BIEM(SZ:002832) Xin Jing Bao·2025-12-24 02:39Core 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]