比音勒芬服饰股份有限公司 关于修订《公司章程》的公告 证券代码：002832 证券简称：比音勒芬 公告编号：2025-034 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。 2025 年 9 月 29 日，比音勒芬服饰股份有限公司（以下简称"公司"）第五届董事会第十次 会议审议通过《关于修订<公司章程>的议案》，现将具体情况公告如下： 一、关于修订《公司章程》的情况 根据《中华人民共和国公司法》《上市公司章程指引》和中国证监会《关于新<公司法>配 套制度规则实施相关过渡期安排》的相关要求和规定，为进一步提升公司规范运作水平，完善 公司治理结构，公司不再设置监事会，由董事会审计委员会行使《公司法》规定的监事会的职 权，公司《监事会议事规则》相应废止，公司各项制度中涉及监事会、监事的规定不再适用。 依据上述相关规定，以及结合公司实际情况，拟对《公司章程》的相关条款进行修订，具体修 订内容如下： | 修订前 | 修订后 | | --- | --- | | | 第八条 董事长为代表公司执行公司事务的董事，是公司 | | | 的法定代表人。 | | 第八条 董事长为公司 ...

Core Insights - Biemlofen, a domestic brand, has successfully captured the market of middle-aged male consumers, particularly in lower-tier cities, and has achieved continuous revenue and profit growth for 13 years from 2011 to 2023 [2][4] - The brand's high gross margin of 79.08% surpasses that of luxury brands like Hermes and LVMH, indicating strong profitability [2] - In 2023, Biemlofen made significant acquisitions and set ambitious revenue targets, but faced challenges in maintaining profit margins due to rising sales expenses [6] Company Overview - Founded by entrepreneur Xie Bingzheng in 2003, Biemlofen initially focused on the niche market of golf apparel and strategically positioned its stores in high-traffic areas to attract affluent business customers [4][5] - The brand has been labeled as "the favorite of middle-aged men" and is often compared to high-end brands like Ralph Lauren, despite its local origins [2][4] Financial Performance - Biemlofen's revenue crossed the 40 billion RMB threshold in 2024, but net profit declined from 9.11 billion RMB in 2023 to 7.81 billion RMB [6] - Sales expenses reached 16.13 billion RMB in 2024, accounting for 40% of revenue, with advertising costs doubling [6] Market Challenges - The brand is facing a shift in consumer preferences, with younger generations showing less interest in traditional luxury apparel and favoring experiential spending [8] - Biemlofen's market share in the golf apparel segment has decreased from 82% to 69% due to increased competition from brands like FILA and Descente [16] Strategic Initiatives - To attract younger consumers, Biemlofen has rebranded its logo, changed its marketing strategy, and introduced new product lines targeting a younger demographic [9][10] - The company is also investing in a new headquarters and production capabilities, which has raised concerns about its business model and financial sustainability [13][14] Future Outlook - Biemlofen aims to expand into the down jacket market, collaborating with China National Geography for a new product line, but faces stiff competition from established players [16] - The company's leadership transition to a younger generation may bring fresh perspectives, but the effectiveness of these changes remains to be seen [9][16]

Core Viewpoint - The company has approved the use of up to RMB 2.4 billion of idle funds for cash management, aiming to enhance investment returns while ensuring operational safety [1][5]. Group 1: Cash Management Approval - The company convened its fifth board meeting on September 29, 2024, where it approved a proposal to increase the cash management limit using idle self-owned funds [1]. - The approved cash management limit is valid for 12 months from the date of the board's approval, allowing for rolling use of funds within this limit [1]. Group 2: Investment in Financial Products - The company plans to invest in low-risk financial products, ensuring that these investments do not affect normal operations or the safety of funds [2][5]. - As of the announcement date, the company has invested a total of RMB 1 billion in financial products that have not yet matured [6]. Group 3: Risk Control Measures - The company will analyze and monitor the financial products' performance and take necessary actions if adverse factors are identified [4]. - The internal audit department will oversee the use and custody of cash management funds, reporting to the board's audit committee [4]. - The supervisory board has the authority to supervise and inspect the use of funds, with the option to hire professional institutions for auditing if necessary [4]. Group 4: Impact on the Company - The investment in short-term financial products is designed to generate additional investment returns without disrupting the company's daily operations [5]. - This strategy aims to improve the efficiency of fund utilization and provide greater returns for the company and its shareholders [5].

证券代码：002832 证券简称：比音勒芬 公告编号：2025-032 比音勒芬服饰股份有限公司 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响。 针对投资风险，拟采取措施如下： 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 ...

