Core Viewpoint - Bosideng (03998) announced the issuance of a total of 2.78 million shares due to a stock option plan, effective on October 14, 2025 [1] Group 1 - The company will issue shares as part of its stock option plan [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 第 2 頁 共 6 頁 v 1.3.0 FF305 公司名稱： 波司登國際控股有限公司 呈交日期： 2025年10月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫 ...

Core Insights - Bosideng has demonstrated outstanding performance in quality operations, innovative breakthroughs, and social contributions, leading to its nomination for the 2024-2025 Most Respected Enterprises by Economic Observer [1] Group 1 - Bosideng's strong performance metrics include quality operations, innovation, and social contributions [1]

Investment Rating - The report maintains a "Buy" rating for companies like Yanjiang Co., New Australia Co., and Shenzhou International, highlighting their advantages in global capacity layout and supply chain [2][10][16]. Core Views - The textile and apparel sector has shown strong performance against the market, with the SW textile and apparel index increasing by 1.6% from October 9 to October 10, outperforming the SW All A index by 2.0 percentage points [2][3]. - The recent U.S. announcement of a 100% additional tariff on Chinese imports starting November 1, 2025, emphasizes the value of companies with established global production capabilities, allowing them to mitigate tariff costs and capture market share in favorable overseas markets [9][10]. - The report identifies a significant opportunity in the Australian wool market, with prices reaching record highs, benefiting companies like New Australia Co. [13][14]. Industry Data Summary - Retail sales in the apparel and textile category totaled 940 billion yuan from January to August, reflecting a year-on-year growth of 2.9% [27]. - In August, China's textile and apparel exports amounted to $26.54 billion, a year-on-year decline of 5.0%, with apparel exports specifically down by 10.1% [34]. - Cotton prices have shown slight fluctuations, with the national cotton price B index at 14,775 yuan per ton, down 0.3% this week [37]. - The Chinese sportswear market is projected to reach 408.9 billion yuan in 2024, growing by 6.0% year-on-year, with Anta's market share increasing [40].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

波司登选择在巴黎时装周期间发布泡芙系列，展现了中国品牌走向世界的从容姿态。不同于刻意的高端 叙事，这场发布更聚焦于当代消费者追求的自在生活态度——羽绒服早已不仅是保暖工具，更是表达自 我、享受生活的时尚载体。 （编辑 张明富） 本报讯 （记者李春莲）近日，中国羽绒服行业领军品牌波司登携泡芙系列，在巴黎时装周期间全新亮 相，同步接入天猫超级时装发布IP矩阵，以线下时装秀及线上云秀场的双场景模式，开启羽绒服"轻盈 的温暖进化"。这场发布既是对羽绒服轻暖质感的一次成功探索，更是其品牌全球化进程中颇具意义的 一站。深耕羽绒服领域49年的波司登，正以持续的创新实践，在专业保暖基础上拓展时尚表达，为全球 多元生活场景注入温暖力量。 泡芙系列最令人印象深刻的，是它对传统羽绒服厚重臃肿刻板印象的打破。外观上，建筑般挺括的廓形 藏着立体剪裁与层叠走线的精妙，新古典主义宫廷立领经现代简化，腰线与袖口如罗马柱般的收束处 理，勾勒出利落兼具仪式感的线条。视觉上的饱满分量与触手可及的蓬松柔软形成奇妙反差，这背后是 波司登在羽绒服结构、充绒工艺与面料研发领域多年的深耕细作。 ...

户外赛道愈发火热的今天，到底什么样的品牌能够持续为用户带来惊喜？ 蛋叠变向外去 = 111 0 登录 ty and a 12 带着叠变三合一冲锋衣羽绒服，波司登交出了一份亮眼答卷。 深刻洞察都市户外人群核心需求，与顶级面料公司戈尔合作，将数十年羽绒行业经验沉淀赋能都市户外 赛道。波司登做的，不仅是一件衣服，更是带领户外赛道整体向前的决心与勇气。 2025 年 9 月，全球领先的羽绒服专家波司登于四川四姑娘山双桥沟景区举办以"气温多变 穿波司登叠 变"为主题的都市户外体验活动，正式发布 2025 年秋季新品——波司登叠变三合一冲锋衣羽绒服。 来自全国各地的攀登者们统一身着波司登叠变三合一冲锋衣羽绒服，深入徒步胜地四姑娘山，沉浸式感 受波司登叠变三合一冲锋衣羽绒服在不同温度条件下的卓越表现。 ...

