呈交日期: 2026年2月3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 | 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: 2026年1月31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 本月底 ...

引言：何为一件高品质羽绒服的真实衡量标准？青海消协权威检测，扒开中国高端制造的"里子" 冬天来临，羽绒服成为人们御寒的刚需装备。但面对市场上令人眼花缭乱的国内外品牌与悬殊的价差， 消费者在选购时难免感到困惑。抛开外在的品牌"标签"，一件羽绒服的价值，究竟由何定义？ 近期，青海省消费者协会(青海省市场监督管理局指导)发布了一份沉甸甸的《羽绒服装比较试验报 告》，将产品的"内里"置于聚光灯下，以科学、公正、全面的检测数据，对羽绒服行业进行了一场 "解 剖式"的审视，其客观数据，也为消费者提供了极具价值的选购参考。 其中，中国品牌波司登极地极寒羽绒服以其卓越的综合表现，在多项关键指标中脱颖而出，以唯一五星 (★★★★★)综合评级的卓越表现，在与包括盟可睐(MONCLER)、加拿大鹅(Canada Goose)、始祖鸟 (Arc'teryx)、北面(THE NORTH FACE) 等国际知名品牌的对比中，不仅力压一众"身价不菲"的国际顶尖 品牌，更以硬核产品力，让世界看到中国高端制造的"里子"！ 图片来源：青海省消费者协会官方网站 一、权威鉴证，一场关于羽绒服的品质大考 本次比较试验并非普通的商业评测，其背后是青海省 ...

近日，有"好事者"剪开了标价2299元的波司登商务系列鹅绒服，随即剪开的是仅有86克充绒量的现实。86克，不及一颗普通苹果的重量，在波司登这里被 赋予了2299元的高昂身价。 另一面，一条售价700多元的羽绒裤，充绒量只有3克。网友戏称其为"一层皮的滑雪裤"，更有评论犀利地指出："这哪里是羽绒裤，分明是给面料镀了一 层羽绒的膜。" 这两组数字——2299元对86克，700元对3克——构成极具视觉冲击力的剪刀差，同时，也无情地剪开了波司登苦心经营多年的高端化滤镜。 现实"剪刀差" 根据行业常识，一件能够应对冬季常规寒冷的短款羽绒服，充绒量通常需要在130克至150克以上。86克，在技术参数上或许勉强符合某些轻薄款的标准， 但将其置于"商务"、"高端"且售价超2000元的语境中，便显得有些违和。 这种违和感，被在波司登的官方回应中被进一步放大。"符合国家标准"、"价格由设计、材料、品牌价值等多因素决定"。这是波司登面对质疑时的标准话 术，从法律层面看，或许无懈可击。 然而，现行GB/T14272-2021《羽绒服装》国家标准确实只规定了含绒量（%）和蓬松度等指标，并未对成衣的最低充绒克数做出强制性规定。波司登巧妙 ...

Core Viewpoint - Recent social media posts revealed that Calvin Klein Jeans' white down jacket is manufactured by Bosideng, indicating a trend of international brands utilizing local manufacturers for production [1][4]. Group 1: Brand and Manufacturing - Calvin Klein has confirmed that some of its down jackets are produced by Bosideng, a Chinese manufacturer [1]. - The production label indicates that the agent is Pengweiqi Commercial (Shanghai) Co., Ltd., and the manufacturing site is located in Jiangsu Province, China [1]. - Calvin Klein operates in various countries and utilizes different manufacturers based on product specifications and production batches [4]. Group 2: Market and Financial Data - The price range for Calvin Klein's down jackets on Tmall is between 1,300 to 3,000 yuan [4]. - PVH Group, Calvin Klein's parent company, reported total revenues from 2019 to 2024 as follows: $9.4 billion, $6.799 billion, $9.155 billion, $9.024 billion, $9.218 billion, and $8.653 billion [6]. - In the third quarter of 2025, PVH Group's revenue increased by 2% year-on-year to $2.294 billion [7]. Group 3: Industry Trends - The practice of outsourcing production to local manufacturers is common in the modern manufacturing industry, as seen with both Calvin Klein and Adidas utilizing local firms for their products [7]. - Consumers are encouraged to focus on product specifications such as down fill power, fill weight, fabric technology, and craftsmanship rather than solely on brand names [9].

