公司研究丨点评报告丨比音勒芬（002832.SZ） [Table_Title] 2025Q1 略低预期，多品牌增长可期 报告要点 丨证券研究报告丨 [Table_Summary] 比音勒芬 2024 年实现营收 40.0 亿元，同比+13.2%，归母净利润 7.8 亿元，同比-14.3%。其 中 Q4 实现营收 10.0 亿元，同比+35.7%，归母净利润 0.2 亿元，同比-87.9%。2025Q1 实现 营收 12.9 亿元，同比+1.4%，归母净利润 3.3 亿元，同比-8.5%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 比音勒芬（002832.SZ） cjzqdt11111 [Table_Title2] 2025Q1 略低预期，多品牌增长可期 [Table_Summary2] 事件描述 比音勒芬 2024 年实现营收 40.0 亿元，同比+13.2%，归母净利润 7.8 亿元，同比-14.3 ...

SHEIN为代表的按需时尚已成为时尚行业发展的必然趋势，波士顿咨询(BCG)在发布的报告《敏捷供应 链：时尚行业竞争优势新源泉》中分析，敏捷供应链已经成为时尚行业竞争优势新源泉。 SHEIN近年来仍在以广州为核心持续投资超百亿加码一体化智慧供应链，持续布局"按需时尚"的柔性供 应链体系。多年来，SHEIN持续深入赋能服装工厂进行数字化转型，助力传统制造业升级。为了实现信 息的高效流转，SHEIN通过技术工具赋能工厂进行全流程的信息化改造，从开发、生产、仓储、物流等 各环节进行全链路的信息化升级，让上下游的信息流转、匹配和协同变得更高效、更精准，从而带来了 整体效率的提升。 本报讯(记者袁传玺)近日，第三方电商数据分析平台ECDB最新数据显示，SHEIN(中文名：希音)超过沃 尔玛和耐克，成为在线时尚新领军电商。SHEIN快速发展的背后，是SHEIN品牌以数字化按需柔性供应 链为代表的技术创新，以及持续升级推出平台模式实现双引擎发展。SHEIN为代表的新一代"按需电 商"模式，既可以为消费者提供多元且高性价比的时尚产品，又从源头减少浪费，是时尚产业可持续发 展的必然趋势。 公开信息显示，SHEIN近年来仍在以广 ...

智通财经记者 方卓然 智通财经编辑 彭朋 爆款古法金饰品几度卖到断货、排队进场两小时起步、频频涨价却挡不住消费者的热情……去年以来， 老铺黄金成为上海豫园内人气最旺的商铺之一。事实上，老铺黄金的火热只是一个缩影，黄金珠宝消费 是去年以来上海消费中的一大亮点。 2025年5月16日，上海市黄浦区正式对外发布《关于建设上海国际珠宝时尚功能区的三年计划（2025- 2027）》（以下简称"《三年计划》"），根据计划，至2027年底，将力争实现功能区建设体系的高效运 行，生态功能的多元复合，产业价值的提质扩容。 上海拥有黄金、钻石、宝玉石三大国家级要素交易市场，"上海金"、"纽约金"、"伦敦金"并称为世界三 大黄金交易市场。 智通财经从上海市商务委获悉，2024年，上海市限上金银珠宝类零售额达到了366.32亿元，占全市社会 消费品零售总额的2.04%，占全国限上金银珠宝类零售总额的11.1%。而整个上海黄金珠宝消费"浓 度"最高、产业能级最高、资源要素最为集中的区域便是黄浦区。 为支持三年计划的高效落实，上海黄浦还发布了《关于建设上海国际珠宝时尚功能区的行动方案》，围 绕集聚产业资源、提升国际影响力、推动创新发展、 ...

如今年轻人的穿搭流行趋势，早就从浮于表面的追赶时尚元素，升级为更内核的猛攻价格战，万物皆可穿平替。 "奶奶风"麻花毛衣，被他们爆改成拉夫劳伦的老钱风同款；相比于遥不可及的爱马仕，20块的帆布包立省几十万，还领先同龄人三十年走上人生巅峰。 当你以为年轻人已经盘明白了这消费领域，一种叫做"外贸货"的时尚单品，以最低5元一件、甚至论斤卖的架势，在年轻人之间偷偷蹿红。 网友们口中的外贸货，其实是专属于妈妈那辈的一种时尚单品，这种外贸商店开在城市的大街小巷里，衣服成堆卖，还能大胆砍价。"在北京人的印象 中，外贸货还是20年前北京动物园批发市场里，10块钱一件的T恤，和20元一双的船儿鞋。" 在社交平台上，外贸货的定位大致被分为三种：尾货、QC货、样板衣。 图源：安和 起初，抠门学满级的年轻人先是在网购平台上发现，大量沾了"外贸"二字的商品，标价几乎都不超过百元，它们连模特图都没有，只被平摊着或随意挂 起。 "20多的蕾丝开衫、30多的鳄鱼皮纹样包包、40多的针织连衣裙……仿佛梦回县城两元店，走路过不要错过，买不了吃亏，买不了上当。" 有人甚至只花了15元，就淘到一身重工刺绣的连衣裙，20元就买到了一斤的韩系、欧美风饰品 ...

