BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
Stock Code: 002832 Stock Abbreviation: BYLF Announcement No.: 2023-021
BIEM.L.FDLKK Garment Co., Ltd.
First Quarter Report 2023
The Company and all members of the Board of Directors hereby guarantee the truthfulness,
accuracy and completeness of the information disclosed, and there are no false records,
misleading statements or material omissions.
Important Notice:
1. The Board of Directors and the Board of Supervisors of the Company and its directors, supervisors and senior management
warrant that the information contained in this quarterly report is true, accurate and complete without any false records, mis leading
statements or material omissions, and they accept the legal liability severally and jointly thereof.
2. The person in charge of the Company, the person in charge of accounting of the Company, and the person in charge of the
accounting department of the Company have declared that they warrant the truthfulness, accuracy and completeness of the
financial statements set out in this quarterly report.
3. Whether the First Quarter Report has been audited
□ Yes No
I. Main Financial Data
(I) Main accounting data and financial indicators
Whether the Company needs to perform retrospective adjustment or restatement of accounting data for previous years
□ Yes No
Changes over the same period
Current period Same period of previous year
of previous year
Revenue (RMB) 1,078,874,765.84 810,420,572.37 33.13%
Net profit attributable to
shareholders of the listed 300,665,438.83 212,692,757.27 41.36%
company (RMB)
Net profit attributable to
shareholders of the listed
company after deducting non- 287,840,939.05 201,656,919.76 42.74%
recurring profit and loss
(RMB)
Net cash flow from operating
506,966,122.25 466,607,840.66 8.65%
activities (RMB)
Basic earnings per share
0.53 0.38 39.47%
(RMB/share)
Diluted earnings per share
0.53 0.38 39.47%
(RMB/share)
Weighted average return on
7.02% 6.27% 0.75%
equity
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
Changes over the end of
End of current period End of previous year
previous year
Total assets (RMB) 5,885,999,354.18 5,578,885,921.48 5.50%
Owner's equity attributable to
shareholders of the listed 4,430,698,951.77 4,130,033,512.93 7.28%
company (RMB)
(II) Non-recurring items and amounts
Applicable □ Not applicable
Unit: RMB
Item Amount of current period Description
Gains or losses from the disposal of non-
current asset (including the write-off that -124.29
accrued for impairment of assets)
Governmental grants reckoned into
current profits/losses (excluding grants
enjoyed in quota or ration according to
6,235,519.00
national standards, which are closely
relevant to the Company’s normal
business)
Gains or losses from changes in fair
value of financial assets and financial
liabilities held for trading, and
investment income from the disposal of
financial assets and financial liabilities 428,883.18
held for trading and available-for-sale
financial assets, excluding the effective
hedging business related to the normal
operation of the Company
Other non-operating revenue and
expenses except for the aforementioned -27,788.00
items
Other profit and loss items that qualify
the definition of non-recurring profit and 9,140,629.73
loss
Less: Influence of income tax 2,952,619.84
Total 12,824,499.78
Details of other profit and loss items that qualify the definition of non-recurring profit and loss
Applicable □ Not applicable
During the reporting period, the Company had RMB9,140,629.73 of other profit/loss items that qualified the definition of non-
recurring profit/loss, which were the income from wealth management products.
Descriptions where the Company defines any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on
Information Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss
items during the reporting period
□ Applicable Not applicable
The Company did not define any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on Information
Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss items
2
BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
during the reporting period.
