Core Insights - Bosideng has transformed from a domestic brand to a global leader in down jackets, maintaining market leadership for 30 consecutive years and achieving a revenue increase of 11.6% to approximately RMB 25.902 billion in the 2024/25 fiscal year [6][7]. Group 1: Brand and Market Strategy - The collaboration between Bosideng and Harbin to launch the "Harbin × Bosideng" co-branded down jacket exemplifies a new model of city and brand cooperation, integrating deeply into the ice and snow economy [2][3]. - Bosideng's dual focus strategy emphasizes both down jackets and fashionable functional apparel, optimizing its business layout to meet diverse consumer demands [6][7]. Group 2: Innovation and Technology - Bosideng has developed various innovative product lines, such as the Extreme Cold Series and the Puff Series, expanding its offerings to include functional outerwear and outdoor apparel [3]. - The company reported 466 patent applications and 527 granted patents in the 2024/25 fiscal year, with a total of 1,498 patents by March 31, 2025, reinforcing its image as a "down jacket expert" [3]. Group 3: Sustainability and ESG Initiatives - Bosideng has set a goal to achieve net-zero emissions in its operations by 2038, integrating sustainable development principles throughout its business processes [5]. - The company is focusing on green production, intelligent manufacturing, and waste management to reduce carbon emissions and promote sustainable practices [5]. Group 4: International Expansion - Bosideng has registered its international trademark in 68 countries and regions, and has made significant strides in global markets, including opening a flagship store in London before the 2012 Olympics [7]. - The brand aims to enhance its global influence by integrating various resources and promoting its professional capabilities and fashion creativity internationally [7].

致：香港交易及結算所有限公司 公司名稱: 波司登國際控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.00001 | USD | | 200,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.00001 | USD | | 200,000 | 本月底法定/註冊股本總額： USD 2 ...

（股份代號：3998） 根據上市規則第13.51(2)(l)及13.51B(2)條作出的公告 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。 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） 本公告乃由波司登國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯 合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.51B(2)條，就根據上市規則第 13.51(2)(l)條，有關本公司獨立非執行董事（「董事」）魏偉峰博士（「魏博士」）的資料變更而作 出。 於本公告日期，本公司執行董事為高德康先生、梅冬女士、黃巧蓮女士、芮勁松先生及高曉東 先生；獨立非執行董事為董炳根先生、王耀先生及魏偉峰博士。 由於該訴訟乃於魏博士不再擔任SPI Energy獨立董事後12個月內發生，故根據上市規則第 13.51(2)(l)及13.51B(2)條，該 ...

Core Viewpoint - In a challenging business cycle, many companies are struggling with profit tightening and slowing growth, leading to a questioning of the quality of growth. However, some companies are managing to grow against the trend by rediscovering the importance of making the right strategic decisions [2][3]. Group 1: Opportunities in Value Blind Spots - Companies like Bosideng and Gongniu have shown remarkable growth despite market saturation, with Bosideng reporting a revenue increase of 11.6% to 25.9 billion and a net profit increase of 14.3% to 3.51 billion [4][5]. - Bosideng, once perceived as nearing market saturation, found new growth opportunities by shifting its focus back to its core competency in down jackets, which allowed it to redefine its market position [6][7]. - The concept of "value blind spots" is highlighted, where companies often overlook potential opportunities due to internal biases or traditional industry perspectives [9][11]. Group 2: The Need for a Central Axis in Value Consumption Era - The current competitive landscape is characterized by internal competition and price wars, leading to a misinterpretation of what constitutes true customer value [13]. - Customer value is defined as the perceived benefits that customers expect from a brand, which is dynamic and requires continuous strategic adaptation [13][30]. - The "Seven Laws" developed by Junzhi Consulting serve as a foundational framework for companies to navigate complex market conditions and create sustainable customer value [15][30]. Group 3: Strategic Implementation and Dynamic Adaptation - Junzhi Consulting emphasizes the importance of a dynamic strategy that adapts to changing market conditions, as demonstrated by Gongniu's successful launch of strategic products like the track socket [20][21]. - The "Dynamic Law" focuses on establishing a flexible system that can respond to rapid changes in the market, ensuring that companies can maintain a competitive edge [24][30]. - The "Force Law" highlights the importance of concentrating resources on the most promising opportunities, as seen in the case of Bai Xiang, which successfully pivoted to online sales to overcome market challenges [25][28]. Group 4: Long-term Value Creation and Collaboration - Successful companies are characterized by their commitment to long-term value, deep market understanding, and a collaborative approach with external resources [33][34]. - Junzhi Consulting positions itself as a partner in the strategic process, working alongside companies to co-create value rather than merely providing solutions [33][34]. - The ongoing evolution of Junzhi's organizational structure and talent pool aims to enhance its ability to support companies in achieving sustainable high-quality growth [34][35].

