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11月30日 狀態: 新提交 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 呈交日期: 2025年12月2日 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 ...

（原标题：中银国际：升波司登(03998)目标价至5.4港元 维持"买入"评级） 智通财经APP获悉，中银国际发布研报称，波司登(03998) 2026财年上半年收入和净利润分别同比增长 1%和5%，其主品牌波司登表现稳健，且优于整体服装行业。最近双十一的销售数据也显示，波司登的 羽绒服持续受到消费者青睐，市场认可度进一步提升。该行预计波司登将在2026财年下半年旺季实现业 绩环比改善。即使产品结构有所调整，但预计毛利率将基本保持稳定，维持"买入"评级，并将目标价上 调至5.4港元。同时认为波司登2026财年的预计股息收益率超过6%，具备较高吸引力。 ...

中银国际发布研报称，波司登(03998)2026财年上半年收入和净利润分别同比增长1%和5%，其主品牌波 司登表现稳健，且优于整体服装行业。最近双十一的销售数据也显示，波司登的羽绒服持续受到消费者 青睐，市场认可度进一步提升。该行预计波司登将在2026财年下半年旺季实现业绩环比改善。即使产品 结构有所调整，但预计毛利率将基本保持稳定，维持"买入"评级，并将目标价上调至5.4港元。同时认 为波司登2026财年的预计股息收益率超过6%，具备较高吸引力。 ...

该行预计波司登将在2026财年下半年旺季实现业绩环比改善，即使产品结构有所调整，但预计毛利率将 基本保持稳定；2026财年的预计股息收益率超过6%，具备较高吸引力。该行维持对其"买入"评级，并 将目标价上调至5.4港元。 中银国际发表报告指，波司登2026财年上半年收入和净利润分别按年增长1%和5%，主品牌波司登表现 稳健，且优于整体服装行业。最近双十一的销售数据也显示，波司登的羽绒服持续受到消费者青睐，市 场认可度进一步提升。 ...

每经AI快讯，波司登(03998.HK)涨超3%，截至发稿，涨3.19%，报5.17港元，成交额1.03亿港元。 ...

消息面上，波司登近期发布2025/26财年中期业绩公告。财报显示，截至2025年9月30日，公司实现营收 约89.28亿元（人民币，下同），同比上涨1.4%；权益股东应占溢利同比增长5.2%至约11.89亿元，中期 业绩连续8年创同期历史新高。 东方证券指出，展望26下半财年，预计公司收入和盈利均有望提速。在之前结束的双十一活动中，在天 猫和抖音平台，公司波司登主品牌在服饰品类名列前茅，其副牌雪中飞也表现优异，为旺季提速打下了 良好基础。围绕双聚焦战略和羽绒主业的多品牌矩阵，该行预期公司未来3年将保持稳健可持续增长。 波司登(03998)涨超3%，截至发稿，涨3.19%，报5.17港元，成交额1.03亿港元。 来源：智通财经网 ...

消息面上，波司登近期发布2025/26财年中期业绩公告。财报显示，截至2025年9月30日，公司实现营收 约89.28亿元(人民币，下同)，同比上涨1.4%；权益股东应占溢利同比增长5.2%至约11.89亿元，中期业 绩连续8年创同期历史新高。 东方证券指出，展望26下半财年，预计公司收入和盈利均有望提速。在之前结束的双十一活动中，在天 猫和抖音平台，公司波司登主品牌在服饰品类名列前茅，其副牌雪中飞也表现优异，为旺季提速打下了 良好基础。围绕双聚焦战略和羽绒主业的多品牌矩阵，该行预期公司未来3年将保持稳健可持续增长。 波司登(03998)涨超3%，截至发稿，涨3.19%，报5.17港元，成交额1.03亿港元。 ...

