Core Viewpoint - The company reported a 12% year-on-year revenue growth to 25.9 billion yuan and a 14% increase in net profit to 3.5 billion yuan for FY25, meeting expectations [1] Revenue and Profit Performance - The company declared a final dividend of 0.22 HKD per share, resulting in an annual payout ratio of approximately 84% [1] - The main down jacket business maintained a steady growth rate of 7% in revenue during the second half of FY25 despite adverse factors such as high base, warm winter, and fluctuating consumer environment [1] - The core brand Bosideng generated a revenue increase of 7% to 13.2 billion yuan, accounting for 85% of the down jacket revenue [1] Business Segments and Growth - The OEM business saw a significant revenue increase of 26.4% to 3.37 billion yuan, reflecting the company's efforts to expand high-quality new clients and enhance overseas production capacity [1] - The company opened 253 new stores throughout the fiscal year, with approximately 31% of stores located in first- and second-tier cities, an increase of 2.8 percentage points year-on-year [1] Margin and Cost Management - The overall gross margin decreased by 3.0 percentage points to 61% in the second half of FY25, with the brand down jacket business gross margin declining by 1.9 percentage points to 64.3% due to a higher proportion of lower-margin wholesale channels and rising raw material costs [2] - The main brand Bosideng's gross margin only decreased by 1.0 percentage point to 70%, indicating strong discount control capabilities [2] - Selling and administrative expense ratio decreased by 2.4 percentage points to 42% due to operational efficiency improvements [2] Inventory Management - The company maintained healthy inventory turnover, with inventory turnover days increasing by 3 days to 118 days by the end of FY25 [2] Strategic Direction - The company plans to focus on its core down jacket business and fashionable functional apparel, emphasizing brand leadership and innovative multi-category product development [2] Earnings Forecast and Valuation - The company maintains its FY26 EPS forecast at 0.34 yuan and introduces an FY27 EPS forecast of 0.38 yuan, with the current stock price corresponding to 12/11 times FY26/27 earnings [3] - The target price remains unchanged at 5.63 HKD, implying a 22% upside potential from the current stock price [3]

Core Insights - The company achieved a revenue of 25.9 billion HKD for the fiscal year 2024/25, representing an 11.6% year-on-year increase, with a net profit of 3.51 billion HKD, up 14.3%, slightly below expectations [1] - A cash dividend of 0.22 HKD per share is proposed, resulting in a dividend yield of 6.1% for the fiscal year [1] Revenue Breakdown - The down jacket business generated revenue of 21.67 billion HKD, a year-on-year increase of 11%, while the OEM business revenue reached 3.37 billion HKD, up 26% [1] - Other non-down jacket business revenue was 860 million HKD, down 16%, primarily due to a 21% decline in women's clothing revenue, which amounted to 650 million HKD [1] Profitability Analysis - Gross margin decreased by 2.3 percentage points to 57.3%, with the down jacket business gross margin down 1.6 percentage points to 63.4% [2] - The decline in gross margin is attributed to changes in channel structure, product mix, rising raw material costs, and increased processing costs at overseas factories [2] - Despite the gross margin decline, net profit margin improved by 0.4 percentage points to 13.6% due to enhanced operational efficiency [2] Future Outlook - The company is expected to demonstrate strong resilience in operations amid a warm winter, with steady growth projected for the fiscal year 2024/25 [3] - Future channel and market adjustments are anticipated to optimize efficiency and market presence [3] - The company plans to enhance its brand matrix by launching the Bogner brand for the high-end ski market and investing in the Canadian luxury down jacket brand Moose Knuckles [3] - Projected net profits for fiscal years 2025/26 to 2028/29 are 4.1 billion HKD, 4.65 billion HKD, and 5.16 billion HKD, with respective year-on-year growth rates of 16.8%, 13.2%, and 11.1% [3]

