比音勒芬（002832）动态点评 控股股东之一致行动人拟增持，开启发 展新篇章 2026 年 03 月 03 日 公 司 研 究 / 纺 织 服 饰 / 证 券 研 究 报 告 【事项】 控股股东之一致行动人拟增持，彰显发展信心。2/27 日晚，公司公告 控股股东之一致行动人谢邕先生（公司总经理，公司控股股东谢秉政 先生之子），计划未来 6 个月内，以集中竞价方式增持公司股份合计 1- 2 亿元，增持股份数量不超公司总股本的 2%。此前谢邕先生未持有公 司股份，同时本次增持不设置固定价格区间。 【评论】 从经营布局看，2025 年公司梳理各个品牌定位，继续强化品牌建设与 推广。1）比音勒芬主品牌：以生活高尔夫为核心理念，演绎生活 PREMIUM、户外 MOTION 和时尚 TRENDY 三大系列，精准切中新 一代精英群体从通勤社交到户外旅行的全场景需求。品牌持续推进年 轻化战略，升级终端门店形象，并通过与艺术家 Hattie Stewart 联名 进行情绪价值营销，强化高端品牌心智与壁垒。2）比音勒芬高尔夫： 深挖高端专业运动市场潜力，产品兼具专业与时尚度，满足中产人群 对高端运动服饰的着装需求。品牌也与哈佛 ...

Core Viewpoint - The article discusses the significant fluctuations in the international gold market and highlights how the Chinese jewelry brand Lao Feng Xiang has successfully navigated these challenges through a strategic partnership with a young celebrity, demonstrating a potential model for transformation in the industry [2][23]. Market Dynamics - In early 2026, the gold market experienced extreme volatility, with spot gold prices soaring by 21% to reach a historical peak of $5,598 per ounce, followed by a rapid decline of nearly $670 within 30 hours, marking a maximum drop of 12.92%, the largest single-day decline since 1983 [2][4]. Industry Challenges - The gold jewelry industry faced declining sales and increasing inventory challenges due to fluctuating raw material prices and cautious consumer sentiment, leading to an overall sluggish market [4][11]. Strategic Response - Lao Feng Xiang appointed young actor Ding Yuxi as its global brand ambassador on January 17, 2026, aligning the brand's image with contemporary aesthetics and appealing to younger consumers [5][12]. - Following the announcement, Lao Feng Xiang's total sales exceeded 75 million yuan on the same day, and the sales for Ding Yuxi's product line reached 609 million yuan within two weeks, showcasing the brand's potential for transformation [7][11]. Brand Transformation - Lao Feng Xiang's shift towards a younger demographic began years prior, with strategic moves such as participating in ChinaJoy and collaborating with popular IPs, indicating a long-term commitment to cultural relevance [13][14]. - The brand recognized that younger consumers value emotional resonance and cultural identity over mere material worth, prompting a transition from being a craftsman to a cultural dialogue partner [17]. Global Expansion - Lao Feng Xiang is not only focusing on domestic market changes but is also accelerating its international strategy, with plans to open stores in Southeast Asia and explore markets in the Middle East and North America [19]. - The brand's participation in global fashion events and collaborations with luxury brands reflects its ambition to broaden its lifestyle presence and appeal to a global audience [19][21]. Brand Value Recognition - Lao Feng Xiang has received multiple accolades, including a rise in brand value to 816.12 million yuan, reflecting its successful modernization and internationalization strategies [21].

【开篇引言】 2026年伊始，国际黄金市场持续上演着剧烈的价值波动。 因美联储降息预期的反复变化，地缘政治的持续紧张，以及全球通胀预期的多重博弈，现货黄金价格在短短两周内暴涨21%，触及每盎司5598美元的历史峰 值。 随后又在30小时内暴跌近670美元，最大跌幅达12.92%，创下1983年以来单日最大跌幅纪录。 黄金珠宝行业的销量也随之陷入波动，不少黄金珠宝品牌面临着需求收缩、库存增大的挑战，市场整体呈现出低迷的态势。 在原材料价格动荡、消费者观望情绪弥漫的市场背景下，一家拥有178年历史的中国黄金珠宝品牌的举动，却引发了截然不同的热度。 金价动荡下的年轻化破局 2026 年1月17日，老凤祥正式官宣青年演员丁禹兮出任品牌全球代言人。作为精准拿捏角色灵魂的青年演员，丁禹兮稳扎稳打的专业态度以及时尚大气的公 众形象，与老凤祥致力于将中式美学融入当代生活的理念高度契合。 I 2 2 : 34.50 . . 1 = 1 and and . IL T t AM e RLDW 3 < 老师 # SINCE1848 0 在国际金价波动的背景下，消费者对于黄金的购买行为也变得更加谨慎，黄金珠宝品牌的营销举措往往需要承担 ...

