Core Viewpoint - Bosideng has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [1] Group 1: Share Buyback Details - On February 17, Bosideng repurchased 1.066 million shares at a price of HKD 3.83 per share, totaling HKD 4.0828 million [1] - The stock closed at HKD 3.85 on the same day, reflecting a decline of 2.53%, with a total trading volume of HKD 127 million [1] - Year-to-date, Bosideng has conducted 15 buybacks, accumulating a total of 39.206 million shares repurchased, with a total expenditure of HKD 14.5 million [1]

Core Viewpoint - A 6.8 magnitude earthquake struck Dingri County, Shigatse City, Tibet, on January 7, causing severe damage and challenges for rescue efforts due to extreme winter weather [1] Company Response - Bosideng Group promptly activated its emergency aid mechanism, dispatching 10 million yuan worth of winter supplies from its southwestern warehouse to support the affected area [1] - The company is committed to continuously monitoring the situation in the disaster area and providing further assistance to the local population and rescue operations under the guidance of government departments [1]

Financial Performance - Revenue increased by 17.8% to approximately RMB 8,804.1 million[4] - Gross profit margin decreased slightly by 0.1 percentage points to 49.9%[4] - Operating profit margin improved by 0.2 percentage points to 16.7%[4] - Net profit attributable to equity shareholders rose by 23.0% to approximately RMB 1,129.7 million[4] - The company declared an interim dividend of 6.0 HK cents per ordinary share[4] - Bosideng's total down jacket business revenue reached RMB 6,062.7 million in the first half of 2024/25, a year-on-year increase of 22.7%[60] - Snow Flying brand revenue grew by 47.1% to RMB 390.4 million in the first half of 2024/25[55] - Bingjie brand revenue increased by 61.5% to RMB 20.7 million in the first half of 2024/25[59] - Bosideng brand accounted for 87.1% of the total down jacket business revenue, reaching RMB 5,279.9 million in the first half of 2024/25[60] - Revenue from down-related products increased to RMB 6,062,687 thousand, up 22.7% compared to the previous year[197] - Revenue from OEM management reached RMB 2,316,390 thousand, a 13.4% increase year-over-year[197] - Women's clothing segment reported a loss of RMB 50,421 thousand, compared to a loss of RMB 5,962 thousand in the previous year[197] - Diversified clothing segment revenue grew to RMB 116,909 thousand, up 21.3% year-over-year[197] - Total revenue for the group increased to RMB 8,804,128 thousand, up 17.8% compared to the previous year[195] - Profit from down-related products rose to RMB 1,225,297 thousand, a 30.6% increase year-over-year[197] - OEM management segment profit increased to RMB 389,515 thousand, up 14% compared to the previous year[197] - The group's total profit reached RMB 1,550,901 thousand, a 21.9% increase year-over-year[197] - Revenue from trademark licensing grew to RMB 88,048 thousand, up 168% compared to the previous year[195] - Revenue for the reporting period reached 8,804,128 thousand RMB, an increase from 7,471,665 thousand RMB in the same period last year[199] - Pre-tax profit for the reporting period was 1,558,448 thousand RMB, up from 1,300,534 thousand RMB in the previous year[199] - Government subsidies increased to 196,158 thousand RMB from 110,357 thousand RMB in the same period last year[199][200] - Amortization expenses remained consistent at 17,939 thousand RMB compared to the previous year[199] - Goodwill impairment loss was recorded at 70,000 thousand RMB, which was not present in the previous year[199] - Financing income rose to 197,317 thousand RMB from 178,021 thousand RMB in the prior year[199] - Financing costs increased to 105,455 thousand RMB from 96,505 thousand RMB in the same period last year[199] - Loss from associates and joint ventures decreased to 5,219 thousand RMB from 11,949 thousand RMB in the previous year[199] - Unallocated expenses rose to 187,315 thousand RMB from 134,072 thousand RMB in the same period last year[199] Business Segments - Brand down apparel business revenue increased by 22.7% to RMB 6,062.7 million, accounting for 68.9% of total revenue[9] - OEM management business revenue grew by 13.4% to RMB 2,316.4 million, representing 26.3% of total revenue[9] - Women's wear business revenue declined by 21.5% to RMB 308.1 million, making up 3.5% of total revenue[9] - Diversified apparel business revenue increased by 21.3% to RMB 116.9 million, contributing 1.3% to total