Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company achieved a revenue of 25.9 billion CNY for FY2025, representing a year-on-year increase of 11.6%, and a net profit attributable to shareholders of 3.51 billion CNY, up 14.3% year-on-year. The total dividend for the year was 2.95 billion CNY, with a dividend payout ratio of 84% [2][4]. - In H2 FY2025, the company reported revenue of 17.1 billion CNY, an increase of 8.6% year-on-year, and a net profit of 2.38 billion CNY, up 10.6% year-on-year, indicating overall performance in line with expectations [2][4]. Summary by Sections Financial Performance - For FY2025, the company recorded a revenue of 25.9 billion CNY, with a year-on-year growth of 11.6%, and a net profit of 3.51 billion CNY, reflecting a 14.3% increase. The H2 results showed revenue of 17.1 billion CNY, up 8.6%, and a net profit of 2.38 billion CNY, up 10.6% [2][4]. Dividend Policy - The company distributed a total dividend of 2.95 billion CNY for FY2025, maintaining a high dividend payout ratio of 84% [2][4]. Future Outlook - The company is expected to benefit from a high-growth outdoor segment in FY2026, with projections for net profit to reach 3.9 billion CNY in FY2026, 4.3 billion CNY in FY2027, and 4.7 billion CNY in FY2028, corresponding to P/E ratios of 12, 11, and 10 respectively, indicating that the current valuation is at historical low levels [7][9].

Investment Rating - The report assigns a rating of "Outperform" for Bosideng International Holdings, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - Bosideng Group reported FY25 results with revenue reaching RMB 25.90 billion, an increase of 11.6% year-on-year, and a net profit attributable to the parent company of RMB 3.51 billion, up 14.3% year-on-year, with a net profit margin of 13.6%, reflecting a 0.3 percentage point increase [1][11]. - The company experienced steady growth in its non-women's wear categories, with revenue changes of +11.0% for down jackets and +26.4% for ODM, while women's wear saw a decline of -20.6% [2][12]. - The overall gross profit margin decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments and increased competition in the women's wear segment [2][12]. - The brand's down jacket business saw a revenue growth of approximately 10%, but the gross profit margins for its brands, including Bosideng and Xuezhongfei, declined [3]. - The company improved its operational efficiency, with a stable inventory turnover period of 118 days, and a reduction in expense ratios leading to an increase in operating profit margin to 19.2% [5]. Summary by Sections Financial Performance - FY25 revenue was RMB 25.90 billion, with a net profit of RMB 3.51 billion, marking increases of 11.6% and 14.3% respectively [1][11]. - FY25H2 revenue reached RMB 17.10 billion, up 8.6%, and net profit was RMB 2.38 billion, up 10.6% [1]. Business Segments - Revenue changes for FY25 included +11.0% for down jackets, +26.4% for ODM, -20.6% for women's wear, and +2.8% for diversified apparel [2][12]. - The gross profit margins for these segments were 63.4% for down jackets, 19.1% for ODM, 63.2% for women's wear, and 21.7% for diversified apparel [2][12]. Operational Efficiency - The company added 253 retail outlets, bringing the total to 3,470, with a focus on enhancing the quality of its retail network [4]. - Online revenue reached RMB 7.58 billion, reflecting a 9.3% year-on-year increase [4]. Strategic Initiatives - The strategic investment in Moose Knuckles, acquiring a 31.6% stake, aims to diversify the brand matrix and expand into international markets [7]. - Future plans include enhancing the brand's presence in both online and offline channels, with a focus on quality and operational efficiency [8].

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 公司名稱： 波司登國際控股有限公司 呈交日期： 2025年7月3日 FF305 | 2). 就根據股份計劃授予發行人的董事的股份獎勵或期權而發行新股或轉 | | 1,788,000 | 0.0155 % | HKD | 1.07 | | | --- | --- | --- | --- | --- | --- | --- | | 讓庫存股份 - 涉及新股 | | | | | | | | 購股權計劃 (於25/08/2017 採納) | | | | | | | | 變動日期 | 2025年7月3日 | | | | | | | 於下列日期結束時的結存 (註5及6) 2025年7月3日 | | 11,561,948,473 | | 0 | | 11,561,948,473 | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | | 1). 購回股份 (擬註銷但截至期終結存日期尚未註銷) | | 5,000,000 | 0.0433 % ...

