Core Viewpoint - The company reported a revenue increase of 1.4% and a net profit increase of 5.3% for FY2026H1, indicating stable growth despite challenges in certain segments [1] Financial Performance - FY2026H1 revenue reached 8.93 billion and net profit was 1.19 billion, with a declared interim dividend of 0.063 HKD per share [1] - Gross margin improved slightly by 0.1 percentage points to 50.0%, while net profit margin increased by 0.5 percentage points to 13.3% [1] - The brand down jacket business saw an 8% revenue increase, driven by the main brand, while OEM business revenue decreased by 12% [1] Business Segment Analysis - **Brand Down Jacket Business**: Revenue increased by 8% to 6.57 billion, with a gross margin decrease of 2.0 percentage points to 59.1% due to changes in channel structure [1] - **Main Brand Performance**: The main brand's revenue grew by 8% to 5.72 billion, with a gross margin decrease of 1.5 percentage points to 64.8%. New product launches and quality upgrades are expected to drive future growth [2] - **OEM Business**: Revenue decreased by 2% to 0.4 billion, with a gross margin increase of 0.4 percentage points to 20.5%. The decline is attributed to changes in customer order patterns due to tariff policy expectations [3] Channel Performance - **Online Sales**: Increased by 2% to 1.38 billion, becoming an important channel for brand building and member marketing [3] - **Offline Sales**: Grew by 9% to 4.73 billion, with strategic focus on single-store operations and differentiated product offerings [3] - **Store Expansion**: The number of direct and distribution channels increased by 85 and 285 stores respectively, totaling 1,239 and 2,319 stores [3] Inventory Management - The company has implemented refined order management, resulting in a reduction of inventory turnover days by 11 days to 178 days [4] - The company maintains flexibility in inventory management through strategies like rapid replenishment and small batch production [4] Future Outlook - The company is expected to achieve approximately 10% revenue growth and faster net profit growth for FY2026, driven by product innovation and stable performance in the OEM business [4] - The company aims for sustained high-quality growth, with projected net profits of 3.899 billion, 4.386 billion, and 4.959 billion for FY2026 to FY2028 [5]

Core Insights - The company reported a 1.4% increase in revenue to 8.9 billion yuan and a 5.3% increase in net profit to 1.19 billion yuan for 1HFY26, meeting expectations [1] - The interim dividend declared is 6.3 Hong Kong cents per share, corresponding to a payout ratio of approximately 56% [1] Performance Review - The brand's down jacket business achieved a high-quality growth with an 8.3% revenue increase to 6.6 billion yuan, driven by a 6.6% increase in self-operated revenue to 2.4 billion yuan and a 7.9% increase in wholesale revenue to 3.7 billion yuan [1] - The main brand, Bosideng, also saw an 8.3% increase in revenue to 5.7 billion yuan [1] - The company successfully improved the sales proportion of new products and controlled discounts better than the same period last year [1] - The company optimized channel quality and expanded top-tier stores, leading to stable growth in comparable store sales [1] - Retail performance in the distribution channel was strong, laying a solid foundation for peak season sales [1] - The brand marketing strategy included a successful fashion show during Paris Fashion Week and collaborations with several high-end designers [1] Development Trends - The company is enhancing its "ice and snow" and "sports" genes, focusing on cost-effective down jackets [2] - The Ice洁 brand is undergoing a rebranding to position itself as a high-quality women's down jacket brand [2] - OEM business revenue declined by 11.7% to 2.04 billion yuan due to external factors, but recovery is expected as disturbances subside [2] - The company achieved efficient operations with profit growth outpacing revenue growth, and inventory decreased significantly by 20.3% [2] - The gross margin improved by 0.2 percentage points to 50.0%, and net profit margin increased by 0.5 percentage points to 13.3% [2] Profit Forecast and Valuation - The company maintains its EPS forecasts for FY26 and FY27 at 0.34 and 0.38 yuan, respectively [2] - The current stock price corresponds to 13 and 12 times the FY26 and FY27 P/E ratios, with a target price of 5.89 Hong Kong dollars, indicating a 17% upside potential [2]

