股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 波司登國際控股有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.00001 USD | | 200,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.00001 USD | | 200,000 | 本月底法定/註冊股本總額： USD 2 ...

Core Viewpoint - The article discusses the evolving demands for versatile clothing in modern urban life, particularly focusing on the challenges faced by traditional down jackets to balance warmth, comfort, and style [2][4]. Group 1: AREAL Series and Design Philosophy - The AREAL series, a collaboration between Chinese brand Bosideng and British designer Kim Jones, embodies a "boundary-less" design philosophy that redefines the concept of down jackets [4][6]. - The term "AREAL" combines "AREA" and "REAL," representing a rethinking of functionality, modernity, and diversity in clothing, allowing for seamless transitions between different life scenarios [6][8]. - Kim Jones, known for his leadership roles at Louis Vuitton and Dior, aims to find a balance between street culture and high fashion, which is reflected in the AREAL series [8][10]. Group 2: Product Features and Innovations - The AREAL series reinterprets down jackets through a layering system, enabling garments to adapt to various roles and settings while maintaining both functionality and elegance [10][14]. - The series incorporates Bosideng's 49 years of expertise in down technology and Kim Jones's haute couture aesthetics, promoting the idea of "temperature and style coexisting" [10][14]. - The collection features innovative materials, such as custom lightweight functional fabrics and high-quality wool, ensuring comfort and performance in extreme cold [19][21]. Group 3: Craftsmanship and Technical Excellence - The craftsmanship of the AREAL series meets rigorous standards, with meticulous adjustments made to collar structures and sleeve arcs to ensure comfort and elegance [21][23]. - Bosideng's advanced technologies, such as anti-leak down technology and heat-pressing techniques, enhance the durability and performance of the garments [23][25]. - The collaboration represents a fusion of Eastern craftsmanship and Western design philosophies, elevating the technical standards in the down jacket industry [23][32]. Group 4: Market Position and Cultural Impact - Bosideng has established itself as a transformative player in the fashion industry, gaining recognition on international platforms such as New York, Milan, and Paris Fashion Weeks [25][26]. - The partnership with Kim Jones signifies a deeper integration of fashion philosophies and product aesthetics, potentially setting a new norm in the fashion industry [28][30]. - The AREAL series not only addresses practical needs but also reflects a broader cultural dialogue, merging global design insights with local craftsmanship [30][32].

Core Viewpoint - The A-share apparel sector has shown a positive revenue growth in Q3 2025, with significant net profit growth, primarily due to a lower base in Q3 2024. The home textile segment performed particularly well, while the textile manufacturing sector saw a narrowing decline in both revenue and profit [1][3]. Industry Review - Demand Side: - Online retail sales of clothing in China from January to September increased by 2.8% year-on-year, accelerating compared to the previous months [2]. - In the U.S., retail sales of clothing and accessories rose by 8.3% year-on-year in August, marking an acceleration from July, with continuous month-on-month growth since May [2]. - Export Side: - China's textile and apparel exports in September decreased by 1.5% year-on-year, with textile exports up by 6% and garment exports down by 8% [2]. - Vietnam's textile and footwear exports in September increased by 9% year-on-year, showing an acceleration compared to August [2]. Apparel Sector Q3 2025 Summary - Performance Review: - The A-share apparel sector's revenue growth turned positive in Q3 2025, with a net profit increase of 10.6% compared to a decline of 22.0% in Q2 [3]. - The home textile segment, particularly brands like Luolai and Mercury, showed significant revenue and profit growth [3]. - Operational Efficiency: - Most brands experienced an increase in inventory turnover days year-on-year, except for Ge Li Si, Youngor, Luolai Life, and Mercury Home Textile, which saw a decrease [3]. Textile Manufacturing Q3 2025 Summary - Performance Review: - The revenue decline in the A-share textile manufacturing sector narrowed in Q3 2025, with a decrease of 0.4% compared to 1.9% in Q2 [5]. - Profit decline also narrowed, with a decrease of 11.2% in Q3 compared to 20.4% in Q2, with companies like Nanshan Zhishang and Fuchun Dyeing leading in growth [5]. - Future Outlook: - The impact of short-term tariffs is expected to end by year-end, with future order demand being a key variable. Most overseas brands completed price increases in Q3, making Q4 U.S. consumption trends an important observation [5]. - The concentration of orders and capacity advantages for midstream OEMs with mature overseas production capabilities will become more prominent [5]. - The efficiency of new production capacity and the pace of improvement need to be monitored, with a balanced production line allocation mechanism being crucial [5]. Investment Recommendations - For 2026, the performance recovery logic for the export manufacturing sector appears clearer, driven by the implementation of U.S. tariff policies, reduced pressure on brands, and ongoing efficiency improvements [6]. - Recommended stocks include: - For home textiles: Luolai Life, Mercury Home Textile, and Fuanna [6]. - For light luxury: Prada and Samsonite [6]. - For undervalued high-dividend stocks: Bosideng, Jiangnan Buyi, and Taobo [6].

