Financial Performance - Revenue increased by 38.4% year-on-year to approximately RMB 23,214.0 million[2] - Gross profit margin slightly increased by 0.1 percentage points to approximately 59.6%[2] - Operating profit rose by 55.6% year-on-year to approximately RMB 4,397.6 million[2] - Profit attributable to equity shareholders increased by 43.7% year-on-year to approximately RMB 3,074.1 million[2] - Net profit for the year was RMB 3,120.1 million, compared to RMB 2,156.4 million in the previous year[6] - Basic earnings per share increased to RMB 28.34 from RMB 19.75[6] - Total revenue for the year ended March 31, 2024, reached RMB 23,214,033 thousand, a significant increase from RMB 16,774,220 thousand in the previous year, representing a growth of approximately 38.5%[15] - The profit before tax for the year ended March 31, 2024, was RMB 4,541,210,000, compared to RMB 2,887,313,000 for the year ended March 31, 2023, indicating an increase of about 57.5%[18] - The total comprehensive income for the year ended March 31, 2024, was RMB 4,541,210,000, compared to RMB 2,887,313,000 for the year ended March 31, 2023, indicating a growth of about 57.5%[18] Revenue Breakdown - Revenue from clothing sales amounted to RMB 23,041,393 thousand, up from RMB 16,603,642 thousand, indicating a growth of about 38.5% year-over-year[15] - Revenue from external customers for down jackets reached RMB 19,521,311,000 for the year ended March 31, 2024, up from RMB 13,574,497,000 in the previous year, reflecting a growth of approximately 44.0%[17] - The OEM management business recorded revenue of RMB 2,669.7 million, contributing 11.5% to total revenue, and grew by 16.4% year-on-year[58] - The women's wear business achieved revenue of RMB 819.8 million, making up 3.5% of total revenue, with a year-on-year increase of 16.6%[58] - The diversified clothing business generated revenue of RMB 203.2 million, accounting for 0.9% of total revenue, with a slight increase of 0.3% year-on-year[58] Dividends and Shareholder Returns - The board proposed a final dividend of 20.0 HK cents per share[2] - The proposed final dividend of HKD 0.20 per share amounts to approximately RMB 2,001,530,000, compared to RMB 1,354,379,000 for the previous year, indicating a 47.6% increase[54][56] - The total dividends payable for the year reached RMB 2,494,170,000, up from RMB 1,784,412,000 in the previous year, marking a 39.8% increase[54] Assets and Liabilities - Total assets less current liabilities amounted to RMB 14,588.1 million[8] - Cash and cash equivalents increased to RMB 6,227.0 million from RMB 3,718.2 million[7] - Inventory rose to RMB 3,197.5 million from RMB 2,689.3 million[7] - Trade receivables and notes receivable total RMB 1,585,095,000 as of March 31, 2024, up from RMB 1,010,653,000 in 2023[40] - Trade payables increased significantly to RMB 1,308,359,000 from RMB 667,461,000, reflecting a growth of 96% year-over-year[47] - The total amount of notes payable rose to RMB 3,868,527,000, compared to RMB 2,429,863,000, marking a 59.5% increase[47] Operational Efficiency - The company operates through four main segments: down jackets, OEM management, women's wear, and diversified clothing, which includes seasonal clothing like school uniforms and children's wear[14] - The company’s management monitors segment performance based on revenue and expenses, with segment profit defined as revenue minus cost of sales and direct administrative expenses[16] - The company has implemented a unified inventory management platform across 9 major warehouses and 12 smaller warehouses, enhancing operational efficiency[66] - The logistics system automatically matches transportation resources to each order, maximizing service efficiency while maintaining reasonable costs[70] Market and Brand Development - The company has experienced a dual enhancement in brand value and operational performance despite external pressures, indicating resilience in achieving sustainable high-quality development[57] - Bosideng was ranked 47th in the Brand Finance "2023 Global Apparel Brands" list and improved its position in the "China Brand Value 500" list by 30 places to 145th[62] - The company launched a new line of sun-protective clothing in spring/summer 2023, which received positive consumer feedback due to its innovative fabric and design[63] - The company collaborated with Douyin to create the "China Good Down" IP, enhancing brand visibility and consumer engagement through a snow mountain pop-up store[64] Research and Development - The company has invested in advanced research and technology, focusing on new categories and materials, with its champion thermal comfort ski suit winning the ISPO award in the 2023/24 fiscal year[69] - The group filed 545 patents in the 2023/24 fiscal year, bringing the total to 971 patents as of March 31, 2024, enhancing its position as an expert in down jackets[74] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the separation of roles between the chairman and CEO, which is held by the same individual due to his unique experience and reputation in the industry[136] - The audit committee reviewed the accounting principles and practices adopted by the group and discussed financial reporting matters with the auditors[137] - The auditors, KPMG, confirmed that the financial figures in the annual report are consistent with the group's consolidated financial statements[138] Employee and Talent Management - The total employee cost for the year ended March 31, 2024, was approximately RMB 2,656.6 million, an increase from RMB 1,839.8 million in the previous fiscal year[127] - The company employed 11,831 full-time employees as of March 31, 2024, a decrease of 352 from the previous year[127] - The company has established a comprehensive talent development system, outputting 736 outstanding university students, 112 backup managers, 37 backup directors, and 18 retail general managers through the "Eagle System" project[131] Sustainability and ESG - The group is committed to integrating ESG principles into its management to promote sustainable high-quality development[123] - The company maintained an MSCI ESG rating of A, leading in the Chinese textile and apparel industry[124]

