8月26日，比音勒芬（股票代码：002832）发布2025年半年度业绩报告。在消费市场复杂多变的背景下，公司上半年实现营业收入21.03亿 元，同比增长8.63%，净资产收益率平均18.38%，营业利润率平均26.27%。其中，第二季度单季营业收入同比增长22.33%，展现出稳健的成 长韧性。值得注意的是，线上渠道销售收入同比大幅增长71.82%，研发投入持续提升，多品牌、全渠道战略成效显著。经营性现金流方 面，上半年公司经营现金流净额3.36亿元，截至本报告期末，可用资金达26亿元，充裕的资金储备为中长期成长积蓄动能。 核心业绩逆势增长 经营韧性凸显 在复杂的国内外市场环境下，比音勒芬交出了一份亮眼的成绩单。2025 年上半年，比音勒芬不仅实现营收稳步增长，毛利率还达到 75.92%，彰显出强大的品牌竞争力。 尽管加大了战略投入，如新品牌的培育与建设等，但仍达到4.14亿元的净利润规模，成为中国高端服装领域长期增长标杆。 深圳太子湾VILLA比音勒芬先锋旗舰店 渠道布局方面，比音勒芬加速向核心商圈渗透，入驻华润万象城等高端购物中心，开设400平米以上地标独栋旗舰店和200平米左右购物中心 店，并推出第十代终 ...

Investment Rating - The report emphasizes the importance of stabilizing the stock and real estate markets to boost consumer spending, indicating a positive outlook for the consumption sector as asset prices stabilize [3][4]. Core Insights - The relationship between asset prices and consumer spending is complex, with asset price increases leading to higher income levels and economic activity, which in turn boosts consumption [3][5]. - The report highlights that real estate assets dominate household wealth in China, making housing price stability crucial for consumer confidence and spending [3][10]. - The impact of asset price fluctuations on discretionary consumption is more pronounced than on essential consumption, with discretionary spending responding more immediately to asset price changes [24][30]. - The report identifies key investment themes in the consumption sector, including smart consumption driven by technological advancements, the preferences of Generation Z, and the aging population's consumption needs [3][32]. Summary by Sections 1. Impact of Asset Prices on Consumption - The report outlines five main effects through which asset prices influence consumption: wealth effect, expectation effect, borrowing effect, savings effect, and cultural effect [5][6]. - It notes that the wealth and expectation effects are dominant, with a growing influence from borrowing and savings effects [6][10]. 2. Differences in Impact Between Housing and Stock Prices - Housing assets significantly outweigh financial assets in Chinese households, leading to a greater impact of housing price changes on consumer behavior compared to stock prices [10][12]. - The report discusses the synchronized movements of housing and stock prices, noting that while they often rise and fall together, their effects on consumption differ [19][20]. 3. Consumption Categories and Asset Price Influence - The report categorizes consumption into essential and discretionary, stating that asset price changes have a more immediate effect on discretionary spending [24][30]. - It emphasizes the need for updated classifications of consumption categories to reflect changing consumer behaviors and preferences [30]. 4. Investment Strategies Based on Asset Price Trends - The report suggests differentiated investment strategies for high-end and mass-market products, indicating that high-end products tend to perform well in strong liquidity environments [32][34]. - It highlights the importance of aligning investment strategies with the current economic cycle and consumer trends [32][34]. 5. Sector-Specific Insights - The report provides insights into specific sectors such as high-end liquor, where the relationship between asset prices and consumption is particularly strong [39][40]. - It also discusses the performance of high-end traditional Chinese medicine products, noting their resilience despite economic fluctuations [55][58].