Group 1 - The recent revelation that Adidas down jackets are actually produced by the domestic company Bosideng has sparked public attention [1] - Consumers are questioning the price premium of international brands when domestic brands offer similar products at lower prices [1] - The perception of value in clothing extends beyond functionality to include emotional and aesthetic considerations, leading consumers to pay a premium for brand names [1] Group 2 - The fact that international brands are outsourced to local companies highlights the importance of Chinese enterprises in the global apparel supply chain and affirms the quality of Chinese manufacturing [2] - Bosideng has seen its stock price rise continuously, with its OEM business becoming a significant revenue source, alongside its own brand [2] - Other notable garment manufacturers in the Hong Kong market include Shenzhou International, which has a market capitalization nearing HKD 100 billion, and reached a peak of nearly HKD 300 billion in 2021 [2] Group 3 - There is a significant divergence in stock performance among Chinese apparel companies, with 361 Degrees showing a nearly 50% increase this year, while Li Ning and Anta Sports have underperformed [3] - The potential for brand value enhancement and stock market growth for Chinese apparel companies is seen as inevitable given their strong manufacturing capabilities [3]

Group 1 - Bosideng launched a new high-end series "AREAL" in collaboration with creative director Kim Jones, showcasing the collection at a global premiere in Shanghai [1] - Edvance Group has played a significant role in Bosideng's brand transformation and high-end strategy, indicating a strong partnership [1] - Edvance Group has achieved a market share of 13.8% in high-end brand experience marketing in Greater China, serving over 550 world-class brands [1] Group 2 - LVMH's third-quarter performance exceeded market expectations, with organic revenue growth of 2% in the Asia-Pacific region, signaling a recovery in high-end consumption [2] - The recovery of the Chinese luxury market and the shift of local brands like Bosideng towards high-end positioning are expected to benefit Edvance Group through increased marketing budgets [2] - Edvance Group is poised for a new round of value reassessment due to its strong luxury marketing experience and leading industry position [2]

Group 1 - Bosideng has launched a new high-end series "AREAL" in collaboration with creative director Kim Jones, showcasing Eastern craftsmanship on a global stage [1] - Edvance Group has played a significant role in Bosideng's brand transformation and high-end strategy, indicating a clear growth opportunity for Edvance in the high-end market [1] - Edvance Group has achieved a market share of 13.8% in high-end brand experience marketing in Greater China, serving over 550 world-class brands [1] Group 2 - LVMH's third-quarter performance exceeded market expectations, with organic revenue growth of 2% in the Asia-Pacific region, signaling a recovery in high-end consumption [2] - The recovery of the Chinese luxury market and the move of local brands like Bosideng towards high-end positioning are expected to benefit Edvance Group, leading to a structural increase in brand marketing budgets [2]

Core Viewpoint - The article discusses the transformation of China's manufacturing industry, particularly in the apparel sector, where local companies like "Xuezhongfei" and Shenzhou International are becoming strategic partners for international brands like Adidas and Nike, challenging the traditional brand premium model [1][2][3]. Group 1: Changes in Consumer Behavior - Consumers are increasingly skeptical of brand premiums and are focusing on the actual quality-to-price ratio of apparel products [1][6]. - The rise of information transparency has led consumers to compare product specifications, such as fill power and material quality, rather than relying solely on brand reputation [6][7]. Group 2: Evolution of the Chinese Manufacturing Sector - Chinese manufacturers have evolved from being mere "workshops" for international brands to becoming key players with core competencies in design, quality control, and supply chain management [11][12]. - The local industry is now capable of meeting international standards, with companies like "Xuezhongfei" recognized for their manufacturing capabilities [3][4]. Group 3: Profit Distribution and Market Dynamics - The profit distribution model in the manufacturing sector is shifting from brands taking the majority share to manufacturers like Bosideng and Shenzhou International gaining more negotiating power [8][9]. - Bosideng's OEM and ODM businesses have shown significant growth, with a reported revenue of approximately 3.373 billion yuan, marking a 26.4% year-on-year increase [8]. Group 4: Strategic Partnerships and Supply Chain Flexibility - Adidas has acknowledged the importance of Chinese suppliers in enhancing its flexible supply chain capabilities, which is crucial for local market adaptation [3][4]. - The collaboration between international brands and local manufacturers is becoming more strategic, with a focus on leveraging local expertise for better market responsiveness [11][12]. Group 5: Future Outlook - The article suggests that future leading companies in the consumer sector may emerge from China's supply chain, as local firms continue to innovate and enhance their competitive edge [11][12]. - The next challenge for these manufacturers will be to integrate data, processes, and standards into their operations to maintain their competitive advantage [12].

