Core Viewpoint - The high-end menswear brand Bi Yin Le Fen (002832.SZ), once dubbed the "Moutai of clothing," has announced the dissolution and liquidation of its controlled investment fund, Guangzhou Hou De Zai Wu Industrial Investment Fund Partnership (Limited Partnership), due to underperforming luxury brand acquisitions [1][2]. Group 1: Fund and Acquisitions - The fund was established in 2022, with Bi Yin Le Fen contributing 748.9 million yuan, holding a 99.86% stake, primarily for acquiring global trademark rights of the French brand "CERRUTI 1881" and the British brand "KENT&CURWEN" [1]. - The company invested 57 million euros and 38 million euros for the acquisitions in 2023, aiming to promote brand internationalization [1]. - Both brands had a history of ownership changes and operational struggles before being acquired, with CERRUTI 1881 known for menswear and accessories, and KENT&CURWEN recognized for its association with David Beckham [1]. Group 2: Performance Challenges - Post-acquisition, the brands did not achieve the expected recovery, attributed to the company's lack of experience in operating high-end luxury brands and a cooling global luxury market, alongside declining demand for men's formal wear [2]. - The fund is projected to incur losses in 2024 and the first half of 2025 [2]. - The company faces dual challenges: revitalizing the two international brands and advancing the main brand's youth-oriented transformation to attract Generation Z consumers [2]. Group 3: Strategic Adjustments - By dissolving the fund, the company aims to transfer the related brand assets into the listed company structure for direct management, intending to optimize cost structure and operational efficiency [2]. - The future performance of the international brands and the success of the youth-oriented strategy will be critical factors influencing the company's development [2].

Core Viewpoint - The company has decided to dissolve and liquidate the Guangzhou Houde Zaiwu Industrial Investment Fund Partnership, marking a significant setback in its international expansion strategy after acquiring luxury brands CERRUTI 1881 and Kent & Curwen [2][3] Group 1: Company Actions and Financials - The dissolution of the Houde Zaiwu partnership is justified by the company as a means to optimize management costs and improve operational efficiency [3][7] - The company invested a total of 570 million euros and 380 million euros to acquire the global trademarks of CERRUTI 1881 and Kent & Curwen, amounting to over 700 million yuan [2][3] - The company reported a revenue of over 4 billion yuan in 2024, a year-on-year increase of 13.24%, but the net profit decreased by 14.28% [6][7] - In 2025, the company faced further challenges with a revenue increase of only 6.71% and a net profit decline of 18.7% [6][7] Group 2: Brand Performance and Market Position - CERRUTI 1881 and Kent & Curwen have struggled with operational difficulties and have not seen significant recovery post-acquisition, leading to a decline in brand value and market presence [5][8] - The brands have been described as nearly stagnant, with Kent & Curwen attempting to reopen stores in high-end shopping areas while CERRUTI 1881 has almost disappeared from the market [7][8] - The company’s main brand, once referred to as the "Moutai of clothing," is facing challenges with brand image aging and lack of product innovation, indicating a potential turning point in its development [6][8]

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 company Bi Yin Le Fen has announced the dissolution and liquidation of the Guangzhou Hou De Zai Wu 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 - Bi Yin Le Fen's board approved the dissolution of the Guangzhou Hou De Zai Wu Industrial Investment Fund Partnership during its 13th meeting of the 5th board session [1]. - The company had a 99.86% stake in the partnership, contributing 74.89 million yuan out of a total of 75 million yuan [3]. Group 2: Financial Performance - The partnership incurred net losses of 44.22 million yuan, 81.18 million yuan, and 37.08 million yuan for the years 2023, 2024, and the first half of 2025, respectively [3]. - Despite acquiring global trademark ownership of the luxury brands "CERRUTI 1881" and "KENT&CURWEN" in 2023, these acquisitions did not positively impact Bi Yin Le Fen's financial performance [3].

（文章来源：证券日报） 证券日报网讯 12月22日晚间，比音勒芬发布公告称，公司2025年前三季度权益分派方案为向全体股东 每10股派0.2元人民币现金（含税）。股权登记日2025年12月26日，除权除息日2025年12月29日。 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2025-050 比音勒芬服饰股份有限公司 2025 年前三季度权益分派实施公告 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。 一、股东会审议通过权益分派方案等情况 1．比音勒芬服饰股份有限公司（以下简称"公司"、"本公司"）于 2025 年 12 月 18 日召开的 2025 年第三次临时股东会审议通过了《关于 2025 年前三季 度利润分配预案的议案》，具体内容为：拟以公司现有总股本 570,707,084 股为 基数，向全体股东按每 10 股派发现金红利 0.2 元(含税)，共计派发现金红利 11,414,141.68 元，不送红股，也不进行资本公积金转增。公司 2025 年前三季 度权益分派以固定比例的方式分配。 2．自分配方案披露至实施期间公司股本总额未发生变化。 3．本次实施的分配方案与股东会审议通过的分配方案是一致的。 4．本次实施分配方案距离股东会审议通过的时间未超过两个月。 二、权益分派方案 本公司 2025 年前三季度权益分派方案为：以公司现有总股本 570,707,084 股为基数， ...

