比音勒芬（002832.SZ） 2024Q2 扣非利润同增 16%，卓越业绩领跑行业 2024Q2：收入同比+10%/扣非归母净利润同比+16%。2024Q2 公司收入为 6.7 亿元，同比 +10%，归母净利润为 1.2 亿元，同比+2%，扣非归母净利润为 1.1 亿元，同比+16%（（非常损 益 883 万元，同比减少 1320 万元，主要系政府补助同比减少 1259 万元）。盈利质量方面，2024Q2 公司毛利率同比+1.6pct 至 81.3%，我们判断主要系公司优化产品结构所致。销售/管理/财务费用 率同比分别+1.8/-0.6/-0.6pct 至 50.2%/11%/-1.8%，我们根据公司业务进度判断销售费用率增加 主要系新品牌培育开支；综合以上，2024Q2 净利率同比-1.5pct 至 17.5%。 分渠道：电商、加盟渠道收入增长靓丽，全渠道毛利率稳步提升。分渠道来看：2024H1 公司电商 /直营/加盟/其他渠道收入分别 1.25/12.77/5.17/0.17 亿元，同比分别+35%/+2%/+57%/+31%， 占比分别 6%/66%/27%/1% ； 毛 利 率 分 别 77.6%/ ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-032 比音勒芬服饰股份有限公司 关于2024年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会发布的《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求》和深圳证券交易所颁布的《深圳证券交易所上市公司自律 监管指引第1号——主板上市公司规范运作》《深圳证券交易所上市公司自律监管指南第 2号——公告格式》等有关规定，比音勒芬服饰股份有限公司（以下简称"公司"）董事 会编制了截至2024年6月30日的募集资金半年度存放与实际使用情况的专项报告。 一、 募集资金基本情况 经中国证券监督管理委员会"证监许可[2020]638号"文核准，比音勒芬服饰股份有 限公司向社会公开发行68,900万元可转换公司债券，债券每张面值100元，按面值发行， 募集资金总额为人民币689,000,000.00元，扣除承销费、保荐费及其他发行费用 10,270,660.38元（不含税金额）后净筹得人民币678,729,339.62元。该募集资金已 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,936,317,061.29, representing a 15.02% increase compared to CNY 1,683,526,532.44 in the same period last year[11]. - Net profit attributable to shareholders was CNY 479,199,793.18, up 15.25% from CNY 415,781,916.03 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was CNY 459,078,103.28, reflecting a 20.52% increase from CNY 380,921,692.27 in the previous year[11]. - The basic earnings per share increased to CNY 0.84, a rise of 15.07% compared to CNY 0.73 in the same period last year[11]. - Total operating costs for the first half of 2024 were CNY 1,389,717,953.75, compared to CNY 1,213,318,105.32 in the first half of 2023, reflecting an increase of about 14.54%[146]. - The total operating profit increased to ¥617,880,374.15, up from ¥572,348,347.51, marking an 8.0% rise year-over-year[149]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,105,113,556.26, marking a 5.61% increase from CNY 6,727,642,887.64 at the end of the previous year[11]. - The total liabilities increased to CNY 2,246,742,938.00 in the first half of 2024 from CNY 1,787,828,021.56 in the first half of 2023, representing a rise of approximately 25.67%[146]. - The total equity attributable to shareholders decreased to CNY 4,806,960,842.83 from CNY 4,896,650,107.72, a decline of about 1.8%[141]. - The company's cash and cash equivalents at the end of the reporting period amounted to ¥2,024,068,347.30, representing 28.49% of total assets, down from 32.11% the previous year[83]. Cash Flow - The net cash flow from operating activities was CNY 532,532,905.09, down 13.38% from CNY 614,780,946.88 in the same period last year[11]. - Cash flow from operating activities generated ¥532,532,905.09, a decrease from ¥614,780,946.88 in the first half of 2023[151]. - The company reported a significant cash outflow of 1,600,000,000.00 CNY related to other investment activities, reflecting strategic investments[154]. Market Strategy and Brand Development - The company operates under a multi-brand strategy, including its main brand, golf brand, and two newly acquired luxury brands: CERRUTI 1881 and KENT & CURWEN[16]. - The company aims to enhance its brand positioning through high-quality, high-tech, and innovative product designs, focusing on the elite consumer segment[15]. - The company has completed the acquisition of CERRUTI 1881 and KENT & CURWEN brands, planning to revitalize them with a focus on high-end suits and light luxury designer styles targeting younger consumers[24][25]. - The company has established a digital retail presence through flagship stores on platforms like Tmall, JD, and Vipshop, leveraging live streaming and social media for marketing[28]. Retail and Sales Performance - The company has 1,263 retail outlets, comprising 609 direct-operated stores and 654 franchised stores, covering 31 provinces and