Core Viewpoint - Biemlfdlkk, a local clothing brand, has achieved significant sales success despite its unremarkable brand image and design, targeting middle-aged male consumers with high brand loyalty and a focus on high-quality T-shirts [4][6][23]. Group 1: Company Overview - Biemlfdlkk's headquarters is located in Panyu District, Guangzhou, surrounded by various industrial parks and garment companies [3]. - The brand's annual sales have reached 4 billion yuan, with a target customer base of middle-aged men earning around 30,000 yuan per month [6][12]. - The company has maintained a gross profit margin above 70% since 2020, earning it the nickname "the Moutai of clothing" [7][12]. Group 2: Financial Performance - In 2024, Biemlfdlkk reported a 14.28% decline in net profit, marking the first annual drop since its IPO in 2016 [45]. - The company's net profit for Q1 2025 was 331 million yuan, down 8.47% year-on-year, with inventory increasing by 28.2% to 888 million yuan [46][48]. - The 2024 financial report showed a revenue increase of 13.24% to approximately 4 billion yuan, but net profit decreased to 780 million yuan [47]. Group 3: Market Position and Strategy - The brand's market position is threatened by increased competition in the high-end sportswear sector, particularly from brands like Li Ning and FILA [48]. - Biemlfdlkk aims to transform into a global luxury goods group, having acquired two high-end international menswear brands for 700 million yuan in 2023 [49][54]. - The company is focusing on high-quality materials and has positioned itself as a "T-shirt expert," with T-shirts accounting for nearly 50% of its revenue [21][29]. Group 4: Target Demographics - The primary customer demographic for Biemlfdlkk consists of men aged 35-55, with a significant portion being over 40 years old and earning above 30,000 yuan monthly [29][41]. - The brand has cultivated a "silent market" among middle-aged, affluent men, who are less vocal on social media but possess strong purchasing power and brand loyalty [24][41]. Group 5: Brand Evolution and Future Direction - The founder, Xie Bingzheng, has emphasized the importance of appealing to younger consumers as a long-term strategy, recently signing a younger celebrity as a brand ambassador [11][64]. - The company is navigating a transition period with the appointment of Xie Bingzheng's son as the new general manager, adding complexity to its strategic direction [61][63]. - Biemlfdlkk's branding strategy has historically focused on high-end positioning, but it faces challenges in adapting to a more transparent and information-driven consumer landscape [65].

Overview - The golf apparel market in China is experiencing significant growth, with a projected market size of 1.495 billion yuan in 2024, representing a year-on-year increase of 6.86% [1][12] - The expansion of the middle class and rising national income levels are driving demand for golf products, particularly apparel [1][12] - The golf apparel segment is expected to benefit from supportive policies and changing consumer trends, indicating a promising growth trajectory [1][12] Market Policies - The Chinese government has implemented various policies to support the development of the apparel industry, including the textile industry, which positively impacts the golf apparel sector [4][6] - Key policies include the "Overall Plan for the China (Xinjiang) Pilot Free Trade Zone" and the "Textile Industry Quality Improvement Implementation Plan (2023-2025)" aimed at enhancing brand value and promoting sustainable practices [4][6] Industry Chain - The golf apparel industry consists of upstream suppliers of raw materials (natural and synthetic fibers), midstream design and production, and downstream sales channels including brand stores and e-commerce platforms [7] Market Demand - The number of golf consumers in China is expected to exceed 1.8 million in 2024, with a core consumer base of 730,000, providing strong growth momentum for the golf apparel market [9] Competitive Landscape - The golf apparel market in China is characterized by a mix of domestic and international brands, with international brands holding a significant market share, especially in the high-end segment [14][15] - Major domestic brands include 比音勒芬 (Biyinlefen) and 金狐狸 (Gold Fox), which focus on high-end and specialized golf apparel [15][18] Development Trends - There is a growing trend towards personalized and customized golf apparel, catering to consumer preferences for unique styles and functionalities [24] - The integration of fashion elements into golf apparel is becoming mainstream, appealing to younger consumers who seek stylish yet functional clothing [24]