Event Overview - Company FY24/25 revenue, down jacket revenue, net profit attributable to parent, and operating cash flow are projected to be 25.902 billion, 21.67 billion, 3.514 billion, and 3.98 billion yuan, respectively, with year-on-year growth of 11.6%, 11%, 14.3%, and a decline of 45.7% [1] - Despite the impact of a warm winter, revenue performance exceeded pessimistic expectations, primarily driven by growth in franchise operations and contributions from outdoor, lightweight down jackets, and sun protection clothing [1] - Other income for FY24/25 is expected to be 492 million yuan, up from 216 million yuan in the same period last year, while goodwill impairment loss is projected at 170 million yuan, compared to 70 million yuan last year, leaving a remaining goodwill balance of 700 million yuan [1] - After excluding other income, goodwill impairment losses, and losses from joint ventures and associates, the net profit attributable to the parent is expected to be 3.21 billion yuan, reflecting a year-on-year increase of 9.3% [1] Financial Performance - Down jacket and main brand Bosideng revenue grew by 11% and 10%, respectively, with rapid growth in franchises and a slowdown in online sales [1] - Revenue breakdown for FY24/25 shows down jackets, OEM, women's wear, and diversified clothing at 21.67 billion, 3.37 billion, 651 million, and 209 million yuan, with year-on-year growth of 11.0%, 26.4%, -20.6%, and 2.8% [1] - The first half of the year saw revenue growth of 23% for down jackets, while the second half experienced a slowdown with only 7% growth due to the warm winter [1] - The company plans to distribute a final dividend of 0.22 HKD per share, in addition to an interim dividend of 0.06 HKD, resulting in a payout ratio of 84.1% and a dividend yield of 6.1% [1] Profitability Metrics - Gross margin decreased by 2.3 percentage points to 57.3% for FY24/25, with brand down jackets, OEM, women's wear, and diversified clothing gross margins at 63.4%, 19.1%, 63.2%, and 21.7%, respectively [2] - Operating profit margin (OPM) and net profit margin for FY24/25 are projected at 19.2% and 13.6%, reflecting increases of 0.2 and 0.3 percentage points year-on-year [2] - The decrease in gross margin is attributed to changes in channel structure, rapid growth of lower-margin sun protection products, and rising costs of core raw materials [2] Inventory and Accounts Receivable - Inventory increased by 23.6% year-on-year to 3.95 billion yuan, with raw materials, work-in-progress, and finished goods accounting for 36.4%, 0.7%, and 62.9% of total inventory, respectively [3] - Inventory turnover days increased to 118 days, up by 3 days year-on-year, while accounts receivable decreased by 20.2% to 1.195 billion yuan [3] - The number of stores increased by 253 to a total of 3,470, with direct-operated and franchise stores increasing by 100 and 153, respectively [1][3] Market Position and Future Outlook - Short-term growth is expected to come from online, franchise, and pop-up store channels, with potential for online sales to follow platform strategy adjustments [4] - Mid-term growth drivers include outdoor product lines and the continued evolution of sun protection and lightweight down jackets [4] - Long-term prospects indicate room for market share growth as the company remains a leader in functional categories, with opportunities for channel expansion and cost control [4]

Core Insights - Bosideng International Holdings Limited reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, representing a year-on-year growth of 11.58% [2] - The net profit attributable to equity shareholders was 3.514 billion yuan, an increase of 14.31% year-on-year, with a proposed final dividend of 0.22 HKD per share [2] - Despite challenges such as a warm winter and a tough consumer environment, Bosideng achieved record highs in revenue and net profit for eight consecutive years, with operating profit growth outpacing revenue growth [2] Business Segments - The brand down jacket business remains the largest revenue source, generating approximately 21.668 billion yuan, accounting for 83.7% of total revenue, with a year-on-year growth of 11.0% [2] - The OEM management business recorded revenue of about 3.373 billion yuan, representing 13.0% of total revenue, with a year-on-year increase of 26.4% [2] - Women's clothing revenue was approximately 651 million yuan, accounting for 2.5% of total revenue, showing a decline of 20.6% year-on-year [2] - Diversified clothing business generated about 209 million yuan, making up 0.8% of total revenue, with a year-on-year increase of 2.8% [2] Strategic Focus - Bosideng is focusing on a "dual focus" strategy on down jackets and fashionable functional apparel, aiming to enhance its product offerings, including lightweight down jackets and extreme cold series [3] - The brand is also working on building the "China Good Down" IP and launching city brand collaborations [3] - The "Xuezhongfei" brand is enhancing its online business and focusing on category value innovation and core resource integration [3] Operational Efficiency - The company employs a pull replenishment and small batch quick response mechanism, achieving efficient inventory turnover with an inventory turnover period of 118 days, slightly up by 3 days year-on-year [3][6] - The gross profit margin decreased by 2.3 percentage points to 57.3%, attributed to changes in product category structure and rising costs of down jackets [6] Market Challenges - The overall performance of the textile and apparel industry is experiencing a slowdown in growth rates due to low consumer confidence and market saturation, leading to increased marketing costs and inventory pressures [6] - Bosideng faces challenges in high-end transformation, internationalization, and operational efficiency, with a need to target younger consumer segments and enhance brand positioning [6]

