纺织服装 波司登（03998.HK） 买入-A(维持) 来源：最闻，山西证券研究所 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 业绩高质量增长，品牌羽绒服业务彰显经营韧性 公司近一年市场表现 来源：最闻，山西证券研究所 | 年 市场数据：2025 | 6 | 月 日 30 | | | --- | --- | --- | --- | | 收盘价（港元）： | | | 4.640 | | 年内最高/最低（港元）： | | | 5.140/3.460 | | 总股本（亿股）： | | | 115.44/115.44 | | 流通市值（亿港元）： | | | 535.65 | 2025 年 6 月 30 日 公司研究/公司快报 事件描述 6 月 26 日，波司登发布 2024/25 财年年度业绩。报告期内，公司实现营收 259.02 亿元，同比增长 11.6%，实现归母净利润 35.14 亿元，同比增长 14.3%。 公司宣派末期股息每股普通股 22.0 港仙，全年派息率 84.1%。 事件点评 总市值（亿港元 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][35] Core Views - The company achieved a revenue growth of 12% and a net profit growth of 14% for the fiscal year 2024/25, despite challenges from rising raw material costs and a warm winter [1][8] - The company maintains a high dividend payout ratio of 84%, supported by strong cash flow [2][3] - The company is focusing on product innovation and channel optimization to drive growth, with new product categories such as sun protection clothing and lightweight down jackets contributing to sales [2][28] Summary by Sections Financial Performance - For the fiscal year ending March 31, 2025, the company reported a revenue of 25.9 billion yuan, up 11.6% year-on-year, and a net profit of 3.51 billion yuan, up 14.3% year-on-year [1][8] - The gross margin decreased by 2.3 percentage points to 57.7%, primarily due to changes in channel and product mix, as well as fluctuations in raw material costs [1][17] - The operating profit margin improved by 0.3 percentage points to 19.2%, aided by a reduction in selling expenses [1][18] Business Segments - Brand down jackets generated a revenue of 21.67 billion yuan, with a growth of 11.0%, while the OEM business saw a significant increase of 26.4% to 3.37 billion yuan [13][14] - The women's clothing segment faced a decline of 20.6%, with revenue dropping to 650 million yuan [13][14] - The diversified clothing segment grew by 2.9% to 210 million yuan [13] Inventory and Cash Flow Management - The inventory increased by 23.6% year-on-year, influenced by raw material stocking, with an average inventory turnover period of 118 days, up by 3 days [2][26] - The company maintains a strong cash flow with a net cash ratio of 1.13, supporting its robust dividend policy [2][3] Growth Strategies - The company is enhancing its product categories and brand appeal through innovation and collaboration, targeting new customer segments [28][32] - Online sales for brand down jackets grew by 9.4%, while offline stores saw a net increase of 100 self-operated stores and 153 franchise stores [2][32] Future Outlook - The company expects net profits for FY2026 to FY2028 to be 3.91 billion, 4.30 billion, and 4.73 billion yuan respectively, reflecting a growth rate of 11.2% and 10% [3][35] - The target price is maintained at 5.1 to 5.5 HKD, corresponding to a PE ratio of 14-15x for FY2026 [3][35]

Core Insights - Bosideng is revitalizing its brand and establishing a strong presence in the mid-to-high-end market by integrating traditional Chinese elements with modern design [1][2] - The company emphasizes cultural confidence as a driving force for its brand development and aims to create products that reflect both Chinese heritage and international trends [1] - Bosideng is actively collaborating with top international designers to enhance its brand image and product design, ensuring that its offerings are youthful, fashionable, and globally appealing [1][2] Group 1 - Bosideng showcased a fashion concept show in Paris that combined traditional Chinese elements with contemporary design, highlighting the brand's commitment to cultural integration [1] - The company believes that a unique brand culture and design philosophy are essential for establishing a foothold in the high-end market [1] - Bosideng's innovative approach to traditional culture has garnered recognition from both domestic and international consumers [1] Group 2 - The company maintains strict standards when selecting international partners to ensure alignment in design style and fashion philosophy [2] - Bosideng is committed to continuous innovation and improvement in product development and design capabilities to maintain its competitive edge [2] - The brand's journey reflects the rise of Chinese brands on the international stage, demonstrating that innovation, quality, and cultural heritage can lead to success in the global mid-to-high-end market [2]