(III) Changes of main accounting data and financial indicators and reasons for the changes
Applicable □ Not applicable
March 31, 2023 December 31, 2022
Item Change ratio Description
(RMB) (RMB)
Mainly owing to the increase in sales and
Monetary funds 2,292,609,362.29 1,144,693,949.57 100.28% the redemption of mature bank wealth
management products in the current period
Mainly owing to the redemption of mature
Financial assets
701,715,972.22 1,378,756,798.87 -49.11% bank wealth management products in the
held for trading
current period
Mainly owing to the carry-over of the
Intangible assets 339,252,969.78 129,012,724.85 162.96% prepaid land payments to intangible assets
in the current period
Mainly owing to the carry-over of the
Other non-current
- 229,534,475.56 -100.00% prepaid land payments to intangible assets
assets
in the current period
Mainly owing to the decrease in acceptance
Notes payable 31,980,023.19 46,482,171.48 -31.20%
bills issued in the current period
Employee benefits Mainly owing to the increase in sales in the
86,556,318.43 65,774,838.19 31.59%
payable current period
Amount of current Amount of previous
Item Change ratio Description
period (RMB) period (RMB)
Mainly owing to the increase in sales in the
Revenue 1,078,874,765.84 810,420,572.37 33.13%
current period
Mainly owing to the increase in sales in the
Cost of revenue 262,016,878.58 198,651,846.91 31.90%
current period
Mainly owing to the increase in the interest
expense of convertible bonds in the previous
Finance expenses -8,209,163.63 -3,076,152.10 -166.86%
period and the increase in the interest
income in the current period
Asset impairment Mainly owing to the provision for inventory
-20,210,680.00 -11,685,476.98 -72.96%
loss impairment in the current period
Income tax Mainly owing to the increase in profits in
67,565,743.84 47,081,807.86 43.51%
expenses the current period
Same period of
Current period
previous year Change ratio Description
(RMB)
(RMB)
Mainly owing to the increase in sales in the
Revenue 1,078,874,765.84 810,420,572.37 33.13%
current period
Net profit
attributable to Mainly owing to the increase in sales in the
300,665,438.83 212,692,757.27 41.36%
shareholders of the current period
listed company
Net profit
attributable to
shareholders of the
Mainly owing to the increase in sales in the
listed company 287,840,939.05 201,656,919.76 42.74%
current period
after deducting
non-recurring profit
and loss
Mainly owing to the increase in net profit
Basic earnings per
0.53 0.38 39.47% attributable to shareholders of the listed
share (RMB/share)
company in the current period
Diluted earnings Mainly owing to the increase in net profit
per share 0.53 0.38 39.47% attributable to shareholders of the listed
(RMB/share) company in the current period
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
II. Shareholder Information
(I) Total number of ordinary shareholders, number of preferred shareholders whose voting rights were
resumed and shareholdings of top 10 shareholders
Unit: share
Total number of ordinary Total number of preferred shareholders whose
shareholders at the end of the 8,769 voting rights were resumed at the end of the 0
reporting period reporting period (if any)
Shareholdings of top 10 shareholders
Pledged, marked or frozen
Name of Nature of Shareholding Number of
Number of shares Share
shareholder shareholder percentage (%) restricted shares Quantity
status
Domestic
Xie Bingzheng 37.88% 216,170,800.00 162,128,100.00
natural person
Domestic
Feng Lingling 3.44% 19,652,000.00
natural person
Domestic
Shen Jindong 3.44% 19,652,000.00 14,739,000.00
natural person
CCB - Guotai
Health Equity
Others 2.42% 13,829,755.00
Investment
Fund
National Social
Security Fund Others 2.28% 12,986,489.00
Portfolio 103
ICBC - GF
Steady Growth
Securities Others 2.07% 11,800,000.00
Investment
Fund
Taiping Life
Insurance
Company
Limited -
Traditional - Others 1.88% 10,743,280.00
General
Insurance
Product - 022L-
CT001 SZ
National Social
Security Fund Others 1.63% 9,300,000.00
Portfolio 115
Hong Kong
Securities Foreign legal
1.63% 9,296,108.00
Clearing Co., person
Ltd.
