客流、场景、气温带动需求回暖，差异化细分定位优势凸显

公司卡位优质细分赛道，精准满足中产阶级消费，销售网络覆盖全国核心商圈、高铁站、机场等交通枢纽。对标海外复苏节奏，中高端品牌弹性较大；我们认为伴随商务活动恢复，叠加气温带动换季，中高端商务休闲服饰需求有望显著增长，进店客流有望持续改善。

Premium positioning: demand rise with improving footfall and temperatures 

Biem.L.Fdlkk Garments’ positioning in the premium segment allows it to more precisely fulfill middle-class customer needs, with a sales network of core business districts and high-speed rail stations, airports and other transportation hubs across China. The recovery pace in foreign markets suggests that brands positioned at the higher end enjoy better elasticity. We expect store footfall to improve as business activity returns, on top of seasonal temperature changes, which would greatly bring back demand for mid-to-high-end casual apparel.

全渠道布局+精细化运营，继续看好三四线高端消费前景

公司在一二线城市以直营为主，低线城市设立加盟店。同时积极布局新零售渠道，与电商平台深度合作，将线下优质VIP客户进行线上引流，通过线上线下融和提供更优消费体验。

三四线城市的中产阶层或将成为未来占比增长最快的群体，其消费信心较强，尤其对中高端品牌的需求显著增加。公司或借势将渠道下沉到发展较快的三四线城市，继续看好三四线城市的高端消费市场前景。

3rd-4th tier cities: omnichannel network, optimized operations lift premium market

The company uses a direct sales strategy for the 1st and 2nd-tier cities’ market, while it sets up franchised stores in the lower-tier cities. With new retail channels and deep ties with ecommerce platforms, Biem woos quality offline VIP customers to go online as well. The O2O integration provides a better shopping experience for its customers.

Middle-class consumers in 3rd to 4th-tier cities could become the fastest-growing demographic in the future. Their consumer confidence is high and their demand for higher-end brands especially has risen significantly. Biem could seize the opportunity to quickly ramp up growth in this channel. We are bullish about prospects for premium consumers in the 3rd to 4th-tier cities.

高尔夫店有望打开市场局面，拉宽价格带适应年轻消费群体

公司自2022年将比音勒芬高尔夫系列进行独立开店，独立运营，该系列结合功能性与日常通勤，贯穿工作、运动场景，提供入门款与高端产品拉宽价格带，吸引价格敏感年轻群体。

Specialty golf shops open up the market: wider price band includes youth buyers 

The company launched its Biem.L.Fdlkk specialty golf shops in 2022 and runs them directly. The golf series combines functionality and daily commute wear, spanning work and sports scenarios, and includes entry-level models as well as premium products in a broad price band, thus also catering to price-sensitive younger buyers.

加大品牌推广力度，全面提升品牌势能

公司紧密围绕主要目标消费群体，实行从商品企划、产品设计、终端视觉形象、橱窗广告、货品陈列、品牌代言和营销活动策划的整合营销，针对目标客群采用一系列新媒体营销手段，提升品牌力与知名度。加大全国重点交通枢纽大屏、列车广告投放，传递品牌理念和价值文化；1月官宣吴尊为全新代言人，并推出主题影片，延续品牌精英格调，诠释品牌主张。

Branding initiatives increase exposure to boost brand profile and identity

The company focuses on targeted customer groups by implementing integrated marketing, which incorporates product planning and design, terminal visual images, window ads, product displays, brand endorsements and marketing planning. The series of new media marketing methods targets customer groups and aims to raise the brand’s influence and popularity. Biem communicated the thrust of its brand concept and culture with placements of large-screen and train advertisements in key transportation hubs across China. It announced Bruneian artiste Wu Chun as its new brand ambassador in January and launched a themed film to convey its elite positioning and brand proposition. 

积极推动产品多维创新，引领时尚风潮，展现环保理念

比音芬勒在自身优势产品T恤领域继续发力，打造热门款小领T，有望进一步提升品牌口碑和客户忠诚度；通过联名故宫宫廷文化，迎合当前国潮风的市场风潮，以产品多元化扩展年轻群体市场；最新推出的ECONYL ®环保再生锦纶产品书写品牌环保态度，展现积极承担社会责任的品牌形象。

Add environmentally sustainable apparel to an innovative product line-up 

Biem continues to leverage competitive advantages with its popular T-shirts, creating a small-collar T-shirt to enhances the brand’s profile and customer loyalty. Its co-branding with the Forbidden City palace culture caters to market trends that evoke the national vibe while diversifying its product offerings toward younger consumers. The newly launched ECONYL® nylon products, which use environmentally friendly recycled materials, express the brand’s environmentally sustainable stance and socially responsible identity.