Group 1 - The company announced that British fashion designer KIM JONES will serve as the creative director for the AREAL series, aiming to redefine the concept of business down jackets [1] - KIM JONES has a notable background, having worked as the artistic director for men's wear at LV and as a designer for Dior, aligning with the company's strategy of "professional down + high-quality design" [1] - The AREAL series targets the high-end business fashion sector, featuring transformable layering designs and high-quality materials, with product prices ranging from 2399 to 3999 yuan [1] Group 2 - The company continues to innovate its product offerings, focusing on three main series: puff, outdoor, and extreme cold, with the extreme cold series expected to exceed 3.5 billion yuan in revenue [2] - The company is optimizing store locations and enhancing store image to improve channel structure, while also focusing on the quality of store operations [2] - Recent temperature drops in major cities are expected to stimulate demand for winter clothing, with the sales period for the upcoming Spring Festival extended by 2 to 3 weeks [2] Group 3 - The company is expected to achieve its annual sales targets due to ongoing product innovation and improved channel quality, with projected net profits for fiscal years 2026-2028 being 3.931 billion, 4.382 billion, and 4.786 billion yuan respectively [3] - The projected price-to-earnings ratios for fiscal years 2026-2028 are 13.2, 11.9, and 10.9 times, maintaining a "Buy-A" rating [3]

巴黎时装周发布"大师泡芙"系列新品，新财年主品牌深化品牌引领及渠道差异化运营。1）品牌建设方 面，2025 年10 月7 日波司登携手意大利设计大师 Pietro Ferragina 在巴黎时装周期间发布"大师泡芙"系 列，世界跳水冠军郭晶晶、演员董洁、吴千语、兰西雅现身秀场演绎新品，有效提升品牌声量；10 月 20 日公司官宣著名英国设计师Kim Jones（前LV 集团旗下Dior 男装艺术总监）出任新创设的AREAL 高 级都市线创意总监，进一步巩固品牌时尚审美调性，提升国际影响力。2）渠道运营方面，公司预计10 月底在上海南京东路新开登峰概念店，门店在空间、视觉、场景设计方面显著区别于常规店铺，提高消 费者体验感，更好满足高质量客群需求。在登峰店外，波司登品牌门店还按层级划分为中高端、主流、 大众店型，差异化运营有助提升渠道效率。3）销售方面，我们预计FY26H1 主品牌经销渠道终端流水 大幅增长，有效降解库存，以更好实现下半财年轻装上阵。 FY2025 公司经营韧性凸显，波司登主品牌收入双位数增长。FY25（2024/4/1-2025/3/31）营收259.0 亿 元/yoy+11.6%，归母净利3 ...

投资建议：公司在产品端同国际知名设计师合作、增加功能性面料使用以强化产品力；渠道端推动分店 态运营、门店升级强化单店运营。推进雪中飞及冰洁品牌升级变革，布局大众高性价比市场。预计公司 FY2026 — FY2028 年实现营业收入同比增长10.1%/10.4%/10.5% 至285.1/314.6/347.7 亿元；归母净利润 同比增长11.7%/12.4%/11.8%至39.2/44.1/49.3 亿元，对应估值13/12/11 倍，维持其"买入"评级。 机构：东北证券 研究员：刘家薇/苏浩洋 风险提示：新品开发及销售不及预期，门店拓展不及预期，市场竞争加剧，盈利预测及估值不及预期等 登陆巴黎时装周， 携手奢侈品牌设计师。10 月7日，波司登在巴黎时装周期间发布"泡芙"系列新品，郭 晶晶、董洁及吴千语等运动及娱乐明星穿着波司登泡芙系列产品出场。10 月20 日，波司登AREAL 高 级都市线正式上市，首季包含20 款以上产品，涵盖男女装及配饰。定位于商务羽绒服，结合功能性面 料及时尚性设计，产品价格带为2399-3999 元区间。进一步强化波司登品牌升级，契合公司"专业羽绒 +高品质设计"的战略方向。ARE ...