Core Viewpoint - ZARA's closure of its Jinan Henglong Plaza store after 14 years highlights the brand's ongoing adjustments in the Chinese market, reflecting broader trends in the fast fashion industry [2][6][9]. Company Summary - The Jinan Henglong Plaza store, ZARA's largest in the city, will close on May 26 due to the expiration of its lease and business adjustments [2][4]. - ZARA's presence in Jinan has diminished, with only two stores remaining in the province after the closure, indicating a significant reduction in market share [6][7]. - ZARA's overall store count in China has decreased from 183 in 2018 to 65 as of May 2023, representing a decline of over 60% in seven years [7]. Industry Summary - The fast fashion sector is experiencing a shift towards store optimization, with brands like ZARA and Uniqlo focusing on enhancing store profitability rather than expanding store numbers [12][14]. - The rise of e-commerce, local brands, and changing consumer preferences are contributing to a decline in the appeal of traditional fast fashion, prompting brands to adapt their strategies [14]. - The competitive landscape in the apparel industry has intensified, necessitating a focus on quality, consumer experience, and differentiated offerings to maintain market relevance [14].

Core Insights - Huangpu District is promoting the Shanghai International Jewelry Fashion Functional Zone with 24 specific financial support policies aimed at enhancing the jewelry fashion industry [1][2] - Shanghai is positioned as a key market for gold and jewelry consumption in China, serving as a hub for both international brands entering the Chinese market and local brands expanding globally [1] Financial Support Policies - Up to 5 million yuan in rewards for international jewelry fashion institutions to establish a presence in the area [2] - Design workshops can receive up to 1 million yuan in funding [2] - E-commerce platforms and pop-up models can receive up to 3 million yuan in support for live e-commerce bases, with an additional 200,000 yuan for industry-academia-research collaboration [1][2] Development Goals - The functional zone aims to become a center for gold and jewelry trading, design, consumption, and innovation by 2027, covering an area of 4.13 square kilometers [1] - The three-year plan (2025-2027) focuses on efficient operation, diverse ecological functions, and enhanced industrial value [2] Industry Impact - The initiative is expected to integrate Eastern aesthetics with global jewelry fashion resources, creating a comprehensive industrial ecosystem [2] - The President of the World Jewelry Federation praised Shanghai's global influence in the jewelry fashion industry and expressed optimism for the functional zone's development [2]

每经记者｜杨弃非 每经编辑｜刘艳美 图片来源：摄图网_501280081 赶上餐饮业上市潮，经历4年波折的绿茶集团有限公司（以下简称"绿茶餐厅"），终于即将于明天登陆港股。 对于这一餐饮品牌中的"初代网红"，食客们的态度略显复杂。 根据灼识咨询数据，2023年，在人均价格50元到100元的中式休闲餐厅品牌中，按餐厅数量排名，绿茶餐厅位于行业第三；按收入排名则位于行业第四。 但同时，"面包诱惑"和"绿茶烤鸡"等十年如一日的招牌菜，常被诟病"菜品老旧"；社交媒体上，绿茶餐厅又总是跟"预制菜"等讨论绑定。 而论及它最具争议的标签，或许要属"杭帮菜"。 老饕们还记得，10余年前，绿茶餐厅曾代表浙江餐饮的辉煌时期，它不断占据全国各大商场的黄金宝地，也让不少人对西湖醋鱼、龙井虾仁有了最早的味 觉记忆。但前两年，一道"变味"的西湖醋鱼，不仅让杭州被冠以"美食荒漠"的称号，本就缺乏鲜明形象和响亮招牌的浙江菜，也连带"遭殃"。 近年来，浙江不仅高调喊出"重振浙菜招牌"，还推动"味美浙江·百县千碗"工程。作为曾经杭帮菜的代表，成功上市之后，"网红"绿茶还能打吗？而随 着"舌尖"不断撬动"脚尖"消费增量，台州、衢州等"宝藏美食城市 ...

| | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | ☑其他 （福建辖区上市公司投资者网上集体接待活动） | | 参与单位名 | 线上参加"福建辖区上市公司投资者网上集体接待"活动的全体投资者 | | 称及人员 | | | 时间 | 日（周三）14:00~17:00 2025 年 5 月 14 | | 地点 | （http://rs.p5w.net） "全景路演"网站 | | 上市公司接 | 董事会秘书陈平女士、财务总监范启云先生 | | 待人员姓名 | | | 投资者关系 | 1、公司接下来有没有回购增持计划？ | | | 您好，公司 2024 年 7 月审议通过的回购股份方案正在执行中。截 | | 活动主要内 至 | 2025 年 4 月 30 日，公司累计回购股份 28,813,206 股，占公司目前 | | 容介绍 | 总股本的比例为 4.09%，最高成交价为 6.50 元/股，最低成交价为 4.74 | | | 元/股，交易金额为 158,544,724. ...

