(incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限責任公司 ) (Stock Code 股份代號：3998) Dear Non-registered Shareholder(s), Bosideng International Holdings Limited (the "Company") – Notice of Publication of (i) 2024/25 Annual Report, (ii) Circular dated July 29, 2025, (iii) Notice of Annual General Meeting (the "Current Corporate Communication") and (iv) Environmental, Social and Governance Report (the "ESG Report") The English and Chinese versions of the Company's Current Corporate Communic ...

(Stock Code 股份代號：3998) Dear Registered Shareholder(s), Bosideng International Holdings Limited (the "Company") – Notice of Publication of (i) 2024/25 Annual Report, (ii) Circular dated July 29, 2025, (iii) Notice of Annual General Meeting, (iv) Annual General Meeting Proxy Form (the "Current Corporate Communication") and (v) Environmental, Social and Governance Report (the "ESG Report") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website ( ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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。 Bosideng International Holdings Limited 茲通告波司登國際控股有限公司（「本公司」）謹訂於2025年8月20日（星期三）上 午十時正假座香港金鐘道95號統一中心22樓香港總商會舉行股東週年大會（「股東週年 大會」），以討論下列事項： 普通決議案 波司登國際控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：3998） 股東週年大會通告 – 1 – 1. 省覽及批准本公司截至2025年3月31日止年度之財務報表及本公司董事 （「董事」）會報告和核數師（「核數師」）報告。 2. 宣派末期股息每股本公司普通股（「股份」）22.0港仙。 3. (i) 重選高德康先生為執行董事； (ii) 重選黃巧蓮女士為執行董事； (iii) 重選董炳根先生為獨立非執行董事；及 (iv) 授權董事會（「董事會」）釐定董事薪酬。 4. 委任核數師及授權董事會釐定其薪酬。 5. 作 ...

此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他持牌 證券商、銀行經理、律師、專業會計師或其他專業顧問。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本通函全部或任何部份內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 Bosideng International Holdings Limited 波司登國際控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：3998） (1)購回股份及發行新股之一般授權 (2)重選董事 及 (3)股東週年大會通告 波司登國際控股有限公司（「本公司」）謹訂於2025年8月20日（星期三）上午10時正假座香港金鐘 道95號統一中心22樓香港總商會舉行股東週年大會（「股東週年大會」），股東週年大會通告載於 本通函第AGM-1頁至第AGM-5頁。隨本通函附奉委任代表表格。 無論 閣下是否有意出席股東週年大會及於會上投票，務請將隨附之委任代表表格按其所印列 指示填妥並盡早且無論如何須不遲於股東週年大會或其任何續會指定舉行時間48小時前 ...

波司登國際控股有限公司 於開曼群島註冊成立之有限責任公司 股份代號 ：3998 2024/25 年度報告 2025 年珠峰攀登窗口期，專業登山 運 動 員 李 生 濤（木 子）身 著 波 司 登 羽 絨服，成功完成珠穆朗瑪峰登頂的挑 戰。波司登以 49年的專業經驗和勇 攀高峰的精神，將守護融入每一個細 節，成為攀登者前行的底氣。以溫暖 點亮極寒之境，以無畏鑄就不朽傳 奇，在海拔 8,848 米的巔峰之上，波 司登與攀登者一同書寫中國登峰的輝 煌篇章。 波司登國際控股有限公司 | 年度報告 2024/25 公司簡介 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」）是中華人民共和國（「中國」）知名的羽絨服裝品牌運營商。本 集團創始於1976年，在創始人高德康先生的引領下開啓艱苦卓 絕的創業歷程。2007年10月11日，本公司於聯交所主板上市， 股份代號3998。 本集團專心專注羽絨服領域，成為消費者公認的羽絨服專家，引 領行業發展。目前，本集團旗下羽絨服品牌包括波司登、雪中 飛、冰潔等，通過這些品牌，本集團得以滿足不同客戶群體的需 求及鞏固其在中國市場的領導地位。其中，波司登品牌羽絨服連 續3 ...

