Core Viewpoint - Bosideng, a leading domestic down jacket brand, reported record high revenues and net profits for the fiscal year 2024/2025, driven by a dual focus strategy on down jackets and fashionable functional apparel [1] Group 1: Financial Performance - The company achieved revenue of approximately RMB 25.902 billion, an increase of 11.6% year-on-year, and net profit of about RMB 3.514 billion, up 14.3% year-on-year, marking the eighth consecutive year of record highs [1] - Revenue from branded down jackets rose 11% to approximately RMB 21.668 billion, also a historical high for the same period [1] - The OEM management business maintained healthy growth, with revenue reaching RMB 3.373 billion, a year-on-year increase of 26.4%, setting a new record [1] Group 2: Strategic Initiatives - Bosideng's strategy focuses on enhancing channel quality through the expansion of TOP stores and refined operations, leading to strong growth in distribution channels and improved operational efficiency [1] - The company has actively engaged in online sales, particularly through emerging platforms like Douyin, where it gained over 1 million new followers in the fiscal year [2] - As of March 31, 2025, Bosideng's brand had approximately 10 million followers on Douyin, and on Tmall and JD, it added around 7 million new followers and 3 million new members [2] Group 3: Product Innovation - Bosideng has expanded its product categories to include functional outerwear such as sun-protective clothing and lightweight down jackets, catering to diverse consumer needs [2][3] - The company is focusing on differentiated positioning for its sun-protective clothing and jackets, emphasizing fashion and technology [3] - Bosideng is also involved in setting national standards for sun-protective clothing, aiming to lead the industry towards positive development through technological innovation [3] Group 4: Digital Transformation - The company is embracing digital transformation with AI-driven initiatives, implementing a new retail model that integrates online and offline channels [4] - Bosideng has developed an "AI shopping assistant" to enhance customer engagement and shopping experience [4] Group 5: Supply Chain Management - In the fiscal year 2024/2025, Bosideng maintained a low initial order ratio while implementing a responsive replenishment mechanism during peak sales periods, improving channel efficiency and inventory management [5]

Core Insights - Bosideng has evolved from a small operation with 8 sewing machines to a global leader in the down jacket industry over 49 years, showcasing resilience through various market challenges [2] - The company emphasizes the integration of technology and fashion, achieving a 90% automation rate in key manufacturing processes and holding over 1,600 patents [2][10] - Bosideng's brand strategy focuses on consumer trust and adapting to changing consumer demands, which is seen as the foundation of its enduring success [2][6] Brand as Core Competitiveness - The significance of brand development is highlighted as a crucial element for both corporate and national competitiveness, with Bosideng establishing its brand in 68 countries [5][6] - The company views brand value as a collaborative achievement between the enterprise and consumers, necessitating a long-term commitment to brand building [5][15] - Bosideng has maintained its position as the top-selling down jacket brand in China for 30 consecutive years, attributing this success to its strong brand identity [6] Technology and Fashion Integration - Bosideng employs a "technology + fashion" approach to enhance its brand image, responding to the diverse and sophisticated demands of modern consumers [7][8] - The company has invested in innovative product lines, including the Summit series and high-end outdoor collections, to elevate industry standards [8][10] - AI and digital technologies are being integrated into various operational aspects, enhancing efficiency and decision-making processes [9][10] Commitment to Sustainability - Bosideng has set ambitious sustainability goals, including achieving net-zero emissions by 2038, and has implemented green practices across its operations [11][12] - The company promotes a flexible supply chain model to minimize waste and carbon emissions, while also advocating for energy conservation within the industry [12][13] - Bosideng's ESG rating of AA from MSCI reflects its leadership in sustainable practices within the textile and apparel sector [13] Future Directions - The company aims to continue its global expansion while focusing on core competencies in down jackets, emphasizing the importance of brand trust and social responsibility [14][20] - Bosideng is committed to ongoing innovation and collaboration with top international designers to enhance its product offerings and brand appeal [19][20] - The narrative of Bosideng exemplifies the rise of Chinese brands in the international market, demonstrating that quality and cultural heritage can lead to global recognition [20]