Core Viewpoint - Bosideng, a leading down jacket brand, reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, marking an 11.6% year-on-year increase, with net profit rising 14.3% to 3.514 billion yuan [1][3]. Revenue and Profit Summary - The brand down jacket business generated approximately 21.668 billion yuan, accounting for 83.7% of total revenue, with a year-on-year growth of 11.0% [1][4]. - The OEM management business saw a revenue increase of 26.4% to 3.373 billion yuan, reaching a historical high [4]. - Women's clothing revenue decreased by 20.6% to 651 million yuan, while diversified clothing revenue rose by 2.8% to 209 million yuan [4]. Margin Analysis - Despite revenue and net profit growth, the gross margin declined by 2.3 percentage points to approximately 57.3% [6][7]. - The gross margin for the brand down jacket business decreased by 1.6 percentage points to 63.4%, while the OEM management business saw a decline of 1.5 percentage points to 19.1% [6][7]. - The women's clothing gross margin fell by 4.3 percentage points to 63.2% [6]. Inventory Management - The inventory turnover days increased to 118 days, up by 3 days compared to the previous year [8]. - The company maintains that its inventory levels are normal, focusing on high-quality, best-selling items [10]. Market Strategy and Product Diversification - Bosideng aims to attract new consumers during the summer by expanding its product range beyond down jackets, including sun protection and outdoor apparel [10][11]. - The company emphasizes that diversification is aligned with its core brand identity and aims to enhance down jacket sales [10][11]. - Bosideng plans to leverage technology and establish standards for new product categories to educate consumers and improve market positioning [10].

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 06 月 27 日 [Table_Title] 暖冬影响好于悲观预期，存货风险可控 [Table_Title2] 波司登(3998.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 3998 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.66/3.58 | | 目标价格(港元)： | | 总市值(亿港元) | 533.34 | | 最新收盘价(港元)： | 4.62 | 自由流通市值(亿港元) | 533.34 | | | | 自由流通股数(亿) | 11,544.13 | [Table_Summary] 事件概述 公司 FY24/25 收入/羽绒服收入/归母净利/经营活动现金流为 259.02/216.7/35.14/39.8 亿元，同比增长 11.6%/11%/14.3%/-45.7%，我们分析，虽然受到暖冬影响，收入端仍好于悲观预期，主要增长主要来自加盟端 增长及户外、轻薄羽、防晒服等拓品类贡献。FY24/25 公司其 ...

Core Viewpoint - Bosideng, a leading down jacket brand in China, reported a revenue increase of 11.6% to 25.902 billion yuan and a net profit increase of 13.9% to 3.553 billion yuan for the fiscal year 2024/25, marking the eighth consecutive year of record highs in both revenue and net profit [1] Group 1: Financial Performance - Revenue for the reporting period reached 25.902 billion yuan, up 11.6% year-on-year [1] - Net profit increased by 13.9% to 3.553 billion yuan, achieving historical highs for eight consecutive years [1] - Operating profit margin improved to 19.2% [1] Group 2: Brand Strategy and Market Focus - Bosideng plans to increase investment in the mass down jacket market, focusing on high cost-performance growth opportunities [1] - The company aims for double-digit growth for its Snow Flying brand in the new fiscal year [1] - Revenue from the Bosideng brand increased by 10.1% to 18.481 billion yuan, while Snow Flying brand revenue grew by 9.2% to 2.206 billion yuan [1] Group 3: Channel Development and Online Presence - Bosideng has optimized its online content platform structure, focusing on self-operated construction, content upgrades, and new product launches [2] - The brand gained approximately 7 million new fans on Tmall and JD platforms, with total members reaching about 21 million by March 31, 2025 [2] - Offline, Bosideng is enhancing channel quality through TOP store expansion and refined operations [2] Group 4: Product Innovation and R&D - The company increased R&D investment, launching new product categories such as waterproof and windproof down jackets [2] - In the fiscal year, Bosideng filed 466 patent applications and received 527 patent authorizations, totaling 1,498 patents by March 31, 2025 [3]