revenue[9] - Bosideng's brand down jacket business revenue increased by 22.7% year-on-year to RMB 6,062.7 million in the first half of the 2024/25 fiscal year[12] - The Bosideng brand's revenue under the down jacket business grew by 19.4% year-on-year to RMB 5,279.9 million in the first half of the 2024/25 fiscal year[12] - The company's total revenue for the first half of the 2024/25 fiscal year reached RMB 8,804.1 million, compared to RMB 7,471.7 million in the same period last year[11] - Snow Flying's online and offline integration strategy focused on live streaming and collaborations with influencers to drive sales[57] - Bosideng launched a new冲锋衣 (windbreaker) series in 2024, targeting urban and outdoor scenarios with lightweight protective features[52] - OEM/ODM business revenue increased by 13.4% YoY to RMB 2,316.4 million, accounting for 26.3% of total revenue[69] - Revenue from top 5 OEM/ODM customers accounted for 90.3% of total OEM/ODM business revenue[69] - OEM/ODM business gross margin decreased by 0.3 percentage points to 20.1%[69] - Women's wear business revenue decreased by 21.5% YoY to RMB 308.1 million, accounting for 3.5% of total revenue[73] - Women's wear business total revenue decreased by 21.5% to RMB 308.1 million in the first half of 2024/25, compared to RMB 392.7 million in the same period last year[75] - Jessie brand revenue declined by 16.1% to RMB 116.3 million, accounting for 37.7% of women's wear business sales[75] - Buou Buou brand revenue dropped by 31.3% to RMB 70.8 million, representing 23.0% of women's wear business sales[75] - Koreano and Klova brands revenue decreased by 19.9% to RMB 121.0 million, making up 39.3% of women's wear business sales[75] - Self-operated sales accounted for 92.4% of women's wear business revenue, totaling RMB 284.6 million, a 21.9% decrease year-over-year[75] - Wholesale sales represented 7.6% of women's wear business revenue, amounting to RMB 23.5 million, a 17.4% decline year-over-year[75] - Diversified apparel business revenue increased by 21.3% to RMB 116.9 million in the first half of FY2024/25, with the Smart Uniform brand contributing 94.9% of the revenue[89] - Smart Uniform brand revenue grew by 30.4% to RMB 111.0 million in the first half of FY2024/25[92] - The Smart Uniform brand serves over 500 schools with an annual supply exceeding 1 million pieces[91] - Self-operated sales in the diversified apparel business increased by 30.4% to RMB 111.0 million, accounting for 94.9% of the total revenue[89] - Wholesale sales in the diversified apparel business decreased by 46.0% to RMB 5.5 million[89] - The Smart Uniform brand won multiple awards, including the Outstanding Enterprise of the Year in the Chinese School Uniform Industry[91] Retail and Distribution - Self-operated retail outlets increased by 18 to 1,154, accounting for 36.2% of the total retail network[63] - The number of retail outlets in first- and second-tier cities accounted for 26.3% of the total retail network[63] - The company optimized its retail network, reducing the total number of outlets by 29 to 3,188, while increasing self-operated outlets[63] - Down jacket retail network in East China decreased by 2 stores to 1,048 as of September 30, 2024, compared to March 31, 2024[67] - Total down jacket retail network decreased by 29 stores to 3,188 as of September 30, 2024, compared to March 31, 2024[67] - The company opened nearly 700 seasonal stores during the first half of FY2024/25, focusing on top-selling products in core business districts and sports venues[67] - The total number of retail outlets for women's wear business decreased by 29 to 396, with self-operated outlets down by 24 to 305 and third-party dealer outlets down by 5 to 91[84] - Jessie brand retail outlets decreased by 2 to 182, with self-operated outlets down by 2 to 108 and third-party dealer outlets down by 1 to 64[85] - Buou Buou brand retail outlets decreased by 29 to 94, with self-operated outlets down by 21 to 71 and third-party dealer outlets down by 5 to 14[85] - Koreano and Klova brands retail outlets increased by 2 to 66 and remained unchanged at 54, respectively[85] - Women's apparel retail network decreased by 29 stores to 396 stores as of September 30, 2024, compared to 425 stores as of March 31, 2024[87] Supply Chain and Operations - Inventory turnover days increased to 189 days in the first half of FY2024/25, up by 29 days compared to the same period in FY2023/24[23] - The company achieved a target of at least 40% for the first order ratio from