Core Insights - The luxury goods market is facing challenges with a projected decline in global high-end personal luxury goods market size by 1% to €364 billion in 2024, and further expected decline of 2%-5% in 2025 due to economic downturn and geopolitical tensions [2] - High-end brands are shifting towards a more minimalist aesthetic, reducing logo prominence and focusing on classic tailoring, which may lead to decreased brand recognition and increased homogenization [3] - The rise of functional clothing, such as sun-protective garments, reflects a growing health consciousness and outdoor lifestyle among consumers, with the Chinese apparel industry producing over 70 billion pieces annually [4] - Adult women are increasingly purchasing larger children's clothing sizes due to issues with women's sizing and pricing, indicating a demand for better fit and value in women's fashion [5] - Luxury brands are increasingly investing in film and entertainment to enhance cultural influence, with companies like Saint Laurent and LVMH establishing film production arms [6] - Emerging brands are focusing on natural fibers and traditional craftsmanship, creating unique aesthetic identities amidst a trend of logo-less luxury [8] - The new consumer giants are leveraging emotional value and community recognition to thrive in a competitive market, with brands like Labubu and Mxue Ice City gaining traction [9] - South Asian culture is becoming a source of inspiration for luxury fashion, with brands incorporating traditional craftsmanship into their collections [10] - Street retail is gaining importance as brands seek to connect with consumers through community engagement and experiential shopping [12] - High-end sports brands are taking over core shopping districts as luxury brands withdraw, with a focus on experiential retail [13] - L'Oréal's CEO emphasizes the company's diverse portfolio beyond luxury, highlighting growth in emerging markets and a commitment to innovation [14] - COS has successfully repositioned itself as a mid-range brand by balancing quality and affordability, appealing to the rational consumer [15] - Bosideng reported strong financial performance with an 11.6% revenue increase to ¥25.902 billion and a 14.3% net profit increase to ¥3.514 billion, driven by technological empowerment and supply chain optimization [16] - Nike's new Ava Rover shoe combines technology and design for urban exploration, showcasing a trend towards high-performance casual footwear [17] - Luxury brands are embracing digital transformation through KOLs (Key Opinion Leaders) to enhance consumer engagement and trust [18] - Daydream launched an AI shopping assistant for personalized fashion recommendations, indicating a shift towards technology-driven retail experiences [20] - The luxury sector lost approximately 15 million customers last year, with a significant decline in sales expected in 2024, highlighting the need for brands to rebuild consumer trust [21] - Local luxury brands are gaining popularity, driven by emotional value and competitive pricing, as international brands face challenges [22] - Decathlon's new store in Nanjing adopts an innovative operational model focusing on community engagement and sustainability [24] - Shein is preparing for a potential IPO in Hong Kong, navigating geopolitical risks and supply chain transparency issues [25] - Baozun's acquisition of Sweaty Betty's China operations reflects a strategy to enhance its e-commerce portfolio amid competitive pressures in the activewear market [26] - Pop Mart's expansion into jewelry with its popop brand has generated consumer interest, though market volatility raises questions about long-term sustainability [28]

Investment Rating - The overall investment rating for the textile and apparel industry is "Buy" for several key companies, including Anta Sports, Li Ning, and Bosideng, among others [8][20][21]. Core Insights - The textile and apparel industry is experiencing a low holding ratio since 2022, with a notable increase in the jewelry sub-sector's holding ratio. As of the end of Q2 2025, the market value of heavy-holding stocks in the textile and apparel sector increased by 8% to 12.72 billion yuan, accounting for 0.41% of the total heavy-holding stock market value [1][11]. - The apparel and home textile sector is expected to see performance recovery and valuation improvement in 2025, driven by stable retail demand and healthy inventory levels in the sportswear segment [2][16]. - In the jewelry sector, companies focusing on product differentiation and strong brand power are anticipated to outperform the industry, with Chow Tai Fook expected to see a 10% increase in operating profit for FY2025 [3][17]. Summary by Sections Fund Position Analysis - As of Q2 2025, the market values of heavy-holding stocks in the apparel and home textile, textile manufacturing, and jewelry sectors were 5.65 billion, 1.63 billion, and 5.45 billion yuan, respectively, with jewelry holdings increasing while apparel and textile manufacturing saw declines [1][11][12]. Key Company Recommendations - Recommended companies include: - Anta Sports, with a 2025 PE of 17 times, noted for its strong operational capabilities [19]. - Li Ning, with a 2025 PE of 17 times, recognized for its long-term performance resilience [19]. - Bosideng, with a favorable valuation and expected strong performance in FY2025 [19]. - Chow Tai Fook and Chaohongji in the jewelry sector, with respective 2026 PEs of 18 and 26 times [17]. Market Performance - The textile manufacturing sector outperformed the market, with a weekly increase of 2.35% compared to the 1.69% rise in the CSI 300 index [22]. Recent Reports - Chow Tai Fook reported a 1.9% decline in same-store sales for FY2026 Q1, with improvements expected in subsequent quarters due to product optimization and store efficiency [28][30]. Material Trends - As of July 22, 2025, the price of domestic cotton 237 decreased by 23% year-on-year to 21,770 yuan/ton, while long-staple cotton 328 remained stable at 15,549 yuan/ton [35][36].