Group 1 - A consumer recently discovered that a Calvin Klein Jeans white down jacket they purchased was manufactured by Bosideng, a prominent Chinese down jacket producer [1][4] - Calvin Klein Jeans is a subsidiary of the American fashion brand Calvin Klein, while Bosideng is known for its large-scale production capabilities and advanced manufacturing equipment [4] - The customer service of Calvin Klein confirmed that the brand has multiple production sites worldwide, and the manufacturers may vary based on product craftsmanship and production batches [4] Group 2 - Bosideng has also been reported as the manufacturer for several Adidas down jackets, sparking discussions among consumers regarding brand and pricing [5] - Some consumers have expressed dissatisfaction with the price differences between down jackets produced by Bosideng for other brands and those sold under Bosideng's own label, leading to returns [5] - Industry expert Zhan Junhao noted that it is common for clothing brands to outsource production to specialized manufacturers, allowing them to focus on design, marketing, and supply chain management [5][6]

Core Insights - The article highlights the launch of the AREAL product line by Bosideng in collaboration with British designer Kim Jones at Galeries Lafayette in Paris, marking a significant milestone for the brand as it enters the European market [1][6][11] - This event signifies a strategic move for Chinese high-end fashion brands to gain recognition and establish a presence in the mainstream European fashion scene [1][6] Group 1: Product Launch and Design - The AREAL series is the first overseas public presentation since its release in 2025, showcasing a blend of Eastern practicality and Western high fashion through innovative design [1][6] - Kim Jones, known for his roles at Dior, Fendi, and Louis Vuitton, serves as the creative director, emphasizing a modern luxury perspective on functional down jackets [6][9] Group 2: Market Strategy and Brand Recognition - The collaboration with Galeries Lafayette, a prestigious European fashion hub, reflects Bosideng's design value and brand strength, marking a significant recognition in the high-end fashion industry [6][11] - Bosideng's previous participation in major fashion weeks in London, Milan, New York, and Paris has established its stable international fashion voice, paving the way for its European market expansion [11] Group 3: Consumer Engagement and Experience - The pop-up store at Galeries Lafayette features an immersive experience with a focus on the series' core philosophy of "temperature and style," attracting local consumers and fashion buyers [9] - The launch event included discussions on the globalization path of Chinese brands and the evolution of functional apparel, highlighting Bosideng's commitment to establishing a global presence [9][11]

Core Insights - Bosideng's AREAL collection, launched in collaboration with British designer Kim Jones, marks the brand's first overseas presentation and entry into the EU market, highlighting its strategic expansion into high-end fashion [1][5] - The collaboration signifies a blend of Eastern practicality and Western luxury fashion design, showcasing Bosideng's commitment to redefining modern luxury through innovative aesthetics [2][5] Group 1: Product Launch and Market Entry - The AREAL collection was unveiled at Galeries Lafayette Haussmann in Paris, representing a significant milestone for Bosideng as the first Chinese down jacket brand to open a pop-up store there [1] - The collection is inspired by global lifestyle rhythms and integrates Bosideng's 50 years of down insulation technology with Kim Jones' modern aesthetic, creating a versatile urban dressing system [2] Group 2: Brand Recognition and Strategic Positioning - The invitation to showcase at Galeries Lafayette is seen as a high recognition of Bosideng's design value and brand expertise within the European fashion landscape [2] - The AREAL collection emphasizes a core philosophy of "temperature and style, luxury art is not a luxury," aiming to redefine the boundaries of functional aesthetics in modern luxury [2][3] Group 3: Immersive Experience and Brand Engagement - The pop-up store features an immersive experience with a narrative theme of "Move Forward In AREAL," utilizing the infinity symbol as a visual element to represent the brand's ongoing exploration of dressing concepts and functionality [3] - The launch event attracted significant attention from local consumers, fashion buyers, and tourists, indicating the growing global appeal of the Chinese brand [3][4] Group 4: International Strategy and Future Outlook - Bosideng's presence at major international fashion weeks in London, Milan, New York, and Paris has established a stable international fashion voice for the brand [5] - The entry into Galeries Lafayette is a critical step in deepening Bosideng's European market presence and serves as a model for other Chinese brands aiming for global expansion through a combination of design and technology [5]

