香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 波司登國際控股有限公司 Bosideng International Holdings Limited （於開曼群島註冊成立之有限責任公司） 於本公告日期，執行董事為高德康先生、梅冬女士、黃巧蓮女士、芮勁松先生及高曉東先生； 獨立非執行董事為董炳根先生、王耀先生及魏偉峰博士。 （股份代號：3998） 澄清公告 波司登國際控股有限公司（「本公司」）謹此提及今日若干媒體關於本公司可能收購Canada Goose Holdings Inc.的新聞及報告（「相關報道」）。本公司現澄清，相關報道的內容不實，本公司亦無 任何應披露而未披露的信息。 建議本公司股東及潛在投資者不要依賴有關本公司的市場傳言，有關本公司之信息應以本公司 在香港聯合交易所有限公司披露易網站（ https://www.hkexnews.hk ）刊登的相關公告為準。本公 司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 波司登國際 ...

Core Insights - The article discusses the integration of AI in the fashion industry, particularly through Bosideng's "BSD.AI Aesthetic Brain," which utilizes big data to create a digital closed loop from design to virtual clothing [2] - Bosideng's 2024/25 ESG report highlights the company's commitment to sustainable fashion and innovation, providing a framework for understanding the deep value in the clothing industry [2] Group 1: Raw Material Foundation - Bosideng emphasizes a systemic upgrade in comfort and quality, moving beyond traditional metrics like down content and loftiness to a comprehensive approach involving raw material quality and technological innovation [4][5] - The company sources 100% of its down from suppliers certified by the Responsible Down Standard (RDS), ensuring animal welfare and a strict supply chain traceability system [5] - 75% of the down used is OEKO-TEX® certified, ensuring safety for consumers, while 58% meets bluesign® standards, reflecting stringent environmental controls in production [5][6] Group 2: Technological Innovation - Bosideng's commitment to new productive forces is evident in its development of intelligent manufacturing systems and the use of RFID technology throughout the supply chain, enhancing transparency and reducing carbon footprints [10][11] - The company has launched a CIRCULAR series designed for sustainability, achieving a "from garment to garment" recycling goal, demonstrating a commitment to circular economy principles [11] - Bosideng has secured 1498 patents during the ESG report period, showcasing its technological advancements and recognition through multiple international awards [13] Group 3: Quality Control System - Bosideng implements a rigorous quality control system, ensuring that every product undergoes multiple inspections before reaching consumers, with strict standards for product return rates [14][16] - The company has developed a digital management platform for supply chain ESG, fostering a data-driven, collaborative relationship with suppliers to enhance quality stability [14] - Bosideng is a member of the Zero Discharge of Hazardous Chemicals (ZDHC) alliance, aiming for zero harmful chemical emissions in its supply chain by 2030 [15][16] Group 4: Labor Rights and Social Responsibility - Bosideng adheres to international labor standards and has received SA8000 certification, ensuring employee rights are integrated into its operations [17][18] - The company has established a labor relations committee to address employee grievances and promote a harmonious work environment [17] - Bosideng conducts annual assessments of labor rights risks across its operations, continuously improving its labor policies and management effectiveness [18] Group 5: ESG Strategy and Recognition - The ESG report serves as a "second financial report," reflecting the company's comprehensive value assessment and commitment to sustainable fashion [19][21] - Bosideng's ESG strategy includes a framework that integrates consumer orientation and sustainability into its business practices, earning recognition in global sustainability rankings [21] - The article concludes that understanding an ESG report reveals a brand's intrinsic value, transforming consumer purchases into votes for a sustainable future [21]

Group 1 - Bain Capital is considering selling its stake in Canada Goose, with a privatization offer valued at approximately $1.35 billion received [1] - The stock price of Canada Goose has increased by over 16% following the news of the potential sale [1] - Multiple private equity firms and apparel companies have expressed interest in acquiring Canada Goose, including Chinese brand Bosideng and a consortium led by Anta Group [1] Group 2 - Canada Goose's revenue growth has slowed down, with a projected increase of only 1.09% to CAD 1.348 billion for the fiscal year ending March 30, 2025 [2] - Revenue growth rates for Canada Goose from fiscal years 2022 to 2025 were 21.54%, 10.8%, 9.6%, and 1.09% respectively, indicating a downward trend [2] - In the first quarter of fiscal year 2026, Canada Goose reported a revenue increase of 22.4% to CAD 108 million, but net losses widened from CAD 74 million to CAD 125.5 million year-over-year [2]

Group 1 - Bain Capital, the controlling shareholder of Canada Goose, is considering selling its shares, with potential buyers including Bosideng from the Chinese market [1] - Bosideng representatives stated that the company does not comment on market rumors [1]

Group 1 - Recent rumors indicate that private equity firms Hillhouse Capital and Anhong Capital have expressed verbal acquisition intentions for Canada Goose's controlling shareholder, Bain Capital, with an estimated valuation of approximately $1.35 billion [1] - Other potential buyers include a consortium formed by Bosideng, Anta Sports, and FountainVest Partners, which previously collaborated with Anta, Tencent, and the founder of Lululemon to acquire Amer Sports [1] - Canada Goose's market performance has been relatively weak in recent years, with revenue growth slowing significantly from 21.5% in fiscal year 2022 to just 1.1% in fiscal year 2025 [1] Group 2 - Canada Goose reported a 22.4% year-over-year increase in global revenue for the first quarter of fiscal year 2026, reaching CAD 108 million (approximately RMB 561 million), marking the largest increase in nearly nine quarters [2] - The significant growth in the Greater China region was 18.7%, indicating strong market performance [2] - The company is implementing a four-season strategy to diversify its product line beyond winter apparel, introducing items such as sweaters, footwear, and sunglasses to maintain consumer engagement during off-peak seasons [2]

