Biem.L.Fdlkk Garment (002832 CH): 3Q Growth Accelerates With Strong Momentum

Biemlfdlkk has announced 3Q26 results: 9M26 revenue reached RMB4.08bn (+27.4% YoY), the attributable net profit RMB750mn (+20.5% YoY), and the recurring net profit RMB730mn (+27.2% YoY). For 3Q26, revenue was RMB1.48bn (+34.4% YoY), the attributable net profit RMB260mn (+24.7% YoY), and the recurring net profit RMB260mn (+39.5% YoY), with revenue and recurring profit growth accelerating from 2Q26. Excluding industrial support and donation expenses, profit growth largely tracked revenue growth. During the reporting period, the core brand continued to strengthen its outdoor positioning, while its online sales grew rapidly in 3Q despite a high base. In addition to the core brand, Snow Peak and VENISE also opened more stores. We think that the company has entered the fast-growing outdoor sports segment, leveraging its existing high-net-worth customer base in lower-tier cities and channel network to capture the outdoor boom there. Online e-commerce and new offline store formats are scaling