Core Viewpoint - Bosideng clarifies that reports regarding a potential acquisition of Canada Goose are false and that there is no undisclosed information [2] Group 1: Company Performance - Bosideng reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, representing an 11.6% year-on-year increase [5] - The net profit for Bosideng increased by 14.3% to 3.514 billion yuan during the same period [5] - The brand's down jacket business generated approximately 21.668 billion yuan, accounting for 83.7% of total revenue, with an 11.0% year-on-year increase [5] Group 2: Market Context - Bain Capital, the controlling shareholder of Canada Goose, is considering selling its stake, which may be related to the brand's recent underperformance [4] - Canada Goose's revenue growth has slowed significantly, with increases of 21.54%, 10.8%, 9.6%, and only 1.09% from fiscal years 2022 to 2025 [4] - In the first quarter of fiscal year 2026, Canada Goose reported a revenue increase of 22.4% to 108 million Canadian dollars, but its net loss widened to 125.5 million Canadian dollars [5] Group 3: Profitability Challenges - Bosideng's overall gross margin decreased by 2.3 percentage points to approximately 57.3% [8] - The gross margin for the brand's down jacket business fell by 1.6 percentage points to 63.4%, while the private label processing business and women's wear also saw declines [8] - Factors affecting the gross margin include changes in channel structure, product category mix, and rising core down costs [8] Group 4: Product Diversification - Bosideng has expanded its product range to include sun protection clothing and outdoor jackets, aiming to differentiate itself in a low-concentration market [11] - The company plans to educate consumers and lead the market in these segments through innovative technology and standard-setting [11]

人民财讯8月29日电，波司登在港交所公告，公司谨此提及若干媒体关于公司可能收购Canada Goose Holdings Inc.的相关报道。公司现澄清，相关报道的内容不实，公司亦无任何应披露而未披露的信息。 ...

波司登(03998)发布公告，该公司谨此提及今日若干媒体关于本公司可能收购Canada Goose Holdings Inc. 的新闻及报告(相关报道)。本公司现澄清，相关报道的内容不实，本公司亦无任何应披露而未披露的信 息。 建议本公司股东及潜在投资者不要依赖有关本公司的市场传言，有关本公司的信息应以本公司在香港联 合交易所有限公司披露易网站(https://www.hkexnews.hk)刊登的相关公告为准。 ...

Core Viewpoint - Bosideng (03998) clarifies that recent media reports regarding a potential acquisition of Canada Goose Holdings Inc. are inaccurate and that the company has no undisclosed information [1] Group 1 - The company advises shareholders and potential investors not to rely on market rumors about the company [1] - The company emphasizes that any information regarding its operations should be based on announcements made on the Hong Kong Stock Exchange's disclosure website [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 波司登國際控股有限公司 Bosideng International Holdings Limited （於開曼群島註冊成立之有限責任公司） 於本公告日期，執行董事為高德康先生、梅冬女士、黃巧蓮女士、芮勁松先生及高曉東先生； 獨立非執行董事為董炳根先生、王耀先生及魏偉峰博士。 （股份代號：3998） 澄清公告 波司登國際控股有限公司（「本公司」）謹此提及今日若干媒體關於本公司可能收購Canada Goose Holdings Inc.的新聞及報告（「相關報道」）。本公司現澄清，相關報道的內容不實，本公司亦無 任何應披露而未披露的信息。 建議本公司股東及潛在投資者不要依賴有關本公司的市場傳言，有關本公司之信息應以本公司 在香港聯合交易所有限公司披露易網站（ https://www.hkexnews.hk ）刊登的相關公告為準。本公 司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 波司登國際 ...

