新京报贝壳财经讯(记者王真真)继7月份传出Canada Goose(加拿大鹅)的控股方Bain Capital(贝恩资本)考 虑出售其持有的部分或全部股份后，8月28日，此案迎来关键性进展。据知情人士透露，贝恩资本已经 收到了一项对该品牌的私有化收购要约，价值约13.5亿美元。截至发稿，受此消息影响，加拿大鹅股价 已涨超16%。 据报道，目前已有多家私募基金和服饰企业表达了收购兴趣，其中潜在买家包括中国羽绒服品牌波司登 集团，以及由私募股权投资公司方源资本和安踏集团组成的财团。对此，8月28日，安踏体育发布澄清 公告，其并非该潜在收购的一方。波司登方面则不对市场传闻予以评论。 贝恩资本于2013年12月收购加拿大鹅多数股权，2017年主导其上市以来，已陪伴该品牌走过近12年历 程。根据监管文件，截至今年3月底，贝恩资本持有加拿大鹅约3080万股股份。另由于加拿大鹅60.5% 的多重投票股份也在贝恩资本手中，所以其在加拿大鹅内部的话语权也极高。 持有加拿大鹅股权近12年后，贝恩资本此时计划出售或与该品牌近年相对疲软的市场表现有关。截至 2025年3月30日，加拿大鹅2025财年营收虽同比增长1.09%至13.4 ...

北京商报讯（记者 张君花）8月28日，针对加拿大鹅（Canada Goose）的控股股东贝恩资本（Bain Capital）正考虑出售其持有的股份，潜在买家包括来自中国市场的波司登相关消息，波司登相关人士对 北京商报记者表示："公司不对市场传闻予以评论。" ...

加拿大鹅被传出售，或是因为其近年相对疲软的市场表现。截至2025年3月30日，Canada Goose加拿大 鹅2025财年营收达13.484亿加元，同比增长1.1%；除大中华区外的亚太市场成为主要增长引擎，同比增 长 31.4%。这份业绩表现不能算差，但从近三年业绩看加拿大鹅增长承压增速放缓。2022-2025财年， 公司营收增速从21.5%大幅滑落至1.1%。 与巅峰期相比，加拿大鹅市值已缩水超440亿元人民币，当前市值约为97亿元人民币。 但加拿大鹅依旧是在赚钱的，且近期业绩亮眼。最新财报显示，2026财年第一季度（截至2025年6月29 日），加拿大鹅全球营收同比增长22.4%至1.08亿加元（约合人民币5.61亿元），为近九个季度以来最 大增幅。其中，大中华区期内实现营收大增18.7%。为此，加拿大鹅在品类拓展、营销活动、渠道扩张 等方面均采取了针对性优化措施。 在非销售旺季增势强劲，很大程度上源于加拿大鹅的四季化战略。加拿大鹅正努力摆脱"冬装代名词"标 签，扩大产品线至毛衣、鞋履、太阳镜等领域，并强化产品和门店陈列的季节相关性。最新财季内，其 新推出的Emerson短袖T恤成为最畅销产品，市场反馈 ...

来源：瑞恩资本RyanbenCapital 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com CNBC引述知情人士报道，私募基金博裕资本(Boyu Capital)、安宏资本(Advent International)已提出口头 收购意向，估值约13.5亿美元。 知情人士称，贝恩就出售股权委任高盛为交易顾问，博裕资本、安宏资本的作价是以Canada Goose过去 12个月平均息税折旧摊销前利润(EBITDA)约8倍进行估值，涉约13.5亿美元。 此外，其他有意竞购的尚包括同业内地羽绒商波司登(03998)、安踏体育(02020)、以及方源资本 (FountainVest Capital)组成的财团。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 加拿大羽绒品牌Canada Goose(加拿大鹅)大股东(持股约60.5)贝恩资本(Bain Capital)，早 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [7] Core Insights - The report highlights that Dahon Technology is the leading player in the domestic folding bicycle industry, with a market share of 26.3% in sales volume and 36.5% in sales revenue for 2024, indicating strong brand influence and industry position [2][12] - The folding bicycle market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 24% in sales volume and 33% in revenue from 2022 to 2024 for Dahon Technology [2][59] - The global bicycle market is expected to grow steadily, with a retail volume increase from 164.5 million units in 2019 to 178.8 million units in 2024, reflecting a CAGR of 1.7% [13][16] Summary by Sections Industry Overview - The demand for folding bicycles is rapidly increasing, driven by urban commuting needs and the convenience of compact storage [21][22] - The global folding bicycle market is projected to grow from 2.0 million units in 2019 to 3.7 million units in 2024, with a CAGR of 13.4% [22][30] - The market for high-end folding bicycles (priced above 2500 RMB) is expanding, accounting for approximately 44.1% of retail volume and 86.5% of retail revenue in 2024 [30][42] Company Profile: Dahon Technology - Dahon Technology, founded in 1982, has established itself as a leader in the folding bicycle sector, achieving significant growth and brand recognition [2][55] - The company’s revenue for 2024 is projected to reach 4.51 billion RMB, with a net profit of 0.52 billion RMB, both reflecting a year-on-year increase of 50% [2][59] - Dahon's product strategy focuses on the mid to high-end market, with mid-range products accounting for approximately 69.5% of revenue by 2024 [70] Market Dynamics - The domestic market for folding bicycles is highly concentrated, with Dahon Technology holding a dominant position, capturing 60.4% of the market share among the top five companies [49][46] - The report indicates that the Chinese market is the largest single market for folding bicycles, with retail volume expected to grow from 0.3 million units in 2019 to 0.8 million units in 2024, reflecting a CAGR of 19.9% [40][41] - The company is expanding its distribution network, with over 680 retail points across 30 provincial regions in China, while also gradually recovering its overseas market presence [75][76]

