21世纪经济报道记者朱艺艺 报道 近日，国内羽绒服龙头波司登（03998.HK）交出一份并不亮眼的中期成绩单。 2025/26上半财年（截至2025年9月30日止六个月），波司登实现营收约89.28亿元（人民币，下同）， 同比小幅上升1.4%，净利润约12.01亿元，同比增长5.2%。 需要指出的是，作为业务基本盘的品牌羽绒服收入增速有所放缓，2025/26上半财年该板块贡献收入约 65.68亿元，占总收入的73.6%。尽管实现增速8.3%，但相比2023/24上半财年、2024/25上半财年动辄两 位数的高增速（对应增速分别为28.1%、22.7%），已明显放缓。 在"聚焦羽绒服主航道、聚焦时尚功能科技服饰主赛道" 的战略方向下，品牌羽绒服业务为波司登公司 的最大收入来源。 2025/26上半财年，品牌羽绒服业务实现收入约65.68亿元，占总收入的73.6%，同比上升8.3%。但该业 务板块毛利率下降2个百分点至59.1%，主要由于经销商渠道在2025/26上半财年的销售增长速度高于自 营渠道，且经销商的毛利率较自营渠道较低所致。 拉长时间线看，相比2023/24上半财年、2024/25上半财年高达28.1 ...

Core Viewpoint - Bosideng (03998.HK), a leading down jacket brand in China, reported a modest mid-term performance for the first half of the 2025/26 fiscal year, with revenue of approximately 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit of about 1.20 billion yuan, up 5.2% [2]. Revenue Performance - The brand's down jacket business generated approximately 6.57 billion yuan, accounting for 73.6% of total revenue, with a year-on-year growth of 8.3%. However, this growth rate has slowed compared to the previous two fiscal years, which saw growth rates of 28.1% and 22.7% respectively [3][5]. - The main brand, Bosideng, contributed 5.72 billion yuan in revenue, also achieving an 8.3% growth rate, significantly lower than the previous years' growth rates of 25.5% and 19.4% [5]. Market Challenges - The slowdown in growth is attributed to intensified competition in the high-end down jacket market, with brands like Arc'teryx, KAILAS, Descente, The North Face, and others attracting high-net-worth consumers [5]. - Rising raw material costs have also pressured Bosideng's cost structure, with the price of duck down increasing from 304 yuan/kg in 2020 to 669 yuan/kg in 2025 [5]. Strategic Initiatives - Despite market challenges, Bosideng is committed to maintaining its high-end positioning, launching the "Master Puff" series during Paris Fashion Week and collaborating with renowned designers to introduce premium product lines [6][8]. - The company has strategically invested in the Canadian luxury down jacket brand Moose Knuckles, acquiring approximately 31.6% of its shares to strengthen its high-end market presence [7]. Brand Development - The management indicated that the AREAL series has performed better than expected, with around 60% of sales revenue coming from new customers, primarily younger consumers [8]. - Bosideng aims to deepen its focus on down jackets while exploring new categories, ensuring that all new product developments align with its core business strategy [9][14]. Snow Flying Brand Performance - The Snow Flying brand, positioned in the mid-range market, experienced a revenue decline of 3.2% to 378 million yuan, despite increasing its retail outlets [10][13]. - The management expressed optimism about Snow Flying's recovery, noting a shift from negative to positive growth in sales during October and November [13].

