Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.4 [1][7]. Core Insights - The company achieved a revenue of RMB 25.9 billion for the fiscal year 2024/25, representing a year-on-year increase of 11.6%, and recorded a net profit attributable to shareholders of RMB 3.51 billion, up 14.3% year-on-year, slightly below expectations [7]. - The company plans to distribute a cash dividend of HKD 0.22 per share, resulting in a dividend yield of 6.1% for the fiscal year [7]. Summary by Sections Company Overview - The company operates in the textile and apparel industry, with a market capitalization of RMB 42.34 billion as of June 26, 2025 [2]. - The stock price on June 26, 2025, was HKD 4.62, with a 12-month high of HKD 4.94 and a low of HKD 3.50 [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on December 2, 2024, at a closing price of HKD 4.05 [3]. Financial Performance - The main revenue driver is the down jacket business, which generated RMB 21.67 billion, a year-on-year increase of 11%. The OEM processing business saw revenue of RMB 3.37 billion, up 26% year-on-year [8]. - The overall gross margin decreased by 2.3 percentage points to 57.3%, with the down jacket segment's gross margin down 1.6 percentage points to 63.4% [8]. - Despite the decline in gross margin, the net profit margin improved by 0.4 percentage points to 13.6% due to enhanced operational efficiency [8]. Future Outlook - The company is expected to achieve net profits of RMB 4.1 billion, RMB 4.65 billion, and RMB 5.16 billion for the fiscal years 2025/26, 2026/27, and 2027/28, respectively, with year-on-year growth rates of 16.8%, 13.2%, and 11.1% [10]. - The projected earnings per share (EPS) for the next three fiscal years are RMB 0.36, RMB 0.40, and RMB 0.45, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 [10].

Individual Company News - Xiaomi Group (01810.HK) officially launched its first SUV, the Xiaomi YU7, with a starting price of 253,500 yuan, achieving over 289,000 pre-orders within one hour [1] - WanGuo Data (09698.HK) has received approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange for the registration and initial public offering of its closed-end infrastructure securities investment fund [1] - China Biologic Products (01177.HK) has included a new indication for its LM-108 "CCR8 monoclonal antibody" in the breakthrough therapy designation program [1] - China Life Insurance (02628.HK) plans to invest 1.2 billion yuan to establish a partnership for investing in nuclear power enterprises [1] - New Special Energy (01799.HK) subsidiary Fengsheng Power received a 500 million yuan capital increase from ICBC Financial, diluting its stake to 55.62% [1] - WuXi AppTec (02359.HK) was increased by Computershare Hong Kong Trustees Limited by 1.1786 million shares at approximately 76.70 HKD per share [1] - Bosideng (03998.HK) reported a profit attributable to shareholders of 3.514 billion yuan for the year ending March 31, 2025, representing a year-on-year increase of 14.31% [1] Strategic Review - Hong Kong Travel (00308.HK) board is continuously conducting periodic research and strategic reviews of the company's business layout and portfolio, with no guarantees that the review process will lead to any announcements or completed transactions [2]

Financial Performance - Revenue increased by 11.6% to RMB 25,901.7 million in FY2024/25 [8, 14] - Profit attributable to equity holders of the Company increased by 14.3% to RMB 3,513.9 million [8] - Basic earnings per share increased by 11.4% to RMB 31.58 cents [8] - The Group's gross profit margin decreased by 2.3 percentage points to 57.3% [9] Revenue Breakdown - Branded down apparel revenue increased by 11.0% to RMB 21,668.2 million, accounting for 83.7% of total revenue [14, 16] - OEM management revenue increased significantly by 26.4% to RMB 3,373.4 million, representing 13.0% of total revenue [14, 16] - Ladieswear apparel revenue decreased by 20.6% to RMB 651.1 million, accounting for 2.5% of total revenue [14, 16] Branded Down Apparels Business - Bosideng brand revenue increased by 10.1% to RMB 18,481.0 million [17] - Snow Flying brand revenue increased by 9.2% to RMB 2,205.5 million [17] - Online sales of branded down apparel increased to RMB 7,478.2 million [79] Ladieswear Apparels Business - Ladieswear apparel revenue decreased by 20.6% to RMB 651.1 million [16, 92] - Revenue from online sales was RMB 97.2 million [92]

Group 1 - The company reported a revenue increase of 11.6% year-on-year, reaching approximately RMB 25.902 billion for the fiscal year ending March 31, 2025 [1] - The profit attributable to equity shareholders rose by 14.3% year-on-year to approximately RMB 3.514 billion [1] - The board proposed a final dividend of HKD 0.22 per share [1] Group 2 - The company has focused on its core business of down jackets, emphasizing brand building, product innovation, retail upgrades, and digital management to achieve sustainable and high-quality growth [1] - The company aims to become a global leader in the down jacket industry by concentrating resources on enhancing core competitiveness [1] - The company has implemented four key strategies: strengthening brand leadership, category management, channel operations, and customer experience [1] Group 3 - The company is enhancing its brand image as a "global leading down jacket expert" and aims to upgrade its global recognition in the down jacket market [2] - Product development includes expanding into functional outerwear for spring and summer, such as sun-protective clothing and lightweight down jackets [2] - The company has received multiple industry recognitions, including being named one of the "Top 50 Brand Marketing Cases" and awarded "Most Influential Listed Company in Hong Kong" [2]

EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 波司登國際控股有限公司 | | 股份代號 | 03998 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年3月31日止年度的末期股息 | | 公告日期 | 2025年6月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年3月31日 | | 宣派股息的報告期末 | 2025年3月31日 | | 宣派股息 | 每 股 0.22 HKD | | 股東批准日期 | 2025年8月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.22 HKD | | 匯率 | 1 HKD : 1 HKD ...