Core Viewpoint - The chairman of Biyinlefen, Xie Bingzheng, emphasized that the company still has significant growth potential despite recent performance challenges and a reduction in dividends [2][3]. Financial Performance - Biyinlefen experienced its first negative net profit growth since its listing, with a continuous decline in stock price, resulting in a market value that has shrunk by over 50% from its peak [3][11]. - The company reported a gross margin exceeding 70%, which has been consistently growing for 12 years from 2012 to 2023 [3]. Dividend Policy - The company plans to maintain annual cash dividends but will not significantly increase the payout, focusing instead on the company's operational conditions [7][11]. - There was investor dissatisfaction regarding the halving of dividends despite the company having substantial cash reserves [6][11]. Brand Strategy - The brand's strategy for youthfulness aims to appeal to younger consumers while retaining its existing customer base, rather than shifting focus entirely to a younger demographic [9][10]. - Xie Bingzheng believes that the growth potential in the Chinese men's clothing market is still vast, citing examples of other brands like Anta that have achieved significant sales growth [10][11]. Market Position - Biyinlefen is positioned as a leading brand in the high-end segment of the market, with a unique genetic advantage that makes it difficult for other brands to compete effectively [11].

Group 1 - The company held a shareholder meeting on June 11, 2025, with both on-site and online voting options available [1][2] - A total of 492 shareholders and their representatives attended the meeting, representing 283,740,202 shares, which is 49.7173% of the total voting shares [2] - The meeting was presided over by the company's chairman, Mr. Xie Bingzheng, and was witnessed by lawyers from Beijing Guofeng Law Firm [1][2] Group 2 - The following proposals were approved during the meeting: - The 2024 Board of Directors' work report received 283,092,602 votes in favor, accounting for 0.0563% of the total voting rights [3] - The 2024 Supervisory Board's work report was approved with 283,075,402 votes in favor, representing 0.0634% of the total voting rights [4] - The 2024 financial settlement report was approved with 283,095,802 votes in favor, which is 0.0538% of the total voting rights [4] - The profit distribution plan for 2024 received 282,984,802 votes in favor, accounting for 0.0480% of the total voting rights [5] - The 2025 Directors' remuneration plan was approved with 282,861,602 votes in favor, representing 0.0697% of the total voting rights [6] - The 2025 Supervisors' remuneration plan received 282,904,902 votes in favor, which is 0.0655% of the total voting rights [6] - The 2024 annual report and its summary were approved with 283,003,402 votes in favor, accounting for 0.0655% of the total voting rights [7] Group 3 - The legal opinion provided by Beijing Guofeng Law Firm confirmed that the meeting's procedures complied with relevant laws and regulations, and the voting results were deemed valid [8]

证券代码：002832 证券简称：比音勒芬 公告编号：2025-022 比音勒芬服饰股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （2）现场会议地点：广州市番禺区南村镇兴业大道东 608 号比音勒芬商业 办公楼 8 楼会议室 （3）会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 （4）会议召集人：公司董事会 （5）现场会议主持人：公司董事长谢秉政先生 （6）本次会议的召集、召开与表决程序符合《公司法》《上市公司股东会 规则》《深圳证券交易所股票上市规则》及《公司章程》等法律、法规、规范性 文件及公司制度的规定。 2、会议出席情况 （1）股东出席的总体情况： （1）会议召开时间 现场会议时间：2025 年 6 月 11 日（星期三）14:30 开始 网络投票时间：2025 年 6 月 11 日 通过深圳证券交易所互联网投票系统投票时间：2025 年 6 ...

2024 年度股东大会的 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于比音勒芬服饰股份有限公司 法律意见书 国枫律股字[2025]A0317 号 致：比音勒芬服饰股份有限公司（贵公司） 北京国枫律师事务所（以下称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年度股东大会（以下称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民 共和国证券法》（以下称"《证券法》"）、《上市公司股东会规则》（以下称"《股东 会规则》"）、《律师事务所从事证券法律业务管理办法》（以下称"《证券法律业务管理办 法》"）、《律师事务所证券法律业务执业规则（试行）》（以下称"《证券法律业务执业规 则》"）等相关法律、行政法规、规章、规范性文件及《比音勒芬服饰股份有限公司章程》 （以下称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席 会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2025-021 比音勒芬服饰股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 比音勒芬服饰股份有限公司（以下简称"公司"）于 2024 年 9 月 29 日召开 第五届董事会第五次会议、第五届监事会第四次会议，会议审议通过了《关于增 加使用闲置自有资金进行现金管理额度的议案》，同意公司及子公司在不影响正 常生产经营和确保资金安全的情况下，使用不超过人民币 24 亿元的闲置自有资 金进行现金管理。此次审议的现金管理额度期限自董事会通过之日起 12 个月内 有效，在上述额度及有效期内，资金可滚动使用。具体内容详见 2024 年 9 月 30 日公司指定信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》 和巨潮资讯网（www.cninfo.com.cn）的相关公告。 一、购买理财产品的基本情况 公司与上表所列受托方无关联关系。 二、风险控制措施 尽管公司会选择低风险理财产品投资，但金融市场受宏观经济的影响较大， 不排除该项投资受到市场波动的影 ...