Core Insights - The rise of Birkenstock shoes, often referred to as "ugly shoes," has become a new favorite among the middle class, with significant social media engagement, including over 1.09 million posts and 1 billion views on Xiaohongshu [1][7] - Birkenstock shoes are characterized by their comfort and functionality, appealing to a generation that prioritizes ease over traditional aesthetics [4][12] - The brand has seen a surge in popularity, with sales figures indicating nearly 24 million pairs sold annually in the UK and a strong presence in the Chinese market, where it has consistently ranked in the top 12 for sales on Tmall [7][5] Market Trends - The trend towards comfort has led to a broader acceptance of casual footwear, with various brands launching their own versions of comfortable sandals and slides, indicating a shift in consumer preferences [19][23] - Birkenstock's market value has skyrocketed, surpassing $10 billion shortly after its IPO, reflecting the brand's strong market position and consumer demand [5][10] - The emergence of a "slouchy old money" aesthetic has made Birkenstock shoes a staple in modern fashion, blending comfort with a sense of understated elegance [18][4] Consumer Behavior - Younger consumers are increasingly rejecting the notion of suffering for beauty, favoring products that offer comfort without compromising style [19][21] - The popularity of Birkenstock shoes is not just limited to casual settings; they are being integrated into various aspects of daily life, from work to outdoor activities, showcasing their versatility [10][16] - Social media has played a crucial role in shaping consumer perceptions, with platforms like Xiaohongshu driving the narrative around Birkenstock as a fashionable yet comfortable choice [1][11]

Core Concept - The summer fashion of 2025 embodies a dance between strength and softness, a dialogue between nature and urbanity, and a perfect balance of individuality and comfort, reshaping the philosophy of dressing for self-expression [1] Group 1: Power Aesthetics - Summer fashion can blend power and elegance, as demonstrated by Ralph Lauren and Alberta Ferretti, with lightweight materials and tailored silhouettes that redefine traditional office wear [3] - The use of colors like mint green and smoky pink in suits allows for versatility between professional and casual settings, marking a new identity for urban women [3] Group 2: Bohemian Freedom - The Bohemian style in 2025 is characterized by free expression, with earthy tones and irregular prints that tell stories of wanderlust [5] - Layering techniques, such as pairing ethnic print shirts with denim, create a balance between casual and adventurous aesthetics [5] Group 3: Watercolor Tones - Low-saturation watercolor tones are becoming the healing protagonists of summer wardrobes, offering a soft and dreamy aesthetic [6] - The emphasis on color harmony in outfits enhances the overall visual appeal, creating a poetic essence in everyday wear [6] Group 4: Luxurious Tweed - Chanel is redefining tweed for summer with lighter fabrics and vibrant colors, breaking the traditional association of tweed with colder seasons [8] - The versatility of tweed pieces allows for elegant transitions from work to leisure, showcasing a blend of classic and modern styles [8] Group 5: Ethereal Sheer Fabrics - Sheer fabrics are making their way into everyday fashion, providing a sense of lightness and elegance [9] - Styling tips focus on maintaining a cohesive look with monochromatic layers to enhance the romantic feel of sheer garments [9] Group 6: Floral Garden Aesthetics - Summer floral patterns are bolder and more vibrant, moving away from delicate spring designs to create a striking visual impact [11] - The principle of "main character thinking" emphasizes the importance of floral dresses as statement pieces in summer wardrobes [11] Group 7: Retro Polka Dots - Polka dots are evolving from a sweet motif to a symbol of attitude, with varying sizes and densities creating distinct styles [11] - The combination of polka dots with tailored pieces allows for a modern twist on vintage aesthetics [11] Group 8: Nautical Stripes - Nautical stripes are returning with richer color palettes, moving beyond traditional blue and white to include cream and deep hues [12] - The simplicity of striped pieces makes them versatile for both casual and professional settings [12] Group 9: Accessory Revolution - Accessories are taking center stage in 2025, with layering techniques enhancing visual interest and personal expression [13] - The focus on bold accessories allows for a statement-making approach to styling, transforming simple outfits into standout looks [13] Group 10: Self-Expression Through Fashion - Summer fashion in 2025 emphasizes clothing as a medium for self-expression, reflecting confidence, freedom, and healing [13] - The importance of finding pieces that resonate with personal identity is highlighted, encouraging a unique approach to daily dressing [13]