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In 2024, the company achieved a revenue of 4.0 billion yuan, representing a year-on-year increase of 13.2%, while the net profit attributable to the parent company was 780 million yuan, down 14.3% year-on-year. In Q4, the revenue was 1.0 billion yuan, up 35.7% year-on-year, but the net profit was only 20 million yuan, down 87.9% year-on-year. For Q1 2025, the revenue was 1.29 billion yuan, a slight increase of 1.4% year-on-year, with a net profit of 330 million yuan, down 8.5% year-on-year [2][6]. Summary by Sections Revenue and Profit Analysis - The company experienced steady revenue growth in 2024, with direct sales, franchise, and e-commerce revenues increasing by 7%, 24%, and 35% respectively, reaching 2.57 billion, 1.14 billion, and 260 million yuan. The growth in direct sales was primarily driven by the net opening of 37 stores, while franchise single-store revenue increased by 21% with a net opening of 2 stores. E-commerce revenue saw a significant increase of 35%, with its gross margin rising by 4.0 percentage points to 74.6% due to accelerated online layout optimization. However, the gross margins for direct sales and franchise operations decreased, leading to an overall gross margin decline of 1.6 percentage points to 77.0% [11]. Q1 2025 Performance - In Q1 2025, the company faced short-term pressure on performance due to increased expenditure. Revenue slightly increased by 1.4% to 1.29 billion yuan, but the gross margin decreased by 0.6 percentage points, and the sales expense ratio increased by 1.8 percentage points, resulting in a year-on-year decline of 8.5% in net profit attributable to the parent company. The company is expected to accelerate its store opening pace in 2025, with increased expenditure on both the main brand and new brands, which may continue to pressure short-term performance [11]. Future Outlook - Looking ahead, while short-term expenditure is expected to continue to pressure profits, the company is positioned in the high-end sports fashion sector, and as the retail environment stabilizes, growth from its multi-brand matrix is anticipated. The company is projected to achieve net profits attributable to the parent company of 700 million, 780 million, and 860 million yuan for 2025-2027, representing year-on-year changes of -10%, +11%, and +11% respectively. The current price corresponds to PE ratios of 13, 12, and 11 times for the respective years [11].

Group 1 - The company announced a change in the general manager position, with the former GM Shen Jindong resigning and being succeeded by Xie Yang to optimize management structure and promote business development [2] - Shen Jindong has been the general manager since 2012, leading the company to significant growth and enhancing brand presence in both domestic and international markets [2] - Xie Yang, born in 1994 and the son of the chairman, has a background in trade and previously served as a director in the company's golf division [2] Group 2 - The company experienced rapid growth after its market positioning targeting high-income middle-aged consumers, becoming known as "China's first golf apparel stock" upon its 2016 IPO [3] - Revenue growth from 2016 to 2023 showed fluctuations, with annual growth rates of 11.73%, 25.23%, 39.96%, 23.7%, 26.17%, 18.09%, 6.06%, and 22.58%, while net profit growth rates were 7.64%, 35.92%, 62.16%, 39.13%, 22.68%, 25.2%, 16.5%, and 25.17% [3] - The company reported a 14.28% decline in net profit for 2024, marking the first annual decline since its IPO, with a continued decline of 8.47% in the first quarter of 2025 [3] - The traditional customer base primarily consists of high-net-worth males over 40, but increased competition and shifting consumer trends towards younger demographics present challenges for the company [3]

Group 1: Hermès Event - Hermès hosted a craftsmanship workshop experience in Shenzhen, inviting the public to explore its exceptional craftsmanship and innovative spirit [1] - The event is inspired by the craftsman's workbench, focusing on four main themes: craftsmanship heritage, superior materials, lasting commitment, and regional ties [1] - The workshop experience will run until June 1, allowing artisans from various product categories to engage with the public [1] Group 2: Birkenstock Performance - Birkenstock reported a strong performance in the second quarter of fiscal year 2025, with revenue increasing by 19% year-on-year and net profit soaring by 47% [2] - The company's revenue reached €574 million, with growth across all regions, channels, and product categories [2] - The Asia-Pacific market showed the strongest performance, generating €47.8 million in revenue, a 30% increase year-on-year [2] Group 3: Biyinlefen Financial Results - Biyinlefen achieved a revenue of ¥4.004 billion in 2024, reflecting a year-on-year growth of 13.24% [3] - Despite revenue growth, the company's net profit declined by 14.28% due to increased market competition, rising costs, and higher advertising expenditures [3] - The company continues to implement a multi-brand strategy, maintaining the leading market share for its T-shirts for seven consecutive years [3]