2025 年 6 月 30 日 公司研究 需求较弱环境下业绩实现稳健高质量增长，扎实推进双聚焦战略 ——波司登（3998.HK）2025 财年业绩点评 买入（维持） 当前价：4.46 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 115.44 | | 总市值(亿港元)： | 514.87 | | 一年最低/最高(港元)： | 3.46/5.14 | | 近 3 月换手率： | 22.0% | 股价相对走势 -30% -20% -10% 0% 10% 20% 30% 40% 50% 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 波司登 恒生指数 | 收益表现 | | | | | --- | --- | --- | -- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company reported a revenue of 25.9 billion RMB for FY2025, representing a year-on-year growth of 11.6%, and a net profit of 3.51 billion RMB, which is a 14.3% increase year-on-year [4][6] - The gross margin was 57.3%, down by 2.3 percentage points, while the net margin improved by 0.4 percentage points to 13.6% [4][6] - The company continues to enhance its brand image as a leading expert in down jackets through stable and high-quality growth in its main business [6][9] Financial Performance - For FY2025, the brand down jacket business generated revenue of 21.67 billion RMB, a year-on-year increase of 11%, accounting for 83.7% of total revenue [6] - The OEM business saw a revenue increase of 26.4% to 3.37 billion RMB, representing 13% of total revenue [6] - The women's wear segment experienced a decline in revenue by 20.6% to 650 million RMB [6] Channel Optimization - As of March 31, 2025, the company increased its exclusive stores by 135 to a total of 2,421, with direct stores increasing by 38 to 707 [6] - Online sales for the brand's down jackets grew by 9.4% to 7.48 billion RMB, solidifying its leading position in the market [6] Future Projections - The company is expected to achieve revenues of 28.62 billion RMB, 31.48 billion RMB, and 34.46 billion RMB for FY2026, FY2027, and FY2028 respectively, with net profits projected at 3.92 billion RMB, 4.37 billion RMB, and 4.84 billion RMB [8][10] - The estimated P/E ratios for FY2026, FY2027, and FY2028 are 12, 11, and 10 respectively [8][10]

Core Viewpoint - The article highlights that despite an unusual warm winter impacting the down jacket industry, Bosideng has achieved record performance, demonstrating its ability to find stable growth points across seasons and scenarios, thereby reconstructing its growth logic [1][21]. Financial Performance - For the fiscal year 24/25, Bosideng reported revenue of 25.902 billion yuan, a year-on-year increase of 11.6%, and a profit attributable to equity shareholders of 3.514 billion yuan, up 14.3%, marking the eighth consecutive year of record highs [4]. - The profit growth rate consistently outpaced revenue growth, indicating high-quality performance [4]. Business Segments - The core business units of Bosideng maintained stable growth, with brand down jacket revenue reaching 21.668 billion yuan, a 11.0% increase, and OEM management revenue at 3.373 billion yuan, up 26.4%, both achieving historical highs [5]. - The single brand revenue for Bosideng reached 18.481 billion yuan, a 10.1% increase, while Xuezhongfei generated 2.206 billion yuan, up 9.2%, showcasing resilience against market challenges [5][6]. Product Innovation - Bosideng is expanding its growth space through innovation, focusing on both core and new product categories, such as lightweight down jackets and functional outerwear for spring and summer, to capture off-season sales [7][8]. - The introduction of the "Dibian" series and the "Extreme Cold" series demonstrates Bosideng's commitment to product innovation, enhancing market presence and consumer engagement [7][8]. Channel Strategy - Bosideng's omnichannel strategy shows robust growth, with online sales of brand down jackets reaching 7.478 billion yuan, accounting for 34.5% of total brand revenue [9]. - The company has significantly increased its membership base, adding approximately 7 million fans on major e-commerce platforms, indicating strong customer engagement [10][11]. Technological Advancements - Bosideng is redefining its "people, goods, and venue" strategy through technological innovation, including the development of multifunctional products and AI-driven design processes [14][15]. - The company has filed 466 patent applications and received 527 patent grants in the fiscal year, reflecting its strong commitment to product innovation and technological support [18]. Conclusion - The latest financial report reaffirms Bosideng's sustainable and high-quality development, showcasing its resilience in a volatile industry and its ability to adapt quickly to market changes [21][22].