Core Insights - The "2025 Suzhou Private Enterprises R&D Investment Top 100" list was officially released, marking the first time Suzhou has published a ranking based on annual R&D expenses as a core indicator [1][4] - The total R&D investment of the top 100 companies reached 63.082 billion yuan, with a minimum threshold of 72.81 million yuan for inclusion [4] - The list highlights the strong manufacturing base in Suzhou, with 92 out of 100 companies being in the manufacturing sector, indicating a focus on innovation and technological advancement [4][5] R&D Investment Details - The top four companies by R&D expenditure in 2024 are: 1. Jiangsu Shagang Group Co., Ltd. - 7.758 billion yuan 2. Shenghong Holding Group Co., Ltd. - 6.772 billion yuan 3. Hengtong Group Co., Ltd. - 5.927 billion yuan 4. GCL Group - 5 billion yuan [4] - The distribution of R&D expenses among the listed companies shows that 4 companies spent over 5 billion yuan, 11 companies spent between 1 billion and 5 billion yuan, and 59 companies spent between 10 million and 1 billion yuan [4] Innovation and Development Context - Suzhou's industrial output value for 2024 is projected to reach 4.69 trillion yuan, aiming for a target of 5 trillion yuan [4] - The local government has implemented policies to enhance technological innovation capabilities, including the establishment of innovation platforms and support for R&D investment [5][6] - The city has cultivated 235 innovation consortia, with an 80.6% rate of R&D institution establishment among industrial enterprises [6]

Group 1 - The forum on green consumption and sustainable development emphasizes the importance of promoting green consumption as a path to harmonious coexistence with nature and a requirement for China's modernization [1] - The Chinese government is actively organizing youth initiatives such as afforestation, green nutrition, and carbon neutrality actions to promote green consumption [1] - An appeal was made to youth representatives from various countries to enhance education on green consumption, drive technological innovation, and deepen international cooperation for sustainable development [1] Group 2 - The keynote speeches highlighted the role of youth as thinkers, shapers of action, and catalysts for change in achieving a sustainable future [2] - Approximately 2.8 billion people globally still lack access to healthy food, underscoring the need for technological innovation in food production and distribution [2] - Various companies, including Bosideng, Ctrip, Pop Mart, EHang, and BYD, shared their practices and explorations in green consumption, sustainable fashion, and low-carbon travel [2]

Core Viewpoint - The collaboration between Snow中飞 and the popular IP "盗墓笔记" aims to enhance brand awareness and attract a younger demographic, despite mixed consumer feedback on pricing and design [1][2][9]. Brand Strategy - Snow中飞 has adopted IP collaborations as a strategy for brand rejuvenation and fashion positioning, with the latest partnership targeting the 18-35 age group [1]. - The brand's recent goal is to become "China's first brand of ice and snow down jackets," emphasizing its connection to outdoor and ice sports [10][14]. Product Offering - The new collaboration features outdoor apparel, including four types of jackets priced between 799 to 1299 yuan and a T-shirt priced at 99 yuan, which is significantly higher than their regular offerings [1][2]. - The pricing strategy reflects a brand premium, although some consumers find it unappealing due to perceived lack of distinctive design elements [2]. Sales Performance - Initial sales data indicates that within 36 hours of launch, one jacket and T-shirt surpassed 100 units sold, while other styles lagged behind [2][9]. - Snow中飞's revenue growth has slowed, with a 9.2% increase to 2.206 billion yuan in the 24/25 fiscal year, a significant drop from the previous year's 65.3% growth [10]. Competitive Landscape - The brand faces stiff competition from both established and emerging players in the down jacket market, such as 雅鹿 and 鸭鸭, which have capitalized on e-commerce and functional apparel trends [13]. - The competitive environment is characterized by brands that are often driven by price rather than value, leading to a lack of strong brand identity [13]. Marketing and Positioning - Snow中飞 is attempting to establish a clearer brand identity through its "ice and snow down jacket" concept, although this positioning may lack clarity and depth [17][18]. - The brand's marketing strategy includes expanding its product range beyond down jackets to include various seasonal apparel, aiming to appeal to a broader market [17]. Retail Expansion - Snow中飞 has a significant offline presence with over 1,000 stores across more than 200 cities, which provides an advantage in brand visibility [18]. - The company plans to enhance its retail strategy by focusing on shopping centers and outlet channels, with new flagship stores being rolled out [18].