Core Insights - Bosideng achieved continuous growth in revenue and net profit for eight consecutive years, with revenue reaching approximately 25.902 billion yuan, an increase of 11.6% year-on-year, and net profit around 3.514 billion yuan, up 14.3% year-on-year, driven by its "dual focus" strategy [1] Group 1: Business Performance - The "dual focus" strategy has led to significant business development, with revenue from down jackets increasing by 11.0% to approximately 21.668 billion yuan, marking a record high [1] - The OEM management business also performed well, generating revenue of 3.373 billion yuan, a year-on-year increase of 26.4% [1] - The subsidiary brand Xuezhongfei capitalized on the "ice and snow" theme, boosting online sales to approximately 2.206 billion yuan, a 9.2% increase year-on-year [1] Group 2: Channel Development - Bosideng actively optimized its operations and expanded its channels, focusing on TOP stores and tiered store management to enhance channel quality and operational efficiency [2] - The brand significantly promoted its lightweight down jackets on emerging platforms like Douyin, gaining over 1 million new followers by September 2024, totaling around 10 million followers by March 31, 2025 [2] - On Tmall and JD platforms, the brand added approximately 7 million new followers and 3 million new members, reaching a total of about 21 million members across these platforms [2] Group 3: Product Innovation - In response to changing market demands, Bosideng has innovated its product categories, launching functional outerwear such as sun-protective clothing and shell jackets, which contribute to sales during off-peak seasons [2] - The company has positioned sun-protective clothing as "more fashionable professional sun protection" and focused on practical solutions for temperature variations with its shell jackets [3] - Bosideng has introduced advanced features in its products, such as UV resistance and high elasticity in sun-protective clothing, and developed eco-friendly materials for shell jackets, enhancing their fashion appeal [3]

Core Viewpoint - Bosideng, known as the "King of Down Jackets" in China, demonstrates strong operational resilience with an 11.6% revenue increase to approximately RMB 25.902 billion and a 14.3% rise in net profit to about RMB 3.514 billion for the fiscal year 2024-2025, marking eight consecutive years of record highs [1][8]. Financial Performance - The company's revenue for the main brand increased by 10.1% to approximately RMB 18.481 billion, achieving a historical high for the same period [13]. - The operating profit margin improved from 18.9% to 19.2%, despite facing challenges such as a slight increase in inventory turnover days from 115 to 118 days [12][13]. Operational Resilience - Bosideng's resilience stems from enhanced brand effect and supply chain management capabilities driven by technological empowerment [8][13]. - The company has adopted a demand-driven inventory management strategy, reducing inventory turnover days from 175 days in fiscal year 2021 to 115 days in fiscal year 2024 [14]. Market Trends - The rise of outdoor and ice sports in China has created new growth opportunities for down jacket companies, with a reported 14.99% increase in outdoor sports-related orders in 2023 and a 59.78% increase in the first half of 2024 [15]. - Following the Beijing Winter Olympics, participation in ice sports surged from under 100 million in 2015 to 313 million in 2022, with the ice sports consumption scale exceeding RMB 150 billion in the 2023-2024 season [17]. Product Innovation - Bosideng has launched a new series of outdoor jackets that balance fashion and functionality, featuring water resistance, windproof, and breathability [19]. - The company has also introduced a new wind and snow series under its Snow Flying brand, incorporating innovative standards for wind and snow protection [19].

Core Viewpoint - The domestic down jacket market is expected to face intensified competition in pricing, scale, and marketing, despite maintaining growth after the 2024 warm winter and rising down prices [1][4]. Group 1: Company Performance - Bosideng reported a revenue of 25.9 billion yuan for the fiscal year 2024-2025, representing an 11.6% year-on-year increase, with a net profit of 3.51 billion yuan, up 14.3% [1]. - The down jacket business of Bosideng saw a revenue growth of 11% to 21.67 billion yuan, while its OEM processing business grew by 26.4% to 3.37 billion yuan [1][2]. - Snow Flying, a brand under Bosideng, achieved a revenue of 2.21 billion yuan, reflecting a 9.2% increase, although this was a decline from the previous year's growth rate of 65.3% [2][3]. Group 2: Market Trends - The penetration rate of down jackets in China is around 10%, significantly lower than the 30% to 70% in developed countries, indicating long-term growth potential [2]. - The market concentration is increasing, with consumers shifting towards branded down jackets due to new national standards and past incidents of counterfeit products [2]. - The mid-to-high-end segment of the down jacket market accounts for approximately 20% to 30%, while the mass market still holds a 70% share, highlighting the importance of this segment [3]. Group 3: Competitive Landscape - The competition in the mass down jacket market is expected to intensify, with brands like Yalu and Dayday rapidly gaining market share [3][4]. - Bosideng is adjusting its strategy to focus on high cost-performance opportunities in the mass market, indicating a shift in its market approach [2][3].