Core Viewpoint - The forum emphasizes the importance of ESG (Environmental, Social, and Governance) practices for sustainable development in enterprises, highlighting the role of innovation in achieving high-quality growth [1][2]. Group 1: ESG Strategy and Implementation - Bosideng has integrated the national "dual carbon" strategy into its operations, committing to sustainable development throughout its business processes [2][3]. - The company established a "1+3+X" ESG strategic framework, aiming for net-zero emissions in operational processes by 2038, focusing on three core areas: product leadership, environmental sustainability, and human-centric approaches [3][7]. - Bosideng has developed a digital management platform for supply chain ESG, enabling traceability across 349 core suppliers and linking executive compensation to climate performance [3][6]. Group 2: Technological Innovation and Sustainable Practices - The company has collaborated with suppliers to develop eco-friendly protective fabrics with over 70% bio-based content, achieving global leadership and winning the ISPO award [6]. - Bosideng has initiated the CIRCULAR 3.0 series, which promotes closed-loop regeneration in fashion, and has completed carbon footprint certifications for five products [6][7]. - The company has implemented energy-efficient manufacturing systems and innovative technologies, resulting in a 5.5% reduction in Scope 3 emissions [7]. Group 3: Community and Environmental Initiatives - Bosideng's afforestation project in the Tengger Desert aims to plant 23,000 sand-fixing plants over 1,000 acres, contributing to land desertification reduction [8]. - The company has adopted 100% energy-efficient lighting in its stores and ensured that logistics packaging meets FSC certification standards [8]. Group 4: Industry Leadership and Recognition - Bosideng actively promotes sustainable development within the industry, participating in various initiatives and receiving recognition for its ESG governance, including an AA rating from MSCI [9][10]. - The company was selected as a case study for ESG practices at the 2025 Enterprise ESG Development Forum, showcasing its contributions to the global fashion industry [9][10]. Group 5: Future Commitment and Vision - Bosideng aims to continue its commitment to global development initiatives and sustainable goals, striving to create a green, resilient, and shared future [10].

Core Viewpoint - Bosideng, a leading company in the Chinese down jacket industry, has released its ESG report for the fiscal year 2024-2025, marking the ninth consecutive year of such reports, highlighting its commitment to climate responsibility, energy management, biodiversity protection, green products, and employee rights [1] Group 1: Social Responsibility Initiatives - The Bosideng Public Welfare Foundation has established various projects such as "Warm China," "Shin Ai Fund," and "Orange Love Plan," providing material support and conducting volunteer activities, with total donations exceeding 1.4 billion RMB, benefiting 1.589 million people across 30 provinces and 112 cities [1] - In the fiscal year 2024-2025, the "Warm Families" project donated over 26.5 million RMB worth of high-quality cold-resistant clothing to more than 20,000 underprivileged individuals, with distributions planned for several provinces including Tibet, Xinjiang, and Gansu [1] Group 2: Disaster Relief Efforts - Following the 6.8 magnitude earthquake in Shigatse, Tibet, on January 7, 2025, Bosideng's Public Welfare Foundation quickly activated its emergency aid mechanism, donating over 11.4 million RMB in cold-resistant materials to support affected communities and rescue workers [2] Group 3: Educational Support - The "Shin Ai Fund" project has provided targeted financial assistance for tuition and living expenses to over 800 students from low-income families, helping them complete their education and pursue university degrees [2] - In 2024, the project donated a total of 200,000 RMB to support underprivileged students at Jiangnan University and Changshu Institute of Technology [2] Group 4: Volunteer Services and Sustainability - Bosideng has formed a volunteer service team that participates in the "Public Welfare 100" initiative, ensuring team members engage in over 100 minutes of volunteer service annually, thereby establishing a sustainable service mechanism [3] - The company promotes green and low-carbon sustainability through energy resource management and responsible material procurement, with all offline stores using energy-saving lighting that reduces energy consumption by 40% compared to traditional lighting [3] - In the fiscal year 2024-2025, Bosideng launched a carbon neutrality performance conference and initiated the fifth phase of the Alashan "Carbon Neutral Forest" project, planning to plant 23,000 trees over an area of 460 acres [3]

