Core Viewpoint - Bosideng, known as the "King of Down Jackets" in China, demonstrates strong operational resilience with an 11.6% revenue increase to approximately RMB 25.902 billion and a 14.3% rise in net profit to about RMB 3.514 billion for the fiscal year 2024-2025, marking eight consecutive years of record highs [1][8]. Financial Performance - The company's revenue for the main brand increased by 10.1% to approximately RMB 18.481 billion, achieving a historical high for the same period [13]. - The operating profit margin improved from 18.9% to 19.2%, despite facing challenges such as a slight increase in inventory turnover days from 115 to 118 days [12][13]. Operational Resilience - Bosideng's resilience stems from enhanced brand effect and supply chain management capabilities driven by technological empowerment [8][13]. - The company has adopted a demand-driven inventory management strategy, reducing inventory turnover days from 175 days in fiscal year 2021 to 115 days in fiscal year 2024 [14]. Market Trends - The rise of outdoor and ice sports in China has created new growth opportunities for down jacket companies, with a reported 14.99% increase in outdoor sports-related orders in 2023 and a 59.78% increase in the first half of 2024 [15]. - Following the Beijing Winter Olympics, participation in ice sports surged from under 100 million in 2015 to 313 million in 2022, with the ice sports consumption scale exceeding RMB 150 billion in the 2023-2024 season [17]. Product Innovation - Bosideng has launched a new series of outdoor jackets that balance fashion and functionality, featuring water resistance, windproof, and breathability [19]. - The company has also introduced a new wind and snow series under its Snow Flying brand, incorporating innovative standards for wind and snow protection [19].

但从上市公司的业绩看，去年服装行业调整对羽绒服赛道的影响有限。财报显示，波司登羽绒服业务收 入增速有所下滑，但同比依然增长了11%至216.7亿元，羽绒服贴牌加工业务收入33.7亿元，同比增长 26.4%，相比之下女装和多元化服装业务分别下降了20.6%和增长2.8%。 记者注意到，多家上市公司也有类似的情况，海澜之家（600398.SH）羽绒服2024年收入25.6亿元，同 比增长2.2%；加拿大鹅2025财年中国市场收入约为4.3亿加元，同比增长1%。 上海良栖品牌管理有限公司创始人程伟雄告诉第一财经记者，虽然市场环境有所变化，但中国羽绒服穿 着普及率远低于欧美市场，长期仍有增长空间。 大众羽绒服市场将面临新一轮价格、规模、营销层面的"血拼" 中国服装协会数据显示，国内羽绒服的市场渗透率在10%左右，远低于发达国家30%到70%的水平。此 外，记者了解到，随着羽绒服装新国标的落地和去年爆发的网售假羽绒产品事件，也让部分消费者转向 购买品牌羽绒服，也加快了市场集中度的提升，也利好头部品牌。 在经历了2024年暖冬和羽绒涨价风波之后，国内羽绒服赛道依然保持增长。6月27日波司登 （03998.HK）公布202 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.4 [1][7]. Core Insights - The company achieved a revenue of RMB 25.9 billion for the fiscal year 2024/25, representing a year-on-year increase of 11.6%, and recorded a net profit attributable to shareholders of RMB 3.51 billion, up 14.3% year-on-year, slightly below expectations [7]. - The company plans to distribute a cash dividend of HKD 0.22 per share, resulting in a dividend yield of 6.1% for the fiscal year [7]. Summary by Sections Company Overview - The company operates in the textile and apparel industry, with a market capitalization of RMB 42.34 billion as of June 26, 2025 [2]. - The stock price on June 26, 2025, was HKD 4.62, with a 12-month high of HKD 4.94 and a low of HKD 3.50 [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on December 2, 2024, at a closing price of HKD 4.05 [3]. Financial Performance - The main revenue driver is the down jacket business, which generated RMB 21.67 billion, a year-on-year increase of 11%. The OEM processing business saw revenue of RMB 3.37 billion, up 26% year-on-year [8]. - The overall gross margin decreased by 2.3 percentage points to 57.3%, with the down jacket segment's gross margin down 1.6 percentage points to 63.4% [8]. - Despite the decline in gross margin, the net profit margin improved by 0.4 percentage points to 13.6% due to enhanced operational efficiency [8]. Future Outlook - The company is expected to achieve net profits of RMB 4.1 billion, RMB 4.65 billion, and RMB 5.16 billion for the fiscal years 2025/26, 2026/27, and 2027/28, respectively, with year-on-year growth rates of 16.8%, 13.2%, and 11.1% [10]. - The projected earnings per share (EPS) for the next three fiscal years are RMB 0.36, RMB 0.40, and RMB 0.45, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 [10].