distributors in June 2024[23] - The company's supply chain achieved a top-selling product replenishment availability rate of 99%[27] - The company implemented a leading industry model of period/spot goods operation, with initial orders controlled within 40%[27] - The company aims to further improve the replenishment availability rate for unexpected best-selling products[27] - The company slowed down the shipment pace and speed to distributors in the first half of FY2024/25 to adapt to market uncertainties[23] - The company's supply chain focuses on flexible fast response, quality excellence, R&D technology, resource integration, and cost leadership[27] - The company upgraded its large-scale commodity value chain closed-loop system and digital intelligence construction[27] - The company's supply chain transitioned from collaborative supply to proactive supply and digital intelligence supply[27] - The company's supply chain aims to maximize sales growth by ensuring popular products are rarely out of stock[27] Digital Transformation and Technology - Bosideng brand added over 1.3 million new fans and 1 million new members on Tmall and JD platforms, with total members exceeding 19 million as of September 30, 2024[35] - Bosideng brand added over 500,000 new fans on Douyin platform, with total fans exceeding 9.5 million as of September 30, 2024[35] - The company has established a comprehensive user management system with over 19 million members on Tmall and JD platforms and 9.5 million fans on Douyin[35] - The company has implemented a digital transformation strategy, including the full launch of the SAP system in 2024, to enhance financial data accuracy and decision-making[34] - The company has developed a smart logistics system with automated routing and real-time monitoring to improve delivery efficiency and user experience[31][32] - The company has focused on cost leadership, integrating cost management across the entire value chain to support stable profit growth[31] - The company has invested in advanced logistics technology, including self-developed inventory and order processing centers, to optimize warehouse operations and delivery speed[32] - The company has built a closed-loop user management system with multi-touchpoint precision, intelligent user insights, and differentiated interaction experiences[35] - The company has upgraded its membership system and diversified benefits to enhance customer loyalty and satisfaction[38] - The company has established a digital operation platform with a unified entry, platform, and data warehouse to support mobile office, online business, and intelligent decision-making[36] - The company has applied for 222 patents and received 340 patent authorizations in the first half of the 2024/25 fiscal year, with a cumulative total of 1,193 patents as of September 30, 2024[41] - The company has established a unified membership system and refined labeling system by upgrading its membership system and integrating full-channel data, continuously optimizing user profile modeling[40] - The company has developed a smart matching model for user behavior and product demand using AI technology, enabling automated and precise outreach while ensuring user data desensitization and encryption[40] Product Innovation and Design - The company launched new sunscreen clothing, which gained significant market attention and positive consumer feedback, contributing to category extension[17] - Bosideng introduced the "Overlap" series of down jackets and冲锋衣, successfully entering the outdoor保暖 market in September 2024[21] - The company signed a strategic cooperation agreement with the Polar Research Center in April 2024 to jointly develop co-branded products and promote polar exploration awareness[16] - Bosideng collaborated with the Harbin Municipal Government in June 2024 to create the "Erbin" series brand IP, combining the brand's基因 with Harbin's冰雪文化[18] - The company showcased 30 sets of羽绒服 designs inspired by Chinese传统文化 at the "Reviving Craft" exhibition in Paris in July 2024, blending非遗技艺 with modern fashion[19] - The company launched the "Urban Outdoor Women's Multi-functional Jacket" and "China Antarctic Expedition Down Protective Clothing," both of which won the ISPO Award, and five other products that won the Red Dot Design Award[47] - The company upgraded its "Sunshine Series" with lighter and more comfortable fabrics, integrating technological decorative details and expanding into parent-child, men's, and accessory lines[50] - The company