Investment Rating - The report maintains a "Buy" rating for Bosideng (03998 HK) with a FY2025 PE of 14x [2] Core Views - Bosideng is expected to achieve a 30% revenue growth in FY2024, driven by strong sales in its down jacket business and steady growth in OEM operations [1] - The company is expanding its product portfolio into functional apparel, including lightweight down jackets and sun protection clothing, which is expected to contribute to future growth [2] - Bosideng's online sales account for over 30% of total revenue, with significant improvements in profitability and efficiency [2] Product Expansion - Bosideng has successfully upgraded its main brand, with the gross margin of the Bosideng brand reaching 70 8% in FY2023 [2] - The company has introduced lightweight down jackets and sun protection clothing, with the lightweight down category accounting for approximately 20% of down jacket sales in FY2023 [2] - The sun protection category achieved sales of over 100 million yuan in 2023 and is expected to continue growing in 2024 [2] Channel Efficiency - Bosideng has optimized its offline channels by focusing on single store management, with 3,183 stores as of FY2023 [2] - The company's online sales have grown rapidly, with a CAGR of 34% over the past five years, accounting for 35 6% of total down jacket sales in FY2023 [37] - Bosideng has a comprehensive presence across major e-commerce platforms, including Tmall, JD com, and Douyin [38] Supply Chain Improvement - Bosideng has maintained a low initial order ratio, with less than 40% of orders placed at the beginning of the year, allowing for flexible replenishment based on sales performance [2] - The company's inventory turnover days decreased to 142 days in FY2023, down by 6 days year over year, and further improved to 158 days in FY2024H1, down by 20 days year over year [2] - Bosideng has upgraded its supply chain to support rapid replenishment and efficient logistics, with a target of 99% availability for top selling items [42] Financial Performance - Bosideng's revenue is expected to grow to 21 61 billion yuan in FY2024, representing a 28 8% year over year increase [45] - The company's net profit is forecasted to reach 2 87 billion yuan in FY2024, a 34 2% year over year increase, with continued growth expected in FY2025 and FY2026 [46] - Bosideng has maintained a high dividend payout ratio, with an average of around 80% from FY2019 to FY2023 [1] Valuation and Investment Outlook - Bosideng's valuation is relatively low compared to peers, with a FY2025 PE of 13 9x, below the industry average of 15 8x [50] - The company's expansion into new product categories and improved operational efficiency are expected to drive stable growth and enhance its valuation [49] - Bosideng's strong brand positioning and high dividend payout make it an attractive investment opportunity [51]