Core Viewpoint - The traditional liquor brand Niulanshan is facing significant challenges despite the booming market for light bottle liquor, with a projected net loss of 116 million to 188 million yuan in 2025, marking a shift from profit to loss for the company [2] Group 1: Company Performance - In the first three quarters of 2025, Niulanshan's revenue decreased by 19.79% to 586.9 million yuan, and its net profit attributable to shareholders plummeted by 79.85%, with a net loss exceeding 19.3 million yuan in the fourth quarter, representing the worst performance in recent years [2] - The white liquor segment, which accounts for 78.51% of the company's revenue, is identified as the main culprit for the poor performance [2] Group 2: Market Challenges - The implementation of new national standards for liquor in 2022 has led to a crisis for Niulanshan's flagship product, "Bai Niu Er," which was reclassified as "flavored liquor" due to the addition of food flavoring, resulting in a dramatic drop in sales from 416,900 kiloliters to 246,400 kiloliters in 2023, with a further decline of 33.05% in the first half of 2025 [3] - The light bottle liquor market has shifted from a "blue ocean" to a "red ocean," with competitors like Fenjiu and Luzhou Laojiao entering the market and attracting quality-seeking consumers, while Niulanshan's low-price strategy struggles to maintain its market share [3] Group 3: Distribution and Consumer Trends - Long-term reliance on a "big merchant system" has led to price transparency and frequent low-price diversion by distributors, resulting in a 23.36% decline in distribution revenue in 2025 [4] - The traditional consumer base of Niulanshan, primarily blue-collar workers, has been negatively impacted by the real estate sector's adjustments, while younger consumers prefer lower-alcohol, visually appealing, and situational drinks, making it difficult for traditional high-alcohol light bottle liquor to attract their attention [4] Group 4: Strategic Response - In early 2026, Niulanshan launched a new product, the 36-degree Jinbiao Niulanshan light-flavored liquor, targeting younger consumers with a price range of 58-78 yuan, which received positive feedback online shortly after its launch [5] - Industry experts suggest that Niulanshan faces dual pressures of cyclical and structural challenges and must implement brand segmentation, transparency in production processes, and channel reforms to overcome its difficulties [5] - The pork business of its parent company, Shunxin Agriculture, has seen a reduction in losses in 2025, but it is insufficient to offset the drag from the liquor business [5] Group 5: Industry Context - The challenges faced by Niulanshan reflect a broader anxiety within the liquor industry during a period of deep adjustment, highlighting the need to balance tradition and innovation amid consumer upgrades and the rise of younger demographics [6] - The story of Niulanshan illustrates that there are no permanent national liquors, only enduring consumer demands, and the current crisis presents an opportunity for brand rejuvenation through product innovation and channel transformation [6]

Core Viewpoint - The company is undergoing a strategic adjustment and product innovation to navigate through market fluctuations and industry transformation, focusing on "health" and "youth" as key themes for long-term value creation [1][4]. Group 1: Financial Performance and Strategic Adjustments - In 2025, the company's traditional brewing product sales were impacted by seasonal changes, leading to a decline in sales volume [1]. - The company has adopted a "steady progress" operational approach, adjusting product shipment schedules and managing channel inventory to ensure product freshness and price stability [1]. - The revenue decline in the fourth quarter has significantly narrowed, indicating a solid foundation for future sales and channel health [1]. Group 2: Product Innovation and Health Focus - The company has identified "health" and "high cost-performance" as the main lines for product development since 2025, resulting in the launch of the "Original Leaf Fresh Brew" series [2]. - This new product line features zero trans fatty acids, zero plant-based fats, and zero artificial flavors, with the light milk tea series innovatively using liquid fresh milk to achieve "seven zero additives" [2]. - The introduction of the "Functional" new product, "Ancient Five Red" warm milk tea, expands the boundaries of health-oriented products [2]. Group 3: Brand Image and Marketing Strategy - The company is revitalizing its brand image through youth-oriented communication, moving away from traditional advertising to engage with younger consumers [3]. - Initiatives include pop-up stores in cities, collaborations with youth influencers, and establishing offline brand experience stores [3]. - The company is also expanding its distribution channels, targeting emerging markets and customizing products for snack retail channels, effectively increasing sales [3]. Group 4: Overall Strategic Direction - The company is committed to "maintaining integrity, steady progress, and innovation" as its annual theme, focusing on reconstructing products through health and rebuilding connections through youth [4]. - Despite short-term performance pressures, the company's investments in core product competitiveness, channel health, and brand future are seen as key drivers for overcoming cycles and achieving value recovery [4]. - The shift towards health consumption is recognized as a significant trend, marking the beginning of the company's journey towards the next development stage [4].

