在2025企业家博鳌论坛十周年之际，一场以"乘风·成林"为主题的公益之约启幕。作为深耕实业与公 益数十载的代表性企业之一，波司登集团在论坛现场分享了深耕乡土、践行公益的实践经验，通过视频 生动展示了企业的责任与担当。 波司登的公益事业起源于康博村，也植根于康博村。饮水思源，情系桑梓，1999年波司登创始人高 德康当选康博村党支部书记，带领村民走上村企共建、共同致富的道路。系统性参与康博村的整体规划 与建设，对村内土地、道路、住宅、绿化及公共服务等功能区进行全面布局与科学改造，将原来分散的 老旧村庄集中建设，累计出资1.3亿元，为1700多名村民打造了包含427幢别墅在内的现代化农民集中居 住区——康博苑，苑中环境优美，配套服务设施完善，使其成为展现江南水乡新风貌的亮丽风景线。如 今，这里已成为宜居宜业的美丽乡村典范。 以感恩之心反哺家乡、回馈社会，是波司登始终不变的初心。 这份投入早已超越单纯的资金支持，是企业将自身发展与乡村振兴大局深度融合的主动担当。 康博村 有责任、有担当的企业行动，是国家和社会公益行动的重要支持。从常熟乡间的村办缝纫组到全球 知名的羽绒服品牌企业，波司登的成长轨迹始终与康博村的变迁同频 ...

十载博鳌潮涌，共绘时代新章。12月4日，以"链接全球，引领未来：'十五五'新机遇"为主题的2025企业家博鳌论坛主论坛在海南博鳌举行。汇聚众多世 界500强、中国500强企业及行业领军者，共话新时期高质量发展路径。 作为中国羽绒服行业领军者和品牌国际化发展的优秀代表，波司登集团应邀参加本届论坛，并在这场被誉为"企业界年度思想盛宴"的盛会上分享其立足新 时代、把握新机遇，坚定迈向全球领先的战略思考与实践成果，传递出中国品牌深耕实业、链接全球的坚定信念。 本届论坛恰逢"十四五"收官与"十五五"谋篇的关键节点。论坛十年，亦是波司登与时代同频共振的缩影。波司登创业49年来，始终坚守实业报国初心，专 注羽绒服核心主业，从常熟乡间的缝纫组成长为全球知名的羽绒服品牌企业，连续30年中国市场销量领先，产品畅销全球，品牌价值达1180.58亿元，连 续入选世界品牌500强，攀登全球纺织服装价值链中高端的步伐坚实有力。 以品牌为桥，波司登链接全球创新资源迈向价值链中高端。早在上世纪90年代，波司登就率先进入瑞士等欧洲市场，成为中国品牌出海先行者。近年来， 品牌以全球视野高点定位，相继亮相纽约、米兰、伦敦、巴黎国际时装周，响应共建 ...

2025 年 12 月 05 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 207 期 观点精粹: 最新报告摘要 一级市场项目进展顺利，产业园区板块承压--资产配置报告 FY2026H1 营收稳健增长，看好旺季销售表现--波司登/服装家纺(03998/213502) 点评报告（港股美股） 证券研究报告 1、最新报告摘要 1.1、一级市场项目进展顺利，产业园区板块承压--资产配置报告 分析师：林加力 S0350524100005 分析师：许潇琦 S0350525080004 联系人：刘子路 S0350125080017 投资要点： 一级市场六单项目状态更新：截至 2025 年 11 月 30 日，年内公募 REITs 市场已成功发行 19 单产品，较去年 同期（截至 2024 年 11 月 30 日）减少 5 单，其中 11 月新成立 1 单。根据交易所最新披露信息，近三个月处 于已申报状态的 REITs 产品有 2 单、已受理状态 2 单、交易所已反馈意见 5 单、已通过审核 4 单。本月 ...

Core Insights - The company reported a revenue of 8.93 billion and a net profit of 1.19 billion for FY26H1, showing a year-on-year increase of 1.4% and 5.3% respectively [1] - The brand's down jacket revenue reached 6.57 billion, reflecting an 8.3% year-on-year growth [1] - The company plans to distribute an interim dividend of 0.063 HKD per share [1] Brand Leadership - The company is reinforcing its brand image as a "global leader in down jackets" through innovative brand campaigns and comprehensive product promotion [1] - In FY26H1, the company linked its brand to the Everest polar gene and launched the "Master Puff" series at Paris Fashion Week [1] Core Product Development - The company is focusing on its core product categories and expanding its spring and summer offerings [1] - Key product series include down jackets, functional outerwear, and sun protection clothing, with several products winning the ISPO Award for global design [1] Channel Optimization - The company is enhancing its channel operations by expanding top-tier stores and improving single-store performance [1] - Online sales of the brand's down jackets have shown steady growth, with strong performance during the Double Eleven shopping festival [1] Membership Experience Enhancement - The company has established better communication channels with customers, adding approximately 400,000 new members on Tmall and JD platforms [2] - As of September 30, 2025, the total membership on these platforms reached about 21.4 million [2] Financial Forecast - The company maintains its financial forecasts, expecting revenues of 28.4 billion, 31.1 billion, and 34.1 billion for FY26-28, with net profits of 4 billion, 4.4 billion, and 5 billion respectively [2]