公 纺织服装 司 2024年05月 10日 报 波司登(3998.HK) 告 再次腾飞的羽绒服专家 强烈推荐（首次） 平安观点： 波司登是我国改革开放初期成立的第一代民族品牌。早在问世之初，波司登便 公 股价：4.62 港元 凭借扎实的产品和创意性营销快速打开销售市场，并领航羽绒服行业。在发展 历程中，公司也曾一度因经营失焦而陷入低谷；但波司登积极求变，持续转型 司 主要数据 创新。自 2018 年起，公司转型调整并重新起航，提出“聚焦主航道，聚焦主 首 品牌”的发展战略。在2018-2020年第一个三年期改革中，再次迎来了经营业 行业 纺织服装 次 公司网址 www.bosideng.com;company.boside 绩的又一次腾飞。本篇报告是我们重点分析公司转型成功的举措，并分析公司 ng.com 未来成长的驱动因素。 覆 大股东/持股 康博投资有限公司/26.01%  “聚焦主航道与主品牌”，波司登做对了什么？ 盖 实际控制人 高德康，梅东冬 总股本(百万股) 10953.53 1）产品：聚焦羽绒服功能性及时尚性。一方面，公司重视羽绒服产品的 报 流通A股(百万股) 功能性，从蓬松度、防水性、防风 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨波司登（ ） 3998.HK [防Ta晒b衣le_迈T入itle] 时代，上调全年预期 2.0 报告要点 [2T0a2b4le年_S4um月m1a8ry日] ，波司登应第十四届北京国际电影节组委会之邀，在北京燕山脚下的雁栖湖 国际会议中心南广场举行防晒衣时尚秀。防晒服强产品力&品牌力有望助力春夏季销售，此外 今年1-2月天气仍偏冷，预计将拉动波司登羽绒服FY2024（2023/4/1-2024/3/31）销售增长， 因此我们上调公司预期。 ...

2024年04月21日 公 司点评 公 买入 / 维持 司 波司登(03998) 研 究 目标价: 昨收盘:4.32 波司登近况点评：冬季动销强劲，上调全年盈利预测，防晒新品 发布助力销售全季化 事件：公司4月18日受邀参加第十四届北京国际电影节，在北京雁 ◼ 走势比较 栖湖国际会议中心南广场举行防晒衣时尚秀，推出“骄阳系列 3.0”及“都 市轻户外”系列防晒服新品。 太 10% 开启防晒服2.0时代，全季化销售布局稳步推荐。公司持续升级级防 2% 晒衣产品系列，其防晒衣科技功能性领先市场，UPF防晒指数高达100+、 平 洋 (6%)12/4/32 2/7/32 21/9/32 32/11/32 3/2/42 51/4/42 高 出于 骄市 阳系场上 列、U 假PF 日50 系+左 列右 、的 户标 外准 露。 营公 系司 列的 等防 春晒 夏衣 新矩 品阵 。不 同断 时完 公善 司， 具目 备前 扎已 实推 的 (14%) 证 终端渠道基础，防晒系列有望借助渠道渗透+营销投入实现快速放量。4月 券 (22%) 18日举办波司登品牌全球首场防晒服专场发布会，进一步扩大品牌声量， 股 (30%) 助力防晒新 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 波司登（03998.HK） 动销持续靓丽，再次上调 FY24 业绩指引 2024 年 04月 23日 买入（维持） 证券分析师 汤军 [Table_EPS] 执业证书：S0600517050001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 16,214 16,774 21,673 24,833 28,438 tangj@dwzq.com.cn 同比(%) 19.95 3.46 29.20 14.58 14.52 证券分析师 赵艺原 归母净利润（百万元） 2,062 2,139 2,893 3,343 3,870 执业证书：S0600522090003 同比(%) 20.63 3.70 35.28 15.56 15.76 zhaoyy@dwzq.com.cn EPS-最新摊薄（元/股） 0.19 0.20 0.26 0.31 0.35 股价走势 P/E（现价&最新摊薄） 21.30 20.54 15.18 13.14 11.35 [ [TT aab bl le e_ _T Sa ug ...