Core Viewpoint - The company, a leading down jacket brand in China, reported a 1% revenue growth and a 5% increase in net profit for the first half of the 2025/26 fiscal year, indicating stable performance despite challenges in certain segments [1][4]. Financial Performance - Revenue for the first half of the 2025/26 fiscal year reached 8.93 billion yuan, a 1.4% increase year-on-year, while net profit grew by 5.3% to 1.19 billion yuan [1]. - The revenue breakdown shows brand down jackets increased by 8.3% to 6.57 billion yuan, while OEM processing and women's wear saw declines of 11.7% and 18.6%, respectively [1]. - The overall gross margin improved by 0.1 percentage points to 50.0%, with brand down jackets' gross margin slightly decreasing due to higher sales growth in lower-margin distribution channels [1]. Inventory and Cash Flow Management - The company effectively managed inventory, reducing it by 20.3% year-on-year, and decreased inventory turnover days by 11 days [2]. - Cash flow remained robust, allowing the company to maintain a stable dividend payout, with an interim dividend of 6.3 Hong Kong cents, a 5% increase from the previous year [2]. Strategic Initiatives - The company is focusing on brand leadership, deepening its core categories, and enhancing digital capabilities to drive high-quality growth [3]. - Collaborations with top international designers and the establishment of an AI-driven design database are aimed at improving product innovation and efficiency [3]. - Online revenue for brand down jackets grew by 2.4% year-on-year, while the company expanded its physical store presence, adding 85 self-operated and 285 distribution stores [3]. Market Outlook - The company anticipates a sales boost in the second half of the fiscal year, supported by strong performance in down jacket sales since October [4]. - Profitability is expected to continue improving, with net profit growth projected at 11.1%, 10.2%, and 10.0% for FY2026 to FY2028 [4]. - The target price is maintained at 5.1-5.5 Hong Kong dollars, reflecting a favorable valuation for a leading player in the down jacket market [4].

Core Viewpoint - Bosideng, a leading down jacket brand, reported a mid-term performance for the six months ending September 30, 2025, showing revenue growth and record net profit, despite challenges faced by its subsidiary brand Xuezhongfei [1][2] Group 1: Financial Performance - Bosideng achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4% [1] - The net profit reached 1.201 billion yuan, reflecting a 5.2% year-on-year growth, marking a historical high for the same period in recent years [1] - Revenue from the main business, "branded down jackets," increased by 8.3% to 6.568 billion yuan [1] Group 2: Revenue Breakdown - Self-operated channel revenue grew by 6.6% to 2.411 billion yuan [1] - Wholesale channel revenue rose by 7.9% to 3.701 billion yuan [1] - Revenue from the subsidiary brand Xuezhongfei declined by 3.2% to 378 million yuan [1] Group 3: Market Position and Strategy - Xuezhongfei's recent collaboration with Adidas has highlighted the manufacturing capabilities of domestic brands, indicating a shift in consumer preference towards local products [1] - Bosideng's Executive Director and CEO, Mei Dong, stated that Xuezhongfei has transitioned from negative to positive growth in sales during October and November, with a year-on-year increase of approximately 20% [1] - The company plans to continue investing resources into Xuezhongfei, focusing on brand marketing and product development [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][37][42]. Core Insights - The company reported a revenue growth of 1.4% to 8.93 billion yuan and a net profit growth of 5.3% to 1.19 billion yuan for the first half of the 2025/26 fiscal year [1][10]. - The brand's down jacket segment continues to lead growth, with a revenue increase of 8.3% to 6.57 billion yuan, despite challenges in other segments [1][15]. - The company has successfully reduced inventory by 20.3% and improved cash flow, maintaining a stable dividend payout with a mid-term dividend of 6.3 HKD cents, up 5% year-on-year [2][28]. Summary by Sections Financial Performance - For the first half of the 2025/26 fiscal year, the company achieved a revenue of 89.3 billion yuan, with a net profit of 11.9 billion yuan, reflecting a 1.4% and 5.3% year-on-year increase, respectively [1][10]. - The overall gross margin increased by 0.1 percentage points to 50.0%, driven by the growth in the down jacket business [1][23]. Business Segments - **Brand Down Jackets**: Revenue increased by 8.3% to 6.57 billion yuan, with a gross margin of 59.1%, a decrease of 2.0 percentage points [1][15]. - **OEM Processing**: Revenue decreased by 11.8% to 2.04 billion yuan, but the gross margin improved by 0.4 percentage points to 20.5% [15][23]. - **Women's Wear**: Revenue fell by 18.6% to 250 million yuan, with a gross margin of 59.9% [15][23]. - **Diversified Apparel**: Revenue decreased by 45.3% to 60 million yuan, primarily due to a decline in the school uniform business [16][23]. Strategic Initiatives - The company is focusing on brand leadership and product innovation by collaborating with top international designers to enhance its high-end image and market recognition [3][31]. - Digital transformation efforts include establishing an AI innovation lab in collaboration with Zhejiang University to improve design efficiency [3][32]. - The company is optimizing its channel strategy, with online revenue growth of 2.4% and a net increase of 85 self-operated stores and 285 dealer stores [3][33]. Future Outlook - The company anticipates accelerated growth in the second half of the fiscal year, supported by strong sales performance in the down jacket segment since October [4][37]. - Profit forecasts for FY2026 to FY2028 are projected at 3.91 billion, 4.30 billion, and 4.73 billion yuan, respectively, with year-on-year growth rates of 11.1%, 10.2%, and 10.0% [4][39].

