近日，比音勒芬发布2025年半年度报告，这也是公司董事长谢秉政之子谢邕接任总经理后的首份成绩 单。报告显示，上半年实现营业收入21.03亿元，同比增长8.63%；归母净利润4.14亿元，同比下降 13.56%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 黄业收入(元) | 2, 103, 333, 211, 36 | 1, 936, 317, 061. 29 | 8.63% | | 归属于上市公司股东的净利 | 414, 228, 282, 65 | 479, 199, 793, 18 | =13.56% | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 (元) | 390, 422, 654. 21 | 459, 078, 103. 28 | -14.96% | | 经营活动产生的现金流量净 | 336, 002, 677. 08 | 532, 532, 905. 09 | -36. 90% | | 额(元) | | | | | 基本每股收益(元/股) | 0.73 | 0. 84 | -13. ...

Core Viewpoint - The company reported a revenue increase of 13.24% for 2024, but net profit decreased by 14.28%, marking the first annual decline in net profit since its listing in 2016 [1][3]. Financial Performance - Total revenue for 2024 reached 4.004 billion yuan, up from 3.536 billion yuan in 2023 [2]. - Net profit attributable to shareholders was 780.69 million yuan, down from 910.75 million yuan in the previous year [2]. - The company's cash flow from operating activities decreased by 42.10% to 750.26 million yuan [2]. - Basic and diluted earnings per share fell to 1.37 yuan, a decline of 14.38% [2]. - Total assets increased by 7.05% to 7.202 billion yuan, while net assets attributable to shareholders rose by 3.74% to 5.080 billion yuan [2]. Sales and Marketing Strategy - The company has intensified brand building and market expansion efforts, leading to increased marketing expenses [4]. - Direct sales channels contributed 2.568 billion yuan in revenue, a 7.2% increase, while franchise channels saw a 24.1% increase to 1.139 billion yuan [4]. - Online sales grew by 35.0% to 263 million yuan, although they only accounted for 6.6% of total revenue [5]. Cost Structure - Sales expenses reached 1.613 billion yuan, up 22.96%, constituting 40.3% of total revenue [6]. - Advertising expenses surged by 108% to nearly 200 million yuan, while R&D expenses only increased by 1.8% to 126 million yuan [6][7]. - The company faces high inventory turnover days at 346 days, with a total inventory of 5.1867 million items [7][8]. Management Changes - The company announced a change in management, with the former general manager resigning and being replaced by the chairman's son, who is 29 years old [9][10]. Strategic Initiatives - The company is undergoing a youth-oriented transformation, including a logo change and collaborations with cultural projects to attract younger consumers [11]. - A significant investment of up to 2.3 billion yuan is planned for establishing a fashion industry headquarters in the Bay Area, with a construction period of 8 to 10 years [13].