Group 1 - The 15th National Games will be grandly opened in Guangzhou on November 9, 2025, serving as a significant opportunity to promote national fitness and high-quality development of the sports industry [2] - The first batch of "city partners" in Guangzhou has been announced, with the high-end sports outdoor apparel brand Biyinlefen becoming a "super partner" [2] - Biyinlefen's chairman expressed that the partnership reflects the company's recognition and aims to enhance strategic cooperation with the city, contributing to the success of the National Games [2][3] Group 2 - The hosting of the National Games is expected to bring substantial development opportunities to Guangzhou [2] - Biyinlefen plans to leverage the momentum of the National Games to organize city landmark fashion shows and forums, promoting the integration of fashion with sports and technology [2] - The chairman of Biyinlefen expressed hopes for athletes to perform at their best and acknowledged the efforts of all those involved in the National Games [3]

Core Viewpoint - The brand Biemlfdlkk, known for its high-end positioning and targeting high-net-worth middle-aged men, faces challenges as it experiences its first decline in net profit since its listing, despite previous strong performance in revenue and profit margins [3][15][31]. Group 1: Brand Positioning and Market Strategy - Biemlfdlkk has successfully captured a niche market among high-income middle-aged men, particularly golf enthusiasts, by combining sports elements with fashion and social contexts [4][8]. - The brand's logo and name create a perception of being a European luxury brand, appealing to the identity concerns of its target demographic [4][10]. - The company has strategically placed its stores in high-net-worth areas such as airports and high-speed rail stations, with product pricing set to meet the expectations of middle-class and above business men [7][10]. Group 2: Financial Performance - In 2023, Biemlfdlkk reported revenue of 35.36 billion yuan, a year-on-year increase of 22.58%, with a gross margin of 79.08% in its apparel category [2][12]. - However, the company faced a decline in net profit in 2024, with a reported 14.28% decrease to 7.8 billion yuan, despite revenue growth to 40 billion yuan [15][31]. - The increase in sales expenses, particularly in advertising, has contributed to the profit decline, with sales expenses reaching 16.13 billion yuan in 2024, a 22.96% increase [16][31]. Group 3: Market Challenges and Competition - The overall apparel market in China has slowed, with a mere 0.1% increase in retail sales for clothing in 2024, impacting Biemlfdlkk's performance [23]. - Increased competition from both domestic and international brands in the high-end sportswear market has emerged, with brands like FILA and Descente entering the golf apparel segment [24][25]. - Biemlfdlkk's pricing strategy is no longer a significant advantage, as competitors offer similar products at comparable prices [26]. Group 4: Brand Evolution and Future Direction - The company is attempting to appeal to younger consumers by changing its logo and engaging younger brand ambassadors, but initial sales results indicate limited success [18][21]. - Biemlfdlkk has pursued a multi-brand strategy by acquiring international luxury brands, but these efforts have not yet translated into significant growth [27][30]. - The brand faces a dilemma in balancing its established identity with the need to attract a new generation of consumers who prioritize design and quality over traditional luxury markers [31][32].

Group 1 - The report highlights an increase in the daily return volatility of actively managed equity funds heavily invested in overseas computing power since August 25, indicating a rising correlation with the overseas computing power index since June [1][22][23] - The report suggests that the adjustment level of actively managed equity funds focused on overseas computing power chains will not significantly impact the leading companies in this sector [1][24] - The report identifies a divergence in market views on the main overseas computing power chain, with a notable increase in investment during the Q2 pullback period [1][22][23] Group 2 - The report indicates that the sentiment indicators based on the number of consecutive limit-up stocks and promotion rates are crucial for assessing short-term market sentiment [2][25][26] - In a bull market, the average consecutive limit-up stocks can maintain around 6, with promotion rates typically above 25%, showing a strong positive correlation with the next-day performance of limit-up stocks [2][25][26] - The report notes that certain sectors, such as photolithography machines and AI-related industries, are currently performing strongly, driven by policy support and technological advancements [2][27][28] Group 3 - The report on the construction materials sector suggests that the recent interest rate cut by the Federal Reserve may benefit undervalued construction material stocks, particularly in the Xinjiang region [18][21][22] - The report emphasizes the expected increase in demand for cement due to major infrastructure projects in Xinjiang, with significant growth in fixed asset investment [18][21][22] - Key companies to watch in the construction materials sector include Qingsong Construction and Tianshan Shares, which are expected to benefit from these trends [18][21][22] Group 4 - The report on the computer industry discusses the emergence of AI agents and their potential to reshape the software payment landscape in China, with a focus on cost reduction and high ROI applications [17][21][22] - It highlights that the gap between domestic and international AI capabilities is expected to narrow by Q4 2024, with several Chinese companies launching competitive products [17][21][22] - The report anticipates a significant transformation in the white-collar labor market due to the empowerment of AI agents across various industries [17][21][22] Group 5 - The report on Zhongtian Technology indicates a positive trend in Q2 performance, with revenue growth of 10.19% year-on-year and a notable increase in net profit [36][37] - The company is expanding its presence in the AI sector and has several significant projects in the pipeline, particularly in offshore wind power [36][37] - The report projects a strong future growth trajectory supported by a robust order backlog in the energy network sector [36][37]