National Social
Security Fund Others 1.54% 8,812,199.00
Portfolio 118
Top 10 shareholders not subject to selling restrictions
Type of shares
Name of shareholder Number of unrestricted shares Type of
Quantity
shares
RMB-
Xie Bingzheng 54,042,700.00 54,042,700.00
denomin
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
ated
ordinary
shares
RMB-
denomin
Feng Lingling 19,652,000.00 ated 19,652,000.00
ordinary
shares
RMB-
denomin
CCB - Guotai Health Equity
13,829,755.00 ated 13,829,755.00
Investment Fund
ordinary
shares
RMB-
denomin
National Social Security Fund
12,986,489.00 ated 12,986,489.00
Portfolio 103
ordinary
shares
RMB-
denomin
ICBC - GF Steady Growth
11,800,000.00 ated 11,800,000.00
Securities Investment Fund
ordinary
shares
RMB-
Taiping Life Insurance Company
denomin
Limited - Traditional - General
10,743,280.00 ated 10,743,280.00
Insurance Product - 022L-CT001
ordinary
SZ
shares
RMB-
denomin
National Social Security Fund
9,300,000.00 ated 9,300,000.00
Portfolio 115
ordinary
shares
RMB-
denomin
Hong Kong Securities Clearing
9,296,108.00 ated 9,296,108.00
Co., Ltd.
ordinary
shares
RMB-
denomin
National Social Security Fund
8,812,199.00 ated 8,812,199.00
Portfolio 118
ordinary
shares
RMB-
China Merchants Bank Co., Ltd. - denomin
Guotai Advantage Hybrid 8,192,910.00 ated 8,192,910.00
Securities Investment Fund ordinary
shares
Xie Bingzheng and Feng Lingling, as husband and wife, are persons
Description on the related relationship or persons
acting in concert. It is unknown to the Company whether other
acting-in-concert arrangements among the above
shareholders are related parties or persons acting in concert as stipulated
shareholders
in the Administrative Measures on Acquisition of Listed Companies.
Description on the top 10 shareholders’ participation
in margin trading and securities lending business (if None
any)
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
(II) Total number of preferred shareholders and shareholdings of top 10 preferred shareholders
□ Applicable Not applicable
III. Other Significant Matters
Applicable □ Not applicable
During the reporting period, Guangzhou Houde Zaiwu Industrial Investment Fund Partnership (Limited Partnership), a partnership
company in which the Company holds 99.86% of equities, invested 57 million and 38 million, respectively, into its wholly-
owned subsidiaries Hong Kong Carritt Limited (hereinafter referred to as “Carritt”) and Hong Kong Plentiful Shiny Limited
(hereinafter referred to as “Plentiful Shiny”). Afterwards, Carritt acquired 100% equities of Cerruti Investment Pte. Ltd, a
Singaporean company held by Trinity Fashions Limited, and 100% equities of Cerruti 1881, a French company held by Toga
Investments France, at a total price of 57 million; P lentiful Shiny acquired all the equities of LiFung Trinity Management
(Singapore) Pte. Ltd., a Singaporean company held by Trinity Services Holdings Limited, at a price of 38 million. As a result, the
Company indirectly acquired the global trademark ownership of the luxury brands “CERRUTI 1881” and “KENT&CURWEN”
owned by the aforementioned target companies (hereinafter referred to as the “Acquisition”). Carritt and Plentiful Shiny have
signed the equity acquisition agreements under this Acquisition with relevant counterparties. For details, please refer to the
Announcement on Foreign Investment and Acquisition of Overseas Assets disclosed by the Company (Announcement No. 2023-
009).
As of the disclosure date of this report, the relevant parties are handling procedures relating to the Acquisition.
IV. Quarterly Financial Statements
(I) Financial statements
1. Consolidated balance sheet
Prepared by: BIEM.L.FDLKK Garment Co., Ltd.