Core Viewpoint - The report from Credit Lyonnais indicates an upward adjustment of the target price for Bosideng (03998) from HKD 5.2 to HKD 5.8, driven by an increase in the forecasted price-to-earnings ratio to 13 times from the previous 12 times, highlighting an attractive risk-return profile with a projected dividend yield of 6.5% over the next 12 months [1] Group 1 - Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, aligning with expectations [1] - The management reiterated its guidance for fiscal year 2026, anticipating a 10% year-on-year sales growth, with net profit growth expected to exceed sales growth [1] - Since October, Bosideng's offline sales have recorded double-digit year-on-year growth, with a reduction in discount rates, while online sales maintained strong momentum during the Double Eleven shopping festival [1] Group 2 - The firm has revised its net profit forecasts for fiscal years 2026 to 2028 upwards by 1% to 2%, reflecting a more favorable business mix and stringent cost control, while sales forecasts remain largely unchanged [1]

Core Viewpoint - Citi has raised the target price for Bosideng (03998) from HKD 5.2 to HKD 5.8, citing an increase in the forecasted price-to-earnings ratio to 13 times from 12 times, and a projected dividend yield of 6.5% over the next 12 months, making the risk-return profile attractive [1] Financial Performance - Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, aligning with expectations [1] - The management has reiterated its guidance for fiscal year 2026, anticipating a 10% year-on-year sales growth, with net profit growth expected to exceed sales growth [1] Sales Trends - Since October, Bosideng's offline sales have recorded double-digit year-on-year growth, with a reduction in discount rates [1] - The online business has also maintained strong momentum during the Double Eleven shopping festival [1] Profit Forecast Adjustments - The forecast for net profit for fiscal years 2026 to 2028 has been increased by 1% to 2% to reflect a more favorable business mix and strict cost control, while sales forecasts remain largely unchanged [1]

机构：中信建投证券 研究员：叶乐/黄杨璐 核心观点 FY26H1（自然年25 年4 月-9 月）公司营收、归母净利润分别同比+1.4%、+5.3%，其中FY26H1 羽绒服 业务同比+8.3%，主品牌波司登、雪中飞品牌分别同比+8.3%、-3.2%；批发模式营收增速（+7.9%）快 于直营（+6.6 %）。截止9 月底，波司登、雪中飞品牌门店分别为3140、389 家，较财年初分 别-67、+126 家。FY2 6 H1公司OEM 和女装业务承压。FY26H1 公司毛利率50.0 %/+0 .1 p c t，主要系 毛利率较高的羽绒服业务占比提升。财务费用率同比-1.3pct 和其他收入占比同比+0.4pct 共同助力下， 公司经营利润率17.0%/+0.3pct、归母净利率13.3%/+0.5pct。展望FY26H2，波司登主品牌将加大羽绒品 类投入以及强化品类竞争优势，积极推进产品科技研发以及优化渠道布局，伴随着下半财年销售旺季来 临，预计有望提速增长，泡芙和极寒系列有望引领。10 月至今公司羽绒服主业销售表现良好。 事件 公司发布FY26H1 业绩公告（业绩期为2025 年4 月1 日-9 月30日）： ...

Core Viewpoint - Bosideng reported a stable revenue growth driven by its brand down jacket business, while the OEM processing business faced pressure due to tariffs [1][2] Group 1: Financial Performance - For the first half of FY2025/26, the company achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% [1] - The brand down jacket business generated revenue of 6.568 billion yuan, growing by 8.3%, with the main Bosideng brand contributing 5.719 billion yuan, also up 8.3% [1] - The OEM processing business revenue declined by 11.7% to 2.044 billion yuan, while women's clothing revenue fell by 18.6% to 0.251 billion yuan [1] - The overall gross margin slightly increased by 0.1 percentage points to 50.0%, with the brand down jacket business gross margin decreasing by 2.0 percentage points to 59.1% [2] Group 2: Channel and Inventory Management - The company optimized its channel structure, resulting in a net increase of 88 retail stores to 3,558, with self-operated stores increasing by 3 to 1,239 [1] - The average inventory turnover days decreased by 11 days to 178 days, attributed to a slowdown in raw material procurement and inventory reduction efforts [3] - The online channel for the brand down jacket business saw a revenue increase of 2.4% to 1.383 billion yuan, accounting for 21.1% of the business [1] Group 3: Future Outlook - The company expects the OEM business to stabilize and return to growth in the second half of the fiscal year, while maintaining a focus on product innovation and channel quality improvement [3] - The net profit forecasts for FY2026-2028 are 3.931 billion yuan, 4.382 billion yuan, and 4.786 billion yuan, with corresponding PE ratios of 13.5, 12.1, and 11.1 times [3]