municipalities in China[28]. - In the first half of 2024, Biyinlefen's retail sales of clothing, shoes, and textiles increased by 1.3% year-on-year, while online retail sales of physical goods in the clothing category grew by 7.0%[47]. - The e-commerce segment reported revenue of CNY 124,661,570.41, with a significant year-on-year increase of 34.58%[63]. Research and Development - Research and development investment increased by 19.25% to ¥62,927,262.78 from ¥52,767,563.85 in the previous year[58]. - The company's product development process includes market data analysis, initial design, sample evaluation, and final design confirmation[27]. Risk Management - The company has outlined potential risks and corresponding countermeasures in its management discussion and analysis section[2]. - The company faces risks related to outsourcing production, which may affect product quality and delivery times[96]. - The company has implemented measures to mitigate production risks, including establishing a selection and evaluation system for garment factories and conducting quality inspections[96]. Corporate Governance and Compliance - The company emphasizes a strong governance structure to protect investor rights and ensure compliance with regulatory requirements[111]. - The company has not engaged in any major related party transactions during the reporting period[118]. - The company has maintained a clean record with no violations regarding external guarantees during the reporting period[115]. Community and Employee Engagement - The company is committed to providing a safe and comfortable working environment for employees, focusing on their health and satisfaction[112]. - The employee stock ownership plan includes 1,324 employees holding a total of 5,909,000 shares, representing 1.04% of the company's total equity[105]. - The company provided psychological health services to over 500 children and adolescents, including counseling for 26 youths and intervention in 8 crisis cases[114].

编制单位：比音勒芬服饰股份有限公司 单位：万元 非经营性资金占用 资金占用方名 称 占用方与上 市公司的关 联关系 上市公司核 算的会计科 目 2024年期初 占用资金余 额 2024年1-6月占 用累计发生金 额（不含利 息） 2024年1-6月 占用资金的利 息（如有） 2024年1-6月 偿还累计发生 金额 2024年6月末 占用资金余额 占用形 成原因 占用性质 控股股东、实际控制 人及其附属企业 小计 前控股股东、实际控 制人及其附属企业 小计 其他关联方及其附 属企业 小计 总计 其他关联资金往来 资金往来方名 称 往来方与上 市公司的关 联关系 上市公司核 算的会计科 目 2024年期初 往来资金余 额 2024年1-6月往 来累计发生金 额（不含利 息） 2024年1-6月 往来资金的利 息（如有） 2024年1-6月 偿还累计发生 金额 2024年6月末 往来资金余额 往来形 成原因 往来性质（经 营性往来、非 经营性往来） 控股股东、实际控制 人及其附属企业 上市公司的子公司 及其附属企业 CERRUTI 1881 控股子公司 其他应收款 5,003.61 3,400.00 86.60 8 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-034 比音勒芬服饰股份有限公司 关于将节余募集资金永久性补充流动资金的公告 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"）于 2024 年 8 月 29 日召开 第五届董事会第四次会议和第五届监事会第三次会议，会议审议通过了《关于将 节余募集资金永久性补充流动资金的议案》，鉴于公司公开发行可转换公司债券 募集资金投资项目（以下简称"募投项目"）已全部达到预定可使用状态，同意 将本次募集资金节余资金 2,676.21 万元永久补充流动资金（包含扣除手续费后 的利息收入，实际金额以资金转出当日专户余额为准），同时注销对应的募集资 金专项账户。公司保荐机构发表了明确的同意意见。具体内容公告如下： 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2020]638号"文核准，比音勒芬服 饰股份有限公司向社会公开发行68,900万元可转换公司债券，债券每张面值100 元，按面值发行，募集资金总额为人民币689,000,000.00元，扣除承销费、保荐 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-033 比音勒芬服饰股份有限公司 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 8 月 29 日召开第 五届董事会第四次会议及第五届监事会第三次会议，审议通过了《关于使用闲置自 有资金进行现金管理的议案》，为提高资金的使用效率，增加收益，在确保不影响 公司正常运营的情况下，公司及子公司计划使用不超过 180,000 万元闲置自有资 金进行现金管理，在上述额度内，资金可滚动使用。投资期限自董事会审议通过之 日起 12 个月内有效。 （一）投资目的 为提高资金的使用效率，公司在确保不影响正常运营的情况下，合理利用部分 自有资金进行现金管理，可以增加资金收益，为公司及股东获取更多的回报。 （二）投资额度 根据公司当前的资金使用状况，公司及子公司拟使用不超过 180,000 万元的 闲置自有资金进行现金管理。在上述额度内，资金可滚动使用。 （三）投资期限 自董事会审议通过之日起 12 个月内有效。 关于使用闲置自有资金进行现金管理的公告 （四 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-031 比音勒芬服饰股份有限公司 第五届监事会第三次会议决议公告 本公司及监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、监事会会议召开情况 比音勒芬服饰股份有限公司（以下简称"公司"）第五届监事会第三次会 议于 2024 年 8 月 29 日在广州市番禺区南村镇兴业大道东 608 号公司总部 8 楼 会议室以现场会议的方式由监事会主席史民强先生主持召开，会议通知于 2024 年 8 月 19 日以电话、电子邮件等方式向全体监事发出，应出席会议监事 3 人， 实际出席会议监事 3 人，本次监事会会议的召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 表决结果：同意 3 票，反对 0 票，弃权 0 票。 