Core Insights - Bosideng reported a revenue increase of 11.6% year-on-year to 25.9 billion yuan and a net profit increase of 14.3% to 3.51 billion yuan for the fiscal year 2024/25, indicating stable growth in core business segments [1] - The company declared a final dividend of 0.22 HKD per share, maintaining a high payout ratio of over 80% [1] - The brand's down jackets and OEM segments saw revenue growth of 11.0% and 26.4%, respectively, while women's wear and diversified apparel experienced declines of 20.6% and growth of 2.8% [1] Revenue and Growth - The main brand Bosideng and Xuezhongfei achieved revenue growth of 10.1% and 9.2% to 18.41 billion yuan and 2.21 billion yuan, respectively, driven by enhanced brand building and optimized channel structures [2] - The number of franchise and self-operated stores increased by 253 to a total of 3,470, contributing to revenue growth [2] - Online sales for brand down jackets grew by 9.4% to 7.47 billion yuan, reflecting a strong digital presence [2] Profitability and Cost Management - The company's gross margin decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments in business segments [2] - Operating profit margin increased by 0.3 percentage points to 19.2%, supported by improved operational efficiency and reduced distribution and administrative expenses [2] - The company is expected to see profit recovery after completing channel and product structure adjustments [2] ESG Initiatives - Bosideng's ESG rating was upgraded from A to AA by MSCI, positioning it as a leader in the Chinese textile and apparel industry [3] - The company joined the United Nations Global Compact and participated in initiatives aimed at carbon neutrality in the textile industry [3] - The ESG strategy focuses on sustainability across the value chain, with themes centered on environmental improvement, product innovation, and human-centric approaches [3] Forecast and Valuation - Due to uncertainties in retail recovery, the company has adjusted its revenue growth forecast for the main brand Bosideng, with net profit estimates for FY26-28 revised down by 5.6% to 39.1 billion yuan [3] - The target price is set at 5.5 HKD, with a price-to-earnings ratio of 13.9x for FY26, reflecting confidence in operational efficiency and ESG leadership [3]

文 | 本原财经 中产的心头好，"羽绒服之王"波司登交卷了：2025财年，营收首次达到259.02亿元，同比增长11.58%；归母净利润为35.14亿元，同比增长14.31%。营收、 利润两大关键指标均连续9年创新高。 8台缝纫机、10位裁缝起家，从贴牌生产羽绒服，到自主品牌的佼佼者，从「平价之王」到「万元轻奢」，生动描绘了国货逆袭的成长蓝图。 支撑起波司登250亿营收的，是2024年均价1800~3000元的系列产品。 波司登用49年勇攀品牌高峰，让中产们边骂边买，爱恨交织。 01中产捧出轻奢国货 "1万元的波司登羽绒服穿在身上是一种什么样的体验？"在社交媒体上不少消费者提出疑问。 "两个月工资不够买一件羽绒服，这个冬天不过也罢""里面的毛是仙鹤毛？"即便是见惯国际大牌的张丽也不理解，以前的老国货怎么突然这么贵了。 这个价格带，中产虽然觉得有点贵，但愿意为品牌品质和社交符号买单，用实力将波司登送上电商平台销量榜。而2017年的时候，这个均价还是1000元，张 丽评价，"波司登这价格是坐火箭飙升的"。 在80后90后消费者的记忆中，波司登是上学时期几百元就能买到的亲民国货，十倍的蜕变到底源于什么？ 2013年 ...

Core Insights - Bosideng, known as the "King of Down Jackets," achieved a record revenue of 25.902 billion yuan for the fiscal year 2025, marking an 11.58% year-on-year growth, with net profit reaching 3.514 billion yuan, up 14.31% [1] - The brand has transformed from a budget-friendly option to a high-end player, appealing to middle-class consumers who are willing to pay for quality and brand prestige [1][6] Revenue and Profitability - The revenue from Bosideng's main down jacket business was approximately 21.668 billion yuan, accounting for 83.7% of total revenue, while OEM management business contributed about 3.373 billion yuan, or 13.0% [9] - The average price of Bosideng's products has increased significantly, with the average price range now between 1,800 to 3,000 yuan, compared to 1,000 yuan in 2017 [3][5] Brand Strategy and Market Positioning - Bosideng underwent a major brand transformation starting in 2018, focusing on high-end down jackets and successfully participating in international fashion events, which helped elevate its brand image [5][6] - The company has optimized its sales channels by opening high-end flagship stores and expanding its online presence, which has contributed to its sales growth [5][6] Marketing and Consumer Perception - The brand's marketing strategies have included high-profile fashion shows and collaborations with celebrities, which have enhanced its visibility and appeal among younger consumers [6][7] - Despite the successful rebranding, there are concerns about the high marketing expenses, which have remained significant over the years [8] Challenges and Competition - Bosideng faces increasing competition from both international luxury brands and emerging domestic players, which are also targeting the high-end market [16][17] - Consumer acceptance of high-priced down jackets is limited, with most preferring prices between 200 to 1,000 yuan, indicating potential challenges for Bosideng's pricing strategy [19] Financial Health and Operational Efficiency - The company's inventory turnover days increased to 118 days, and inventory rose from 3.197 billion yuan to 3.951 billion yuan, suggesting a mismatch between revenue growth and inventory management [21] - Bosideng's overall gross margin decreased by 2.3 percentage points to 57.3%, reflecting challenges in maintaining profitability amid its high-end strategy [21]