Core Viewpoint - The launch of the "Master Puff" series by Bosideng at Paris Fashion Week signifies a successful exploration of the "light warmth" quality of down jackets and represents a meaningful step in the brand's global expansion [1][8]. Group 1: Product Innovation - The "Master Puff" series breaks the traditional heavy and bulky image of down jackets, featuring a structured silhouette with intricate three-dimensional tailoring and layered stitching [7]. - The use of high-loft, high-quality down with fewer impurities, combined with ultra-light and soft babyskin fabric, effectively locks in warmth while reducing weight [7]. - The innovative filling structure allows for precise filling in key areas while leaving non-core areas cleverly "blank," achieving a balance between warmth and lightness [7]. Group 2: Brand Positioning - The choice to unveil the "Master Puff" series during Paris Fashion Week reflects Bosideng's confident stance as a Chinese brand entering the global market, focusing on contemporary consumer attitudes towards a relaxed lifestyle [8]. - The series emphasizes that down jackets are not merely tools for warmth but also fashion statements that express individuality and enjoyment of life [8]. Group 3: Brand Story and Vision - The "Master Puff" series marks a new chapter in Bosideng's brand story, showcasing 49 years of dedication, passion, and relentless innovation in elevating down jackets beyond basic functionality [10]. - The ultimate goal of the company is to transcend physical warmth, aiming for deeper emotional resonance and experience, making each down jacket a source of warmth, confidence, and freedom of expression [10]. - Bosideng's journey, starting in Paris, represents not just a transformation of clothing but a refresh of industry perceptions and the realization of a Chinese brand's global ambitions [12].

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9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10月6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 ...

Summary of the Ice and Snow Sports Industry Conference Call Industry Overview - The ice and snow economy in China has rapidly grown from 500 billion yuan in 2020 to 890 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.19%, indicating strong development momentum [1][4] - As of 2023, there are 2,847 ice and snow venues nationwide, a year-on-year increase of 16.1%. Skiing venues account for 32.84%, while skating venues dominate at 67.16%, suggesting significant growth potential for skiing facilities [1][4] Core Insights and Arguments - The post-Olympic era strategy for China's ice and snow industry focuses on intelligent and digital transformation, accelerating the development of smart R&D elements and the application of digital technologies in ice and snow venues, while also supporting virtual ice and snow sports [1][5] - The consumption scale related to ice and snow activities for the winter season of 2023-2024 is expected to exceed 150 billion yuan, with folk activities accounting for the highest share at approximately 37% and specific projects at 27% [1][6] - Since 2014, the number of participants in ice and snow sports has been steadily increasing, with over 180 million participants recorded in the 10th public review season, and a total of 57.35 million people participating in various sports nationwide [1][6] Popularity of Ice and Snow Sports - The most popular ice and snow sports in China are skiing and skating. Post-Beijing Winter Olympics surveys show that the participation rate for folk activities among adults is 17.73%, while the participation rate for viewing activities is 9.83%, specific project participation is 6.05%, and land project participation is 3.06% [1][8] Consumer Spending Characteristics - Following the Beijing Winter Olympics, 72.73% of respondents reported engaging in ice and snow-related consumption, with 40% spending below 500 yuan and only 2.43% spending over 2,000 yuan, indicating untapped consumer potential [3][9] - The North China region, particularly Hebei Province, shows outstanding performance in ice and snow consumption, with Shandong, Jiangsu, and Xinjiang also ranking in the second tier nationally [3][9] Future Development Trends and Goals - The State Council aims to achieve a total scale of 1.2 trillion yuan by 2030, promoting widespread participation in sports through strategies such as southward expansion, westward outreach, and eastward advancement [3][10][11] Investment Recommendations - Investment focus should be on high-quality core assets, particularly blue-chip stocks like Anta Sports, Bosideng, and Sanfo Outdoor, which are expected to recover from bottoming out. These companies have strong earnings certainty and relatively high dividend yields, with competitive advantages in ice and snow sports brands and high-end skiing equipment [3][14] - Anta is recognized as a pioneer in domestic ice and snow sports brands, enhancing operational efficiency through online and offline strategies, while Bosideng is expanding into the high-end skiing market through international collaborations [3][14][15] Risks Facing the Ice and Snow Sports Industry - The industry faces several risks, including changing consumer preferences that may lead to inventory buildup and performance declines, uncertain penetration rates due to low-temperature environments and seasonal limitations, and seasonal volatility risks that could affect market growth if consumer enthusiasm wanes [3][16]