波司登公告，截至2025年3月31日止年度，收入同比上升11.6%至约259.02亿元。毛利率同比下降2.3个 百分点至约57.3%。经营溢利同比上升12.9%至约49.67亿元。本公司权益股东应占溢利同比上升14.3%至 约35.14亿元。董事会建议就每股普通股派发末期股息22港仙。 ...

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 （於開曼群島註冊成立之有限責任公司） （股份代號：3998） 截至2025年3月31日止年度的年度業績 摘要 年度業績 波司登國際控股有限公司（「本公司」）的董事（「董事」）會（「董事會」）公佈本公司及其附屬公司 （統稱「本集團」）截至2025年3月31日止年度（「本年度」或「2024/25財年」）的綜合全年業績連同 截至2024年3月31日止年度的比較數據如下： 1 • 收入同比上升11.6%至約人民幣25,901.7百萬元 • 毛利率同比下降2.3個百分點至約57.3% • 經營溢利同比上升12.9%至約人民幣4,966.9百萬元 • 本公司權益股東應佔溢利同比上升14.3%至約人民幣3,513.9百萬元 • 董事會建議就每股普通股派發末期股息22.0港仙 綜合損益及其他全面收益表 截至2025年 ...

職責、權力及職能 1 1. 委員會由本公司董事（「董事」）會（「董事會」）不時委任的不少於三名委員組成， 而過半數須為獨立非執行董事。 2. 董事會須提名及委任委員會其中一名成員（且彼為獨立非執行董事）為委員會主席。 波司登國際控股有限公司 （「本公司」） 薪酬委員會（「委員會」）的職權範圍及運作模式 成員 會議次數及議事程序 股東週年大會 12. 委員會主席應出席本公司股東週年大會(「股東週年大會」)，並準備回答本公司股東 (「股東」) 就委員會工作與活動提出的任何問題。若委員會主席缺席，其代表或委員會 的其他成員應出席股東週年大會並回答股東的問題。 3. 委員會每年須召開會議至少一次；若因工作需要，委員會應召開額外會議。 4. 委員會主席可自行決定召開額外會議。 5. 兩名委員會成員構成會議的法定人數。 委員會成員應親身出席或透過電子通訊（包括但 不限於電話或視訊會議）出席會議。 6. 委員會可不時邀請顧問（包括但不限於外聘顧問）出席會議向成員提供意見。 7. 委員會會議的議事程序受本公司的組織章程細則（「章程細則」）第 118 條所規管。 – 完 – 8. 委員會須 – (a) 制定薪酬政策提交董事會批 ...

1 1. 委員會由本公司董事（「董事」）會（「董事會」）不時委任的三名委員組成，而過 半數須為獨立非執行董事。 2. 董事會須指定委員會的其中一名成員（且彼為獨立非執行董事或董事會主席）為委員 會主席。 波司登國際控股有限公司 （「本公司」） 提名委員會（「委員會」）的職權範圍及運作模式 成員 會議次數及議事程序 職責、權力及職能 7. 委員會須 – (a) 制定有關物色、甄選及提名選任董事的人選的提名政策供董事會考慮，並執行 及檢討經董事會批准的提名政策； (b) 因應香港聯合交易所證券上市規則(「上市規則」)的規定，按情況制定、檢討 及更新本公司之董事會成員多元化政策(「董事會成員多元化政策」)供董事會 批准， 並檢討及更新董事會為落實該政策而制定的目標，以及監察達成目標的 進度； 及 (c) 在不影響上述一般性的情況下： 11. 委員會主席應出席本公司股東週年大會(「股東週年大會」)，並準備回答股東 就委員 會工作與活動提出的任何問題。若委員會主席缺席，其代表或委員會的其他成員應出 席股東週年大會並回答股東的問題。 ─ 完 ─ 3. 委員會每年須召開會議至少一次；若因工作需要，委員會應召開額外會議。 4 ...

波司登國際控股有限公司 （「本公司」） 審計委員會（「委員會」）的職權範圍及運作模式 成員 以日期較後者為準。 會議次數及議事程序 1 1. 委員會由本公司董事（「董事」）會（「董事會」）委任的不少於三名成員組成，全部 須為非執行董事。 2. 董事會過半數須為《香港聯合交易所有限公司證券上市規則》（「上市規則」）所指的 獨立非執行董事，其中又至少要有一名是如《上市規則》第 3.10(2)條所規定具備適當專 業資格， 或具備適當的會計或相關的財務管理專長的獨立非執行董事。 3. 委員會主席須由董事會委任並且由獨立非執行董事出任。 4. 本公司現時聘用之核數公司的前任合夥人在以下日期起計兩年內，不得擔任委員會的成 員： (a) 終止成為該公司合夥人的日期；或 (b) 不再享有該公司任何財務利益的日期， 責任 職責 、權力及職能 2 9. 委員會獲授權按其職權範圍調查與集團有關的任何活動，集團所有僱員均須與委員會合 作。委員會獲董事會授權在其認為有需要時尋求外界法律或其他獨立專業顧問的意見， 以及邀請具備相關經驗及專業知識的外界人士出席會議。 10. 委員會須向董事會匯報其注意到而又重要至應向董事會提出的任何懷疑不 ...