2月4日，台铃在无锡制造基地隆重举办以"百万好车.火眼苍穹"为主题的第100万辆苍穹下线仪式，并正式宣布与 AG电子竞技俱乐部达成战略合作，通过多元举措引领行业价值竞争，开拓市场增长新格局。 产环节的透明化，彰显对全链路品控的底气。 官宣AG电竞战队合作，跨界联动共创新竞界 台铃苍穹实现百万下线，树立行业价值竞争新范式 仪式现场，台铃集团执行总裁孙木楚与AG电子竞技俱乐部代表一同揭幕，宣告第100万辆台铃苍穹正式下线。 "苍穹不仅仅是一款车，更是台铃战略定力与创新精神的集中体现。"执行总裁孙木楚指出，苍穹以原创的"双灯机 甲"设计语言，开创了两轮电动车全新的美学与功能品类。台铃苍穹实现百万辆下线，充分证明了市场对于优质原 创产品的渴求，证明了价值路线的巨大生命力。 台铃集团执行总裁孙木楚 "这个'100万'的数字，意义非凡。对台铃而言，这是一次重要的跨越，但更是新征程的起点。而对整个两轮电动 车行业而言，这'一小步'，或许是迈向高质量发展、树立价值竞争新范式的一大步。"他在致辞中表示。 与此同时，百万下线的达成也建立在台铃对产品品质的持续追求之上。活动中通过直播镜头，全网观众得以"云参 观"台铃生产线与获国家 ...

十分钟再谈预制 菜之十二——清 远鸡的发展，在 鸡，更在时代_ 南方+_南方plus 导人1972年在国 宴上的亲自背 书。这些当然珍 贵，但它们更像 是躺在博物馆里 的勋章。而现在 的年轻人，下班 回家连锅都不想 洗，你跟他说这 只鸡有八百年历 史，他可能更关 心鸡胸肉进空气 炸锅会不会柴， 或者是能不能五 分钟内变出一碗 热汤。 清远的朋友常 说，清远鸡是中 国第一鸡。这话 当然有来头。但 在"无鸡不成 宴"的口号喊了 上千年后，我们 不得不面对一个 扎心的现实：在 刷着短视频、吃 着"白人饭"的年 轻人眼里，这只 曾让尼克松赞不 绝口的鸡，会不 会已经显得 太"重"了？ 这种"重"，不是 分量，而是包 袱。 过去我们定义第 一鸡，讲的是血 统，是宋代的养 殖史，是国家领 所以，清远鸡的 高质量发展，在 于品质，也在于 时代的位置。清 远鸡需从历史故 事里走出来，真 正钻进现代生活 被切碎的时间 里。真正的高 手，不能只会讲 故事。 的。 法国的布雷斯 鸡，是自带法律 光环的蓝血贵 族，红冠白羽蓝 脚，每一处都写 进AOC保护条 款；意大利的玉 米鸡像个偏执的 理科生，从饲料 到周期，全都标 准化；日本名 ...