原标题：从一件羽绒服到温暖社会的愿景，波司登获"ESG新标杆企业奖" 近日，证券之星第三届ESG新标杆企业评选结果揭晓。波司登集团凭借在环境、社会和治理 （ESG）领域的扎实耕耘与卓越实践，荣获"ESG新标杆企业奖"。该奖项由证券之星联合妙盈科技等专 业权威机构，在中国首席经济学家论坛等指导下设立，是ESG领域极具分量的权威认可。 这是继波司登获得MSCI ESG AA级评级、入选标普全球（S&P Global）《可持续发展年鉴（中国 版）2025》之后，在可持续发展领域收获的又一行业殊荣。 奖杯很轻，只有几百克；奖杯也很重，它背后是波司登49年来对"温暖"二字的理解——不仅是抵御 寒冷的物理温度，更是对社会、对环境、对未来的情感温度。 可持续写进公司章程，擘画温暖的底色 另一方面，将绿色低碳基因注入产品全生命周期。在产品端，波司登联合供应商开发生物基含量超 70%的防护面料，已应用于VERTEX系列。CIRCULAR 3.0系列实现"从衣服到衣服"闭环设计，获ISPO 全球设计大奖与美国IDEA银奖。多款产品通过中国质量认证中心（CQC）碳足迹认证。在此背景下， 波司登羽绒服所用羽绒100%通过RDS认证， ...

Core Insights - The "2024 China Fashion Retail and Fashion Consumption TOP 100" report indicates a decline in overall revenue for the top companies, totaling 820.68 billion yuan, a year-on-year decrease of 2.44% [1] - The total number of stores for these companies also saw a decline, with a year-on-year decrease of 7.50% [1] - Approximately 60% of the companies reported a decrease in revenue, primarily slight declines, while 40% experienced revenue growth, indicating a trend of industry differentiation [1] - Only 37% of the companies managed to increase their store count in 2024, with most companies reducing their number of stores compared to the previous year [1] - Some companies are shifting their focus from expanding store numbers to enhancing store quality to adapt to market changes and strengthen core competitiveness [1] Revenue and Store Count - The overall revenue for the top 100 companies in the fashion retail sector is 820.68 billion yuan, reflecting a 2.44% decrease compared to the previous year [1] - The total number of stores across these companies has decreased by 7.50% year-on-year [1] - A significant portion of companies, nearly 60%, reported a decline in revenue, while 40% achieved growth, showcasing a mixed performance across the industry [1] Strategic Adjustments - Companies are increasingly optimizing resource allocation and adjusting business strategies, focusing on improving store quality rather than merely expanding the number of stores [1] - This strategic shift is aimed at adapting to market changes and enhancing competitive advantages in a challenging retail environment [1]

