请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司点评报告 总经理拟增持股份，彰显发展信心。公司总经理谢邕先生（董事长谢 秉政先生之子）计划 6 个月内以集中竞价方式增持公司股份，拟增持金 额 1-2 亿元，增持股份数量不超过公司总股本的 2%。谢邕先生此前未 持有公司股份，此次增持为董事长家族上市以来首次增持，充分彰显对 于公司后续中长期发展的坚定信心。 多品牌持续丰富，增持彰显信心 事件： [Table_Summary] 2026 年 2 月 27 日公司发布《关于控股股东的一致行动人增持公司股份 计划的公告》，公司总经理谢邕先生（董事长谢秉政先生之子）拟增持 金额 1-2 亿元，增持股份数量不超过总股本 2%。 点评： 投资建议：公司目前已成为中高端多品牌集团，比音勒芬主品牌持续升 级稳健增长，K&C 及威尼斯狂欢节等品牌满足多元需求，打造多增长 极。董事长家族增持充分彰显对未来的发展信心。预计 2025—2027 年 归母净利润同比-12%/+15.5%/+16.4%至 6.9/7.9/9.2 亿元，对应目前估值 为 13/12/10 倍，给予其"买入"评级。 风险提示： ...

Core Viewpoint - The company, Biyinlefen, has decided to dissolve and liquidate the Guangzhou Houde Zaiwu Industrial Investment Fund Partnership due to the achievement of its investment objectives and the need to optimize management costs and improve operational efficiency [1][3]. Group 1: Company Actions - Biyinlefen's board approved the dissolution and liquidation of the partnership during its 13th meeting of the fifth board session [1]. - The company holds a 99.86% stake in the partnership, with a total investment of 74.89 million yuan out of 75 million yuan [3]. - The liquidation will involve cash distribution to other partners and the transfer of assets, including 100% equity stakes in Hong Kong-based Kerryte Limited and Hong Kong Yingfeng Zerun Limited to Biyinlefen [3]. Group 2: Financial Performance - The partnership has reported significant losses, with net losses of 44.22 million yuan in 2023, 81.18 million yuan in 2024, and 37.08 million yuan in the first half of 2025 [5]. - Biyinlefen's overall financial performance has been declining, with a 14.28% decrease in net profit in 2024 despite a 13.24% increase in revenue [7]. - In the first three quarters of 2025, the company achieved a revenue of 3.20 billion yuan, a 6.71% increase year-on-year, but net profit fell by 18.70% [7]. Group 3: Management Changes - The company appointed Xie Yang, the son of the chairman, as the new general manager following the resignation of the previous general manager, Shen Jindong [6][8]. - Xie Yang has prior experience in the company and in the trading sector, indicating a potential shift in management strategy [8]. Group 4: Market Position - Biyinlefen has faced challenges in the market, being removed from the Shenzhen Component Index and experiencing a significant drop in stock price since May 2023 [8]. - The company's market capitalization has fallen below 10 billion yuan, down from a peak of 20 billion yuan after its A-share listing in 2017 [8].

Core Viewpoint - The recent half-year report from the company shows a revenue increase but a decline in net profit, indicating challenges in maintaining profitability despite sales growth [1][4]. Financial Performance - The company achieved a revenue of 2.103 billion yuan in the first half of 2025, representing an 8.63% year-on-year increase [2]. - The net profit attributable to shareholders was 414 million yuan, down 13.56% compared to the previous year [2]. - The net profit after deducting non-recurring gains and losses was 390 million yuan, a decrease of 14.96% [2]. - Operating cash flow was 336 million yuan, reflecting a significant decline of 36.90% year-on-year [5]. Sales and Expenses - Sales expenses reached 871 million yuan, up 15.51% year-on-year, with significant increases in employee compensation, store operation costs, and e-commerce operation costs [5][6]. - The company’s gross profit margin for direct sales was 77.9%, while the franchise channel saw a decrease in revenue by 10.34% with a gross margin of 69.5% [7][8]. Strategic Initiatives - The company is focusing on e-commerce, with online sales revenue growing by 71.82% to 214 million yuan, maintaining a gross margin of 77.87% [8]. - The new general manager, who is the son of the chairman, is leading a strategic transformation towards youthfulness and internationalization [11][12]. - The company aims for a tenfold revenue increase over ten years, targeting 30 billion yuan to 300 billion yuan, with a focus on internationalization, high-end positioning, and appealing to younger consumers [12][14].