March 31, 2023
Unit: RMB
Item Balance at the end of the period Balance at the beginning of the period
Current assets:
Monetary funds 2,292,609,362.29 1,144,693,949.57
Settlement reserve
Lending funds
Financial assets held for trading 701,715,972.22 1,378,756,798.87
Derivative financial assets
Notes receivable
Accounts receivable 314,416,157.31 252,544,886.96
Accounts receivable financing
Prepayments 22,643,115.64 28,272,902.29
Premiums receivable
Reinsurance premiums receivable
Reinsurance contract reserves
receivable
Other receivables 76,975,543.23 72,134,856.39
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
Including: Interests receivable
Dividends receivable
Financial assets purchased under
agreements to resell
Inventory 652,798,044.35 745,605,174.25
Contract assets
Assets held for sale 146,768,886.69 137,859,613.49
Non-current assets due within one year
Other current assets 315,850,351.33 364,286,702.97
Total current assets 4,523,777,433.06 4,124,154,884.79
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments
Investment in other equity instruments 10,499,383.76 10,499,383.76
Other non-current financial assets
Investment properties
Property, plant and equipment 448,554,998.66 461,506,954.62
Construction in progress 75,848,832.78 70,114,185.76
Productive biological assets
Oil & gas assets
Right-of-use assets 279,494,494.60 332,568,088.84
Intangible assets 339,252,969.78 129,012,724.85
Development expenses
Goodwill
Long-term deferred expenses 109,365,603.07 111,489,073.31
Deferred tax assets 99,205,638.47 110,006,149.99
Other non-current assets 229,534,475.56
Total non-current assets 1,362,221,921.12 1,454,731,036.69
Total assets 5,885,999,354.18 5,578,885,921.48
Current liabilities:
Short-term loans
Borrowings from central bank
Placements from banks and other
financial institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 31,980,023.19 46,482,171.48
Accounts payable 232,394,934.67 184,779,174.92
Prepayments
Contract liabilities 150,814,721.71 168,876,645.17
Financial assets sold under agreements
to repurchase
Deposits from customers and
interbank
Funds from securities trading agency
Funds from securities underwriting
agency
Employee benefits payable 86,556,318.43 65,774,838.19
Taxes payable 205,630,561.11 170,728,526.54
Other payables 112,652,472.63 90,368,389.42
Including: Interests payable
Dividends payable
Service charges and commissions
payable
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
Reinsurance premiums payable
Liabilities held for sale 314,601.00 1,408,760.31
Non-current liabilities due within one
184,553,239.29 201,658,095.27
year
Other current liabilities 295,444,494.31 335,666,660.59
Total current liabilities 1,300,341,366.34 1,265,743,261.89
Non-current liabilities:
Insurance contract reserves
Long-term loans
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 112,425,408.20 141,295,857.16
Long-term payables
Long-term employee benefits payable
Provision
Deferred income 29,625,000.00 30,000,000.00
Deferred tax liabilities 10,363,326.05 10,363,326.05
Other non-current liabilities
Total non-current liabilities 152,413,734.25 181,659,183.21
Total liabilities 1,452,755,100.59 1,447,402,445.10
Owner's equity:
Share capital 570,707,084.00 570,707,084.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 893,544,757.34 893,544,757.34
Less: Treasury shares
Other comprehensive income 41,433,816.28 41,433,816.28
Special reserves
Surplus reserves 285,353,542.00 285,353,542.00
General risk reserves
Retained earnings 2,639,659,752.15 2,338,994,313.31
Total equity attributable to owners of the
4,430,698,951.77 4,130,033,512.93
parent company
Equities of minority shareholders 2,545,301.82 1,449,963.45
Total owner's equity 4,433,244,253.59 4,131,483,476.38
Total liabilities and owners' equity 5,885,999,354.18 5,578,885,921.48
Legal representative: Xie Bingzheng Person in charge of accounting: Tang Xinqiao Person in charge of accounting
department: Chen Zhihui
2. Consolidated income statement
Unit: RMB
