一些年轻人愿意花几千上万元买个其他轻奢品牌的手饰、小提包，却很难说愿意花上千元去买件 比音勒芬 的Polo衫，有的甚至没logo，多数人压根不知 道你穿这么贵的衣服。 "知道"（nz_zhidao）跟你谈谈，"衣中茅台"高端化受阻之路背后的深意。 （IC photo/图） 近日，深市指数样本调整正式生效， 比音勒芬 被调出 深证成指 样本股名单。 比音勒芬 近两年来股价表现疲软，2024年全年跌幅达30.76%，2025年以来 跌幅为26.59%，不到两年时间股价腰斩，最新市值仅85亿元左右。 而 比音勒芬 的股价颓势与其业绩表现密切相关。2025年前三季度，公司实现营收约32.01亿元，同比增长6.71%，但归属于上市公司股东的净利润约6.2亿 元，同比减少18.7%，扣非净利润同比下滑21.36%，第三季度单季净利润及扣非净利润下滑幅度进一步扩大。 比音勒芬 一直有"衣中茅台"和"中国拉夫劳伦"之称，专注高尔夫服饰赛道，目标客群为中年商务精英，服饰定价普遍在500-5000元，核心POLO衫基本都 在千元以上。 如今看来，高尔夫服饰赛道被 比音勒芬 闯出来了。但这一条赛道也有天花板，在此背景下， 比音勒芬 ...

Core Viewpoint - Biemlfdlkk, a local clothing brand, has achieved significant sales success with an annual revenue of 4 billion yuan, despite facing challenges in brand recognition among younger consumers. The brand's target demographic is middle-aged men with high income, who exhibit strong brand loyalty and are less price-sensitive [7][18]. Group 1: Brand Positioning and Market Strategy - Biemlfdlkk is positioned as a light luxury brand, primarily targeting male consumers with a monthly salary of 30,000 yuan, focusing on high-quality, durable clothing [7][18]. - The brand has maintained a high gross margin of over 70% since 2020, with a peak gross margin of 77% in 2024, outperforming many domestic and international luxury brands [10][27]. - The brand's marketing strategy includes a long-term plan to attract younger consumers by using popular figures like Ding Yuxi as brand ambassadors, aiming to cultivate brand recognition among the younger generation [9][35]. Group 2: Financial Performance and Challenges - In 2024, Biemlfdlkk reported a net profit decline of 14.28%, marking the first annual drop since its IPO in 2016, with a further decline of 8.47% in the first quarter of 2025 [27][29]. - The company's inventory increased by 28.2% year-on-year, indicating potential overstock issues amid declining profits [27]. - The competitive landscape has intensified, with brands like Li Ning and FILA entering the high-end sportswear market, which poses challenges for Biemlfdlkk's growth [29]. Group 3: Future Directions and Leadership Transition - Biemlfdlkk aims to transform into a global luxury goods group, with a target of reaching 50 billion yuan in revenue over the next decade [31]. - The company has acquired two high-end international menswear brands, Cerruti 1881 and Kent & Curwen, to enhance its portfolio and expand into international markets [32][34]. - A leadership transition is underway, with the founder's son, Xie Yang, appointed as the new general manager, bringing fresh perspectives to the company's strategy [35].

Core Viewpoint - Biemlfdlkk, a local clothing brand, has achieved significant sales success despite its unremarkable brand image and design, targeting middle-aged male consumers with high brand loyalty and a focus on high-quality T-shirts [4][6][23]. Group 1: Company Overview - Biemlfdlkk's headquarters is located in Panyu District, Guangzhou, surrounded by various industrial parks and garment companies [3]. - The brand's annual sales have reached 4 billion yuan, with a target customer base of middle-aged men earning around 30,000 yuan per month [6][12]. - The company has maintained a gross profit margin above 70% since 2020, earning it the nickname "the Moutai of clothing" [7][12]. Group 2: Financial Performance - In 2024, Biemlfdlkk reported a 14.28% decline in net profit, marking the first annual drop since its IPO in 2016 [45]. - The company's net profit for Q1 2025 was 331 million yuan, down 8.47% year-on-year, with inventory increasing by 28.2% to 888 million yuan [46][48]. - The 2024 financial report showed a revenue increase of 13.24% to approximately 4 billion yuan, but net profit decreased to 780 million yuan [47]. Group 3: Market Position and Strategy - The brand's market position is threatened by increased competition in the high-end sportswear sector, particularly from brands like Li Ning and FILA [48]. - Biemlfdlkk aims to transform into a global luxury goods group, having acquired two high-end international menswear brands for 700 million yuan in 2023 [49][54]. - The company is focusing on high-quality materials and has positioned itself as a "T-shirt expert," with T-shirts accounting for nearly 50% of its revenue [21][29]. Group 4: Target Demographics - The primary customer demographic for Biemlfdlkk consists of men aged 35-55, with a significant portion being over 40 years old and earning above 30,000 yuan monthly [29][41]. - The brand has cultivated a "silent market" among middle-aged, affluent men, who are less vocal on social media but possess strong purchasing power and brand loyalty [24][41]. Group 5: Brand Evolution and Future Direction - The founder, Xie Bingzheng, has emphasized the importance of appealing to younger consumers as a long-term strategy, recently signing a younger celebrity as a brand ambassador [11][64]. - The company is navigating a transition period with the appointment of Xie Bingzheng's son as the new general manager, adding complexity to its strategic direction [61][63]. - Biemlfdlkk's branding strategy has historically focused on high-end positioning, but it faces challenges in adapting to a more transparent and information-driven consumer landscape [65].