Biyinlefen, Which Caters For The Needs Of The Elites Over 40, Had Revenue Of 766 Million In The First Half Of The Year

Biyinlefen Clothing Co., Ltd. (hereinafter referred to as "biyinlefen"), the "first share of golf apparel in China", released the first half of 2020 performance report on July 23. During the reporting period, the company realized a revenue of 766 million yuan, a year-on-year decrease of 9.36% compared with 845 million yuan in the same period of last year; the net profit attributable to the parent company was 161 million yuan, down from 173 million yuan in the same period of last year 7.25%。

By the end of the reporting period, the total assets of biyinlefen were 3.165 billion yuan, and the net assets attributable to shareholders of listed companies were 2.017 billion yuan.

The reporter read the financial report and learned that:

In terms of products, the operating revenue of the upper garment category was 330 million yuan, which was 3.76% lower than that of 343 million yuan in the same period of last year, accounting for 43.18% of the total operating revenue. The operating income of the bottom decoration category was 197 million yuan, an increase of 3.05% compared with 191 million yuan in the same period of last year, accounting for 25.79% of the total. The operating income of the outerwear category was 172 million yuan, down 29.51% compared with 244 million yuan in the same period of last year Accounting for 22.49% of operating revenue.

In terms of regions, the operating revenue of South China was 225 million yuan, a decrease of 1.80% compared with that of 229 million yuan in the same period of the previous year, accounting for 29.47% of the total revenue; the operating revenue of the southwest region was 141 million yuan, a decrease of 11.15% compared with 159 million yuan in the same period of last year, accounting for 18.46% of the total. The operating revenue of East China was 135 million yuan, compared with 160 million yuan in the same period of last year 59%, accounting for 17.72% of the operating revenue.

During the reporting period, in the face of the sudden epidemic, biyinlefen actively carried out online sales, implemented full staff marketing, launched new retail, and achieved outstanding performance in e-commerce sales. In terms of products, the company continued to increase investment in research and development, continuously deepened the subdivision of categories to meet diversified consumer demand; in terms of channels, it accelerated the layout of digital new retail, and made the advantages of offline channels through online convergence In terms of brand promotion, the company adheres to the multi pronged approach of event communication, entertainment marketing, event promotion and public welfare activities to continuously strengthen its brand power.

Biyinlefen said that with the new development pattern of "internal circulation", the company will continue to be committed to the R & D design and brand operation of domestic high-end clothing, and achieve new performance growth goals by improving the industrial chain coordination of domestic high-end clothing brands and taking advantage of this development opportunity.

According to public information, biyinlefen was established in Guangzhou in 2003 and opened its first store in Nanjing in 2004. Since its establishment, the company has been focusing on the R & D design and brand operation of golf apparel for a long time. In 2013, it became a partner of China's national golf team and won the first market share of golf apparel category in 2015. In 2016, the company successfully listed on the Shenzhen Stock Exchange, and won the first share of golf apparel market in 2017-2019. The company has two major brands, namely, biyinlefen and carnavaldevense (Venice Carnival), which are respectively positioned as high-end sports leisure clothing and holiday tourism clothing.

From the perspective of products, biyinlefen is positioned at the high-end fashion sportswear. It accurately grasps the requirements of the core group (men with annual income of 400000-1000000 yuan, mainly small and medium-sized enterprise owners and middle-level of large enterprises) for clothing comfort, fashion, fit, durability and easy care, so as to provide them with comfortable wearing, grade, sense of design, suitable version, high quality and free of charge Ironing, no deformation, meet the daily commute clothing products. The company relies on the long-term accumulated R & D experience in the field of golf apparel and the international design team to ensure continuous and stable high-quality product output.

Feng Chongguang, an analyst at CITIC Securities, said that biyinlefen has differentiated positioning, wide channel layout and opportunities to break through. From the observation, first of all, biyinlefen has the characteristics of high-end sports and leisure, and its positioning is differentiated. Biyinlefen has the characteristics of high-end sports and leisure, and its positioning is different. Biyinlefen's products have the main characteristics of high-end sports and leisure, such as high-end, comfort, strong brand power and cultural identity. At the same time, its positioning is different from FILA and lululemon. It mainly faces the rich class men. However, the brand with strong dominance has not yet been born in this group, which still has the opportunity to break through. Secondly, biyinlefen has a wide range of channels and stores in the field of high-end clothing The number of stores in the field of high-end clothing is leading. By the end of 2019, the number of biyinlefen brand stores was 833, and the domestic channel layout was in a leading position in the field of high-end clothing, with significant channel advantages.