introduced the "Urban Light Outdoor Series," featuring innovative designs such as dual-color splicing and multiple waist-cinching styles for women, catering to young consumers' needs[51] - The company has developed a global-leading CIRCULAR product concept, focusing on sustainable materials such as recycled and bio-based materials[47] - The company has collaborated with renowned cross-border IPs, including designers, comic IPs, and overseas brands, to launch co-branded products that resonate with younger audiences[44] Sustainability and ESG - The company's ESG strategy includes a vision to lead sustainable fashion, with short-term, medium-term, and long-term goals, including achieving net-zero emissions in operations by 2038[119] - The company has set a target for 100% green electricity usage in operations and aims for 80% low-carbon fabric usage by 2038[122] - The company has been recognized for its ESG performance, being selected for the S&P Global Sustainability Yearbook (China Edition) 2024[115] - The company's carbon path planning, approved by the board, includes comprehensive carbon accounting across the entire value chain[121] - The company aims to improve transportation efficiency and explore new transportation methods as part of its sustainability initiatives[124] - The company aims to achieve zero emissions of toxic and harmful chemicals across the entire supply chain by 2030, as part of its ESG strategy and carbon pathway planning[126] - The company joined the ZDHC (Zero Discharge of Hazardous Chemicals) alliance to promote chemical safety management[126] Strategic Investments and Expansion - The company completed a strategic investment in the Canadian luxury down jacket brand Moose Knuckles, acquiring approximately 31.6% ownership, as part of its focus on the core down jacket business and international expansion[127] - The company successfully bid for a land parcel in Shanghai's Hongqiao Business District for approximately RMB 413.0 million, with a lease term of 40 to 50 years, to build a new office building[135] - The company's brand matrix includes Bosideng as a global leader in down jackets, Snow Flying targeting the mass market, BOGNER focusing on high-end ski fashion, and Moose Knuckles catering to the luxury fashion segment[129] - The company focuses on strengthening its core down jacket business and expanding into the "fashion functional tech apparel" sector, aiming for sustainable high-quality growth[155] - The company plans to enhance product competitiveness through innovation, original design, and technological advancements to meet evolving consumer needs[157] - In response to a challenging market environment, the company is re-evaluating the strategic positioning of its fashion women's wear business and focusing resources on core strategic opportunities[158] - The company will improve channel operations by enhancing single-store management and customer lifecycle operations to drive growth[159] - The company aims to leverage its leading expertise in down jackets to deepen cooperation with existing core clients and explore new customer resources in the OEM business[159] Talent and Human Resources - The company had 13,082 full-time employees as of September 30, 2024, an increase of 1,251 employees compared to 11,831 employees as of March 31, 2024[137] - Employee costs for the six months ended September 30, 2024, were approximately RMB 952.7 million, compared to RMB 780.3 million in the same period last year[137] - The company implemented a "Eagle" talent development system to cultivate and reserve young talent, focusing on university graduates as the foundation of its internal talent system[137] - The company launched three major campus recruitment projects: the "Million Yuan Annual Salary Plan," the "Eaglet Plan," and the "Leading Action" to attract top university students[137] - The company aims to establish itself as the "global leader in down jackets" and has developed a talent development plan aligned with this strategic goal[137] - The company's compensation and bonus policies are based on each employee's job responsibilities, performance, contributions, and market conditions[137] - The company provides employee benefits such as high-end medical programs for core management talent, improved dining and office conditions, and accommodation subsidies or dormitories for non-local employees[137] - As of September 30, 2024, the "Eagle Series" project has produced 892 outstanding university graduates, 183 reserve managers, 50 reserve directors, and 23 retail company general managers[150] Share Options and Financial Instruments - The company has adopted a new share option plan with an authorized limit of 1,103,652,138 shares, representing 10% of the total issued shares as of August 20, 2024[143] - As of September 30, 2024, the company can grant 1,103,652,138 share options under the new plan, which is approximately 9.52% of the issued share capital as of December 12, 2024[143] - A total of 670,519,999