Core Viewpoint - The article discusses the recent advertising strategies of the clothing brand Qipai, highlighting its attempts to regain market relevance through bold marketing campaigns, despite facing criticism for its aesthetic choices and messaging [1][4][8]. Marketing Strategies - Qipai has launched a new advertising campaign featuring seven world champion endorsers with the slogan "Wear Qipai, have style," which has sparked significant social media discussion [1]. - The brand has a history of controversial advertising, including previous campaigns that have been criticized for their design and messaging [4][8]. - In 2024, Qipai plans to invest at least 100 million yuan annually in brand promotion, targeting over 50 major domestic cities and 600 high-speed rail advertising screens [8][9]. Market Position - Qipai operates in a competitive landscape alongside other high-end menswear brands like Jiumuwang and Seven Wolves, with a focus on formal wear priced around 2000 yuan per suit [10]. - The brand has approximately 3,500 stores, ranking second in store count among menswear brands in China, but has not disclosed its revenue figures [11]. - Qipai's target market is primarily in lower-tier cities, with a customer base that skews towards younger and older individuals from small towns [11]. Industry Trends - The menswear market, particularly for formal suits, is experiencing a decline, with a projected annual decrease of 0.7% from 2021 to 2025 [12]. - Competitors are increasingly offering business casual options, and Qipai's marketing efforts aim to maintain brand influence amidst this shift [13]. Brand Identity and Challenges - Qipai's current marketing strategies, including its slogan and visual design, have been criticized for lacking clarity and appeal to younger consumers [16]. - The brand has unique product offerings, such as the "Chinese standing collar" design, which are currently underutilized in its marketing [14]. - Qipai's marketing agency, Hua Yu Hua, has been noted for its focus on impactful messaging, but its approach may not resonate with the evolving preferences of modern consumers [15]. Future Plans - Qipai aims to increase its presence in top commercial venues, with plans to enhance its store coverage from 8% to 46% in major shopping centers [17]. - The brand is also exploring innovative store formats and product lines, including a new "Qimen Light Luxury Trend Store," although its initial location choice has raised questions about strategic focus [17].

Core Insights - Anta Sports is experiencing a mid-life crisis, facing challenges in maintaining growth and relevance in a rapidly changing market, particularly among younger consumers [2][3][11] Company Overview - Anta has evolved from a small local brand to the third-largest sportswear group globally, primarily through strategic acquisitions, including FILA, Amer Sports, and other international brands [2][5] - The brand matrix includes high-end and outdoor brands, with FILA being a significant contributor to revenue, generating over 20 billion RMB at its peak [2][5] Current Challenges - Since 2023, FILA has seen a slowdown in revenue growth, and Anta's main brand is struggling to attract younger consumers, indicating a shift in market dynamics [3][11] - The company is perceived to be losing its edge in trend sensitivity, which is critical in appealing to the Gen Z demographic [3][11] Strategic Moves - Anta is attempting to rejuvenate its brand image by acquiring Jack Wolfskin for $290 million, aiming to fill gaps in the mid-range outdoor market that appeal to younger consumers [4][11] - There are rumors of a potential acquisition of Puma, reflecting Anta's urgency to connect with the youth market, as Puma has strong brand recognition among younger demographics [4][6] Digital and E-commerce Initiatives - Anta has partnered with Musinsa, a Korean e-commerce platform, to leverage its established presence among young consumers, with Anta holding a 40% stake [8][10] - Musinsa's business model focuses on a diverse range of brands and emphasizes online engagement, which aligns with Anta's strategy to reach younger audiences [8][9] Market Positioning - Anta's multi-brand strategy has historically been effective, but the integration of younger brands like Jack Wolfskin and potentially Puma poses challenges in maintaining brand identity and operational coherence [11][12] - The company must adapt its operational strategies to resonate with the evolving preferences of younger consumers, moving beyond traditional acquisition methods [12][13]

Group 1: Innerwear Market Overview - The innerwear industry in China is experiencing "micro-growth and strong differentiation" in the first half of 2025, with a slow recovery in the consumer market [3] - The impact of consumption downgrade has led to weak demand in the mid-to-high-end segment, resulting in many companies facing the challenge of "increasing revenue without increasing profit," with net profit declines generally exceeding revenue drops [3][4] - Offline store optimization is significant, with companies like Anlifang closing 50 stores, while online channels are becoming growth engines, as evidenced by Urban Beauty's e-commerce repurchase rate of 25% [3] Group 2: Luxury Brands in China - The global personal luxury goods market is expected to remain stable in 2025, but the Chinese market is projected to contract by 3-5%, making the fourth quarter particularly crucial [5] - Since October, luxury brands have significantly increased their activities in China, including the opening of flagship stores and immersive experience events, with over 38 brands renovating or opening stores [5] Group 3: Brand Dynamics - Biyinlefen is undergoing a transformation to attract younger high-net-worth individuals, moving from a focus on the "golf" demographic, but faces challenges with increased sales expenses and inventory pressure [6] - Hailan Home has initiated an "A+H" dual-platform capital layout to address performance fluctuations and inventory pressures, with online revenue only accounting for 20.54% of total revenue [7] - Lilang is leading the drafting of the first domestic group standards for water-repellent down jackets, aiming to promote functional and professional development in the down jacket market [9] Group 4: Investment in Gold Market - The handmade gold art brand "Linzhao Jewelry" has received a strategic investment of over 100 million yuan, which will be used for product innovation and brand upgrades, emphasizing original design and craftsmanship [10]