Trading Information Summary - On May 23, 2025, the stock price of Biyinlefen (002832) closed at 16.28 yuan, down 1.51%, with a turnover rate of 2.25%, trading volume of 87,600 shares, and a transaction amount of 144 million yuan [1] - On the same day, the fund flow for Biyinlefen showed a net inflow of 1.681 million yuan from institutional investors, a net inflow of 1.6311 million yuan from retail investors, and a net outflow of 3.3121 million yuan from individual investors [4] Company Announcement Summary - Biyinlefen's board of directors approved a proposal to increase the use of idle self-owned funds for cash management, allowing up to 2.4 billion yuan to be used within 12 months from the date of approval [2] - The company recently purchased a structured deposit product from Shanghai Pudong Development Bank, amounting to 200 million yuan, with an expected annualized return of 0.85%-2.25%, and the product is set to mature on August 21, 2025 [2][4] - As of the announcement date, the total principal amount of idle self-owned funds invested in financial products that have not yet matured is 1.3 billion yuan, including this recent purchase [2]

证券代码：002832 证券简称：比音勒芬 公告编号：2025-020 比音勒芬服饰股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 | 受托方 | 产品名称 | | 产品类 | 金额 | 起息日 | 到期日 | 预期年化收益 | 资金来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 型 | （万元） | | | 率 | | | 上海浦东 | 利多多公司稳 | | | | | | | | | 发展银行 | 利 | 25JG6899 | 保本浮 | | 2025.5. | 2025.8 | | | | 股份有限 | 期（三层看涨） | | 动收益 | 20,000 | 22 | .21 | 0.85%-2.25% | 自有资金 | | 公司广州 | 人民币对公结 | | 型 | | | | | | | 东湖支行 | 构性存款 | | | | | | | | 一、购买理财产品的基本情况 公司与上表所列受托方无关联关系。 二 ...

Core Viewpoint - The report by China Galaxy Securities on Biyinlefen highlights the company's leadership in high-end fashion sportswear and its multi-brand international expansion strategy, initiating coverage with a "buy" rating [1] Group 1: Company Overview - Biyinlefen, established in 2003, focuses on high-end golf and outdoor sports apparel, operating multiple brands including Biyinlefen, Biyinlefen Golf, and international brands like KENT & CURWEN and CERRUTI 1881 [2][3] - The company has shown consistent revenue growth, with a CAGR of 20.38% from 2015 to 2024, achieving revenue of 4.404 billion yuan in 2024, a year-on-year increase of 13.24% [2] - Net profit increased from 123 million yuan in 2015 to 781 million yuan in 2024, with a CAGR of 22.80%, although it saw a decline of 14.28% in 2024 due to new brand investments and brand rejuvenation efforts [2] Group 2: Brand Strategy - The company is implementing a multi-brand strategy to establish itself as a leader in niche apparel markets, with Biyinlefen targeting the lifestyle and affordable luxury segments, while Biyinlefen Golf focuses on professional golf apparel [3] - Recent acquisitions of KENT & CURWEN and CERRUTI 1881 aim to enhance brand diversity and international presence, complementing Biyinlefen's existing brand portfolio [3][4] Group 3: Sales Channels - Biyinlefen has a strong offline channel presence, combining direct sales and franchising, with 2024 direct sales revenue reaching 2.568 billion yuan, accounting for 64.12% of total sales [4] - The franchise channel experienced a 24.14% growth in 2024, contributing 28.45% to total sales, while e-commerce sales grew by 35.03% to 263 million yuan, representing 6.57% of total sales [4] - The company operates 1,294 physical stores as of 2024, with a net increase of 39 stores year-on-year [4] Group 4: Investment Outlook - The company focuses on high-end apparel design, brand management, and supply chain optimization, aiming to meet the diverse dressing needs of elite consumers [5] - Despite short-term profit pressures, the company is expected to maintain steady growth in its main brand and expand its international brand presence, with projected net profits of 703 million yuan, 799 million yuan, and 901 million yuan for 2025, 2026, and 2027 respectively [5] - The current market valuation corresponds to 13.38, 11.78, and 10.44 times the estimated earnings for 2025, 2026, and 2027 [5]