Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to achieve solid performance in FY2025, with a projected revenue growth of over 10% and net profit growth expected to outpace revenue growth, indicating a trend of high-quality growth [1][3]. - The brand's down jacket business is anticipated to grow steadily by around 10% due to product innovation and category expansion, while the OEM business is expected to see a significant sales increase of approximately 15% [1][2][3]. - The report highlights the company's strong supply chain responsiveness and effective inventory management, which are crucial for maintaining operational health [3]. Business Segments Summary Brand Down Jacket Business - The brand down jacket business is projected to achieve a healthy growth rate, with FY2025H1 revenue increasing by 22.7% year-on-year, and full-year growth expected to be in the high single digits around 10% [2][3]. OEM Business - The OEM business recorded a 13.4% year-on-year sales increase in FY2025H1, with sales expected to grow by approximately 15% for the full year [3]. Financial Performance - For FY2025, the company is estimated to achieve a net profit of 3.523 billion yuan, reflecting a year-on-year growth of 14.6% [4]. - The report projects a slight decline in gross margin due to changes in business mix, but net profit margin is expected to remain stable or increase [1][3]. Channel Performance - Offline sales are expected to outperform online sales, with a focus on single-store operations and a stable number of stores anticipated for FY2025 [3]. - Online sales for FY2025H1 increased by 24% year-on-year, indicating the growing importance of e-commerce as a channel for brand building and member marketing [3].

Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The company is expected to achieve stable sales growth during the peak season despite unfavorable conditions such as warmer winter temperatures and an earlier Spring Festival. The introduction of the new "Layered Change" series aims to meet diverse dressing needs [7] - The company has launched new functional outerwear for the spring season, which is anticipated to contribute to sales during the off-peak period. The marketing strategy includes collaboration with a celebrity to enhance product visibility [7] - The strategic investment in the luxury down jacket brand Moose Knuckles is expected to enhance the company's brand matrix and operational capabilities, allowing for better market positioning and expansion [7] - The company has been actively repurchasing shares, reflecting confidence in its future development and commitment to shareholder returns, with a dividend payout ratio exceeding 80% for FY22-FY24 [7] - The company has a strong market presence in the down jacket industry, with a robust operational capability and a focus on expanding into outdoor and functional apparel segments [7] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 16,774 million RMB - FY2024: 23,214 million RMB - FY2025E: 25,446 million RMB - FY2026E: 28,455 million RMB - FY2027E: 31,626 million RMB - The expected growth rates for revenue are 3% for FY2023, 38% for FY2024, and 10% for FY2025 [6] - Net profit forecasts for the same period are: - FY2023: 2,139 million RMB - FY2024: 3,074 million RMB - FY2025E: 3,448 million RMB - FY2026E: 3,923 million RMB - FY2027E: 4,426 million RMB - The expected growth rates for net profit are 4% for FY2023, 44% for FY2024, and 12% for FY2025 [6][16]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is expected to maintain steady double-digit growth, with projected revenues of 25.6 billion, 28.6 billion, and 32.0 billion yuan for the fiscal years ending March 2025, 2026, and 2027, respectively, representing year-on-year growth of 10%, 12%, and 12% [3][4] - The company has launched several new products and marketing initiatives during the peak season, including collaborations with Italian brand MSGM and the introduction of high-performance winter jackets [1][2] - The company has a strong commitment to returning value to shareholders, with a dividend payout ratio exceeding 80% over the past three fiscal years and a share buyback of over 56 million shares amounting to more than 209 million HKD [3] Summary by Sections Product Launches and Marketing Initiatives - The company has actively introduced new products and marketing events, including the launch of the "Puff Series" in collaboration with MSGM and the introduction of extreme cold jackets capable of withstanding temperatures as low as -50°C [1][2] - The opening of a flagship store in Beijing and participation in high-profile events like the "Tribute to Ice and Snow" show in Harbin have enhanced brand visibility [2] Financial Forecasts and Valuation - The company is projected to achieve revenues of 23.2 billion yuan for FY2024, with a year-on-year growth of 38.39%, and net profit of 3.1 billion yuan, reflecting a growth of 43.74% [4] - The estimated P/E ratios for the upcoming fiscal years are 14.3, 12.5, and 10.9, indicating a favorable valuation [3][4] Shareholder Returns - The company has demonstrated a strong commitment to shareholder returns, with a consistent dividend payout and significant share repurchases, reflecting confidence in its business development [3]

(incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限責任公司 ) (Stock Code 股份代號：3998) Dear Non-registered Shareholder(s), Bosideng International Holdings Limited (the "Company") – Notice of Publication of (i) Circular dated March 7, 2025 and (ii) Notice of Extraordinary General Meeting (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website (https://company.bosideng.com) and the website ...

(incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限責任公司 ) (Stock Code 股份代號：3998) Dear Registered Shareholder(s), Bosideng International Holdings Limited (the "Company") – Notice of Publication of (i) Circular dated March 7, 2025, (ii) Notice of Extraordinary General Meeting and (iii) Extraordinary General Meeting Proxy Form (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website (h ...

(incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限責任公司 ) (Stock Code: 3998) (股份代號: 3998) Dear Non-registered Shareholder(s) (Note) , Bosideng International Holdings Limited (the "Company") - Extraordinary General Meeting of the Company to be held on Thursday, March 27, 2025 ("EGM") The EGM will be held by way of electronic means only using the online platform at http://meetings.computershare.com/Bosideng_EGM2025 (the "Online Platform") on Thursday, March 27, 2025 at 10:00 a.m.. The E ...

(incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限責任公司 ) (Stock Code: 3998) (股份代號: 3998) Personal Identification Number 個人識別號碼:- Dear Registered Shareholder(s), Bosideng International Holdings Limited (the "Company") - Extraordinary General Meeting of the Company to be held on Thursday, March 27, 2025 ("EGM") The EGM will be held by way of electronic means only using the online platform at http://meetings.computershare.com/Bosideng_EGM2025 (the "Online Platform") on Thursday, March 2 ...

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） （股份代號：3998） 補充公告 持續關連交易－更新 綜合服務框架協議及租賃協議 茲提述波司登國際控股有限公司（「本公司」）日期為2025年1月17日的公告，其內容有關更新綜 合服務框架協議及租賃協議（「該公告」）。除文義另有所指外，本公告所用詞彙與該公告所界定 者具有相同涵義。 本公司謹此澄清，其已採納下列政策及舉措以釐定母集團根據綜合服務框架協議向本公司提供 服務的費用： (a) 酒店住宿 本公司將從不少於兩家預訂代理及╱或網站（其主營酒店與母集團所營運酒店具有可資比 較規模及標準）處收集同類型酒店的公開定價及酒店資料。 (b) 物業管理服務 本公司將從不少於兩家獨立物業管理服務供應商處獲取標書及報價，尤其是，本公司將考 慮下列因素：(i)物業的位置、類型、質 ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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） （股份代號：3998） 承董事會命 波司登國際控股有限公司 董事局主席 高德康 股東特別大會通告 茲通告波司登國際控股有限公司（「本公司」）謹訂於2025年3月27日（星期四）上 午十時正使用香港中央證券登記有限公司網上平台，於 http://meetings.computershare. com/Bosideng_EGM2025 以虛擬方式舉行股東特別大會（「股東特別大會」），以考慮及 酌情通過以下決議案： 普通決議案 附註： 香港，2025年3月7日 – 1 – 1. 「動議： (a) 批准本公司於2025年3月7日致股東的通函內所載的新協議項下截至 2028年3月31日止三個年度各年的建議年度上限以及更新其項下擬進 行之交易；及 (b) 謹此授權本公司任何一 ...

此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他持牌 證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之波司登國際控股有限公司股份全部售出或轉讓，應立即將本通函連同隨附之 代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代理商，以便轉 交買主或承讓人。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因倚賴 該等內容而引致之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） 持續關連交易 更新生產外包及代理框架協議 及 股東特別大會通告 獨立董事委員會及獨立股東的 獨立財務顧問 獨立董事委員會函件（當中載有其致獨立股東之推薦建議）載於本通函第IBC-1至IBC-2頁。禹 銘致獨立董事委員會及獨立股東之意見函件載於本通函第IFA-1至IFA-17頁。 本公司謹訂於2025年3月2 ...