纺织服饰 | 证券研究报告 — 调整盈利预测 2024年4月23日 03998.HK 波司登 买入 举办防晒衣大秀，全渠道建设助力公司快速成长 原评级：买入 市场价格:港币 4.32 4月18日公司举办防晒衣大秀，新品类有助开拓第二成长曲线。公司坚持全 板块评级:强于大市 渠道建设， Q1 寒潮有望推动公司旺季销售，随着消费信心企稳叠加公司品 牌建设持续推进，看好公司营收保持快速增长，维持买入评级。 股价表现 支撑评级的要点 13%  举办防晒衣大秀，有望开拓第二成长曲线。公司于4月18日于北京举办 防晒衣大秀，开启防晒衣2.0时代。整场大秀分为“骄阳系列”、“高奢 6% 系列”、“秀款”、“秀款+都市轻户外”等多个主题，公司采用高科技 (2%) 面料，更加注重防晒衣专业防晒功能的研发和时尚色彩版型设计，打造 (10%) 出具备更强的防晒效果和穿着舒适度的更时尚的专业防晒衣。我们认为 (18%) 公司已经在羽绒服行业打造了良好的品牌形象，此次大力推出防晒衣产 (25%) rp 3A -2 ya 3M -2 n 3uJ -2 l 3uJ -2 gu 3A -2 波司登tc 3O -2 vo 3N -2 ce ...

[Table_Title] 证券研究报告 防晒衣丰富产品品类，旺季羽绒服销售乐观 公司研究 [Table_ReportDate] 2024年4月22日 [Table_ReportType] 点评报告 [T事ab件le：_S公um司ma近ry期] 发布与法国高奢时尚设计师 Christelle Kocher 联名防晒衣 [T波ab司le登_S（toc3k9A9n8d.RHanKk)] 系列，Christelle Kocher曾获得法国国家时尚艺术发展协会时尚大奖，任香 奈儿旗下高级手工坊艺术总监。此外公司与权威时尚媒体《时尚芭拉》在上 投资评级 买入 海举办防晒衣新品发布会，推出“骄阳系列3.0”及“都市轻户外”等产品， 上次评级 买入 并与北京电影节合作大秀提升影响力。 汲肖飞 纺服行业首席分析师 点评： 执业编号：S1500520080003 ➢ 频繁寒潮催化羽绒服需求，波司登收入预计增长较快。2023 年冬季受 邮 箱： jixiaofei@cindasc.com 厄尔尼诺等气候现象影响，全国平均气温为-2.8℃，较往年同期偏高 0.3℃，但冬季冷空气较为活跃，寒潮次数偏多且强度较强，共有11次 冷空气过 ...

[Table_Page] 跟踪研究|耐用消费品与服装 证券研究报告 [【Table_Tit广le] 发 纺 服 & 海 外 】 波 司 登 [公Tab司le_I评nves级t] 买入 当前价格 4.32港元 （03998.HK） 合理价值 5.98港元 前次评级 买入 23/24 财年业绩展望乐观，防晒服有望成为未来增长点 报告日期 2024-04-22 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 24Q1公司电商业务大幅增长，23/24财年业绩展望乐观。根据久谦及 12% 4% 婵妈妈数据，24Q1公司主品牌波司登在天猫、京东、抖音销售额合计 -5%04/23 06/23 08/23 10/23 12/23 02/24 04/24 为24.52亿元，同比增长47.97%，远超24Q1全国穿类实物商品网上 -13% 零售额12.1%的增长，其中天猫销售额8.29亿元，同比增长37.48%， -22% -30% 京东销售额 3.56 亿元，同比增长 19.87%，抖音销售额 12.67 亿元， 波司登 恒生指数 同比增长67.36%。2022/23财年 ...

M N 22 Apr 2024 CMB International Global Markets | Equity Research | Company Update Bosideng (3998 HK) From winter clothing to all seasons clothing We think the guidance raise is a key moment for the company, as the success Target Price HK$5.34 that Bosdieng has achieved in the sun-protective product series shows that it is (Previous TP HK$3.86) capable of generating sales in all seasons (other than just fall and winter). Also, Up/Downside 23.5% despite our raises in estimates and TP, we still think our num ...