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported FY2025H1 results with revenue of 8.8 billion HKD, a year-on-year increase of 18%, and a net profit attributable to shareholders of 1.13 billion HKD, up 23%, slightly exceeding expectations [5]. - The expansion of product categories has been effective, with notable performance from the Xuezhongfei brand. Revenue from the Bosideng and Xuezhongfei brands increased by 19% and 47% respectively, reaching 5.28 billion HKD and 390 million HKD [5][6]. - The improvement in expenses and tax rates is significant, although there was a goodwill impairment in women's wear affecting profits. The gross margin for the Bosideng brand slightly increased by 0.9 percentage points, while the overall group gross margin decreased by 0.1 percentage points to 61.1% [6]. - The company maintained stable operations with a relatively stable dividend, distributing 0.06 HKD per share, a 20% increase year-on-year [6][7]. - Overall, despite challenges such as store closures and goodwill impairment, the company achieved favorable revenue and profit growth, indicating effective multi-category expansion and stable operations [7]. Summary by Sections Financial Performance - For FY2025H1, the company achieved revenue of 8.8 billion HKD, a year-on-year increase of 18%, and a net profit of 1.13 billion HKD, up 23% [5]. - The revenue from the Bosideng brand increased by 19% to 5.28 billion HKD, while Xuezhongfei saw a 47% increase to 390 million HKD [5][6]. Operational Efficiency - The gross margin for the Bosideng brand improved by 0.9 percentage points, while the overall group gross margin slightly decreased by 0.1 percentage points to 61.1% [6]. - The company reported a decrease in sales expense ratio by 1.4 percentage points to 25.8%, although management expenses increased by 0.9 percentage points to 8.7% due to higher employee option expenses [6]. Future Outlook - The company is expected to achieve net profits of 3.6 billion HKD, 4.2 billion HKD, and 4.7 billion HKD for FY2025, FY2026, and FY2027 respectively, with corresponding P/E ratios of 11, 10, and 9 [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.16 HKD based on a 15x PE valuation for FY25 [3][7]. Core Insights - The company reported strong performance in FY25H1, achieving revenue of 8.804 billion HKD, a year-on-year increase of 17.8%. Operating profit reached 1.47 billion HKD, up 19.6%, and net profit attributable to shareholders was 1.13 billion HKD, reflecting a 23% growth. A mid-term dividend of 0.06 HKD per share was proposed, marking a 20% increase [2][3]. - The brand's down jackets are identified as the core growth driver, with FY25H1 revenue from this category increasing by 22.7%. Notably, the main brand, Bosideng, despite closing 124 stores, still achieved rapid sales growth, indicating effective channel optimization and focus on top stores [2]. - The women's wear segment faced challenges, with a 21.5% decline in revenue due to a persistently weak market environment, leading to an operating loss of 50.42 million HKD. The company is reassessing its strategic focus on this non-core business [2][3]. - The company's OEM business saw a 13.4% revenue growth in FY25H1, maintaining a gross margin above 20% [2]. - Inventory turnover increased to 189 days, up 29 days year-on-year, primarily due to proactive inventory management in response to market conditions [2]. - The company continues to focus on brand-led development, with positive market feedback on new product categories such as sun protection clothing and lightweight down jackets. A collaboration with the Harbin government to create a brand IP is also noted [2]. Financial Forecast and Investment Recommendations - The earnings forecast for FY25-27 has been adjusted, with expected earnings per share of 0.32, 0.37, and 0.43 HKD respectively. The previous estimates for FY25 and FY26 were 0.33 and 0.38 HKD [3][7]. - The company is projected to achieve revenue growth of 13.9% in FY25, with operating profit growth of 12.2% and net profit growth of 16.8% [4].