《2024 年半年度报告》详见巨潮资讯网（www.cninfo.com.cn），《2024 年 半年度报告摘要》详见《证券时报》《证券日报》《中国证券报》《上海证券报》 和巨潮资讯网（www.cninfo.com.cn）。 2、关于使用闲置自有资金进行现金 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.12 证 券 研 究 报 告 [table_Authors] 刘佳昆(分析师) 赵博(分析师) 021-38038184 010-83939831 liujiakun029641@gtjas.com zhaobo026729@gtjas.com 登记编号S0880524040004 S0880524070004 ——比音勒芬更新报告 高端运动时尚服饰龙头，业绩持续领跑行业 比音勒芬(002832) 纺织服装业[Table_Industry] /可选消费品 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 39.71 | | | 上次预测: | 39.71 | | [当前价格： Table_CurPrice] | | 20.63 | 本报告导读： 公司定位于高端运动时尚领域，产品力及品牌力优势突出，202 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 39.71 [5] Core Views - The company is a leader in the high-end sportswear and fashion industry, with strong product and brand advantages. Its 2023 performance showed impressive growth, with revenue and profit increasing by 23% and 25% year-over-year, respectively [4][13] - The company's multi-brand strategy is expected to drive growth, supported by store expansion and improved store efficiency [4] - The company has made significant progress in internationalization, acquiring luxury brands CERRUTI 1881 and KENT&CURWEN in 2023, with new products set to launch in 2024 [13] - The company's competitive advantages include its high-quality, functional, and fashionable products, rapid store expansion, and effective multi-layered marketing strategies [13] Financial Performance and Forecast - The company's revenue for 2023 was CNY 3.536 billion, with a net profit of CNY 911 million, representing year-over-year growth of 22.6% and 25.2%, respectively [10] - The report forecasts revenue for 2024-2026 to be CNY 4.187 billion, CNY 4.912 billion, and CNY 5.733 billion, with net profits of CNY 1.139 billion, CNY 1.368 billion, and CNY 1.633 billion, respectively [10][16] - The company's gross margin is expected to remain around 79% from 2024 to 2026, supported by stable discount levels [15] Industry Analysis - The golf apparel market is a niche but growing segment, with increasing participation and consumer spending driven by the rising middle class [30][35] - The company holds a dominant position in the domestic golf apparel market, with a market share of 53.02% in 2020 [45] - The company's products are increasingly being worn in casual, commuting, and business settings, expanding their appeal beyond traditional golfing scenarios [32] Competitive Advantages - The company has a strong product portfolio, including its main brand, golf series, and Venice Carnival series, which cater to different consumer segments [47][49] - The company has a robust distribution network, with 1,255 stores as of 2023, including 607 directly operated stores and 648 franchised stores [45][65] - The company's marketing strategies, including collaborations with the Forbidden City, sports sponsorships, and celebrity endorsements, have significantly enhanced its brand influence [54][59][61] Future Outlook - The company aims to achieve revenue of over CNY 30 billion by 2033, with a CAGR of approximately 24% [13] - The company plans to focus on internationalization and high-end positioning, leveraging its multi-brand strategy to drive long-term growth [13] - The company will continue to expand its store network and improve store efficiency, with a focus on both high-tier cities and lower-tier markets [65]

证券代码：002832 证券简称：比音勒芬 公告编号：2024-028 比音勒芬服饰股份有限公司 2023 年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、股东大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 2024 年 6 月 28 日召开的 2023 年度股东大会审议通过了《关于 2023 年度利润分配预 案的议案》，具体内容为：公司拟以 2023 年 12 月 31 日总股本 570,707,084 股 为基数，向全体股东按每 10 股派发现金红利 10 元(含税)，共计派发现金红利 570,707,084 元，不送红股，也不进行资本公积金转增，剩余未分配利润将结转 至下一年度。公司 2023 年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大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大会审议通过的时间未超过两个月。 二、权益分派方案 本公司 2023 年度权益分派方案为：以公司现有总股本 57 ...