Individual Company News - Xiaomi Group (01810.HK) officially launched its first SUV, the Xiaomi YU7, with a starting price of 253,500 yuan, achieving over 289,000 pre-orders within one hour [1] - WanGuo Data (09698.HK) has received approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange for the registration and initial public offering of its closed-end infrastructure securities investment fund [1] - China Biologic Products (01177.HK) has included a new indication for its LM-108 "CCR8 monoclonal antibody" in the breakthrough therapy designation program [1] - China Life Insurance (02628.HK) plans to invest 1.2 billion yuan to establish a partnership for investing in nuclear power enterprises [1] - New Special Energy (01799.HK) subsidiary Fengsheng Power received a 500 million yuan capital increase from ICBC Financial, diluting its stake to 55.62% [1] - WuXi AppTec (02359.HK) was increased by Computershare Hong Kong Trustees Limited by 1.1786 million shares at approximately 76.70 HKD per share [1] - Bosideng (03998.HK) reported a profit attributable to shareholders of 3.514 billion yuan for the year ending March 31, 2025, representing a year-on-year increase of 14.31% [1] Strategic Review - Hong Kong Travel (00308.HK) board is continuously conducting periodic research and strategic reviews of the company's business layout and portfolio, with no guarantees that the review process will lead to any announcements or completed transactions [2]

3 3 2024/25 Annual Results June 27, 2025 Disclaimer The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning Bosideng International Holdings Limited (the "Company") and/or its business. The Company makes no representation regarding, and assumes no responsibility or liability for, the accuracy or completeness of, or any errors or ...

Group 1 - The company reported a revenue increase of 11.6% year-on-year, reaching approximately RMB 25.902 billion for the fiscal year ending March 31, 2025 [1] - The profit attributable to equity shareholders rose by 14.3% year-on-year to approximately RMB 3.514 billion [1] - The board proposed a final dividend of HKD 0.22 per share [1] Group 2 - The company has focused on its core business of down jackets, emphasizing brand building, product innovation, retail upgrades, and digital management to achieve sustainable and high-quality growth [1] - The company aims to become a global leader in the down jacket industry by concentrating resources on enhancing core competitiveness [1] - The company has implemented four key strategies: strengthening brand leadership, category management, channel operations, and customer experience [1] Group 3 - The company is enhancing its brand image as a "global leading down jacket expert" and aims to upgrade its global recognition in the down jacket market [2] - Product development includes expanding into functional outerwear for spring and summer, such as sun-protective clothing and lightweight down jackets [2] - The company has received multiple industry recognitions, including being named one of the "Top 50 Brand Marketing Cases" and awarded "Most Influential Listed Company in Hong Kong" [2]

波司登公告，截至2025年3月31日止年度，收入同比上升11.6%至约259.02亿元。毛利率同比下降2.3个 百分点至约57.3%。经营溢利同比上升12.9%至约49.67亿元。本公司权益股东应占溢利同比上升14.3%至 约35.14亿元。董事会建议就每股普通股派发末期股息22港仙。 ...

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 （於開曼群島註冊成立之有限責任公司） （股份代號：3998） 截至2025年3月31日止年度的年度業績 摘要 年度業績 波司登國際控股有限公司（「本公司」）的董事（「董事」）會（「董事會」）公佈本公司及其附屬公司 （統稱「本集團」）截至2025年3月31日止年度（「本年度」或「2024/25財年」）的綜合全年業績連同 截至2024年3月31日止年度的比較數據如下： 1 • 收入同比上升11.6%至約人民幣25,901.7百萬元 • 毛利率同比下降2.3個百分點至約57.3% • 經營溢利同比上升12.9%至約人民幣4,966.9百萬元 • 本公司權益股東應佔溢利同比上升14.3%至約人民幣3,513.9百萬元 • 董事會建議就每股普通股派發末期股息22.0港仙 綜合損益及其他全面收益表 截至2025年 ...