Core Viewpoint - Bosideng has successfully implemented a "dual focus" strategy on down jackets and fashionable functional apparel, achieving high-quality financial results for the fiscal year 2024/25 despite a complex market environment [1] Financial Performance - The company reported a revenue of 25.902 billion RMB, an increase of 11.6% year-on-year - Operating profit reached 4.967 billion RMB, up 12.9% year-on-year - Shareholder profit amounted to 3.514 billion RMB, reflecting a 14.3% increase year-on-year - Operating profit margin improved to 19.2%, marking eight consecutive years of record revenue and net profit [1] - Cash flow from operating activities was 3.982 billion RMB, with cash and cash equivalents totaling 4.185 billion RMB, supporting ongoing development and strategic initiatives [1] Dividend and Stock Performance - Based on strong operational performance, Bosideng declared a final dividend of 0.22 HKD per share - The stock price reached a year-high of 4.79 HKD, with a maximum increase of 23.5% within the year - The company saw a net inflow of 615 million HKD over nearly 60 trading days [4] Strategic Focus and Brand Development - Bosideng's long-term value-driven approach and strategic consistency have garnered investor trust - The company has positioned itself as a "global leader in down jackets," focusing on brand activation and consumer recognition [7] - The strategic focus includes enhancing brand leadership, category management, channel operations, and customer experience [7] Brand Value and Innovation - Bosideng ranked 46th in the Brand Finance "Global Most Valuable Apparel Brands" list for 2024 and 268th in the "Asia Brand 500" ranking - The company filed 466 patent applications and received 527 patent grants in the fiscal year, totaling 1,498 patents as of March 31, 2025, supporting its innovation in down jacket technology [8] - New product lines, including a polar extreme series and sun protection clothing, were launched to meet evolving consumer demands [9][10] Sales Performance - The down jacket segment generated revenue of 21.668 billion RMB, a year-on-year increase of 11% - The main brand, Bosideng, contributed 18.481 billion RMB, up 10.1%, while the Snow Flying brand achieved 2.206 billion RMB, a 9.2% increase [10][12] Operational Efficiency - Bosideng's retail network expanded to 3,470 stores, with a net increase of 253 stores, ensuring coverage across various city tiers - Online sales reached 7.575 billion RMB, growing 9.3%, with significant contributions from live-streaming sales on platforms like Douyin [13] - The company has implemented an intelligent supply chain management system, optimizing inventory turnover to 118 days and achieving a 99% replenishment rate for top-selling items [14] Future Outlook - Bosideng plans to continue its "dual focus" strategy, enhancing brand leadership and operational efficiency to maintain its leading position in the global down jacket market [14]

波司登（03998） 证券研究报告 库存周转天数 118 天，同比小幅上升 3 天。在暖冬环境下良好的库存管理， 得益于积极采用拉式补货和小单快反的调节机制，并有效推进全渠道商品 一体化运营管理。 港股公司报告 | 公司点评 再创佳绩，经营效率提升 公司发布 24/25 财年报告 营收 259 亿，同比+12%，毛利率 57%，同比-2pct，OPM19%略有提 升，净利润 36 亿元，同比+14%。 营收和净利润连续 8 年创同期历史新高，其中经营溢利增速再次快于收入 增速，经营溢利提升 13%。 毛利率下降 2pct，主要受到三个因素的影响：1）渠道结构变化：经销商 渠道销售增长高于自营，且经销商毛利率相比自营较低；2）产品品类结 构变化：防晒服等新品类毛利率相较羽绒服产品略低；3）成本变化：羽 绒等核心原材料成本上涨。 聚焦羽绒服主业，实现高质量发展 波司登品牌营收 185 亿元，同比+10%，公司一方面打造"中国好羽绒" IP、开创"尔滨×波司登"城市品牌联名；另一方面，通过产品的优化与 拓展、数字化转型、精细化运营渠道。 