Core Viewpoint - Bosideng reported a 1.4% year-on-year increase in revenue and a 5.3% increase in net profit for the first half of FY26, with a declared interim dividend of 6.3 HK cents per share, indicating healthy growth despite a challenging market environment [1] Financial Performance - For the first half of FY26, Bosideng's revenue reached 8.928 billion yuan, up 1.4% year-on-year, while net profit attributable to shareholders was 1.189 billion yuan, up 5.3% year-on-year, with a gross margin increase of 0.1 percentage points to 50.0% [1] - The brand's down jacket business saw revenue grow by 8.3% to 6.568 billion yuan, although gross margin declined by 2.0 percentage points to 59.1% [2] Brand Performance - The main brand recorded revenue of 5.719 billion yuan, an increase of 8.3% year-on-year, with new product lines introduced to enhance consumer choice, but the gross margin fell by 1.5 percentage points to 64.8% due to faster growth in distribution channels compared to self-operated channels [2] - The Snow Flying brand focused on high cost-performance strategies, with revenue declining by 3.2% to 378 million yuan and a gross margin decrease of 2.2 percentage points to 47.9% [2] - The Ice Cleansing brand underwent brand repositioning and inventory clearance, resulting in a revenue drop of 26% to 15 million yuan and a significant gross margin decline of 82.5 percentage points to -63.4% [2] OEM Business - The OEM business faced challenges from tariff policies, geopolitical issues, and weak overseas consumer demand, leading to an 11.7% revenue decline to 2.044 billion yuan, but gross margin improved by 0.4 percentage points to 20.5% due to enhanced supply chain management [2] Women's Wear Business - The women's wear segment experienced a decline in revenue by 18.6% to 251 million yuan, with a gross margin decrease of 1.9 percentage points to 59.9% due to a persistently weak market environment [3] Diversification Efforts - Revenue from diversified businesses fell by 45.3% to 64 million yuan, while gross margin improved by 0.2 percentage points to 27.8%, primarily due to a decrease in school uniform revenue by 49.3% [3] Channel Optimization - The company is focusing on optimizing channel quality and enhancing single-store operations, with a net increase of 88 stores in the down jacket business, bringing the total to 3,558 stores [3] Investment Outlook - The company is expected to perform well in the upcoming peak season, with projected EPS for FY26-28 at 0.35, 0.38, and 0.43 yuan respectively, and a target price of 6.0 HK dollars, maintaining a "buy" rating [3]

近期，波司登发布了2025/26上半财年成绩单。截至2025年9月30日的6个月，公司实现营收89.28亿元，同比增长1.4%；经营溢利为15.17亿元，同比增长 3.1%。 专注中高端市场的波司登品牌收入增速同比下滑。本财年，波司登品牌收入同比上升8.3%，而在2023/2024财年上半年，波司登品牌收入同比增速为 19.4%，2023/2024财年上半年则是25.5%。 羽绒服高端市场既有Moncler、北面等海外品牌布局，也有高梵、凯乐石等本土品牌瓜分，波司登的高端化转型挑战较大。 有意思的是，一直高喊高端化转型的波司登，今年以来在加强大众市场布局。早些时候，波司登管理层提出将加码大众羽绒服市场，重点关注高性价比领 域。截至9月30日，波司登羽绒服业务常规零售网点（不含旺季店）总数较上一财年同期净增加88个，全部来自走平价路线的雪中飞和冰洁两个品牌。 冰洁、雪中飞分别净增29、126家店 波司登2018年提出高端化转型后，渠道方面做出相应调整。 作为大众定位的冰洁，自2020/21财年开始大力收缩线下代理渠道，发展线上渠道。2022/23财年内，冰洁线下渠道几乎全部关闭，仅剩两家寄售网点。 然而到了本财 ...

文 | 一财商学院 徐明 编辑 | 吴羚玮 商业世界喜欢讲消费升级的故事，盟可睐和加拿大鹅动辄上万块的价格总是被拿来论证中产阶级的身份焦虑。但当你把目光从CBD的写字楼挪开，会发现 羽绒服的尽头是300块。 最近，羽绒原料价格飙升到十二年以来的历史高位，不少网友还在讨论300元以内到底能不能买到真羽绒的时候，淘宝和抖音的榜单却给出了一个反直觉的 答案：300元以下的羽绒服，不仅没死，而且销量居然遥遥领先。 打开淘宝我们会发现，销量排名前5的羽绒服爆款，有3件都低于300元。在天猫双11服饰销量排行榜上，波司登、雪中飞、鸭鸭这几个专业羽绒服品牌，店 内销量排名第一的羽绒服全都低于300元。 | TOP1 | 优衣库官方旗舰店 | | --- | --- | | TOP2 | 波司登官方旗舰店 | | TOP3 | bananain 蕉内旗舰店 | | TOP4 | ur 官方旗舰店 | | TOP5 | 雪中飞官方旗舰店 | | TOP6 | 鸭鸭官方旗舰店 | | TOP7 | 骆驼集团旗舰店 | | TOP8 | 百丽官方旗舰店 | 鸭鸭成立于1972年，波司登成立于1976年，雪中飞稍晚，成立于1999年 ...

