BIEM(SZ:002832) Tianfeng Securities·2025-09-22 06:13Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][5]. Core Insights - The company is focusing on high-end, international, and youth-oriented strategies to enhance brand strength and market share, aiming to solidify its position as a leading high-end apparel group [2][3]. - The company reported a revenue of 800 million yuan in Q2 2025, a year-on-year increase of 22%, while the net profit attributable to shareholders was 80 million yuan, a decrease of 29% [1]. - For the first half of 2025, the company achieved a revenue of 2.1 billion yuan, up 9% year-on-year, with a net profit of 400 million yuan, down 14% [1]. Financial Performance - Online revenue for the first half of 2025 reached 200 million yuan, a 72% increase year-on-year, with a gross margin of 78% [1]. - Direct sales revenue was 1.4 billion yuan, an 11% increase year-on-year, maintaining a gross margin of 78% [1]. - Franchise revenue was 460 million yuan, a decrease of 10% year-on-year, with a gross margin of 70% [1]. Brand Strategy - The company is implementing a multi-brand development strategy with a focus on differentiated market positioning, particularly in the professional golf apparel sector [3]. - The brand aims to resonate with younger consumers by emphasizing fashion and outdoor lifestyle products, leveraging partnerships with international brands to enhance its market presence [3]. Channel Strategy - The company has a diverse offline channel network, including high-end department stores, shopping centers, airports, golf courses, and luxury hotels [4]. - It is utilizing smart retail and integrated online-offline strategies to enhance sales efficiency and customer engagement [4]. Earnings Forecast - The revenue projections for 2025 to 2027 are 4.4 billion, 5.0 billion, and 5.7 billion yuan respectively, with net profits expected to be 711 million, 817 million, and 949 million yuan [5][10]. - The earnings per share (EPS) are forecasted to be 1.25, 1.43, and 1.66 yuan for the years 2025 to 2027 [5][10].