波司登 03998.HK 公司研究 | 动态跟踪 降温+销售旺季拉长，利好公司主力产品销 售 核心观点 盈利预测与投资建议 ⚫ 综合草根跟踪以及今年销售旺季拉长等因素，我们小幅调整未来两年对公司的盈利 预测，引入 FY2028 年的盈利预测，结合股本的变动，我们预测 FY26-28 年每股收 益分别为 0.34、0.38 和 0.42 元（之前预测 FY26-27 年分别为 0.35 和 0.40 元），参 考可比公司，给予 FY26 年 17 倍 PE，对应目标价 6.31 港币，维持"买入"。 风险提示：经济减速、天气波动、女装业务持续低于预期等 （此处简单列示风险，正文需单独对风险提示详细展开描述） 公司主要财务信息 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 12.87 | 4.69 | 15.26 | 5.64 | | 相对表现% | 13.37 | 6.82 | 12.67 | -20.13 | | 恒生指数% | -0.5 | -2.13 | 2.59 | 25.77 | | 施红梅 | 执业证书编 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3922 | 0.22 | 2.63 | 0.16 | | 深证综指 | 2458 | 0.22 | -0.37 | -0.25 | 2025 年 10 月 24 日 黄金大跌后的后市演绎——全球资产配置方法论黄金框架性报 | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.33 | 1.82 | 22.2 | | 中盘指数 | 0.05 | -0.33 | 28.12 | | 小盘指数 | 0.01 | -1.57 | 22.32 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 焦炭Ⅱ | 5.27 | 18.55 | 37.28 | | 能源金属 | 3.11 | 15.77 | 74.79 | | 炼化及贸易 | 2.41 | 6.33 ...

Group 1: Macro Insights - The report highlights new goals and strategies from the Fourth Plenary Session, including a focus on enhancing national defense capabilities and international influence by 2035, and the establishment of a "strong aerospace nation" [4] - Key tasks have been prioritized, emphasizing the modernization of the industrial system, opening up to the outside world, and improving people's livelihoods, particularly in promoting high-quality development in real estate [4] - The report suggests that while short-term policies may intensify, the overall approach will lean towards gradual adjustments rather than immediate actions, with a focus on laying groundwork for the upcoming year [4] Group 2: Pharmaceutical Industry - The report on InnoCare Pharma (映恩生物-B) indicates that the company has rapidly advanced its clinical development through a self-built ADC platform, with HER2 ADC expected to file for listing in 2025 [5] - Revenue projections for InnoCare Pharma are set at 1.95 billion, 2.15 billion, and 2.90 billion yuan for 2025-2027, with growth rates of 0.5%, 10.3%, and 35.1% respectively, leading to a target market valuation of approximately 42.67 billion yuan [5] Group 3: Power Sector - The report notes a significant increase in electricity consumption in September, particularly in the secondary industry, which grew by 5.7%, driven by improved water conditions boosting hydropower generation [6] - The report recommends focusing on the thermal power sector, highlighting companies like Huaneng International and Huadian International as potential investment opportunities due to their strong performance and favorable market conditions [6] Group 4: Construction and Decoration - China National Materials (中材国际) has shown steady revenue growth in the first three quarters of 2025, with a strong overseas order intake and an attractive dividend yield [10] - The projected net profits for China National Materials are 3 billion, 3.3 billion, and 3.6 billion yuan for 2025-2027, reflecting growth rates of 1.4%, 10.2%, and 9.2% respectively [10] Group 5: Agriculture and Animal Husbandry - Guibao Pet (乖宝宠物) reported a revenue of 4.737 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 29.03%, while net profit reached 513 million yuan, up 9.05% [11] - The company is focusing on high-end brand strategies, with significant sales growth during the Double Eleven shopping festival, indicating a strong market position in the pet food sector [12] Group 6: Textile and Apparel - Tabo (滔搏) experienced a revenue decline of 5.8% in FY2026H1, but maintained a stable profit margin, with a focus on digital capabilities and operational efficiency [16] - Bosideng (波司登) is expected to achieve stable revenue and healthy profit growth as the winter season approaches, with projected net profits of 3.901 billion, 4.392 billion, and 4.951 billion yuan for FY2026-2028 [18] Group 7: Education Sector - Action Education (行动教育) reported a return to positive growth in Q3, driven by its "effectiveness + AI" strategy, with net profits projected to grow by 11.7%, 10.3%, and 10.3% for 2025-2027 [23] Group 8: Electronics - Shannon Semiconductor (香农芯创) reported a significant revenue increase of 59.9% year-on-year for the first three quarters of 2025, with a strong outlook for Q4 driven by rising demand for enterprise-level SSDs and DRAM products [24][25] - Revenue forecasts for Shannon Semiconductor are set at 38.9 billion, 58 billion, and 79.7 billion yuan for 2025-2027, with corresponding net profits of 605 million, 1.204 billion, and 2.025 billion yuan [26]