研究员：林骥川/杨润渤/陈婕 FY25 业绩（2024 年4 月-2025 年3 月）符合我们预期 机构：中金公司 公司FY25 收入同比增长12%至259 亿元，归母净利润同比增长14%至35亿元，业绩符合我们预期。公司 宣派末期股息22 港仙/股，对应全年派息率约84%。 羽绒服主业在多重不利因素下仍旧保持稳健增速。2HFY25 品牌羽绒服业务收入在高基数、暖冬、消费 环境波动等不利因素影响下，仍旧录得7%的收入增速，体现出公司品牌在羽绒服行业的影响力和销售 韧性。分渠道看，直营/批发收入分别同增1%/47%。期内公司继续聚焦标杆Top 店打造，截至3 月末， 公司约31%的门店位于一二线城市，同比提升2.8ppt；同时公司关注战略增量市场开拓，全财年公司净 开门店253 家。分品牌看，2HFY25 核心品牌波司登收入同增7%至132 亿元，占羽绒服收入的85%。 OEM 业务FY25 收入同增26.4%至33.7 亿元，在波动的环境中OEM 业务的高增长体现出公司积极拓展 高质量新客户，打造订单快反能力和拓展海外产能布局所带来的成效。 渠道结构、产品结构调整下主品牌毛利率表现出色，体现出色的折扣控制能力 ...

Core Insights - The company achieved a revenue of 25.9 billion HKD for the fiscal year 2024/25, representing an 11.6% year-on-year increase, with a net profit of 3.51 billion HKD, up 14.3%, slightly below expectations [1] - A cash dividend of 0.22 HKD per share is proposed, resulting in a dividend yield of 6.1% for the fiscal year [1] Revenue Breakdown - The down jacket business generated revenue of 21.67 billion HKD, a year-on-year increase of 11%, while the OEM business revenue reached 3.37 billion HKD, up 26% [1] - Other non-down jacket business revenue was 860 million HKD, down 16%, primarily due to a 21% decline in women's clothing revenue, which amounted to 650 million HKD [1] Profitability Analysis - Gross margin decreased by 2.3 percentage points to 57.3%, with the down jacket business gross margin down 1.6 percentage points to 63.4% [2] - The decline in gross margin is attributed to changes in channel structure, product mix, rising raw material costs, and increased processing costs at overseas factories [2] - Despite the gross margin decline, net profit margin improved by 0.4 percentage points to 13.6% due to enhanced operational efficiency [2] Future Outlook - The company is expected to demonstrate strong resilience in operations amid a warm winter, with steady growth projected for the fiscal year 2024/25 [3] - Future channel and market adjustments are anticipated to optimize efficiency and market presence [3] - The company plans to enhance its brand matrix by launching the Bogner brand for the high-end ski market and investing in the Canadian luxury down jacket brand Moose Knuckles [3] - Projected net profits for fiscal years 2025/26 to 2028/29 are 4.1 billion HKD, 4.65 billion HKD, and 5.16 billion HKD, with respective year-on-year growth rates of 16.8%, 13.2%, and 11.1% [3]

Event Overview - Company FY24/25 revenue, down jacket revenue, net profit attributable to parent, and operating cash flow are projected to be 25.902 billion, 21.67 billion, 3.514 billion, and 3.98 billion yuan, respectively, with year-on-year growth of 11.6%, 11%, 14.3%, and a decline of 45.7% [1] - Despite the impact of a warm winter, revenue performance exceeded pessimistic expectations, primarily driven by growth in franchise operations and contributions from outdoor, lightweight down jackets, and sun protection clothing [1] - Other income for FY24/25 is expected to be 492 million yuan, up from 216 million yuan in the same period last year, while goodwill impairment loss is projected at 170 million yuan, compared to 70 million yuan last year, leaving a remaining goodwill balance of 700 million yuan [1] - After excluding other income, goodwill impairment losses, and losses from joint ventures and associates, the net profit attributable to the parent is expected to be 3.21 billion yuan, reflecting a year-on-year increase of 9.3% [1] Financial Performance - Down jacket and main brand Bosideng revenue grew by 11% and 10%, respectively, with rapid growth in franchises and a slowdown in online sales [1] - Revenue breakdown for FY24/25 shows down jackets, OEM, women's wear, and diversified clothing at 21.67 billion, 3.37 billion, 651 million, and 209 million yuan, with year-on-year growth of 11.0%, 26.4%, -20.6%, and 2.8% [1] - The first half of the year saw revenue growth of 23% for down jackets, while the second half experienced a slowdown with only 7% growth due to the warm winter [1] - The company plans to distribute a final dividend of 0.22 HKD per share, in addition to an interim dividend of 0.06 HKD, resulting in a payout ratio of 84.1% and a dividend yield of 6.1% [1] Profitability Metrics - Gross margin decreased by 2.3 percentage points to 57.3% for FY24/25, with brand down jackets, OEM, women's wear, and diversified clothing gross margins at 63.4%, 19.1%, 63.2%, and 21.7%, respectively [2] - Operating profit margin (OPM) and net profit margin for FY24/25 are projected at 19.2% and 13.6%, reflecting increases of 0.2 and 0.3 percentage points year-on-year [2] - The decrease in gross margin is attributed to changes in channel structure, rapid growth of lower-margin sun protection products, and rising costs of core raw materials [2] Inventory and Accounts Receivable - Inventory increased by 23.6% year-on-year to 3.95 billion yuan, with raw materials, work-in-progress, and finished goods accounting for 36.4%, 0.7%, and 62.9% of total inventory, respectively [3] - Inventory turnover days increased to 118 days, up by 3 days year-on-year, while accounts receivable decreased by 20.2% to 1.195 billion yuan [3] - The number of stores increased by 253 to a total of 3,470, with direct-operated and franchise stores increasing by 100 and 153, respectively [1][3] Market Position and Future Outlook - Short-term growth is expected to come from online, franchise, and pop-up store channels, with potential for online sales to follow platform strategy adjustments [4] - Mid-term growth drivers include outdoor product lines and the continued evolution of sun protection and lightweight down jackets [4] - Long-term prospects indicate room for market share growth as the company remains a leader in functional categories, with opportunities for channel expansion and cost control [4]

