暴跌56%！80亿温州富豪，急了！

Core Viewpoint - The article discusses the significant decline in the stock price of the apparel company, Bi Yin Le Fen, which has been referred to as the "Maotai of the A-share apparel industry," highlighting the concerns of investors and the company's management regarding its future growth prospects [1][2]. Group 1: Stock Performance and Market Reaction - Bi Yin Le Fen's stock price has dropped significantly, reaching a low of 15.6 yuan on June 20, 2023, representing a cumulative decline of 56% from its peak in May 2023 [4]. - The company's market capitalization has fallen from a historical high of 21 billion yuan to 8.9 billion yuan, resulting in a loss of 12.1 billion yuan in market value [4]. - The company's financial performance has also deteriorated, with a reported net profit of 781 million yuan in 2024, marking a year-on-year decrease of 14.28%, the first negative growth since its listing [4][5]. Group 2: Management's Response and Future Strategy - At the shareholders' meeting, the chairman, Xie Bingzheng, expressed his concerns about the stock price decline, stating that he has also incurred significant personal losses [2][6]. - Xie emphasized that the company should not be constrained by its market value and highlighted the importance of team development, product innovation, and brand image adjustments for future growth [10]. - Despite the management's reassurances, the market remains skeptical about the company's ability to recover, as evidenced by the continued decline in stock price following the meeting [10]. Group 3: Financial Challenges and Competitive Landscape - Bi Yin Le Fen has faced increasing sales pressure, with sales expenses rising by 22.96% to 1.613 billion yuan in 2024, and the advertising expenses doubling to 196 million yuan [11][13]. - The company's net profit margin has decreased from 25.76% in 2023 to 19.51% in 2024, the lowest in five years, indicating a challenging financial environment [13]. - The apparel market is experiencing a downturn, with a mere 0.3% year-on-year increase in retail sales for clothing and textiles in 2024, compounded by intensified competition from both established and emerging brands in the golf apparel sector [14]. Group 4: Expansion Attempts and Market Sentiment - Bi Yin Le Fen has attempted to diversify by acquiring luxury brands for 720 million yuan, but these acquisitions have resulted in significant losses, with net losses of 44.2 million yuan and 81.2 million yuan in 2023 and 2024, respectively [15]. - The chairman remains optimistic about the company's growth potential, asserting that the market ceiling for men's clothing has expanded beyond previous limits [15]. - However, the market's response to these statements has been cautious, reflecting concerns over the company's ability to navigate its current challenges and uncertainties [16].