Summary of Bosideng's 2025 Half-Year Earnings Call Company Overview - **Company**: Bosideng - **Fiscal Year**: 2025 - **Industry**: Apparel, specifically down jackets Key Financial Highlights - **Revenue**: Achieved 11.9 billion CNY in the first half of FY2025, a 3% year-on-year increase, marking a historical high for the period [2][3] - **Operating Profit**: Increased by 3.1% year-on-year, reaching 11.9 billion CNY, also a historical high [3] - **Gross Margin**: Slightly improved to 50%, up by 0.1 percentage points [3] - **Inventory Turnover Days**: Decreased significantly to 178 days, down by 11 days year-on-year, indicating improved operational efficiency [3] Business Segment Performance - **Down Jacket Business**: - Revenue grew by 8.3% to 65.68 billion CNY, accounting for 74% of total revenue [2][5] - The main brand performed well, with spring/summer product sales increasing from 15% to 18% of total sales [5] - Offline direct sales channels saw a comparable store growth of 6% [5] - **OEM Segment**: - Revenue declined by 11.7% to 20.4 billion CNY, impacted by external factors such as tariffs and geopolitical issues [5] - **Women's Wear and Diversified Apparel**: - Slight decline in revenue, but minimal impact on overall group performance [5] Market Strategy and Product Development - **New Products and Designer Collaborations**: - Demand for new and designer items exceeded expectations, particularly for the "Puff" product line, which is expected to see significant growth [6][15] - Classic items like the Extreme Cold series are anticipated to remain popular during peak season [6] - **E-commerce Strategy**: - Traditional e-commerce platforms (e.g., Tmall, JD) showed steady growth, with Tmall ranking second and JD first during the Double Eleven shopping festival [7][8] - Douyin (TikTok) saw rapid growth after restructuring its official flagship store [8] Inventory and Channel Management - **Inventory Management**: - Focused on destocking in the first half of FY2025 due to excess inventory from a warm winter in 2024 [9] - Healthy inventory levels maintained, with no anticipated burdens for the second half of the fiscal year [13] - **Channel Strategy**: - Expected revenue split between self-operated and distribution channels to be approximately 70:30 [4][9] Future Outlook - **Growth Projections**: - The company aims for a double-digit growth rate of 10% for the full fiscal year, with the down jacket segment expected to exceed 10% growth in the second half [4][11] - **Pricing Strategy**: - Average selling price (ASP) expected to remain stable or slightly increase compared to the previous year [18][19] - **Store Expansion**: - Anticipated slight increase in total store count, with plans to open and close several stores [20] Brand-Specific Strategies - **Xuezhongfei and Bingjie Brands**: - Focus on online sales with minimal changes in offline store strategy; Xuezhongfei aims to solidify its position in the ice and snow sports market [21] - **Response to Seasonal Sales Pressure**: - Sales performance aligns with expectations due to significant adjustments in inventory, channels, and product innovation [22] Additional Insights - **OEM Order Visibility**: - Long-term demand from large brands is promising, but immediate growth is not expected for the current fiscal year [12] - **Women's Wear Challenges**: - Short-term revenue and profit growth not anticipated; strategies include personnel optimization and product mix adjustments [16][17]

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company is expected to achieve steady growth in the first half of FY2026, with a notable performance in its main product line, down jackets, which showed resilience during the off-season [8] - The company’s revenue and profit are projected to accelerate in the second half of FY2026, supported by favorable inventory levels and an extended sales season due to the late Chinese New Year [8] - The company aims to maintain sustainable growth over the next three years through a dual-focus strategy on its down jacket core business and a multi-brand matrix [8] Financial Performance Summary - Revenue for FY2024A is projected at 23,214 million, with a year-on-year growth of 38.4%, and is expected to reach 34,759 million by FY2028E, with a CAGR of approximately 10.6% [3] - Operating profit is forecasted to grow from 4,398 million in FY2024A to 6,711 million in FY2028E, reflecting a steady increase in profitability [3] - Net profit attributable to the parent company is expected to rise from 3,074 million in FY2024A to 4,879 million in FY2028E, with a CAGR of 11.8% [3] - Earnings per share are projected to increase from 0.26 in FY2024A to 0.42 in FY2028E [3] Valuation Metrics - The target price is set at 6.36 HKD, based on a 17x PE ratio for FY2026 [3][9] - The company’s PE ratio is expected to decrease from 17.1 in FY2024A to 10.7 in FY2028E, indicating improving valuation attractiveness [3] - The PB ratio is projected to decline from 4.0 in FY2024A to 2.5 in FY2028E, suggesting a potential undervaluation over the forecast period [3]

分渠道看，自营与加盟均稳健增长，零售网络稳步扩张。上半财年自营与加盟均实现稳健增长，其中自 营收入同比增长6.6%至24.1 亿元，加盟收入同比增长7.9%至37.0 亿元，得益于公司在库存去化上对加 盟商的支持，实际加盟的终端流水表现远高于收入增长。截止到9月30 日，公司羽绒服业务零售网点 （不含旺季店）总数净增加88 家至3558 家，其中，自营渠道净增3 家、加盟净增85 家。财年内公司持 续打造具有波司登基因的门店，巩固和拓展Top 店体系，打造门店聚类经营模式。基于顾客分层构建分 店态精细化运营体系。 机构：申万宏源研究 研究员：王立平/刘佩 波司登发布FY25/26 财年中期业绩，表现符合预期，延续高质量增长。FY2025/26 上半财年，公司收入 同比增长1.4%至89.3 亿元，归母净利润同比增长5.3%至11.9 亿元，业绩表现符合预期。自2018 年战略 转型以来，连续八年利润增长快于收入，彰显公司卓越的经营质量与持续的增长韧性。派发中期股息 0.063 港元/股，派息比率约为55%。 分业务看，羽绒服主业稳健增长，波司登品牌增长优异。分业务看，品牌羽绒服业务作为核心引擎，上 半年收入同 ...