Item Amount incurred in the current period Amount incurred in the prior period
I. Total Revenue 1,078,874,765.84 810,420,572.37
Including: Revenue 1,078,874,765.84 810,420,572.37
Interest income
Insurance premiums earned
Service charge and
commission income
II. Costs and Expenses 706,214,684.41 552,546,551.89
Including: Cost of revenue 262,016,878.58 198,651,846.91
Interest expense
Service charge and
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
commission expense
Surrender value
Net benefit payments
Net insurance liability reserves
Policy dividends
Reinsurance expenses
Taxes and surcharges 8,169,329.81 7,706,269.83
Selling expenses 358,686,987.98 280,295,330.40
Administrative expenses 52,672,457.43 43,648,121.41
R&D expenses 32,878,194.24 25,321,135.44
Finance expenses -8,209,163.63 -3,076,152.10
Including: Interest fees 3,564,743.99 5,972,669.50
Interest income 11,484,485.82 9,623,041.08
Plus: Other income 6,213,890.76 5,122,808.74
Return on investment ("-"
9,140,629.73 9,457,859.81
indicates loss)
Including: Return on
investment in associates and joint
ventures
Income from the
derecognition of financial assets
measured at amortized cost
Exchange gains ("-" indicates
loss)
Gains from net exposure hedging
("-" indicates loss)
Gains from changes in fair value
428,883.18
("-" indicates loss)
Credit impairment losses ("-"
indicates loss)
Asset impairment losses ("-"
-20,210,680.00 -11,685,476.98
indicates loss)
Gains on disposal of assets ("-"
indicates loss)
III. Operating Profit ("-" indicates loss) 368,232,805.10 260,769,212.05
Plus: Non-operating revenue 443,921.67 28,333.04
Less: Non-operating expenses 450,205.72 1,022,979.96
IV. Total Profit ("-" indicates total loss) 368,226,521.05 259,774,565.13
Less: Income tax expense 67,565,743.84 47,081,807.86
V. Net Profit ("-" indicates net loss) 300,660,777.21 212,692,757.27
i. Classified by operation sustainability
1. Net profit from continued
300,660,777.21 212,692,757.27
operation ("-" indicates net loss)
2. Net profit from discontinued
operation ("-" indicates net loss)
ii. Classified by attribution of
ownership
1. Net profit attributable to owners
300,665,438.83 212,692,757.27
of the parent company
2. Minority shareholders' profits and
-4,661.62
losses
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
VI. Net Amount of Other Comprehensive
Income after Tax
Total other comprehensive after-tax
net income attributable to owners of the
parent company
i. Other comprehensive income that
cannot be reclassified into profit or loss
1. Changes in remeasurement of
defined benefit plan
2. Other comprehensive income
that cannot be transferred into profit or
loss under equity method
3. Changes in fair value of other
debt investments
4. Changes in fair value of credit
risk of the enterprise
5. Others
ii. Other comprehensive income
reclassified into profit or loss
1. Other comprehensive income
to be transferred into profit or loss under
equity method
2. Changes in fair value of other
debt investments
3. Financial assets reclassified
into other comprehensive income
4. Provision for credit impairment
of other debt investments
5. Reserve of cash flow hedge
6. Converted difference in foreign
currency financial statements
7. Others
Total other comprehensive after-tax
net income attributable to minority
shareholders
VII. Total Comprehensive Income 300,660,777.21 212,692,757.27
Total comprehensive income
attributable to owners of the parent 300,665,438.83 212,692,757.27
company
Total comprehensive income
-4,661.62
attributable to minority shareholders
VIII. Earnings per Share:
i. Basic earnings per share 0.53 0.38
ii. Diluted earnings per share 0.53 0.38
Legal representative: Xie Bingzheng Person in charge of accounting: Tang Xinqiao Person in charge of accounting
department: Chen Zhihui
3. Consolidated cash flow statement
Unit: RMB
Item Amount incurred in the current period Amount incurred in the prior period
I. Cash Flows from Operating Activities:
Cash received from sale of goods or
930,454,287.30 884,641,760.13
