比音勒芬跌落神坛，被踢出深证成指样本股

Core Viewpoint - The adjustment of Shenzhen Stock Exchange indices on December 15 will result in the removal of Biyin Lefen, referred to as the "Moutai of clothing," from the Shenzhen Component Index [6] Group 1: Index Adjustment Impact - The adjustment of index sample stocks corresponds to a significant scale of funds, leading to a short-term pressure on the stock price of removed companies [3][9] - Biyin Lefen has experienced a notable decline in the secondary market, with a total drop of 30.76% in 2024 and 26.59% year-to-date, resulting in a market capitalization of only 8.76 billion yuan [3][9] Group 2: Financial Performance - In the first three quarters of the year, Biyin Lefen reported revenue of approximately 3.201 billion yuan, a year-on-year increase of 6.71%, while net profit attributable to shareholders decreased by 18.7% to about 620 million yuan [3][9] - The company's non-recurring net profit fell by 21.36% to approximately 578 million yuan, with a significant decline in both net profit and non-recurring net profit in the third quarter, down 27.42% and 32.01% year-on-year, respectively [3][9] - Sales expenses increased to 1.34 billion yuan in the first three quarters, up from 1.049 billion yuan in the same period last year, indicating that increased marketing efforts have not translated into expected sales [3][9] Group 3: Inventory and Profitability Issues - As of September 30, 2025, Biyin Lefen's inventory reached 1.128 billion yuan, a nearly 19% increase from the beginning of the reporting period [3][9] - The company has faced a situation of increasing revenue without corresponding profit, with a net profit decrease of 14.28% last year [3][9] Group 4: Brand Acquisitions - In 2023, Biyin Lefen acquired two international brands, CERRUTI1881 and KENT&CURWEN, which are currently in the investment phase [4][10] - The subsidiary responsible for these brands, Guangzhou Houde Zaiwu, is projected to incur net losses of 44.2164 million yuan, 81.1754 million yuan, and 37.07 million yuan in 2023, 2024, and the first half of 2025, respectively [4][10]