（於開曼群島註冊成立之有限責任公司） （股份代號：3998） 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分內容而產生或因依賴該等內容而引致的任何損失承擔任 何責任。 波司登國際控股有限公司 Bosideng International Holdings Limited 2 本公司的香港股份過戶登記分處香港中央證券登記有限公司已獲委任於股東週年大會上擔任投 票表決的監票人。 於2025年8月20日舉行之股東週年大會的投票結果 波司登國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，於2025年8月20 日舉行的本公司股東週年大會（「股東週年大會」）上，2025年7月29日刊發的股東週年大會通告 載述之所有建議決議案均已獲本公司股東（「股東」）以投票方式正式通過。該等決議案的投票結 果如下： | | 普通決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 省覽及批准本公司截至2025年3月31日止年度之 | 9 ...

Core Viewpoint - Bosideng has established itself as the leading down jacket brand in China, but it struggles to find a second growth curve, leading to concerns about diversification strategies [4][5][6]. Group 1: Historical Diversification Attempts - Bosideng's previous diversification efforts have largely failed, with a significant portion of its revenue from non-core businesses leading to value destruction [9][10]. - The company has faced challenges due to the seasonal nature of down jackets, which limits revenue generation to a few months each year [9]. - Past acquisitions and expansions into various clothing categories have not yielded the expected results, with non-core revenue still accounting for 4% of total income [9][12]. Group 2: Current Diversification Efforts - The company is currently focusing on two new areas: outdoor apparel and luxury down jackets, aiming to leverage its existing strengths in down materials [14][15]. - Bosideng's outdoor product line, particularly in sun protection, initially saw rapid growth but has since stagnated due to high pricing and lack of differentiation [15][19]. - The competitive landscape in the outdoor apparel market is intense, with many brands vying for market share, making it difficult for Bosideng to maintain its premium positioning [16][17]. Group 3: Comparison with Moncler - Unlike Moncler, which successfully diversified into luxury segments while maintaining a strong brand identity, Bosideng's attempts at diversification have diluted its core brand focus [20][22]. - Moncler's success is attributed to its strong ties to the fashion industry and a focus on high-end design, which Bosideng lacks [20][22]. Group 4: Focus on Core Business - Bosideng's recent strategic shift emphasizes returning to its core brand and enhancing its high-end market presence through improved supply chain management and direct sales [24][26]. - The company has reduced its number of stores significantly, focusing on efficiency and higher-quality retail experiences [24][26]. - There is potential for growth in the mid-range market, where Bosideng's other brands have not performed as well as expected, indicating room for improvement [30][31]. Group 5: Future Strategies - The company should consider a "down + other" strategy, combining down materials with other outerwear to strengthen its market position [32][33]. - Acquisitions of high-end niche brands within the same sector could enhance Bosideng's operational capabilities and market reach [32][33]. - The focus should remain on the down jacket segment, as the company has not fully capitalized on its existing market share and brand strength [33].