此外，公司维持较强派息意愿，中期宣派股息0.063 港元/股，同比+5.0%。 机构：华源证券 研究员：符超然 2025/26 上半财年营收在高基数下同增1.4%。公司发布FY2025/26 中报，上半财年实现营收89.3 亿元， 同比+1.4%；实现归母净利润11.9 亿元，同比+5.3%，归母净利率13.3%，同比+0.5pct，在高基数下公司 上半财年仍实现收入与利润的双增长。 多渠道协同推动品牌羽绒服业务高质量发展。公司近年不断深化Top 店改革，定制"一店一设"、"一店 一策"的精细化策略提升店铺运营效率。拆分核心业务品牌羽绒服：从销售类别看，品牌羽绒业务的自 营及批发渠道FY25/26H1 营收同比分别+6.6%/+7.9%，协同驱动公司营收增长。拆分线上线下看，线下 端，波司登、雪中飞线下店铺较FY24/25 年底分别-67/+126 家至3140/389 家，雪中飞开店速度提升，冰 洁开启品牌重塑及焕新，于FY25/26H1 开启线下渠道布局；线上端，公司通过发力核心品类、注重品 牌建设、聚焦内容创新及精细化运营，持续提升经营能力和运营效率，推动上半财年线上营收同增 2.4%，"双十一"战绩位 ...

机构：东吴证券 研究员：汤军/赵艺原 投资要点 公司公布FY2026H1 业绩：营收89.28 亿元/yoy+1.4%，归母净利11.89亿元/yoy+5.3%，中期派息每股6.3 港仙。 品牌羽绒服：主品牌稳健增长，批发有效去库。FY26H1 品牌羽绒服业务收入65.68 亿元/yoy+8.3%/占比 73.6%。1）按品牌分，波司登主品牌收入57.19 亿元/yoy+8.3%，雪中飞收入3.78 亿元/yoy-3.2%，冰洁 收入0.15 亿元/yoy-26.0%。主品牌持续在品牌、产品、渠道维度优化向上，延续高质量增长表现；雪中 飞聚焦性价比羽绒服赛道，深挖品牌"冰雪"及"运动"基因，持续发力线上业务；冰洁品牌上半年启动重 塑，关注年轻女性羽绒服品牌产品的高质量发展。2）按模式分，自营/批发收入分别同比 +6.6%/+7.9%，批发收入增长快于自营，使得FY26H1 品牌羽绒服毛利率同比-2.0pct 至59.1%。我们预计 批发终端销售增长进一步快于报表表现，批发商库存有效去化，为旺季销售做好准备。截至FY26H1 末，羽绒服业务零售网点总数较本财年年初净增加88 家至3,558 家，公司持续优化渠道 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, meeting expectations [1] Group 1: Financial Performance - Bosideng's management reiterated its guidance for fiscal year 2026, expecting a 10% year-on-year increase in sales, with net profit growth expected to exceed sales growth [1] - For the period from October to date, Bosideng's offline sales recorded double-digit year-on-year growth, with a reduction in discount rates [1] - Online business maintained strong momentum during the Double Eleven shopping festival [1] Group 2: Forecast Adjustments - Credit Lyonnais raised its net profit forecast for fiscal years 2026 to 2028 by 1% to 2%, reflecting a more favorable business mix and strict cost control [1] - Sales forecasts were largely maintained, with the target price increased from HKD 5.2 to HKD 5.8 due to an anticipated increase in price-to-earnings ratio to 13 times [1] Group 3: Investment Appeal - The forecasted dividend yield for the next 12 months is 6.5%, presenting an attractive risk-reward profile [1] - Given the lower base from previous periods, the "outperform" rating is maintained [1]

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