从中证港股通纺织服装与珠宝综合指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通纺织服装与珠宝综合指数持仓样本的行业来看，服装占比57.20%、珠宝与奢侈品占比 24.16%、鞋帽与配饰占比18.65%。 金融界8月5日消息，上证指数高开高走，中证港股通纺织服装与珠宝综合指数 (港股通纺织服装， 931951)报1922.06点。 数据统计显示，中证港股通纺织服装与珠宝综合指数近一个月下跌4.00%，近三个月上涨9.13%，年至 今上涨13.10%。 据了解，中证港股通行业综合指数系列在中证港股通综合指数样本中，按中证行业分类标准进行分类， 以进入各一、二、三级行业的全部证券作为样本编制指数，形成中证港股通行业综合指数系列，以反映 港股通公司中不同行业证券的整体表现。该指数以2021年12月31日为基日，以3000.0点为基点。 从指数持仓来看，中证港股通纺织服装与珠宝综合指数十大权重分别为：李宁（15.18%）、申洲国际 （15.11%）、安踏体育（14.03%）、老铺黄金（12.04%）、周大福（9.28%）、新秀丽（7.96%）、波 司登（7.29%）、九兴控股（3.71%）、裕元 ...

Summary of Bosideng Conference Call Company Overview - **Company**: Bosideng - **Industry**: Down Jacket Market in China Key Points and Arguments Brand and Market Positioning - Bosideng has successfully upgraded its brand and improved supply chain quality, allowing it to enter the mid-to-high-end market through price increases, achieving high turnover, high gross margins, and low inventory levels [2][4][10] - The main brand's gross margin is higher than that of Canada Goose, and inventory turnover days are faster than Uniqlo, indicating superior operational efficiency [2][5] - The company aims to increase its market share from the current 11% over the next five years, with a focus on brand upgrades and supply chain optimization [6][12] Financial Projections - For the fiscal year 2025, Bosideng's revenue is expected to reach 25.9 billion yuan, with the down jacket business accounting for 84% and the main brand contributing 85% [2][8] - The company is projected to maintain a revenue growth rate of over 10% annually for the next three years [6][16] Growth Opportunities - Bosideng's future growth points include replacing international brands, increasing market share, opening seasonal stores, and implementing a multi-brand strategy [12] - The Chinese down jacket market has a low penetration rate, with per capita consumption significantly lower than in the U.S., indicating substantial growth potential [6][13] Supply Chain and Pricing Strategy - The key to Bosideng's successful price increases lies in product quality, channel management, and supply chain collaboration [2][10] - The company has a flexible supply chain that allows for quick responses to market demand, reducing the risk of unsold inventory and improving gross margins [11] Competitive Landscape - Bosideng's valuation is currently underestimated, with a dividend yield exceeding 6.5% and a price-to-earnings ratio of 11-12 times, compared to competitors like Li Ning, which has a higher valuation despite stagnant growth [3][7][17] - The company has a competitive advantage due to its unique supply chain and the growing demand for outdoor products [17] Product Diversification - Bosideng is expanding its product offerings beyond down jackets, including lightweight down jackets and sun protection clothing, which have seen rapid growth [6][14] - The sun protection clothing market is projected to reach 8.3 billion yuan by 2024, with Bosideng's online average price higher than the industry average [14] International Expansion - The acquisition of a stake in the luxury brand Mutinac is part of Bosideng's strategy to enhance its brand matrix, targeting both high-end and mass-market segments [15] Online and Offline Channel Development - Revenue and profit growth for the fiscal years 2025 to 2026 are expected to be 10% and 12%, respectively, with a focus on online sales through platforms like Douyin [16] Conclusion - Bosideng's strategic focus on brand enhancement, supply chain efficiency, and market expansion positions it well for future growth, despite current undervaluation in the market [3][17]

8月3日，太阳岛年会主论坛开启了一场关于产业发展与品牌建设的深度对话。 (高德康在2025企业家太阳岛年会主论坛上致辞) "发展新质生产力，是企业从中国第一迈向全球领先的核心引擎。"高德康在主论坛发表了主题为《融合 聚势，向新而行，从中国第一迈向"全球领先"》的致辞，阐释了波司登49年专注羽绒服主业、以新质生 产力驱动品牌进阶升级的战略逻辑和时代价值。 当前，我国正处于"十四五"收官与"十五五"谋篇的关键节点，全球产业竞争格局重塑，纺织服装行业已 从传统制造蜕变为科技与时尚融合的创新产业（300832）。高德康表示，因地制宜发展新质生产力，不 仅是国家战略的召唤，更是企业迈向高质量发展的必由之路。他强调，新质生产力是以科技创新为驱动 力的先进生产力质态，关键在于"向新"、"提质"、"攀高"。 哈尔滨的8月，太阳岛的盛夏清风里涌动着智慧与创新的思潮。8月2日至4日，以"新质生产力：新智造 新消费新生态"为主题的2025企业家太阳岛年会在此盛大举行。这场汇聚政产学研高端思想的盛会，为 中国企业探寻高质量发展路径点亮了前行之光。 (大会主会场全景照片：聚焦新质生产力赋能高质量发展) 全国工商联纺织服装业商会理事长， ...