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

Core Insights - Bosideng International Holdings Limited reported its financial results for the first half of the 2025/2026 fiscal year, showing a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% [1] - The gross profit margin remained high at 50%, with a slight increase of 0.1 percentage points, while the operating margin improved by 0.3 percentage points to 17% [1] Revenue Breakdown - The down jacket business continued to show strong growth, achieving revenue of 6.57 billion yuan, a year-on-year increase of 8.3%, accounting for 73.6% of total revenue, making it the core driver of the company's performance [1] - The company also expanded its product offerings in the fashion functional technology apparel segment, introducing products such as functional jackets and sun protection clothing for the spring and summer seasons [1] Channel Development - Bosideng optimized its channel quality, with the number of regular outlets for its down jacket business reaching 3,558, an increase of 88 from the end of the previous fiscal year [1] - The company focused on expanding flagship stores and concept stores while enhancing single-store operations through a refined operational system tailored to different store locations and consumer characteristics [1] Inventory and Sales Channels - Inventory turnover days decreased to 178 days, down by 11 days year-on-year [2] - The self-operated channel revenue grew by 6.6% year-on-year, while wholesale channel revenue increased by 7.9% [2] - Online sales continued to rise, with a greater focus on live e-commerce and social marketing to attract younger consumers, further increasing the online sales proportion [2] Brand Strategy - Bosideng is expanding its presence in the fashion functional technology apparel sector through a multi-brand strategy, developing a diverse brand matrix to meet various consumer needs [2] - In the high-end market, the company collaborated with Kim Jones on the AREAL series and made strategic investments in luxury down jacket brands, quickly entering the high-end functional apparel market [2] - In the value-for-money segment, Bosideng covers a broader consumer base through sub-brands such as Xuezhongfei and Bingjie [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 8.928 billion RMB for the first half of FY2026, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion RMB, up 5.3%, aligning with expectations [2]. - The company's down jacket business saw revenue of 6.568 billion RMB, growing 8.3% year-on-year, driven by steady growth in both direct and franchise channels [3]. - The gross margin improved by 0.1 percentage points to 50.0%, although the down jacket gross margin decreased by 2.0 percentage points to 59.1% due to a higher proportion of lower-margin distribution channels [4]. - The company is optimistic about its performance in the second half of the year, supported by successful new product launches and effective inventory management [4]. Summary by Sections Performance Review - The company achieved a revenue of 8.928 billion RMB in the first half of FY2026, with a net profit of 1.189 billion RMB, reflecting a 1.4% and 5.3% increase respectively [2]. Operational Analysis - The down jacket segment generated 6.568 billion RMB in revenue, with the main brand, Bosideng, contributing 5.719 billion RMB, showing an 8.3% increase [3]. - The online channel revenue for down jackets was 1.383 billion RMB, up 2.4%, while offline direct and franchise channels reported revenues of 2.411 billion RMB and 3.701 billion RMB, growing 6.6% and 7.9% respectively [3]. Margin and Cost Management - The gross margin increased slightly to 50.0%, with effective cost control reflected in the marketing management expense ratio [4]. - Inventory turnover days decreased by 11 days compared to the previous year, indicating improved inventory management [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.920 billion RMB, 4.322 billion RMB, and 4.739 billion RMB for FY2026, FY2027, and FY2028 respectively, with corresponding P/E ratios of 13, 12, and 11 [5].