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]

Key Points - The top three companies with net inflows from southbound funds are Xinda Biopharmaceutical (01801) with 835 million, China Life (02628) with 403 million, and AIA Insurance (01299) with 373 million [1][2] - The top three companies with net outflows are the Tracker Fund of Hong Kong (02800) with -6.679 billion, Hang Seng China Enterprises (02828) with -2.584 billion, and Anta Sports (02020) with -782 million [1][2] - In terms of net inflow ratio, Canggang Railway (02169) leads with 66.05%, followed by Bosideng (03998) with 49.50%, and Zhengzhou Bank (06196) with 48.61% [1][2] - The companies with the highest net outflow ratios include Skyworth Group (00751) at -52.19%, Anta Sports (02020) at -50.20%, and Ruipu Lanjun (00666) at -44.79% [1][2] Net Inflow Rankings - The top ten companies by net inflow include: - Xinda Biopharmaceutical (01801) with 835 million and a closing price of 95.000 (+8.82%) [2] - China Life (02628) with 403 million and a closing price of 22.800 (+0.71%) [2] - AIA Insurance (01299) with 373 million and a closing price of 76.400 (+3.03%) [2] - Other notable companies include Ideal Automotive (02015) with 365 million and a closing price of 97.150 (+3.30%) [2] Net Outflow Rankings - The top ten companies by net outflow include: - Tracker Fund of Hong Kong (02800) with -6.679 billion and a closing price of 26.080 (+2.35%) [2] - Hang Seng China Enterprises (02828) with -2.584 billion and a closing price of 93.760 (+2.76%) [2] - Anta Sports (02020) with -782 million and a closing price of 90.000 (+0.22%) [2] - Other significant outflows include Alibaba (09988) with -267 million and a closing price of 123.700 (+6.09%) [2] Net Inflow Ratio Rankings - The top companies by net inflow ratio include: - Canggang Railway (02169) with 66.05% and a closing price of 1.310 (-0.76%) [3] - Bosideng (03998) with 49.50% and a closing price of 4.600 (+0.66%) [3] - Zhengzhou Bank (06196) with 48.61% and a closing price of 1.410 (-2.08%) [3] Net Outflow Ratio Rankings - The top companies by net outflow ratio include: - Skyworth Group (00751) with -52.19% and a closing price of 3.260 (+1.24%) [3] - Anta Sports (02020) with -50.20% and a closing price of 90.000 (+0.22%) [3] - Ruipu Lanjun (00666) with -44.79% and a closing price of 12.160 (+5.28%) [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Suzano announced a price increase of $20 per ton for commodity pulp in the Asian market for August, indicating a potential recovery in pulp and paper prices from current cyclical lows [2][4] - The report highlights the ongoing price adjustments in the paper industry, with various paper types experiencing different price movements, suggesting a recovery trend driven by supply-demand dynamics [4][50] - The report emphasizes the importance of policy catalysts in the home furnishing sector, particularly in light of recent housing policy optimizations in Beijing [4][31] Summary by Sections Home Furnishing - Recent policy changes in Beijing allow families to purchase multiple properties outside the city center, which is expected to stimulate the housing market [4][31] - Major home furnishing companies are currently valued at historical lows, presenting potential investment opportunities as market sentiment improves [4][31] Paper Industry - As of August 8, 2025, various paper prices are reported: double glue paper at 4993.75 CNY/ton (unchanged), copper plate paper at 5320 CNY/ton (unchanged), white card paper at 3955 CNY/ton (down 35 CNY/ton), box board paper at 3463.4 CNY/ton (up 12.8 CNY/ton), and corrugated paper at 2582.5 CNY/ton (up 46.25 CNY/ton) [4][50] - The report notes that the current pulp and paper prices are at cyclical lows, with expectations for a rebound due to supply-demand imbalances [4][50] Consumer Goods - The report discusses the launch of new health-focused products in the personal care sector, indicating a shift towards higher quality and compliance with health standards [4][6] - The collaboration between Morning Glory stationery and popular anime IPs is expected to enhance brand visibility and sales [4][6] Export Chain - In July, China's total exports increased by 7.2% year-on-year, with significant growth in exports to ASEAN countries [4][6] - The report suggests that the ongoing shift of production capacity to Southeast Asia may enhance the long-term competitiveness of companies with overseas supply chain layouts [4][6] Packaging - New regulations in Shanghai aimed at reducing single-use plastics are expected to drive demand for recyclable and biodegradable packaging solutions [4][6] - The report recommends companies involved in eco-friendly packaging solutions as potential investment opportunities [4][6] New Tobacco Products - The introduction of new electronic cigarette products in the UK is anticipated to boost market share for refillable devices [4][6] - The report highlights the potential for growth in the new tobacco sector, particularly for companies with strong partnerships and product offerings [4][6] Textile and Apparel - The textile and apparel sector has shown resilience, with notable increases in revenue for key players despite some challenges [4][6] - The report identifies leading companies in the apparel sector as potential investment opportunities based on their performance [4][6]