Core Viewpoint - The company, 比音勒芬, has shown mixed financial performance with a slight increase in revenue but a significant decrease in net profit, indicating potential challenges ahead in maintaining profitability [2]. Group 1: Financial Performance - For the period from January to September 2025, 比音勒芬 achieved operating revenue of 3.201 billion yuan, representing a year-on-year growth of 6.71% [2]. - The net profit attributable to shareholders for the same period was 620 million yuan, reflecting a year-on-year decrease of 18.70% [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.736 billion yuan, with 1.027 billion yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for 比音勒芬 was 36,400, a decrease of 4.26% from the previous period [2]. - The average number of circulating shares per shareholder increased by 4.45% to 10,687 shares [2]. - The financing balance for 比音勒芬 as of December 18 was 352 million yuan, accounting for 4.07% of the circulating market value, indicating a high level of financing activity [1]. Group 3: Business Operations - 比音勒芬 specializes in the research, design, brand promotion, marketing network construction, and supply chain management of its proprietary brand of golf apparel [1]. - The revenue composition of the company's main business includes: tops 52.93%, bottoms 21.64%, outerwear 14.68%, and others 10.11% [1]. - The company has a significant presence in the market, with a financing net buy of -5.5864 million yuan on December 18, indicating a potential shift in investor sentiment [1].

Core Viewpoint - The company has decided to dissolve the Guangzhou Houde Zaiwu Industrial Investment Fund Partnership (Limited Partnership) to optimize management costs and improve operational efficiency, as the investment objectives have been achieved [1][2]. Group 1: Fund Dissolution - The company, along with partners Ningbo Meishan Free Trade Port Area Jintianhui Investment Management Partnership (Limited Partnership) and Guangdong Yijian Investment Co., Ltd., established the fund with a total contribution of 75 million yuan, where the company contributed 74.89 million yuan, accounting for 99.86% [1]. - The decision to dissolve the fund was made after friendly consultations among all partners, and the assets will be distributed according to a signed agreement, with the company receiving 100% equity of Hong Kong Kairuite Co., Ltd. and Hong Kong Yingfeng Zerun Co., Ltd. [1]. Group 2: Financial Performance - In 2023, the company acquired the global trademark rights of two luxury brands, "CERRUTI 1881" and "KENT&CURWEN," for 720 million yuan, but these acquisitions have negatively impacted the company's performance, leading to losses of 44.2164 million yuan and 81.1754 million yuan in 2023 and 2024, respectively [2]. - For the first three quarters of the year, the company reported revenue of approximately 3.201 billion yuan, a year-on-year increase of 6.71%, while net profit attributable to shareholders decreased by 18.7% to about 620 million yuan [2].

鉴于合伙企业投资目的已实现，依据公司经营发展需要，为优化管理成本，提升运营效率，经合伙企业 全体合伙人友好协商，一致同意提前解散合伙企业并启动清算。各合伙人拟签订《基金清算及资产分配 协议书》约定，宁波金钿汇与易简投资的出资额以现金方式全额分配；待分配资产以现状全部分配给公 司，主要包括香港凯瑞特有限公司(HONG KONG CARRITT LIMITED,简称"凯瑞特")、香港盈丰泽润有 限公司(HONG KONG PLENTIFUL SHINY LIMITED，简称"盈丰泽润")的 100%股权等。 格隆汇12月18日丨比音勒芬(002832.SZ)公布，公司与宁波梅山保税港区金钿汇投资管理合伙企业（有 限合伙）（已更名为"宁波梅山保税港区金钿汇私募基金管理合伙企业（有限合伙）"，简称"宁波金钿 汇"）、广东易简投资有限公司（简称"易简投资"）共同投资设立了广州厚德载物产业投资基金合伙企 业（有限合伙），其中公司认缴出资额为74,890万元，占合伙企业出资总额75,000万元的99.86%。具体 内容详见公司披露的《关于参与投资设立合伙企业的公告》（公告编号：2022-085）、《关于公司向合 伙企业增资 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、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"或"比音勒芬"）于 2025 年 12 月 18 日召开第五届董事会第十三次会议审议通过了《关于合伙企业解散并 清算注销的议案》，同意广州厚德载物产业投资基金合伙企业（有限合伙）（以 下简称"合伙企业"）根据《基金清算及资产分配协议书》的约定对合伙企业解 散并清算注销。 一、合伙企业的基本情况 公司与宁波梅山保税港区金钿汇投资管理合伙企业（有限合伙）（已更名为 "宁波梅山保税港区金钿汇私募基金管理合伙企业（有限合伙）"，以下简称"宁 波金钿汇"）、广东易简投资有限公司（以下简称"易简投资"）共同投资设立 了广州厚德载物产业投资基金合伙企业（有限合伙），其中公司认缴出资额为 74,890 万元，占合伙企业出资总额 75,000 万元的 99.86%。具体内容详见公司披 露的《关于参与投资设立合伙企业的公告》（公告编号：2022-085）、《关于公 司向合伙企业增资暨与专业投资机构共同投资的公告》（公告编号：2023-002）。 2023 年 2 月 28 日，公司披露了《关 ...