Core Viewpoint - The recent controversy surrounding Bosideng's down jackets, particularly regarding the low down filling weight of 86 grams in a jacket priced at 2,299 yuan, has sparked public scrutiny and discussions about the brand's pricing strategy and product quality [1][2]. Group 1: Company Response and Strategy - Bosideng's customer service clarified that the criticized jacket is a business style, designed to be lighter and suitable for specific temperature ranges, indicating that the down filling is not the sole measure of warmth [3]. - The brand has adopted a silent approach to the controversy, focusing on promoting its design and brand value through endorsements and upcoming events, rather than directly addressing the criticism [13][15]. - The company has successfully positioned itself as a luxury brand in the Chinese down jacket market, achieving significant revenue and profit growth, with a reported revenue of approximately 8.928 billion yuan and a net profit of about 1.201 billion yuan for the first half of 2025 [4]. Group 2: Market Dynamics and Consumer Behavior - The controversy has led to a surge in interest in lower-priced down jackets, with consumers questioning the value of high-end products when cheaper alternatives offer higher down filling [21][26]. - The market for affordable down jackets is experiencing a boom, with brands like Sam's Club and Costco reporting high sales of their budget-friendly options, indicating a shift in consumer preferences [27]. - Bosideng's lower-end brands, "Xuezhongfei" and "Bingjie," have not performed as well in the mid-to-low-end market, with sales percentages of only 5.8% and 0.2% respectively, and both brands experiencing revenue declines [28]. Group 3: Regulatory and Industry Standards - The national standard for down jackets has been updated to focus on "down content" rather than "down filling," which aims to provide clearer quality indicators and prevent inferior materials from being misrepresented [6][7]. - Bosideng's chairman was involved in drafting these standards, suggesting that the company is well-versed in compliance and quality assurance [8]. Group 4: Future Considerations - The current situation presents an opportunity for Bosideng to leverage the increased attention on affordable down jackets to revitalize its lower-end brands and capture market share in the budget segment [31]. - The company must navigate the evolving market landscape and consumer expectations to maintain its brand value and pricing power in the competitive down jacket market [32].

相关事件 摩根士丹利发表研究报告，预测波司登的股价在未来30天内有约70%至80%机率会上升。按照最新天气 预测，中国或将从1月20日起开始显著转冷，将与传统农历新年购物旺季相吻合。大摩表明看好波司登 在Areal、Vertex、Moose Knuckles等新品牌及领域的探索，亦看好其盈利增长往绩，给予"增持"评级， 目标价为5.8港元。 大行评级｜大摩：看好波司登在新品牌及领域的探索 评级"增持" 波司登荣获"格隆汇金格奖·年度投资 价值"奖 ...

Core Insights - A consumer in Jiangsu criticized Bosideng for the high price of a business series down jacket, priced at 2099 yuan, which has a low filling weight of only 86 grams, questioning the brand's premium pricing strategy [2] - Bosideng's high-end transformation aims to shed its "cost-performance" label and align with international luxury brands like Moncler and Canada Goose, evidenced by collaborations and acquisitions [2][3] - Despite Bosideng's efforts, market data shows that nearly 80% of Chinese down jacket consumers prefer prices below 1200 yuan, indicating a mismatch between the brand's high-end positioning and consumer willingness to pay [3] Company Strategy - Bosideng has launched high-end products, such as the AREAL series in collaboration with Kim Jones, and has acquired the Canadian luxury down brand Moose Knuckles to enhance its market position [2] - The company reported record revenues of 25.9 billion yuan and a net profit of 3.5 billion yuan for the fiscal year 2024/25, marking eight consecutive years of historical highs [2] Market Competition - The competitive landscape is intensifying, with outdoor brands like The North Face and Columbia increasing market investments, while fast fashion brands like Uniqlo and ZARA leverage supply chain advantages to capture the mass market [3] - Only 32% of surveyed consumers believe Bosideng's "Dengfeng series" can compete with Moncler and Canada Goose, highlighting the challenges in establishing a premium brand perception [3][4] Brand Positioning - Unlike Moncler, which relies on a century of craftsmanship and brand storytelling, and Canada Goose, which emphasizes extreme performance and scarcity, Bosideng's high-end strategy requires a new supporting narrative to resonate with consumers [4]