Core Viewpoint - Canada Goose's major shareholder, Bain Capital, is reportedly considering selling part or all of its stake in the company, which holds approximately 60.5% of shares [2] Group 1: Acquisition Interest - Boyu Capital and Advent International have expressed verbal interest in acquiring Canada Goose, with an estimated valuation of around $1.35 billion [2] - The valuation is based on Canada Goose's average EBITDA over the past 12 months, calculated at approximately 8 times [2] - Other potential bidders include domestic down jacket brands such as Bosideng, Anta Sports, and a consortium led by FountainVest Capital [2]

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [7] Core Insights - The report highlights that Dahon Technology is the leading player in the domestic folding bicycle industry, with a market share of 26.3% in sales volume and 36.5% in sales revenue for 2024, indicating strong brand influence and industry position [2][12] - The folding bicycle market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 24% in sales volume and 33% in revenue from 2022 to 2024 for Dahon Technology [2][59] - The global bicycle market is expected to grow steadily, with a retail volume increase from 164.5 million units in 2019 to 178.8 million units in 2024, reflecting a CAGR of 1.7% [13][16] Summary by Sections Industry Overview - The demand for folding bicycles is rapidly increasing, driven by urban commuting needs and the convenience of compact storage [21][22] - The global folding bicycle market is projected to grow from 2.0 million units in 2019 to 3.7 million units in 2024, with a CAGR of 13.4% [22][30] - The market for high-end folding bicycles (priced above 2500 RMB) is expanding, accounting for approximately 44.1% of retail volume and 86.5% of retail revenue in 2024 [30][42] Company Profile: Dahon Technology - Dahon Technology, founded in 1982, has established itself as a leader in the folding bicycle sector, achieving significant growth and brand recognition [2][55] - The company’s revenue for 2024 is projected to reach 4.51 billion RMB, with a net profit of 0.52 billion RMB, both reflecting a year-on-year increase of 50% [2][59] - Dahon's product strategy focuses on the mid to high-end market, with mid-range products accounting for approximately 69.5% of revenue by 2024 [70] Market Dynamics - The domestic market for folding bicycles is highly concentrated, with Dahon Technology holding a dominant position, capturing 60.4% of the market share among the top five companies [49][46] - The report indicates that the Chinese market is the largest single market for folding bicycles, with retail volume expected to grow from 0.3 million units in 2019 to 0.8 million units in 2024, reflecting a CAGR of 19.9% [40][41] - The company is expanding its distribution network, with over 680 retail points across 30 provincial regions in China, while also gradually recovering its overseas market presence [75][76]

（於開曼群島註冊成立之有限責任公司） （股份代號：3998） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任 何責任。 波司登國際控股有限公司 Bosideng International Holdings Limited 2 本公司的香港股份過戶登記分處香港中央證券登記有限公司已獲委任於股東週年大會上擔任投 票表決的監票人。 於2025年8月20日舉行之股東週年大會的投票結果 波司登國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，於2025年8月20 日舉行的本公司股東週年大會（「股東週年大會」）上，2025年7月29日刊發的股東週年大會通告 載述之所有建議決議案均已獲本公司股東（「股東」）以投票方式正式通過。該等決議案的投票結 果如下： | | 普通決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 省覽及批准本公司截至2025年3月31日止年度之 | 9 ...

Core Viewpoint - Bosideng has established itself as the leading down jacket brand in China, but it struggles to find a second growth curve, leading to concerns about diversification strategies [4][5][6]. Group 1: Historical Diversification Attempts - Bosideng's previous diversification efforts have largely failed, with a significant portion of its revenue from non-core businesses leading to value destruction [9][10]. - The company has faced challenges due to the seasonal nature of down jackets, which limits revenue generation to a few months each year [9]. - Past acquisitions and expansions into various clothing categories have not yielded the expected results, with non-core revenue still accounting for 4% of total income [9][12]. Group 2: Current Diversification Efforts - The company is currently focusing on two new areas: outdoor apparel and luxury down jackets, aiming to leverage its existing strengths in down materials [14][15]. - Bosideng's outdoor product line, particularly in sun protection, initially saw rapid growth but has since stagnated due to high pricing and lack of differentiation [15][19]. - The competitive landscape in the outdoor apparel market is intense, with many brands vying for market share, making it difficult for Bosideng to maintain its premium positioning [16][17]. Group 3: Comparison with Moncler - Unlike Moncler, which successfully diversified into luxury segments while maintaining a strong brand identity, Bosideng's attempts at diversification have diluted its core brand focus [20][22]. - Moncler's success is attributed to its strong ties to the fashion industry and a focus on high-end design, which Bosideng lacks [20][22]. Group 4: Focus on Core Business - Bosideng's recent strategic shift emphasizes returning to its core brand and enhancing its high-end market presence through improved supply chain management and direct sales [24][26]. - The company has reduced its number of stores significantly, focusing on efficiency and higher-quality retail experiences [24][26]. - There is potential for growth in the mid-range market, where Bosideng's other brands have not performed as well as expected, indicating room for improvement [30][31]. Group 5: Future Strategies - The company should consider a "down + other" strategy, combining down materials with other outerwear to strengthen its market position [32][33]. - Acquisitions of high-end niche brands within the same sector could enhance Bosideng's operational capabilities and market reach [32][33]. - The focus should remain on the down jacket segment, as the company has not fully capitalized on its existing market share and brand strength [33].

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]