The financial report also shows that the total number of biyinlefen stores expanded from 601 in 2015 to 894 in 2019, with a net increase of 293 stores. Among them, the number of Direct stores increased from 280 in 2015 to 441 in 2019, with a net increase of 161; the number of franchise stores increased from 321 in 2015 to 453 in 2019, with a net increase of 132.

Feng Chongguang, who has conducted in-depth offline research in Guangzhou Tianhe City department store, Guangzhou Tianhe City ole store, Guangzhou Baiyun airport store, Guangzhou Zhongyi department store, Beijing Yansha ole store and other terminal stores, believes that the core of biyinlefen's success lies in solving the needs of subdivided consumer groups. From the survey, we find several phenomena: first, the core consumer groups of biyinlefen are very high It is stable, mainly rich men, with strong brand loyalty and purchasing power (some consumers can buy as much as 100000 at a time); second, biyinlefen's products have rich styles, bright colors, and very comfortable and close fitting fabrics; third, the location of biyinlefen store in the mall is better. Take Guangzhou as an example, Tianhe City Department Store is adjacent to the entrance of the department store area on the second floor of Tianhe City Four, the customer's demand is very visible, and the customer's feedback is very good.

Feng Chongguang introduced that biyinlefen's core user group is men from the public affluent class, who have high quality requirements, relatively low price sensitivity, high brand loyalty, high repurchase rate, and high mutual recommendation rate within the circle of friends. According to the Research Report on the development quality of China's chain brands (North University of Technology), men's brand awareness, loyalty and duration are much higher than those of female consumers. From the perspective of product design, biyinlefen also starts from the core user needs. First, the product is not only low-key, but also appropriately shows vitality. Biyinlefen's product design mostly adopts bright colors to show sports and young vitality. At the same time, the brand logo is usually small (some high price models have hidden logo), which not only meets the needs of core users with low-key and characteristics, but also is not easy to be out of date and easy to be sold in discount stores; second, the product version fits the Chinese figure. Products adopt three-dimensional tailoring, according to the characteristics of the Chinese figure design version, clothing more fit; third, high-quality materials and fabrics. The fabric has good air permeability, elasticity and comfortable wearing experience. At the same time, it uses wrinkle free and ironless fabrics without special care, which is in line with the general lack of professional clothing care machine in Chinese families. The clothing material is not easy to deform, and it is more durable than some high-end brands; third, it can better meet the daily dress needs. Compared with the traditional formal dress, it is more comfortable, distinctive and high-grade than yinlefen products. At the same time, it does not appear too casual, which can well meet the daily dress needs of core groups.

LV Ming, a researcher at Tianfeng securities, also pointed out that biyinlefen's customers are mainly located in the middle class and above customer groups, which will be further expanded in the future and have a broader potential to tap. China's middle class ranks first in the world, reaching 385 million in 2017. According to the economist, China's middle class will reach 470 million in 2020. In addition, according to McKinsey's China consumer survey report and cbndata report, 81% of China's total consumption growth in 2020 will come from the middle class. It can be seen that the middle class has greater consumption space and potential. Therefore, it can be concluded that the number and proportion of biyinlefen's customers will gradually increase in the future, and there is a large consumption space and potential.

Through the investigation, we find that the main customers of biyinlefen are over 40 years old, and these people are an important part of the rich group of the domestic public, with high income and strong consumption ability. According to the data of Forbes' Wealth Report of China's rich people in 2017, people born after 60 and after 70 accounted for 38.1% of the population in the affluent class. If calculated according to such a proportion, the number of customers of biyinlefen in the middle class of China will reach nearly 200 million in 2020 (and the consumption groups above the middle class are not included), so it has great consumption potential.

There are opinions and business here. In recent years, the business climate of the golf industry has declined due to policy reform. However, with the completion of the rectification and the frequent success of China in golf courses in recent years, the golf industry is expected to recover in the future. With the deepening of the trend of sports and leisure, the growth of golf apparel will be promoted. Biyinlefen, as the leader of golf leisure clothing, is currently in China The market share is the first, the channel layout is far ahead of peers, and it is expected to fully enjoy the growth dividend of the industry.