Core Viewpoint - Bosideng Group has been awarded the "ESG New Benchmark Enterprise Award" for its solid efforts and outstanding practices in the field of Environmental, Social, and Governance (ESG) [1][3] Group 1: ESG Achievements - This award follows Bosideng's MSCI ESG AA rating and inclusion in S&P Global's "Sustainable Development Yearbook (China Edition) 2025" [3] - The company has established a clear ESG governance structure, with a Sustainable Development Supervisory Group under the board of directors, responsible for setting and overseeing ESG goals and strategies [5] Group 2: Carbon Neutrality Goals - Bosideng has set an ambitious goal of achieving net-zero emissions in its operations by 2038, linking executive compensation to carbon reduction progress [5][7] - The company announced its "1+3+X" ESG strategy and carbon goals during the 29th UN Climate Change Conference (COP29), committing to the UN Global Compact's ten principles on human rights, labor, and environmental protection [7] Group 3: Sustainable Practices - Bosideng aims to enhance energy efficiency and renewable energy use, achieving a photovoltaic power generation of 917.2 MWh for the fiscal year 2024/25 [8] - The company has developed protective fabrics with over 70% bio-based content and implemented a closed-loop design in its CIRCULAR 3.0 series, receiving multiple design awards [8] Group 4: Logistics and Supply Chain - The average carbon footprint of logistics per parcel has decreased by approximately 4% through the expansion of a new energy transportation fleet and smart logistics warehousing [10] - Bosideng's supply chain ESG digital management platform has been launched to track and manage key data on energy consumption, carbon emissions, and labor compliance in real-time [10] Group 5: Social Responsibility - In the fiscal year 2024/25, Bosideng's female management ratio exceeded 50%, with 178,100 hours of training provided to employees [13] - The company donated over 26.5 million yuan worth of high-quality cold-resistant clothing to more than 20,000 underprivileged individuals through its public welfare foundation [13] Group 6: Long-term Commitment - Bosideng views ESG as a continuous journey rather than a sprint, with ongoing efforts to achieve its 2038 net-zero emissions commitment and integrate more small and medium-sized factories into its supply chain ESG platform [14] - The company emphasizes the importance of human wisdom, responsibility, and collaboration in driving ESG initiatives, aiming to create value for people [11]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.50 [3]. Core Views - The company reported revenue growth of 11.6% year-on-year to HKD 25.90 billion and a net profit increase of 14.3% to HKD 3.51 billion for the fiscal year 2024/25, indicating stable growth in its core business segments [1][6]. - The company maintains a high dividend payout ratio of over 80%, which is attractive to investors [1]. - The focus on fashion functional technology apparel and continuous improvement in channel management are expected to drive revenue growth in the future [1][6]. Revenue and Profit Forecast - For FY26, the company expects revenue growth of approximately 10% for its main brand, Bosideng, and around 20% for the Snow Flying brand, driven by innovative products and an extended Spring Festival peak season [2][6]. - The company anticipates a revenue of HKD 28.47 billion for FY26, with a year-on-year growth of 9.91% [9]. Margin and Efficiency - The gross margin for FY25 decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments in business segments [4]. - Despite the margin pressure, operating profit margin improved by 0.3 percentage points to 19.2% due to enhanced operational efficiency and reduced distribution and administrative expenses [4]. ESG Performance - The company has achieved an ESG rating upgrade from A to AA by MSCI, positioning it as a leader in the textile and apparel industry in terms of sustainability [5]. - The company has implemented a comprehensive ESG strategy focusing on sustainability across its entire value chain [5]. Valuation Metrics - The company is projected to have a PE ratio of 13.9x for FY26, reflecting its operational efficiency and leading ESG development [6]. - The estimated EPS for FY26 is projected at RMB 0.36, with a dividend yield of 5.74% [9].

目錄 | 關於本報告 | 01 | 4. 自然向好 | | | --- | --- | --- | --- | | 主席致辭 | 02 | 4.1 氣候責任 | 49 | | 績效回顧 | 06 | | | | | | 4.2 能源管理 | 67 | | 1. 關於波司登 | | 4.3 優選材料 | 73 | | | | 4.4 水資源 | 78 | | 1.1 集團簡介 | 10 | 4.5 廢棄物 | 80 | | 1.2 我們的文化 | 10 | 4.6 生物多樣性保護 | 82 | | 1.3 主要品牌 | 11 | 4.7 物流與包裝 | 84 | | 1.4 獎項和認可 | 12 | 4.8 數智化賦能低碳減排 | 86 | | 2. 我們的 ESG 戰略目標 | | 5. 產品先鋒 | | | 2.1 ESG 戰略 | 14 | 5.1 研發創新 | 89 | | 2.2 零碳目標 | 15 | 5.2 質量保障 | 97 | | 2.3 ESG 戰略支柱 | 16 | 5.3 客戶服務 | 99 | | | | 5.4 綠色產品 | 102 | | 3. ESG 管理 | | 5.5 綠色零 ...