BIEM(SZ:002832) 经济观察报·2025-06-20 01:49Core Viewpoint - The article discusses the challenges faced by the company Bi Yin Le Fen as it attempts to transition towards a younger demographic while maintaining its existing customer base, which primarily consists of consumers aged 30 and above [5][10]. Group 1: Company Performance - Bi Yin Le Fen's market capitalization has halved from its peak of 200 billion to below 100 billion, with a closing stock price of 15.82 yuan per share as of June 19, 2023, reflecting a year-on-year decline of 0.88% [2]. - The company's net profit for 2024 is projected to be 781 million yuan, a decrease of 14.28% year-on-year, marking the first negative growth in net profit since its listing [3]. - Despite a stable net profit growth of around 20% during the pandemic, the company is now facing significant challenges in maintaining its previous performance levels [2]. Group 2: Strategic Shift - The company is initiating a series of actions aimed at brand rejuvenation, including appointing a new spokesperson from the post-95 generation, which is expected to attract younger consumers [6][9]. - The brand's pricing strategy remains targeted at middle and upper-income groups, with products priced between 1,500 and 8,000 yuan, and it aims to maintain its high-end positioning while appealing to younger audiences [8][10]. - The chairman emphasized that the brand's young transformation is a long-term strategy, focusing on making existing customers feel younger and attracting new younger consumers without necessarily lowering prices [10][11]. Group 3: Marketing and Investment - In 2024, the company increased its sales expenses by 22.96% to 1.613 billion yuan, with advertising costs surging by 108% to 196 million yuan, indicating a significant investment in marketing efforts [16][17]. - The company is also investing in new brands, having spent 700 million yuan to acquire two high-end international menswear brands, which are currently operating at a loss [17][18]. - The chairman acknowledged that while short-term losses are expected for the newly acquired brands, he remains optimistic about their long-term potential and brand recognition in the Chinese market [19]. Group 4: Future Outlook - The company aims to achieve total revenues of 3.536 billion yuan and 4.004 billion yuan for 2023 and 2024, respectively, with year-on-year growth rates of 22.58% and 13.24% [20]. - The company is focusing on building a strong team and enhancing decision-making efficiency as part of its strategy to navigate the current market challenges and ensure sustainable growth [20].