此外，波司登方面表示对雪中飞品牌的投入显著高于过去几年，除了渠道资源投入外，重点倾斜于品牌 营销、产品研发等资源的投入。11月27日晚间，波司登发布了25/26财年中期业绩，实现营收约89.28亿 元，同比上涨1.4%；净利润同比增长5.2%，达约12.01亿元。其中，品牌羽绒服收入稳步提升8.3%至约 65.68亿元，其中自营渠道收入24.11亿元，同比增长6.6%；批发渠道收入达37.01亿元，同比增长7.9%。 北京商报讯（记者 张君花）11月28日，波司登集团执行董事兼执行总裁梅冬在财报交流会上向媒体表 示，"通过10月和11月销售，雪中飞已经由负增长转变成了正增长，且同比增长约二十几个点"。与此同 时，波司登方面透露，未来，雪中飞将作为公司重点发展的品牌。梅冬表示，雪中飞第一战场依然是线 上渠道，线上依然有很大的发展空间，未来将持续聚焦线上核心电商平台，深度整合品牌线上资源进一 步推动品牌的发展。同时，也将科学理性的推进线下渠道布局。如重点拓展各大购物中心及奥特莱斯等 渠道，提升消费者体验，强化品牌认知，实现上线下的互为赋能 。 ...

Core Viewpoint - Bosideng's "dual focus" strategy on down jackets and fashionable functional apparel has shown significant results during the reporting period, with steady revenue and profit growth despite a challenging global consumer market [1][17]. Financial Performance - The company reported a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% year-on-year [1]. - The gross margin remained high at 50%, with a slight increase of 0.1 percentage points, and the operating margin improved by 0.3 percentage points to 17% [1]. Business Segments - The down jacket business achieved a revenue of 6.57 billion yuan, growing by 8.3% year-on-year, accounting for 73.6% of total revenue, serving as the core growth driver [2]. - The fashionable functional apparel segment performed well, expanding product offerings such as functional jackets and sun-protective clothing for spring and summer [2]. Product Innovation - Bosideng continues to integrate fashion and technology, enhancing its product matrix with innovative materials and designs, such as UV-resistant and cooling fabrics in sun-protective clothing [4]. - Collaborations with renowned designers, like Errolson Hugh for multifunctional jackets and Kim Jones for the AREAL high-end line, have received positive market responses [6][19]. Channel Development - The company optimized its channel quality, increasing the number of down jacket retail outlets to 3,558, with a net addition of 88 stores [7]. - Self-operated and wholesale channels both saw revenue growth, with self-operated channels up 6.6% and wholesale channels up 7.9% [9]. Supply Chain Management - Bosideng has established a "superior supply chain" system, enhancing efficiency in raw material procurement, production, and logistics [10]. - The company has reduced inventory turnover days to 178, a decrease of 11 days year-on-year, indicating improved inventory management [9]. ESG Practices - Bosideng is the first and only Asian textile and apparel company to receive an MSCI ESG AAA rating, reflecting its commitment to sustainable development [13][15]. - The company emphasizes fair labor practices within its supply chain, ensuring compliance with local wage laws and conducting third-party audits of suppliers [16]. Future Outlook - The dual focus strategy is expected to continue driving growth, with plans to expand the product matrix and enhance brand competitiveness in both down jackets and fashionable functional apparel [20]. - Bosideng aims to leverage its strong brand influence and efficient supply chain management to capitalize on opportunities in the evolving consumer market [20].