Investment Rating - The industry investment rating is "Buy" for companies with strong functional attributes and emotional consumption characteristics, particularly those with good digital infrastructure [4][9]. Core Insights - The report emphasizes that digital capabilities will become a core competitive advantage for consumer goods companies in the future [3]. - The domestic market is expected to continue experiencing consumption differentiation, with intense competition among existing players. Local brands with strong functional and emotional attributes are likely to perform better [4][9]. - The report highlights the importance of digitalization and artificial intelligence as strategic focuses for overseas consumer brands, which are increasingly investing in product innovation and operational efficiency [9]. Summary by Sections Industry Overview - The textile and apparel industry is undergoing transformation, with a focus on brands that possess genuine brand power [8]. - Traditional luxury brands are facing sales pressure in the Chinese market, with many reporting declines in sales [9]. Investment Recommendations - The report suggests focusing on companies in the outdoor sports, beauty, and jewelry sectors that exhibit strong functional attributes and emotional consumption characteristics, such as Anta Sports, Bosideng, and Proya [4][9]. - The report notes that brands with strong efficacy and emotional value continue to see good growth in the Chinese market, contrasting with the struggles of traditional luxury brands [9]. Market Dynamics - The report indicates that the Asia-Pacific market, particularly China, accounts for a significant portion of overseas brands' revenue, making localization strategies essential for these brands [9]. - The report also mentions that the application of digitalization and AI is becoming increasingly important for enhancing product innovation and consumer engagement [9].

Core Viewpoint - The 2025 Entrepreneurs' Sun Island Annual Conference in Harbin focuses on "New Quality Productivity," aiming to lead high-quality development in enterprises through innovative manufacturing and consumption ecosystems [1]. Group 1: New Quality Productivity - The term "New Quality Productivity" was first introduced in 2023 and has since become a driving force across various sectors [1]. - The establishment of Bosideng's intelligent manufacturing factory in Harbin exemplifies the practical application of "New Quality Productivity" in the textile and apparel industry [1]. Group 2: Intelligent Manufacturing - Bosideng's Harbin factory boasts a production capacity of 30,000 garments per month and can deliver products within 7 to 14 days [1]. - The factory utilizes a self-developed industrial internet system, GiMS, which provides real-time data on production metrics, enhancing management efficiency and ensuring timely order fulfillment [2]. - The intelligent system allows for flexible production, enabling both bulk manufacturing and customized garments, with the fastest production time for a down jacket being approximately three to four minutes [3]. Group 3: Automation and Efficiency - The factory features a high level of automation, with 90% of key production processes being intelligent, significantly improving both human and machine efficiency [3]. - The facility includes automated storage, cutting workshops, and a fully automated assembly line, achieving seamless production from assembly to packaging [3]. Group 4: Industry Impact and Future Outlook - Bosideng's intelligent factory represents a significant step in the digital and intelligent upgrade of China's down apparel manufacturing sector and reshapes the high-end goose down industry landscape in Northeast China [3]. - The company aims to continue its innovation-driven approach, increasing R&D investment and deepening its digital transformation to contribute to the textile and apparel industry's advancement [5].

Core Viewpoint - The article emphasizes the importance of ESG (Environmental, Social, and Governance) practices for sustainable development in the corporate sector, highlighting how companies like Bosideng are integrating these principles into their business strategies to achieve high-quality growth and social responsibility [2][4][12]. Group 1: ESG Implementation and Strategy - Bosideng has established a comprehensive ESG strategy framework called "1+3+X," aiming for net-zero emissions in operational processes by 2038, focusing on three core areas: product innovation, environmental sustainability, and human-centric practices [6][9]. - The company has developed a digital management platform for ESG that tracks 349 core suppliers, ensuring transparency and accountability throughout the supply chain [6][9]. - Bosideng's commitment to sustainable fashion includes the development of eco-friendly materials, such as protective fabrics with over 70% bio-based content, and achieving 100% certification for responsible down sourcing [7][9]. Group 2: Technological Innovation and Efficiency - The company has implemented an intelligent manufacturing system that enhances energy efficiency and reduces carbon footprints, achieving a 5.5% reduction in Scope 3 emissions [9]. - Bosideng has pioneered technologies in automated filling and packaging, significantly improving production efficiency and sustainability [9]. - The brand is actively involved in setting industry standards for circular fashion, including the establishment of design guidelines for recyclable clothing [7][9]. Group 3: Community and Global Engagement - Bosideng is engaged in various community initiatives, such as tree planting projects in the Tengger Desert, contributing to ecological preservation and combating desertification [10]. - The company has joined global sustainability initiatives, including the UN Global Compact and the "Retail Impact" initiative, showcasing its commitment to international sustainability goals [10][11]. - Bosideng's ESG efforts have garnered recognition, including being named a national green factory and achieving an AA rating in MSCI ESG ratings, positioning it as a leader in the global apparel industry [11][12]. Group 4: Future Vision and Commitment - The company envisions a future where sustainable fashion is integral to its identity, aiming to balance economic growth with social responsibility [12]. - Bosideng's leadership emphasizes the need for a collaborative approach to sustainability, engaging with partners across the value chain to create a resilient and shared future [12].