证券研究报告 | 公司点评 gszqdatemark 2025 10 23 年 月 日 我们判断 FY2026H1 收入平稳、利润有望实现健康增长。1）我们估计 FY2026H1（截至 2025/9/30 的 6 个月）公司收入同比持平/利润有望稳健增长，根据业务节奏及行业情况我 们判断：其中品牌羽绒服业务收入同比有增长、OEM 业务收入同比下降。2）盈利质量方 面，考虑业务结构占比变化，我们估计 FY2026H1 公司层面毛利率同比略有提升。 期待公司 FY2026 全财年持续实现高质量增长。我们估计在产品创新的带动下 FY2026 波 司登主品牌销售有望继续实现稳健增长，考虑 OEM 业务 FY2026 订单有望同比增长低个位 数，综合来看我们估计 FY2026（截至 2026/3/31的 12 个月）公司收入预计增长 10%左右/ 净利润增速有望快于收入，维持高质量增长趋势。 公司快反能力领先行业，我们判断营运状态有望保持健康。1）公司近年来保持较低的首订 比例，年内经销商首次订货比例不超过 40%（我们判断这一比例远低于四季化品牌平均水 平），后续 60%按照销售情况滚动下单，以拉式补货、快速上新、小 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - Recent nationwide temperature drops have boosted sales, particularly for winter apparel, with significant growth in sales of women's down jackets and men's vests during the pre-sale period [8] - The company expects steady growth in performance, maintaining a double-digit growth guidance for the year, with a projected revenue increase of 10% and profit growth exceeding revenue growth [8] - The company has a consistent dividend payout ratio above 80%, with an estimated dividend yield of around 6% for FY26 [8] - The successful debut of the "Master Puff" collection at Paris Fashion Week enhances the company's global brand influence [8] - The appointment of renowned designer Kim Jones is expected to elevate product quality and drive high-end market penetration [8] - The company has established a strong consumer recognition in the down jacket sector and is actively expanding into outdoor and functional apparel markets [8] Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 23,214 million RMB - FY2025: 25,902 million RMB - FY2026E: 28,465 million RMB - FY2027E: 31,272 million RMB - FY2028E: 34,210 million RMB - The expected growth rates for revenue are 38% for FY2024, 12% for FY2025, and gradually decreasing to 9% by FY2028 [6] - Net profit forecasts for the same period are: - FY2024: 3,074 million RMB - FY2025: 3,514 million RMB - FY2026E: 3,899 million RMB - FY2027E: 4,340 million RMB - FY2028E: 4,754 million RMB - The projected net profit growth rates are 44% for FY2024, 14% for FY2025, and stabilizing around 10% by FY2028 [6][18]

波司登表示，由Kim Jones参与打造的首个AREAL系列计划于今年10月在全球上市，首季共推出超过20 款设计，涵盖男女装及配饰。 目前已在波司登天猫旗舰店上线的6款羽绒服产品，定价区间为2399至3999元。 此次合作层级较波司登以往与国际设计师的合作显著提升。 波司登亦强调，此次合作是基于长期战略，而非短期联名。Kim Jones将深度参与AREAL系列的全方位 打造，包括设计、视觉艺术及全球营销策略。 波司登正持续深化其高端时尚叙事。 近日，波司登正式推出全新"AREAL高级都市线"，并宣布任命英国设计师Kim Jones担任该系列的创新 总监。 Kim Jones在奢侈时装领域资历深厚，曾于Louis Vuitton担任男装设计总监逾七年，其间主导了LV与街 头潮流品牌Supreme的里程碑式联名，被业界誉为"无缝连接经典与潮流"的设计师。 此后他加入LVMH集团，先后执掌Dior男装及Fendi女装与高级定制系列，直至2024年初卸任。 2021年底，波司登与德国奢华运动品牌Bogner成立合资公司，将其主线与副线引入中国市场。 2024年又战略投资加拿大奢侈羽绒服品牌Moose Knuckle ...

一边是波司登高调牵手迪奥前设计师，一边是lululemon凭借中国市场25%的营收增长默默深耕产品体验 ——10月下旬，羽绒服市场的战火悄然升温。波司登在10月20日宣布前Dior男装艺术总监Kim Jones出 任其全新高端支线创意总监，试图用设计师光环照亮高端化之路；而与此同时，lululemon发布的财报 却显示另一番景象：在中国市场逆势上扬，营收增长25%，用实实在在的业绩证明着产品力的价值。 分道扬镳的升级之路 寒冬里的千亿战场 中国运动服饰市场这片热土，正上演着冰与火之歌。数据显示，这个规模超过3800亿元的巨大蛋糕，吸 引着众多品牌前仆后继。过去五年间，市场保持着7.4%的年复合增长率，让这个赛道既充满机遇，又 暗藏杀机。 高端羽绒服市场的较量更是精彩。Canada Goose、Moncler等国际大牌凭借万元级单品稳坐钓鱼台，而 本土品牌也不甘示弱。波司登此次押注Kim Jones，无疑是希望在高端市场的牌桌上赢得一席之地。 设计师光环能否照亮前程？ 波司登的高端梦，不是一朝一夕的冲动。从登峰系列的试水，到如今牵手Kim Jones，这家国产羽绒服 巨头在品牌升级的路上越走越远。 但设计师的光 ...