Core Insights - Bosideng International Holdings Limited reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, representing a year-on-year growth of 11.58% [2] - The net profit attributable to equity shareholders was 3.514 billion yuan, an increase of 14.31% year-on-year, with a proposed final dividend of 0.22 HKD per share [2] - Despite challenges such as a warm winter and a tough consumer environment, Bosideng achieved record highs in revenue and net profit for eight consecutive years, with operating profit growth outpacing revenue growth [2] Business Segments - The brand down jacket business remains the largest revenue source, generating approximately 21.668 billion yuan, accounting for 83.7% of total revenue, with a year-on-year growth of 11.0% [2] - The OEM management business recorded revenue of about 3.373 billion yuan, representing 13.0% of total revenue, with a year-on-year increase of 26.4% [2] - Women's clothing revenue was approximately 651 million yuan, accounting for 2.5% of total revenue, showing a decline of 20.6% year-on-year [2] - Diversified clothing business generated about 209 million yuan, making up 0.8% of total revenue, with a year-on-year increase of 2.8% [2] Strategic Focus - Bosideng is focusing on a "dual focus" strategy on down jackets and fashionable functional apparel, aiming to enhance its product offerings, including lightweight down jackets and extreme cold series [3] - The brand is also working on building the "China Good Down" IP and launching city brand collaborations [3] - The "Xuezhongfei" brand is enhancing its online business and focusing on category value innovation and core resource integration [3] Operational Efficiency - The company employs a pull replenishment and small batch quick response mechanism, achieving efficient inventory turnover with an inventory turnover period of 118 days, slightly up by 3 days year-on-year [3][6] - The gross profit margin decreased by 2.3 percentage points to 57.3%, attributed to changes in product category structure and rising costs of down jackets [6] Market Challenges - The overall performance of the textile and apparel industry is experiencing a slowdown in growth rates due to low consumer confidence and market saturation, leading to increased marketing costs and inventory pressures [6] - Bosideng faces challenges in high-end transformation, internationalization, and operational efficiency, with a need to target younger consumer segments and enhance brand positioning [6]

6月26日晚，羽绒服龙头波司登（03998.HK，股价4.46港元，市值515亿港元）交出了最新的年度业绩报告。 财报显示，在截至2025年3月31日止的年度中，波司登实现营收259.02亿元，同比上涨11.6%；净利润同比增长14.3%至35.14亿元。其中，品牌羽绒服业务 录得收入约216.68亿元，占总收入的83.7%，同比上升11.0%。 图片来源：波司登演示资料 "我们实现了较为稳健、良性的业绩增长。"在6月27日中午举办的年度业绩交流会上，波司登品牌创始人、集团董事局主席兼总裁高德康向《每日经济新 闻》记者在内的媒体表示，企业尚存在一些不足，有巨大提升空间。 记者注意到，尽管在2024/25财年，波司登收入、净利润呈现双增长，但其毛利率同比下降2.3个百分点，且存在库存方面的压力。公司如何应对这些风 险？值得一提的是，在波司登多元化的产品中，其防晒服等深受市场关注。但在这条赛道上，已有众多玩家，善于用羽绒做厚实御寒服装的波司登，能否 做好防晒服？业绩交流会上，高德康和波司登集团执行董事兼执行总裁梅冬等多位公司高层对记者提问进行了悉数解答。 财报发布次日，波司登午后股价走低，截至收盘下跌3.46%， ...