Core Viewpoint - The company reported a solid performance for the fiscal year 2024/25, with revenue increasing by 11.6% to 25.9 billion and net profit rising by 14.3% to 3.51 billion, aligning with expectations [1] Revenue Breakdown - Brand down jackets revenue grew by 11% to 21.67 billion, with Bosideng, Xuezhongfei, and Bingjie contributing 10.1%, 9.2%, and -12.9% growth respectively, reaching 18.48 billion, 2.21 billion, and 0.13 billion [1] - OEM management business revenue increased by 26.4% to 3.37 billion, while women's and diversified clothing revenues decreased by 20.6% and increased by 2.8% to 0.65 billion and 0.21 billion respectively [1] Channel Performance - Brand down jacket sales through self-operated and wholesale channels grew by 5.2% and 24.3% to 15.09 billion and 5.72 billion respectively [1] - The number of retail stores increased by 253 to 3,470, with self-operated and wholesale stores net increasing by 100 and 153 to 1,236 and 2,234 respectively [1] Operational Efficiency - The company enhanced operational efficiency through the expansion of the Top Store system and upgrading channel stratification [2] - Online sales for brand down jackets rose by 9.4% to 7.48 billion, accounting for 34.5% of total sales [2] Profitability Metrics - Gross margin decreased by 2.3 percentage points to 57.3%, with brand down jackets' gross margin declining by 1.6 percentage points to 63.4% due to lower-margin franchise channels and rising raw material costs [2] - Net profit margin improved by 0.3 percentage points to 13.6% due to a decrease in distribution and administrative expense ratios [2] Financial Health - Inventory increased by 23.6% to 3.95 billion, with inventory turnover days rising by 3 days to 118 days [2] - The company maintained a healthy cash position with cash and cash equivalents of 4.18 billion and a dividend payout ratio of 84.1% [2] Future Outlook - The company is expected to achieve revenue growth of 10.06%, 10.37%, and 10.51% for FY2026 to FY2028, reaching 28.506 billion, 31.461 billion, and 34.766 billion respectively [3] - Net profit is projected to grow by 11.48%, 11.77%, and 11.59% to 3.917 billion, 4.378 billion, and 4.886 billion respectively, with corresponding valuations of 12, 11, and 10 times [3]

Core Viewpoint - The company reported a solid financial performance for the fiscal year 2024/25, with revenue and net profit growth driven by product innovation and channel upgrades, despite challenges in certain segments [1][5]. Financial Performance - The company achieved a revenue of 25.902 billion yuan, an increase of 11.6% year-on-year [1] - The net profit attributable to shareholders was 3.514 billion yuan, up 14.3% year-on-year [1] - The overall gross margin was 57.3%, down 2.3 percentage points, while the net profit margin reached 13.6%, up 0.4 percentage points [1] Brand Performance - The main brand, Bosideng, generated revenue of 21.668 billion yuan, reflecting an 11.0% increase, accounting for 83.7% of total revenue [1] - The gross margin for the brand was 63.4%, down 1.6 percentage points, influenced by rising raw material costs and lower margins from new product categories [1] - The Snow Flying brand reported revenue of 2.206 billion yuan, a 9.2% increase, focusing on high-cost performance down jackets [2] - The Ice Cleansing brand saw a revenue decline of 12.9% to 127 million yuan, indicating ongoing adjustments [2] Channel Development - The company optimized its channel structure, with a net increase of 253 retail outlets, bringing the total to 3,470 [2] - Online sales reached 7.575 billion yuan, a 9.3% increase, with online revenue from the main brand accounting for 34.5% of its total revenue [2] OEM and Other Business Segments - The OEM business grew significantly, achieving revenue of 3.373 billion yuan, up 26.4%, while the women's wear segment faced challenges with a 20.6% revenue decline [3] - The diversified clothing business saw a slight increase of 2.8% to 209 million yuan, driven by stable growth in school uniform sales [3] Cost Management and Efficiency - The overall gross margin decreased by 2.3 percentage points to 57.3%, primarily due to the faster growth of lower-margin OEM business compared to branded products [4] - The sales expense ratio decreased by 1.8 percentage points to 32.9%, reflecting improved operational efficiency [4] - The company maintained healthy inventory turnover with a total inventory of 3.951 billion yuan and a turnover period of 118 days [4] Future Outlook - The company expects continued growth in net profit for FY2026, FY2027, and FY2028, with projected figures of 3.91 billion, 4.35 billion, and 4.78 billion yuan respectively, reflecting year-on-year growth rates of 11%, 11%, and 10% [5]