rendering of services
Net increase in deposits from
customers, banks and non-bank financial
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
institutions
Net increase in borrowings from
central bank
Net increase in placements from other
financial institutions
Cash received from premiums of
direct insurance contracts
Net cash from reinsurance business
Net increase in policyholder deposits
and investment funds
Cash received from interests, service
charges and commissions
Net increase in placements from banks
and other financial institutions
Net increase in repo service fund
Net cash from agent securities trading
Tax rebates
Cash received related to other
24,187,763.85 10,221,029.37
operating activities
Subtotal of cash inflow from operating
954,642,051.15 894,862,789.50
activities
Cash paid for goods purchased and
174,439,825.93 171,391,319.33
services rendered
Net loans and advances to customers
Net increase in deposits with the
central bank, banks and non-bank
financial institutions
Cash paid for claims of direct
insurance contracts
Net increase in placements with banks
and non-bank financial institutions
Cash paid for interests, fees and
commissions
Cash paid for policy dividends
Cash paid to and on behalf of
112,575,227.75 102,483,386.38
employees
Tax payments 89,468,565.59 86,040,615.85
Cash paid related to other operating
71,192,309.63 68,339,627.28
activities
Subtotal of cash outflow from operating
447,675,928.90 428,254,948.84
activities
Net cash flows from operating activities 506,966,122.25 466,607,840.66
II. Cash Flows from Investing Activities:
Cash received from recovery of
investment
Cash received from return on
114,255,535.45 11,560,852.45
investments
Net cash received from the disposal of
property, plant and equipment, intangible
assets, and other long-lived assets
Net cash received from the disposal of
subsidiaries and other business entities
Cash received related to other 1,393,681,040.69 1,380,000,000.00
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
investing activities
Subtotal of cash inflow from investing
1,507,936,576.14 1,391,560,852.45
activities
Cash paid for the acquisition and
construction of property, plant and
77,465,364.40 94,444,318.49
equipment, intangible assets, and other
long-lived assets
Cash paid for investments 10,000,000.00
Net increase in pledged loans
Net cash paid for acquisition of
subsidiaries and other business entities
Cash paid related to other investing
755,000,000.00 1,580,000,000.00
activities
Subtotal of cash outflow from investing
842,465,364.40 1,674,444,318.49
activities
Net cash flows from investing activities 665,471,211.74 -282,883,466.04
III. Cash Flows from Financing
Activities:
Cash received from capital
1,100,000.00
contribution
Including: Proceeds received by
subsidiaries from minority shareholders'
investment
Cash received from borrowings
Cash received related to other
financing activities
Subtotal of cash inflow from financing
1,100,000.00
activities
Cash paid for repayments of
borrowings
Cash paid for interest expenses and
distribution of dividends or profits
Including: Dividend and profit paid
by subsidiaries to minority shareholders
Cash paid related to other financing
14,567,684.65 35,496,927.12
activities
Subtotal of cash outflow from financing
14,567,684.65 35,496,927.12
activities
Net cash flows from financing activities -13,467,684.65 -35,496,927.12
IV. Effect of Exchange Rate Changes on
Cash and Cash Equivalents
V. Net Increase in Cash and Cash
1,158,969,649.34 148,227,447.50
Equivalents
Plus: Opening balance of cash and
1,099,091,515.33 1,058,018,706.05
cash equivalents
VI. Closing Balance of Cash and Cash
2,258,061,164.67 1,206,246,153.55
Equivalents
(II) Report auditing
Whether the First Quarter Report has been audited
□ Yes No
The First Quarter Report of the Company has not been audited.
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BIEM.L.FDLKK GARMENT CO., LTD. First Quarter Report 2023
Board of Directors of BIEM.L.FDLKK Garment Co., Ltd.
April 28, 2023
13