雪中飞品牌营收 22 亿元，同比+9%，公司深挖品牌"冰雪"基因，通过 聚焦品 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported record high revenue and net profit for FY25, with revenue reaching 25.9 billion RMB, a year-on-year increase of 11.6%, and net profit at 3.514 billion RMB, up 14.3% year-on-year. The profit growth rate has exceeded revenue growth for eight consecutive years [6][9]. - The company plans to distribute a final dividend of 0.22 HKD per share, resulting in a total payout ratio of 84.1%, an increase from 81.1% in FY24 [6]. - The down jacket business remains the core revenue source, contributing 83.7% of total revenue, with a year-on-year growth of 11% to 21.67 billion RMB. The main brand revenue increased by 10.1% to 18.48 billion RMB [6]. - The company has seen a significant increase in its OEM business, with revenue growing by 26.4% to 3.37 billion RMB, accounting for 13% of total revenue [6]. - The company continues to optimize its offline store operations while maintaining steady growth in online sales, which reached 7.58 billion RMB, a 9.3% increase year-on-year [6]. Financial Data and Profit Forecast - For FY2025, the company forecasts revenue of 25.902 billion RMB, with a growth rate of 12% for FY2026 and 10% for FY2027 [5]. - The projected net profit for FY2025 is 3.514 billion RMB, with expected growth rates of 11% for FY2026 and 10% for FY2027 [5]. - The company's gross margin is expected to stabilize around 57.3% for FY2025, with a slight decline due to increased costs [5][6]. - The report anticipates a PE ratio of 12 for FY2026, 11 for FY2027, and 10 for FY2028, indicating a positive outlook for the company's valuation [6].

Investment Rating - The report maintains a strong buy rating for the company, with a target valuation not specified [5]. Core Views - The company is expected to achieve high-quality growth in FY25, with a projected revenue increase of 11.6% and a net profit increase of 14.3%, demonstrating strong operational resilience amid a warm winter [1][11]. - The company is focusing on the "fashion functional technology apparel" segment while optimizing its product categories and channel quality [11]. Revenue and Profitability - For FY25, the company's total revenue reached 25.9 billion RMB, with a significant increase in operating profit by 12.9% to 4.97 billion RMB and a net profit attributable to shareholders of 3.51 billion RMB, reflecting a 14.3% year-on-year growth [11][10]. - The gross margin for the brand's down jackets decreased by 2.3 percentage points to 57.3%, while the net profit margin increased by 0.4 percentage points to 13.6% due to expense optimization [4][11]. Brand Performance - The brand's down jacket revenue grew by 11.0% to 21.67 billion RMB, with the main brand contributing 85.3% of total down jacket revenue [10][2]. - Online and offline sales for the brand's down jackets were 7.48 billion RMB (+9.4%) and 14.19 billion RMB (+11.9%), respectively [2]. Channel and Retail Expansion - The company added 253 retail outlets, bringing the total to 3,470, with a significant presence in first and second-tier cities [2]. - The self-operated and wholesale channels generated revenues of 15.09 billion RMB (+5.2%) and 5.72 billion RMB (+24.3%), respectively [2]. Financial Health - The company maintains healthy cash flow and inventory turnover, with a cash flow net amount of 3.98 billion RMB, which is 1.13 times the net profit [11]. - The asset-liability ratio stands at 37.9%, indicating a solid financial position [5][14]. Future Projections - The company forecasts net profits of 3.91 billion RMB, 4.34 billion RMB, and 4.76 billion RMB for FY26, FY27, and FY28, respectively, with corresponding growth rates of 11% [11][10]. - Revenue projections for FY26, FY27, and FY28 are 28.5 billion RMB, 31.3 billion RMB, and 34.2 billion RMB, with growth rates of 10%, 10%, and 9% [11][10].