FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 波司登國際控股有限公司 呈交日期： 2025年1月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | ...

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。 (1) 授出購股權 於2025年1月14日，董事會已議決根據購股權計劃授予56名承授人（均為本集團高 級管理人員及核心僱員）90,300,000份購股權。購股權將賦予承授人權利認購合共最 多90,300,000股新股份，相當於本公告日期已發行股份（不包括庫存股份）總數（即 11,597,964,473股股份）約0.78%及於行使所有購股權時經發行新股份擴大後的股份總數 （即11,688,264,473股股份）約0.77%。 (2) 授出獎勵股份 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） 授出購股權及獎勵股份 於2025年1月14日，董事會已議決根據股份獎勵計劃授予2名選定人士（均為本集團高級 管理人員及核心僱員）8,000,000股獎勵股份，而相關獲授人須就每股獎勵股份支付1.82 ...

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]

Dear Non-registered Shareholder(s), Bosideng International Holdings Limited (the "Company") – Notice of Publication of 2024/25 Interim Report (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 of HKEXnews (www.hkexnews.hk). If you have elected to receive the Corporate Communications in printed form, the printed copies of the Current Corporate Communicat ...

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 of HKEXnews (www.hkexnews.hk). If you have elected to receive the Corporate Communications in printed form, the printed copies of the Current Corporate Communication in your selected language(s) are enclosed. If you have any difficulty in receiving or gaining access to the Current Corporate Communications posted on the Company's website for a ...

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 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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.33, representing a potential upside of 29.06% from the current price of HKD 4.10 [4][3]. Core Insights - The company achieved a revenue of RMB 8.8 billion for the first half of the 2024/2025 fiscal year, reflecting a year-on-year increase of 17.8%, primarily driven by strong growth in branded down jackets and OEM processing management [3]. - The gross profit margin slightly decreased by 0.1 percentage points to 49.9%, influenced by changes in product and brand mix as well as rising down costs [3]. - Operating profit increased by 19.6% to RMB 1.47 billion, benefiting from improved operational efficiency, with a notable 28.3% growth in operating profit excluding the women's wear segment [3]. - The net profit attributable to shareholders reached RMB 1.13 billion, up 23% year-on-year, with a net profit margin improvement of 0.5 percentage points to 12.8% [3]. - The company plans to distribute an interim dividend of HKD 0.06 per share, with a payout ratio of 57.9% [3]. Summary by Sections Financial Performance - Revenue for the first half of 2024/2025 was RMB 8.8 billion, up 17.8% year-on-year, with a gross profit margin of 49.9% [3]. - The operating profit margin improved to 14.7% with a total operating profit of RMB 1.47 billion [3]. - The net profit attributable to shareholders was RMB 1.13 billion, reflecting a 23% increase year-on-year [3]. Business Segments - Branded down jackets generated RMB 6.06 billion in revenue, a 22.7% increase, accounting for 68.9% of total revenue [3]. - OEM processing business revenue was RMB 2.32 billion, up 13.4%, representing 26.3% of total revenue [3]. - Women's wear segment revenue decreased by 21.5% to RMB 310 million, accounting for 3.5% of total revenue [3]. - Diversified apparel revenue increased by 21.3% to RMB 120 million, representing 1.3% of total revenue [3]. Market Outlook - The company aims to achieve revenue exceeding RMB 30 billion for the fiscal year 2025/2026, maintaining confidence in its growth strategy despite potential market uncertainties [3]. - The company continues to focus on enhancing brand value, optimizing operational quality, and innovating product development [3].