Core Viewpoint - The article discusses the significant decline in the market value of the company 比音勒芬, which was once highly regarded in the high-end golf apparel sector, highlighting the challenges it faces in maintaining profitability and appealing to younger consumers [2][4][11]. Group 1: Market Performance - 比音勒芬's stock price has dropped over 50%, from a peak of 35.77 yuan per share to 15.61 yuan per share, resulting in a market capitalization reduction from over 200 billion yuan to approximately 89.09 billion yuan [4][5]. - The company's revenue reached a record high of 40.04 billion yuan in 2024, but the growth rate slowed from 22.58% in 2023 to 13.24% in 2024 [11]. - The net profit for the company decreased by 14.28% year-on-year, marking the first negative growth in net profit since its listing [11]. Group 2: Leadership and Strategy - The company is undergoing a leadership transition with the appointment of谢邕, the son of the founder, as the new general manager, aiming to drive the brand's youth-oriented transformation [3][12]. - The company plans to enhance its brand image, embrace digital transformation, and strengthen its product categories while maintaining a high-end positioning [12]. Group 3: Consumer Base and Brand Positioning - 比音勒芬 targets middle and upper-income consumers, with a focus on high-quality, high-margin products, maintaining a gross margin above 70% [2][10]. - The brand's products are priced between 1,500 yuan and 8,000 yuan, appealing to a demographic that is less sensitive to price and more loyal to brands [10][9]. - Despite efforts to attract younger consumers, the brand remains relatively unknown among this demographic, with its core customer base primarily consisting of individuals over 40 years old [7][9]. Group 4: Challenges and Future Outlook - The company faces challenges such as increasing inventory levels, which rose nearly 50% year-on-year to 9.5 billion yuan, indicating potential sales difficulties [11]. - The management acknowledges the need for a long-term strategy to engage younger consumers, despite current sales being predominantly driven by older customers [14].

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 股价崩跌，80亿服装大佬急了。 股价跌跌不休之际，号称"A股服装界茅台"的比音勒芬最新召开的股东大会引发投资者高度关注，吸引 了大量中小股东及私募机构参加。 在股东大会上，比音勒芬实控人、董事长谢秉政"火力全开"，爆出了一系列劲爆发言。 针对近期公司股价大跌，谢秉政说道 ："股价跌下来我也着急，但无可奈何，我自己也亏了很多，去年 公司员工持股计划的亏损都是我垫的。" 回到市场层面，比音勒芬股价持续下挫，6月20日盘中，其股价再度创出阶段性新低，截至收盘，跌幅 为1.39%，报15.6元，相较于2023年5月的高点，累计跌幅达56%。 从市值层面来看，2023年5月，比音勒芬创下历史高点，总市值一度高达210亿元，此后便一路崩塌至 如今的89亿元，累计蒸发121亿元。 市值蒸发的同时，比音勒芬的业绩也不尽如人意。据财报显示，2024年，比音勒芬的归母净利润是 7.81亿元，同比减少14.28%，这是其上市以来净利润的首次负增长，也是12年来首次年度净利润负增 长。 进入2025年，比音勒芬的业绩颓势仍在延续。据一季报显示，今年一季度，公司 ...

中国银河（601881）证券股份有限公司郝帅近期对比音勒芬（002832）进行研究并发布了研究报告《公司首 次覆盖：高端时尚运动领军，多品牌国际化布局》，首次覆盖比音勒芬给予买入评级。 比音勒芬 投资建议：公司以高端服饰的研发设计、品牌运营、营销网络建设及供应链管理为主要业务，深耕主业，致 力于满足精英人群多场景的着装需求和对高品质美好生活的追求。在消费需求弱复苏的背景下，我们预计公 司主品牌维持稳健增长，国际品牌落地开店，短期利润率承压，但中长期公司在中高端男装行业中的竞争壁 垒将会继续得到夯实。预计2025/2026/2027年公司实现归母净利润分别为7.03/7.99/9.01亿元，分别同比增 长-10.00%/13.56%/12.89%。当前市值对应2025/2026/2027年估值13.38/11.78/10.44倍。首次覆盖，给予"推 荐"评级。 风险提示：终端销售低于预期的风险。库存积压导致存货减值增加的风险。渠道扩张低于预期的风险。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 近三年业绩 | 研报数 覆盖时长 | | 2025预测 | 2026预测 | 2027预测 | ...