公司报告 | 半年报点评 比音勒芬（002832） 证券研究报告 持续推进高端化、国际化及年轻化 公司发布半年报 25Q2 公司营收 8 亿，同比+22%，实现归母净利 0.8 亿，同比-29%；25H1 公司营收 21 亿，同比+9%，实现归母净利 4 亿，同比-14%。 2025H1 公司线上营收 2 亿，同增 72%，毛利率 78%。直营营收 14 亿，同 增 11%，毛利率 78%。加盟营收 4.6 亿，同减 10%，毛利率 70%。 推进国际化、高端化、年轻化、标准化，品牌矩阵发力 公司全面提升品牌力、产品力、渠道力，快速扩大市场份额，夯实高端服 饰集团头部地位。 公司将坚持变革，提升品牌形象;全面拥抱 AI，加快数字化运营;深耕品类， 强化比音勒芬"T 恤小专家"；加大品牌建设力度，赋能品牌价值持续增长； 系统性提升渠道力，打造单店模型:加大优秀人才引进，打造具有国际视野 的管理团队。面对复杂的市场环境，公司将始终坚持高端定位和长期主义， 努力改善经营，提升业绩。 在品牌方面精准把握住高尔夫和高尔夫服饰神形特征 通过差异化定位，在品牌、产品、风格、文化等方面形成独有品牌特性。 高尔夫文化作为比音勒 ...

Financial Performance - The company has distributed a total cash dividend of 1.736 billion CNY since its listing, maintaining a stable profit distribution plan to enhance shareholder returns [3][8] - In 2025, the company has already distributed 285 million CNY in dividends [5] Shareholder Concerns - Investors inquired about the lack of share buyback plans despite having idle cash, to which the company stated that any future buyback plans would be disclosed in accordance with regulations [2][3] - The company acknowledged the impact of macroeconomic factors and market risks on stock prices, emphasizing the importance of investor awareness regarding these risks [5][8] Strategic Initiatives - The company aims to enhance its brand image and market share through internationalization, high-end positioning, and a multi-brand strategy [4][9] - Plans include optimizing marketing management, improving store layouts, and increasing brand promotion efforts to drive revenue growth [6][9] Market Positioning - The company is focused on maintaining a high-end market position while adapting to changing consumer preferences, particularly targeting younger demographics [4][9] - The introduction of new brands and expansion into high-end shopping centers are part of the strategy to capture market share from competitors [4][9] Digital and E-commerce Strategy - The company reported a 71.82% year-on-year increase in e-commerce revenue for the first half of 2025, with an e-commerce gross margin of 77.87% [7] - Efforts are being made to enhance online channel layouts and improve customer shopping experiences through collaborations with e-commerce platforms [7][9] Operational Challenges - Concerns were raised about the company's inventory management, with a high inventory-to-revenue ratio indicating potential inefficiencies [6][9] - The company is committed to optimizing inventory turnover and improving resource allocation to enhance operational efficiency [6][9]

Core Viewpoint - The article highlights the strategic move of the Chinese apparel brand, Biyinlefen, towards high-end and international markets, particularly through the launch of its 2025 goose down jacket series in collaboration with "China National Geography" [1] Group 1: Market Positioning and Strategy - Biyinlefen aims to leverage the high-quality goose down sourced from Xinjiang, which is recognized for its superior quality and rarity, to establish a strong presence in the high-end outdoor market [3][5] - The company plans to upgrade all its down jackets to goose down jackets starting from the autumn and winter of 2025, emphasizing a long-term commitment to quality and innovation [7][9] - The brand's strategy includes a focus on high-quality, multifunctional, and aesthetically pleasing outdoor apparel, aligning with the evolving consumer demand for outdoor clothing [9][10] Group 2: Quality and Standards - Biyinlefen is committed to enhancing the quality of its products through rigorous sourcing and manufacturing processes, ensuring that its goose down meets high standards [5][6] - The company is also working on establishing higher industry standards for Chinese goose down apparel in collaboration with authoritative organizations [6] Group 3: Brand Development and Future Plans - The brand is positioning itself as a leader in the "outdoor new aristocracy" lifestyle, aiming to convey a high-end outdoor sports lifestyle centered around golf [10] - Plans include expanding the outdoor product line and opening independent outdoor stores to showcase the new product offerings and lifestyle [10] - Biyinlefen's vision is to create value for consumers and elevate the perception of Chinese apparel on the global stage, emphasizing the importance of cultural and quality development [10]