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 06 月 27 日 [Table_Title] 暖冬影响好于悲观预期，存货风险可控 [Table_Title2] 波司登(3998.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 3998 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.66/3.58 | | 目标价格(港元)： | | 总市值(亿港元) | 533.34 | | 最新收盘价(港元)： | 4.62 | 自由流通市值(亿港元) | 533.34 | | | | 自由流通股数(亿) | 11,544.13 | [Table_Summary] 事件概述 公司 FY24/25 收入/羽绒服收入/归母净利/经营活动现金流为 259.02/216.7/35.14/39.8 亿元，同比增长 11.6%/11%/14.3%/-45.7%，我们分析，虽然受到暖冬影响，收入端仍好于悲观预期，主要增长主要来自加盟端 增长及户外、轻薄羽、防晒服等拓品类贡献。FY24/25 公司其 ...

Core Viewpoint - Bosideng, a leading down jacket brand in China, reported a revenue increase of 11.6% to 25.902 billion yuan and a net profit increase of 13.9% to 3.553 billion yuan for the fiscal year 2024/25, marking the eighth consecutive year of record highs in both revenue and net profit [1] Group 1: Financial Performance - Revenue for the reporting period reached 25.902 billion yuan, up 11.6% year-on-year [1] - Net profit increased by 13.9% to 3.553 billion yuan, achieving historical highs for eight consecutive years [1] - Operating profit margin improved to 19.2% [1] Group 2: Brand Strategy and Market Focus - Bosideng plans to increase investment in the mass down jacket market, focusing on high cost-performance growth opportunities [1] - The company aims for double-digit growth for its Snow Flying brand in the new fiscal year [1] - Revenue from the Bosideng brand increased by 10.1% to 18.481 billion yuan, while Snow Flying brand revenue grew by 9.2% to 2.206 billion yuan [1] Group 3: Channel Development and Online Presence - Bosideng has optimized its online content platform structure, focusing on self-operated construction, content upgrades, and new product launches [2] - The brand gained approximately 7 million new fans on Tmall and JD platforms, with total members reaching about 21 million by March 31, 2025 [2] - Offline, Bosideng is enhancing channel quality through TOP store expansion and refined operations [2] Group 4: Product Innovation and R&D - The company increased R&D investment, launching new product categories such as waterproof and windproof down jackets [2] - In the fiscal year, Bosideng filed 466 patent applications and received 527 patent authorizations, totaling 1,498 patents by March 31, 2025 [3]

Core Insights - Bosideng achieved continuous growth in revenue and net profit for eight consecutive years, with revenue reaching approximately 25.902 billion yuan, an increase of 11.6% year-on-year, and net profit around 3.514 billion yuan, up 14.3% year-on-year, driven by its "dual focus" strategy [1] Group 1: Business Performance - The "dual focus" strategy has led to significant business development, with revenue from down jackets increasing by 11.0% to approximately 21.668 billion yuan, marking a record high [1] - The OEM management business also performed well, generating revenue of 3.373 billion yuan, a year-on-year increase of 26.4% [1] - The subsidiary brand Xuezhongfei capitalized on the "ice and snow" theme, boosting online sales to approximately 2.206 billion yuan, a 9.2% increase year-on-year [1] Group 2: Channel Development - Bosideng actively optimized its operations and expanded its channels, focusing on TOP stores and tiered store management to enhance channel quality and operational efficiency [2] - The brand significantly promoted its lightweight down jackets on emerging platforms like Douyin, gaining over 1 million new followers by September 2024, totaling around 10 million followers by March 31, 2025 [2] - On Tmall and JD platforms, the brand added approximately 7 million new followers and 3 million new members, reaching a total of about 21 million members across these platforms [2] Group 3: Product Innovation - In response to changing market demands, Bosideng has innovated its product categories, launching functional outerwear such as sun-protective clothing and shell jackets, which contribute to sales during off-peak seasons [2] - The company has positioned sun-protective clothing as "more fashionable professional sun protection" and focused on practical solutions for temperature variations with its shell jackets [3] - Bosideng has introduced advanced features in its products, such as UV resistance and high elasticity in sun-protective clothing, and developed eco-friendly materials for shell jackets, enhancing their fashion appeal [3]