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The brand's down jacket segment continues to lead strong revenue growth, with a focus on refined offline channel operations [3][4] - The company achieved a revenue of 8.804 billion yuan, a year-on-year increase of 17.8%, and a net profit attributable to shareholders of 1.130 billion yuan, up 23.0% year-on-year [1][4] - The company declared an interim dividend of 0.06 HKD per share [1] Revenue Breakdown - The brand down jacket business generated revenue of 6.063 billion yuan, a year-on-year increase of 22.7%, with the main brand contributing 5.280 billion yuan, up 19.4% [4][5] - The OEM processing business reported revenue of 2.316 billion yuan, a year-on-year increase of 13.4% [4] - The women's clothing segment saw a revenue decline of 21.5% to 308 million yuan, while diversified clothing revenue increased by 21.3% to 117 million yuan [4] Channel Management - Self-operated channels generated revenue of 2.262 billion yuan, up 36.7%, while wholesale channels saw revenue of 3.429 billion yuan, up 12.6% [5] - Online channel revenue for the brand down jacket business grew by 24.1% to 1.351 billion yuan, accounting for 22.3% of the segment's total revenue [5] Profitability and Efficiency - The company's gross margin slightly decreased by 0.1 percentage points to 49.9%, with the brand down jacket business gross margin at 61.1% [6][8] - Operating profit margin improved by 0.2 percentage points to 16.7%, and net profit margin increased by 0.5 percentage points to 12.8% [8] - The average inventory turnover days increased by 29 days to 189 days, attributed to early raw material stocking and increased finished goods [8] Future Outlook - The company is expected to leverage its strong supply chain capabilities to capitalize on the peak sales season for down jackets due to nationwide temperature drops [9] - The company continues to innovate product categories and enhance channel management, indicating strong growth potential [9] - EPS estimates for FY2025-2027 are projected at 0.32, 0.37, and 0.42 yuan, with corresponding P/E ratios of 11.6, 10.1, and 8.8 times [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a record high revenue of 8.8 billion RMB for the first half of FY25, representing a year-on-year increase of 17.8%, with net profit growing by 23.0% to 1.13 billion RMB [1] - The core business revenue increased by 22.7%, driven by the brand's down jacket segment, which achieved a revenue of 6.06 billion RMB [4] - The company has a strong brand presence and product development capabilities, leading to significant growth potential in the down apparel and summer product segments [5] Summary by Sections Financial Performance - For FY25 H1, the company achieved a revenue of 8.8 billion RMB, operating profit of 1.47 billion RMB, and net profit of 1.13 billion RMB, all marking historical highs [1] - The net profit margin for FY25 H1 was 12.8%, continuing its upward trend [1] Business Segments - The main brand's revenue increased by 19.4% to 5.28 billion RMB, with a gross margin of 66.3% [4] - The OEM processing business grew by 13.4% to 2.32 billion RMB, while diversified apparel business revenue rose by 21.3% to 117 million RMB [4] Market Performance - The company has implemented a Top Store model and enhanced online-offline collaboration, resulting in a 24.1% increase in online sales revenue for the down jacket segment [5] - The company ranked second in Tmall's women's clothing and men's clothing categories during the 2024 Double Eleven shopping festival [5] Profit Forecast - The company is expected to achieve net profits of 3.53 billion RMB, 4.15 billion RMB, and 4.83 billion RMB for FY25, FY26, and FY27, respectively, with year-on-year growth rates of 14.94%, 17.38%, and 16.35% [5][7]

SDICSI 2024 年 12 月 3 日 波司登 (3998.HK) 品类创新带来新增量，期待销售旺季表现 事件：近日，波司登公布 FY25H1 业绩，收入同比上升 17.8%，归母净利润同比 上升23.0%，好于预期。综合考虑，我们预测2025-2027财年EPS为0.32/0.36/0.41 元，给予公司 2024/25 财年 16 倍 PE，目标价 5.6 港元，维持"买入"评级。 报告摘要 收入快速增长，品类持续创新 截至 2024 年 9 月 30 日止，集团上半财年收入录 得 88.04 亿元，同比上升 17.8%，归母净利润录得 11.3 亿元，同比上升 23%，收 入和利润均取得亮眼增长，且利润保持快于收入的增速。 品牌羽绒服业务：收入同比增长 22.7%至 60.6 亿元，毛利率下滑 0.1pp 至 61.1%。 波司登主品牌录得收入 52.8 亿元，同比增长 19.4%，主要是新品类防晒衣和冲锋 衣羽绒服热销带动，毛利率同比提升 0.9pp 至 65.4%；雪中飞抓住中低端羽绒服 市场的机会，收入同比增长 47.1%至 3.9 亿元，毛利率同比提升 6pp 至 50.1%； 高性价比品 ...