Core Insights - The article discusses the integration of AI in the fashion industry, particularly through Bosideng's "BSD.AI Aesthetic Brain," which utilizes big data to create a digital closed loop from design to virtual clothing [2] - Bosideng's 2024/25 ESG report highlights the company's commitment to sustainable fashion and innovation, providing a framework for understanding the deep value in the clothing industry [2] Group 1: Raw Material Foundation - Bosideng emphasizes a systemic upgrade in comfort and quality, moving beyond traditional metrics like down content and loftiness to a comprehensive approach involving raw material quality and technological innovation [4][5] - The company sources 100% of its down from suppliers certified by the Responsible Down Standard (RDS), ensuring animal welfare and a strict supply chain traceability system [5] - 75% of the down used is OEKO-TEX® certified, ensuring safety for consumers, while 58% meets bluesign® standards, reflecting stringent environmental controls in production [5][6] Group 2: Technological Innovation - Bosideng's commitment to new productive forces is evident in its development of intelligent manufacturing systems and the use of RFID technology throughout the supply chain, enhancing transparency and reducing carbon footprints [10][11] - The company has launched a CIRCULAR series designed for sustainability, achieving a "from garment to garment" recycling goal, demonstrating a commitment to circular economy principles [11] - Bosideng has secured 1498 patents during the ESG report period, showcasing its technological advancements and recognition through multiple international awards [13] Group 3: Quality Control System - Bosideng implements a rigorous quality control system, ensuring that every product undergoes multiple inspections before reaching consumers, with strict standards for product return rates [14][16] - The company has developed a digital management platform for supply chain ESG, fostering a data-driven, collaborative relationship with suppliers to enhance quality stability [14] - Bosideng is a member of the Zero Discharge of Hazardous Chemicals (ZDHC) alliance, aiming for zero harmful chemical emissions in its supply chain by 2030 [15][16] Group 4: Labor Rights and Social Responsibility - Bosideng adheres to international labor standards and has received SA8000 certification, ensuring employee rights are integrated into its operations [17][18] - The company has established a labor relations committee to address employee grievances and promote a harmonious work environment [17] - Bosideng conducts annual assessments of labor rights risks across its operations, continuously improving its labor policies and management effectiveness [18] Group 5: ESG Strategy and Recognition - The ESG report serves as a "second financial report," reflecting the company's comprehensive value assessment and commitment to sustainable fashion [19][21] - Bosideng's ESG strategy includes a framework that integrates consumer orientation and sustainability into its business practices, earning recognition in global sustainability rankings [21] - The article concludes that understanding an ESG report reveals a brand's intrinsic value, transforming consumer purchases into votes for a sustainable future [21]

Group 1 - Bain Capital is considering selling its stake in Canada Goose, with a privatization offer valued at approximately $1.35 billion received [1] - The stock price of Canada Goose has increased by over 16% following the news of the potential sale [1] - Multiple private equity firms and apparel companies have expressed interest in acquiring Canada Goose, including Chinese brand Bosideng and a consortium led by Anta Group [1] Group 2 - Canada Goose's revenue growth has slowed down, with a projected increase of only 1.09% to CAD 1.348 billion for the fiscal year ending March 30, 2025 [2] - Revenue growth rates for Canada Goose from fiscal years 2022 to 2025 were 21.54%, 10.8%, 9.6%, and 1.09% respectively, indicating a downward trend [2] - In the first quarter of fiscal year 2026, Canada Goose reported a revenue increase of 22.4% to CAD 108 million, but net losses widened from CAD 74 million to CAD 125.5 million year-over-year [2]

Group 1 - Bain Capital, the controlling shareholder of Canada Goose, is considering selling its shares, with potential buyers including Bosideng from the Chinese market [1] - Bosideng representatives stated that the company does not comment on market rumors [1]

加拿大鹅被传出售，或是因为其近年相对疲软的市场表现。截至2025年3月30日，Canada Goose加拿大 鹅2025财年营收达13.484亿加元，同比增长1.1%；除大中华区外的亚太市场成为主要增长引擎，同比增 长 31.4%。这份业绩表现不能算差，但从近三年业绩看加拿大鹅增长承压增速放缓。2022-2025财年， 公司营收增速从21.5%大幅滑落至1.1%。 与巅峰期相比，加拿大鹅市值已缩水超440亿元人民币，当前市值约为97亿元人民币。 但加拿大鹅依旧是在赚钱的，且近期业绩亮眼。最新财报显示，2026财年第一季度（截至2025年6月29 日），加拿大鹅全球营收同比增长22.4%至1.08亿加元（约合人民币5.61亿元），为近九个季度以来最 大增幅。其中，大中华区期内实现营收大增18.7%。为此，加拿大鹅在品类拓展、营销活动、渠道扩张 等方面均采取了针对性优化措施。 在非销售旺季增势强劲，很大程度上源于加拿大鹅的四季化战略。加拿大鹅正努力摆脱"冬装代名词"标 签，扩大产品线至毛衣、鞋履、太阳镜等领域，并强化产品和门店陈列的季节相关性。最新财季内，其 新推出的Emerson短袖T恤成为最畅销产品，市场反馈 ...

来源：瑞恩资本RyanbenCapital 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com CNBC引述知情人士报道，私募基金博裕资本(Boyu Capital)、安宏资本(Advent International)已提出口头 收购意向，估值约13.5亿美元。 知情人士称，贝恩就出售股权委任高盛为交易顾问，博裕资本、安宏资本的作价是以Canada Goose过去 12个月平均息税折旧摊销前利润(EBITDA)约8倍进行估值，涉约13.5亿美元。 此外，其他有意竞购的尚包括同业内地羽绒商波司登(03998)、安踏体育(02020)、以及方源资本 (FountainVest Capital)组成的财团。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 加拿大羽绒品牌Canada Goose(加拿大鹅)大股东(持股约60.5)贝恩资本(Bain Capital)，早 ...