“衣茅”不香了，“急坏”温州富商谢秉政

Core Viewpoint - The article discusses the significant decline in the market value of the company 比音勒芬, which was once highly regarded in the high-end golf apparel sector, highlighting the challenges it faces in maintaining profitability and appealing to younger consumers [2][4][11]. Group 1: Market Performance - 比音勒芬's stock price has dropped over 50%, from a peak of 35.77 yuan per share to 15.61 yuan per share, resulting in a market capitalization reduction from over 200 billion yuan to approximately 89.09 billion yuan [4][5]. - The company's revenue reached a record high of 40.04 billion yuan in 2024, but the growth rate slowed from 22.58% in 2023 to 13.24% in 2024 [11]. - The net profit for the company decreased by 14.28% year-on-year, marking the first negative growth in net profit since its listing [11]. Group 2: Leadership and Strategy - The company is undergoing a leadership transition with the appointment of谢邕, the son of the founder, as the new general manager, aiming to drive the brand's youth-oriented transformation [3][12]. - The company plans to enhance its brand image, embrace digital transformation, and strengthen its product categories while maintaining a high-end positioning [12]. Group 3: Consumer Base and Brand Positioning - 比音勒芬 targets middle and upper-income consumers, with a focus on high-quality, high-margin products, maintaining a gross margin above 70% [2][10]. - The brand's products are priced between 1,500 yuan and 8,000 yuan, appealing to a demographic that is less sensitive to price and more loyal to brands [10][9]. - Despite efforts to attract younger consumers, the brand remains relatively unknown among this demographic, with its core customer base primarily consisting of individuals over 40 years old [7][9]. Group 4: Challenges and Future Outlook - The company faces challenges such as increasing inventory levels, which rose nearly 50% year-on-year to 9.5 billion yuan, indicating potential sales difficulties [11]. - The management acknowledges the need for a long-term strategy to engage younger consumers, despite current sales being predominantly driven by older customers [14].