Core Viewpoint - For FY25, the company expects revenue and net profit attributable to shareholders to grow by 11.6% and 14.3% year-on-year, respectively, with the down jacket business showing resilience despite a warm winter challenge [1][2] Revenue and Profit Summary - FY25 revenue reached 25.9 billion yuan, an increase of 11.6%, with operating profit at 4.967 billion yuan (+12.9%) and net profit at 3.514 billion yuan (+14.3%) [1] - The company declared a final dividend of 0.22 HKD per share, alongside an interim dividend of 0.06 HKD, resulting in a cash dividend payout ratio of 84% [1] Business Segment Performance - The brand down jacket business accounted for 83.7% of FY25 revenue, generating 21.67 billion yuan (+11.0%), with H1 and H2 revenues of 6.06 billion yuan (+22.7%) and 15.01 billion yuan (+7.0%), respectively [2] - By brand, FY25 revenue for Bosideng, Xuezhongfei, and Bingjie was 18.48 billion yuan (+10.1%), 2.21 billion yuan (+9.2%), and 0.13 billion yuan (-12.9%) [2] - The company’s direct sales and wholesale revenue for down jackets were 15.09 billion yuan (+5.2%) and 5.72 billion yuan (+24.3%), respectively [2] OEM and Other Business Insights - The OEM business grew significantly, with revenue of 3.37 billion yuan (+26.4%), while the high-end women's wear segment faced a decline, generating 0.65 billion yuan (-20.6%) [3] - The company experienced a goodwill impairment of 170 million yuan in the women's wear segment [3] Profitability and Efficiency - The overall gross margin for FY25 was 57.3%, down 2.3 percentage points, primarily due to declines in the gross margins of the brand down jackets and women's wear [3] - The operating profit margin for the down jacket business was 23.0%, an increase of 0.7 percentage points, aided by effective cost control [3] - The company’s operating profit margin for FY25 was 19.2% (+0.2 percentage points), with a net profit margin of 13.6% (+0.3 percentage points) [3] Inventory and Future Outlook - As of FY25, the company’s inventory stood at 3.95 billion yuan (+23.6%), with an inventory turnover period of 118 days (+3 days) [4] - For FY26, the main brand will focus on down jacket categories and enhance competitive advantages, with expectations for steady growth in the OEM business and improvements in the performance of sub-brands [4] - Revenue projections for FY26 to FY28 are 28.53 billion yuan, 31.22 billion yuan, and 34.08 billion yuan, with corresponding net profits of 3.92 billion yuan, 4.34 billion yuan, and 4.80 billion yuan [4]

Core Insights - The company reported a revenue of 25.902 billion yuan for FY2025, representing a year-on-year growth of 11.6% [1] - The operating profit for FY2025 was 4.967 billion yuan, up 12.9% year-on-year, while the net profit attributable to shareholders was 3.514 billion yuan, reflecting a 14.3% increase [1] - The company has shown a consistent revenue CAGR of 17.7% from FY2021 to FY2025, with a net profit CAGR of 19.7% during the same period [1] Business Segments - The brand down jacket and OEM processing businesses were the main drivers of revenue growth, with the brand down jacket segment achieving a revenue of 21.668 billion yuan in FY2025, up 11.0% year-on-year [2] - The OEM processing business recorded a revenue of 3.373 billion yuan, marking a significant year-on-year increase of 26.4%, with the top five clients accounting for 90.4% of the revenue [2] Channel Development - The Top Store model and online-offline collaboration have significantly contributed to the company's high-quality development, with direct sales and wholesale channels for brand down jackets growing by 5.2% and 24.3% respectively in FY2025 [3] - The number of offline stores increased by 253 to 3,470, while online revenue for brand down jackets rose by 9.4% to 7.478 billion yuan in FY2025 [3] Profit Forecast - The company is expected to achieve net profits of 3.928 billion yuan, 4.388 billion yuan, and 4.879 billion yuan for FY2026 to FY2028, with year-on-year growth rates of 11.78%, 11.71%, and 11.20% respectively [4] - The company's strong brand presence, product development capabilities, and efficient supply chain management are anticipated to drive growth in the down jacket segment [4]