来源: 公司资料, 第一上海 来源: 彭博 波司登（3998.HK） 更新报告 24/25 上半财年维持高质量的业绩增长 2024/2025 上半财年业绩概览：截至 2024 年 9 月 30 日的中期业绩，公司实现营业收入 88 亿元（人民币，下同）、同比增加 17.8%（主要受益于品牌羽绒服和贴牌加工管理业务 的良好增长）。毛利率比去年同期减少 0.1PCT 到 49.9%（主要受产品+品牌结构变化和羽 绒成本上升的影响）。经营利润率同比增长 19.6%到 14.7 亿元（受益于营运效率的提 升），撇除女装业务的经营利润增长 28.3%到 16.1 亿元。归母净利润 11.3 亿元、同比增 加 23%，归母净利率同比提升 0.5PCT 至 12.8%，拟派中期股息每股 6 港仙，派息比率为 57.9%。存货周转天数增加 29 天到 189 天；主要由于 1）集团提前进行原材料备货，2） 略提前生产致制成品增加，3）放缓上半财年给经销商的发货节奏和发货速度，希望在下 半年不确定的市场环境中以小单快反的供应链管理体系应对消费者需求。集团持有净现 金为 64.1 亿，资产负债水平健康。集团继续维持高质量的业绩增 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.90, which corresponds to a PE ratio of approximately 14 times for FY25E [6][17]. Core Insights - The company reported a revenue growth of 17.8% and a net profit growth of 23% for the first half of FY25, with total revenue reaching CNY 8.804 billion and net profit at CNY 1.130 billion [8][9]. - The main brands, Bosideng and Xuezhongfei, contributed nearly 90% of the business growth, while the women's clothing segment experienced a decline due to the consumer environment [4][9]. - The company has successfully expanded its self-operated channel for down jackets, achieving a growth of 36.7% [5][11]. - The inventory turnover days increased by 29 days to 189 days, reflecting the company's strategy to slow down the supply to distributors amid market uncertainties [13]. Summary by Sections Financial Performance - For the first half of FY25, the company achieved a gross profit of CNY 4.391 billion, with a gross margin of 49.9%, slightly down by 0.1 percentage points year-on-year [8][10]. - The net profit margin improved to 12.8%, up by 0.5 percentage points year-on-year [8]. Revenue Breakdown - The down jacket business recorded revenue of CNY 6.063 billion, a year-on-year increase of 22.7%, accounting for 68.9% of total revenue [9][10]. - The OEM processing business generated CNY 2.316 billion, up 13.4%, while the women's clothing segment saw a decline of 21.5% to CNY 308 million [9]. Cost and Margin Analysis - The overall gross margin remained stable, with the main brands' margins improving, but the women's clothing and other brands' margins declining [10]. - Distribution expenses as a percentage of revenue decreased, contributing positively to net profit [10]. Strategic Initiatives - The company has invested in the Canadian luxury down jacket brand Moose Knuckles, enhancing its multi-brand matrix [15]. - New product lines, including sun protection clothing and multi-functional down jackets, have been introduced to capture off-season sales potential [14]. Future Outlook - Revenue projections for FY25E to FY27E are CNY 26.398 billion, CNY 29.856 billion, and CNY 33.477 billion, with expected growth rates of 13.7%, 13.1%, and 12.1% respectively [17]. - The company aims to maintain its growth trajectory through flexible supply chain management and strong marketing capabilities [16].