12月3日，苏州市委书记范波在常熟调研促进民营经济高质量发展工作。他强调，要深入学习贯彻党的二十届四中全会精神和习近平总书记关于民营经济 发展的重要论述，认真落实省委十四届十次全会部署要求，坚持和落实"两个毫不动摇"，持续打造一流营商环境，充分激发经营主体活力，不断发展壮大 民营经济。 波司登集团是羽绒服领域的全球知名品牌。范波详细了解企业市场拓展、绿色发展、非公企业党建等情况，细致询问消费市场新趋势，希望企业持续深耕 苏州，用好本地产业资源、创新要素，强化设计研发和品牌建设，坚持党建引领，努力打造百年企业、百年品牌。江苏亨睿弗劳恩新材料研发有限公司是 以汽车轻量化为主要研究方向的先进复合材料技术中心。范波进车间、看产品、问研发，勉励企业瞄准新材料市场需求，加强产学研协同创新，加速成果 转化应用，实现更好发展。正力新能公司主要从事锂离子动力、储能及航空电池的研发生产。范波察看企业产品，了解前沿技术，鼓励企业进一步优化产 业布局，深度参与苏州新能源产业发展进程。 波司登集团，范波详细了解企业市场拓展、绿色发展、非公企业党建等情况。苏报融媒记者 倪黎祥/摄 正力新能公司，范波察看企业产品，了解前沿技术，鼓励企业进 ...

新华网海南博鳌12月4日电 十载博鳌潮涌，共绘时代新章。12月4日，以"链接全球，引领未来：'十五五'新机遇"为主题的2025企业家博鳌论坛 主论坛在海南博鳌举行。汇聚众多世界500强、中国500强企业及行业领军者，共话新时期高质量发展路径。 以品牌为桥，波司登链接全球创新资源迈向价值链中高端。早在上世纪90年代，波司登就率先进入瑞士等欧洲市场，成为中国品牌出海先行 者。近年来，品牌以全球视野高点定位，相继亮相纽约、米兰、伦敦、巴黎国际时装周，响应共建"一带一路"倡议，升级运营伦敦旗舰店，稳健拓 展国际产能与市场。通过品牌、产品、渠道与服务的一体化布局，波司登实现了从"产品出海"到"品牌出海"的价值跃升，让"中国温暖"赢得全球信 赖。 以创新为核，波司登加快形成新质生产力塑造竞争新优势。依托国家级工业设计中心、CNAS认证实验室等高端平台，其登峰系列、泡芙系列 等创新产品屡获国内外大奖。通过深度融合数字智能与制造体系，波司登构建起"研产供销服"全链路协同体系，产品交付周期缩短至7-10 天，"BSD.AI美学大脑"实现从设计到虚拟成衣的数字化闭环。波司登坚信，唯有持续进行"不可复制的创新"，才能真正将科技创新 ...

Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of HKD 6.0 [1][4]. Core Insights - Bosideng's revenue for the first half of FY26 increased by 1.4% year-on-year to RMB 89.28 billion, while net profit rose by 5.3% to RMB 11.89 billion, indicating healthy growth [2][4]. - The brand's down jacket business saw an 8.3% increase in revenue to RMB 65.68 billion, although the gross margin declined by 2.0 percentage points to 59.1% [2][4]. - The OEM business faced challenges, with revenue decreasing by 11.7% to RMB 20.44 billion, but gross margin improved by 0.4 percentage points to 20.5% due to better supply chain management [3][4]. - The women's clothing segment experienced an 18.6% decline in revenue to RMB 2.51 billion, reflecting a tough market environment [3][4]. - The company is focusing on optimizing channel quality and enhancing store operations, with a net increase of 88 down jacket stores to 3,558 [3][4]. Financial Summary - For FY26, the projected earnings per share (EPS) are expected to be RMB 0.35, with a growth forecast of 10.1% for revenue and 11.3% for net profit [4][5]. - The gross margin is expected to stabilize around 57.3% for FY26, with a net profit margin of 13.7% [5][14]. - The company anticipates a steady increase in revenue from RMB 28.51 billion in FY26 to RMB 34.70 billion by FY28, with corresponding net profits rising from RMB 3.91 billion to RMB 4.86 billion [5][14].