比音勒芬：第二季度营收同比增长22.33% 电商板块表现亮眼

Core Insights - The company reported a revenue of 2.103 billion yuan for the first half of 2025, representing a year-on-year growth of 8.63% and a net profit attributable to shareholders of 414 million yuan [1] - In the second quarter, the company achieved a significant revenue growth of 22.33%, highlighting its competitive ability and operational resilience in a complex market environment [1] - The e-commerce segment saw a substantial revenue increase of 71.82%, contributing to a high gross margin of 77.87%, marking it as a new growth driver for the company [1] Financial Performance - The overall gross margin and net profit margin for the company were reported at 75.92% and 19.69%, respectively, indicating strong brand premium capabilities despite a weak consumer environment [1] - The company maintained a robust operating cash flow with a net inflow of 336 million yuan, resulting in available funds of 2.6 billion yuan, which supports its long-term growth potential [2] Market Position and Strategy - The company continues to implement a multi-brand strategy, with five brands covering various segments of the apparel market, maintaining a leading position in the golf apparel market for eight consecutive years [2] - The company is actively embracing new trends in content e-commerce and has strategically positioned itself in interest-based e-commerce platforms like Douyin and Xiaohongshu, enhancing its brand strength [1] - The company has achieved a net increase of 34 offline stores, with 28 of them being direct-operated, further optimizing its channel structure for long-term development [1]