Core Insights - The 2025 Industrial Internet Conference was held in Suzhou, focusing on "Digital Intelligence Innovation Deepening Empowerment - High-Quality Promotion of New Industrialization" [1] - Bosideng's chairman, Gao Dekang, emphasized the importance of digital transformation in the textile industry, presenting Bosideng as a model for integrating industrial internet into traditional manufacturing [2] Group 1: Digital Transformation and Industrial Internet - Bosideng established "Intelligent Transformation and Networking" as a core strategy in 2018, integrating industrial internet and AI with traditional business models [2] - The company aims to reshape the textile industry by achieving a digitalized supply chain that centers around consumer needs, becoming the only textile enterprise listed in the Ministry of Industry and Information Technology's "Digital Transformation Typical Case Collection" [2] Group 2: AI and Design Innovation - Bosideng collaborated with Zhejiang University to create the "BSD.AI Aesthetic Brain," an AI model that streamlines the design process, reducing sample development time from 100 days to 27 days and cutting costs by over 60% [3] - The first AI-designed product, a single-shell jacket, became a bestseller, showcasing the successful integration of technology and design [3] Group 3: Smart Manufacturing - Bosideng's Changshu smart factory achieved a 90% automation rate in key production processes, with a product delivery cycle reduced to 7-10 days [3] - The company has developed a near-zero carbon demonstration factory, receiving national certifications for green manufacturing and supply chain practices [3] Group 4: New Retail and Consumer Insights - Bosideng is leveraging full-domain digitalization to enhance consumer insights and marketing capabilities, utilizing over 3,000 smart terminals to create an omnichannel retail experience [4] - The AI shopping assistant provides personalized outfit recommendations based on a large member database, significantly increasing customer repurchase rates [4] Group 5: Future Goals and Industry Impact - Bosideng aims to further deepen the application of AI, big data, and IoT technologies to enhance operational efficiency and support the digital transformation of upstream and downstream SMEs in the textile industry [4] - The company is committed to transitioning from "Made in China" to "Intelligent Manufacturing in China," positioning itself as a leader in the global textile market [4]

Core Insights - The demand for sun-protective clothing is rising as summer approaches, with brands like JiaoXia leading in sales on platforms like Tmall during the 618 shopping festival [1][2] - The domestic sun-protective clothing market is projected to reach 95.8 billion yuan by 2026, with sun-protective clothing accounting for over 50% of this market [1] Market Trends - Various brands, including JiaoXia, Anta, Li Ning, and Bosideng, are increasing their presence in the sun-protective clothing market, indicating a competitive landscape [2][3] - The market is becoming more concentrated as low-cost private label brands exit, while the average price of sun-protective clothing has decreased, with a focus on the 100-200 yuan price range [2] Product Diversification - Sun-protective clothing has expanded beyond outdoor activities to everyday wear, attracting a broader consumer base [3] - Brands are enhancing their product lines with unique features, such as JiaoXia and Camel focusing on outdoor aesthetics, while Anta emphasizes functionality [3] Sales Performance - Bosideng reported significant growth in its sun-protective clothing sales, increasing from 100 million yuan in FY2022 to 1 billion yuan in FY2024 [3][4] - The trend of expanding into sun-protective clothing is also seen in brands traditionally known for other categories, such as Bosideng and South Pole E-commerce [4] Pricing Dynamics - The price range for sun-protective clothing varies widely, with 70% of sales occurring for items priced below 200 yuan [8] - High-end brands like Arc'teryx and KAILAS maintain premium pricing, while overall market competition has led to a decrease in prices across various brands [9][10] Consumer Preferences - Consumers are increasingly looking for sun-protective clothing that offers more than just UV protection, seeking stylish designs and advanced fabric technology [11]