Core Viewpoint - The article discusses the challenges and strategies of traditional Chinese brands like Xuezhongfei in transitioning from low-cost products to higher-end offerings while maintaining their market position and addressing consumer perceptions of quality and value [4][19][22]. Group 1: Market Dynamics - The down jacket market is entering a competitive phase with brands ramping up marketing efforts, while Xuezhongfei faces controversy over its manufacturing practices [3][4]. - Xuezhongfei has seen a resurgence in popularity due to its high cost-performance ratio, but it struggles with brand identity as it attempts to elevate its market position [4][9]. - The average price of down jackets in China increased from 432 yuan to 656 yuan between 2015 and 2020, reflecting a trend towards higher-end products [12]. Group 2: Brand History and Evolution - Xuezhongfei was established as a sub-brand of Bosideng in 1999, targeting the youth market with a focus on affordability and differentiation from its parent brand [6][7]. - The brand experienced significant decline from 2013 to 2017, with revenues dropping from 2 billion yuan to 20 billion yuan due to market misalignment and inventory issues [7][8]. - In 2023, Xuezhongfei's revenue grew by 65.3% to 2.019 billion yuan, indicating a successful recovery and adaptation to market demands [12]. Group 3: Consumer Behavior and Trends - A shift in consumer sensitivity to pricing has been observed, with the percentage of price-sensitive consumers rising from 20% to 35% [13]. - The increase in raw material costs, particularly for down feathers, has pressured brands to raise prices, complicating their transition to higher-end markets [15]. - The emotional connection of older consumers to traditional brands like Xuezhongfei aids in reducing marketing costs for rebranding efforts [28]. Group 4: Quality and Brand Perception - Recent controversies regarding Xuezhongfei's manufacturing practices have raised questions about the quality of its products, impacting its brand reputation [22][29]. - The brand's attempts to reposition itself in the market are challenged by its historical association with low-cost products, making it difficult to command higher prices [19][22]. - The need for Xuezhongfei to establish a new narrative around quality and value is critical for its long-term success in the competitive landscape [21].

Core Insights - The discussion around the pricing of international brands like Adidas and Nike has intensified, particularly regarding their reliance on Chinese manufacturers like Xuezhongfei, which has led to questions about brand value and consumer perception [1][2]. Group 1: Brand Perception and Consumer Behavior - Consumers are increasingly skeptical of brand premiums and are focusing on the actual value and quality of products, comparing specifications and prices rather than simply relying on brand names [2][9]. - The shift in consumer behavior indicates a preference for products that align with personal values, such as sustainability, rather than just brand prestige [9][18]. - The traditional brand premium model is being challenged as consumers demand transparency and justification for higher prices [7][9]. Group 2: Evolution of Chinese Manufacturing - Chinese manufacturers like Xuezhongfei and Shenzhou International are evolving from mere subcontractors to strategic partners with international brands, showcasing their manufacturing capabilities and quality standards [5][18]. - The Chinese apparel industry has developed a comprehensive and specialized supply chain that is difficult to replicate, maintaining its competitive edge despite some production moving to Southeast Asia [16][18]. - The transformation of Chinese manufacturing is marked by a shift from low-end processing to high-end manufacturing, with a focus on quality, efficiency, and innovation [18]. Group 3: Financial Performance and Market Dynamics - Xuezhongfei, under Bosideng, reported a 26.4% year-on-year increase in its OEM business revenue, indicating a growing market presence and recognition of its manufacturing capabilities [10]. - The financial performance of Bosideng's OEM business highlights the increasing importance of manufacturing partnerships in driving revenue growth [10][12]. - The concentration of major clients poses risks for manufacturers, emphasizing the need for diversification in client relationships to mitigate potential revenue losses [12][18].

Core Viewpoint - The recent cold wave has significantly boosted the "warm economy," particularly benefiting the down jacket industry and leading companies like Bosideng, which recently reached a new high stock price of 5.09 HKD, indicating both short-term catalysts and long-term value enhancement [1] Group 1: Short-term Catalysts - The cold wave has led to an early winter in many regions, driving sales growth for warm products like down jackets, with reports of "explosive orders" in down processing enterprises in Anhui [2] - The upcoming Chinese New Year on February 17, 2026, which is nearly 20 days later than in 2025, is expected to extend the sales window for winter clothing, alleviating inventory pressure and allowing for more flexible marketing strategies [3] Group 2: Long-term Value Reconstruction - As consumer needs evolve beyond basic warmth to more diversified and personalized demands, leading companies like Bosideng are driving industry upgrades through "light warm aesthetics," "diverse scenarios," and "high-end value," effectively reshaping the value boundaries of down jackets [4] - Bosideng has been addressing consumer pain points related to down jackets, such as bulkiness and limited styles, through continuous technological research and design innovation [5] Group 3: Product Innovations - The "Master Puff" series launched at Paris Fashion Week redefines traditional down jacket aesthetics, utilizing innovative design techniques to create a lightweight and warm experience [8][9] - The AREAL series, led by newly appointed creative director Kim Jones, aims to cater to diverse scenarios and climates, enhancing the brand's positioning in the high-end business fashion sector [12][14] Group 4: Market Potential and Institutional Support - The penetration rate of down jackets in China is still low at around 10%, compared to over 30% in Europe and 70% in Japan, indicating significant growth potential for Bosideng's innovative products [15] - Multiple institutions have expressed optimistic forecasts for Bosideng, highlighting its strong performance potential in the upcoming sales season, with recommendations to buy or hold the stock [16][17]