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 公司名稱： 波司登國際控股有限公司 呈交日期： 2025年7月2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 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights the company's operational resilience demonstrated during a warm winter and the optimization of channels that enhance brand visibility [5] - The company has achieved a revenue of 25.902 billion RMB for FY2025, reflecting a year-on-year growth of 11.6%, with a CAGR of 17.7% from FY2021 to FY2025 [7] - The report emphasizes the company's focus on the "dual focus" strategy of concentrating on down jackets and fashionable functional apparel, which drives revenue growth [7] Financial Performance Summary - For FY2025, the company reported a net profit of 3.514 billion RMB, a year-on-year increase of 14.3% [7] - The revenue from the brand down jacket business reached 21.668 billion RMB, growing by 11.0% year-on-year, with the main brand and Xuezhongfei contributing to this growth [7] - The OEM business revenue was 3.373 billion RMB, showing a significant increase of 26.4% year-on-year, with the top five clients accounting for 90.4% of the revenue [7] Revenue and Profit Forecast - The company forecasts net profits of 3.928 billion RMB, 4.388 billion RMB, and 4.879 billion RMB for FY2026, FY2027, and FY2028 respectively, with growth rates of 11.78%, 11.71%, and 11.20% [6][8] - The projected revenue for FY2026 is 28.533 billion RMB, with a growth rate of 10.2% [8] Operational Strategy - The company is enhancing its retail strategy through the Top Store model and online-offline collaboration, which has led to a 5.2% increase in direct sales and a 24.3% increase in wholesale revenue for the brand down jacket business [7] - The number of offline stores increased by 253 to a total of 3,470, while online revenue for brand down jackets grew by 9.4% to 7.478 billion RMB [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) with an expected relative performance increase of over 15% in the next 6 to 12 months compared to the benchmark index [9]. Core Views - The company demonstrated resilience amid external disturbances, presenting opportunities for seasonal layout [3]. - The brand's down jackets showed strong performance, with stable profit levels [3]. - The expansion of product categories is leading growth, and the long-term development of the company is viewed positively [3]. Financial Performance Summary - For the fiscal year 2024/25, the company achieved a revenue of 25,902 million yuan, representing a year-on-year growth of 11.6% [4]. - The net profit attributable to shareholders was 3,514 million yuan, with a year-on-year increase of 14.3% [4]. - The overall gross margin was 57.3%, a decrease of 2.3 percentage points year-on-year, while the net profit margin reached 13.6%, an increase of 0.4 percentage points year-on-year [4]. Revenue Breakdown - The main brand's down jacket business generated revenue of 21,668 million yuan, growing by 11.0% and accounting for 83.7% of total revenue [5]. - The brand "Bosideng" saw revenue increase by 10.1% to 18,481 million yuan, with a gross margin of 69.0% [5]. - The "Xuezhongfei" brand achieved revenue of 2,206 million yuan, up 9.2%, while the "Bingjie" brand's revenue decreased by 12.9% to 127 million yuan [5]. Channel and Operational Efficiency - The company is optimizing its channel structure with a net increase of 253 retail outlets, totaling 3,470, including 1,236 self-operated and 2,234 franchised stores [5]. - Online sales reached 7,575 million yuan, growing by 9.3%, with the online revenue of the down jacket business accounting for 34.5% of its segment revenue [5]. - The OEM business grew significantly, with revenue of 3,373 million yuan, up 26.4%, while the women's wear segment faced challenges with a revenue decline of 20.6% [5]. Profitability and Cash Flow - The overall gross margin decreased to 57.3%, primarily due to the faster growth of lower-margin OEM business compared to the brand business [5]. - The net profit margin improved to 13.6%, supported by a decrease in the sales expense ratio by 1.8 percentage points to 32.9% [5]. - The company maintained healthy inventory turnover with a total inventory of 3,951 million yuan and a turnover period of 118 days [5]. Future Earnings Forecast - The company forecasts net profits of 3,911 million yuan for FY2026, 4,345 million yuan for FY2027, and 4,784 million yuan for FY2028, with growth rates of 11%, 11%, and 10% respectively [6].