智通财经APP获悉，小摩发布研报称，将波司登(03998)目标价由6港元上调至6.3港元，维持"增持"评 级。波司登管理层预期今年3月底止财年集团层面销售额将录得增长4%至5%，净利润率亦将有所扩 张。进入2027财年，该行料在其各项举措的推动下，波司登将重拾增长势头，相关举措包括打造其热销 产品、拓展新的门店模式，以及进一步渗透新兴市场。 ...

Group 1: Core Competitiveness - The company aims to strengthen its core competitiveness in the down jacket market through four key areas: brand leadership, category management, channel operations, and customer experience [1] - The brand strategy focuses on establishing Bosideng as a leading global expert in down jackets, enhancing brand value, and reinforcing its position as the top brand in consumers' minds [1] Group 2: Product Strategy - The company targets mainstream consumer groups and aims to build competitive advantages in core product categories by expanding its product range to include functional outerwear and sun protection clothing for spring and summer [1] - Collaborations with designers and innovations in fabric technology are employed to enhance product performance and comfort [1] Group 3: Channel Operations - The company is focused on achieving breakthroughs in high-quality store projects and expanding brand image stores while optimizing the shopping experience [1] - A refined operational system based on customer segmentation is being developed to improve profitability and operational efficiency [1] Group 4: Operational Model - The company maintains a separation between direct sales and wholesale ordering, allowing for dynamic adjustments in orders based on sales performance [2] - An integrated inventory management platform is utilized to manage stock across multiple warehouses, enhancing service efficiency for both direct and distributor channels [2] Group 5: OEM Business - The OEM business faces short-term pressures from tariffs and geopolitical uncertainties but remains committed to quality and timely delivery [2] - The company is focusing on core customers and enhancing ODM capabilities to increase order opportunities and customer loyalty [2] Group 6: Financial Forecast - The company has adjusted its revenue forecasts for FY26-28 to RMB 27 billion, RMB 28.95 billion, and RMB 31 billion, respectively, reflecting changes in market conditions [2] - Net profit estimates for FY26-28 are revised to RMB 3.7 billion, RMB 4.1 billion, and RMB 4.5 billion, respectively, with EPS projected at RMB 0.32, RMB 0.35, and RMB 0.39 [2]

Core Viewpoint - The company is expected to achieve steady growth in sales for FY26, with overall revenue projected to increase in the mid-single digits despite external pressures and a warmer winter impacting traditional sales patterns [1]. Group 1: Sales Performance - The FY26 sales season is concluding, with the company anticipating stable sales performance and a mid-single-digit growth in overall revenue [1]. - The down jacket business, as the company's largest segment, is expected to grow steadily, while the OEM business is facing temporary adjustments due to tariffs [1]. - The main brand, Bosideng, is projected to have a growth rate slightly better than the overall group, while Xuezhongfei is expected to grow faster than the main brand due to its focus on the mass ice and snow sports market [1]. Group 2: Channel Optimization - The company is optimizing its channel structure, with a focus on refined single-store operations and maintaining a top store system [2]. - Online sales are expected to be the core source of growth, with the company achieving significant rankings on major e-commerce platforms during the 2025 Double Eleven shopping festival [2]. - The strategy of "one store, one plan" will continue in FY26, with offline sales expected to remain stable while online channels drive growth [2]. Group 3: Product Innovation - The company has achieved notable success in product innovation, collaborating with designer Kim Jones to launch the AREAL high-end urban line, which has received positive feedback [2]. - The Puff series, known for its fashionable design and comfort, is also expected to perform well [2]. - Future collaborations with top designers and the introduction of more global designer partnerships are planned to enhance brand competitiveness and drive growth [2]. Group 4: Multi-Brand Strategy - The company's multi-brand strategy is becoming increasingly refined, with the main brand focusing on the mid-to-high-end down jacket market and other brands targeting specific niches [3]. - The company has a strong presence in the down jacket industry, leveraging its deep industry experience and effective organizational changes to expand its competitive edge [3]. - Profit forecasts have been slightly adjusted due to the impact of warm winter weather, with expected net profits for FY26-28 being 3.73 billion, 4.06 billion, and 4.39 billion respectively [3].

Company Overview - The recent communication with Bosideng's management indicated that the brand's down jacket business performed slightly below previous expectations due to fluctuations in seasonal temperatures and retail environment [1] - The OEM business is expected to decline in FY26 due to tariff fluctuations [1] Business Performance - Despite the challenging environment, the down jacket business is expected to achieve mid to high single-digit growth in FY26, with the main brand projected to see mid single-digit growth [1] - The successful launch of new product lines, such as extreme cold and puff jackets, along with collaborations like KJ, is anticipated to increase the new product sales ratio to 85% and slightly raise product prices, reflecting Bosideng's brand strength [1] - The Xuezhongfei brand is expected to perform well online, with revenue projected to grow at a high double-digit rate [1] Channel Performance - Online business is expected to perform exceptionally well, benefiting from the rapid enhancement of product content and variety on platforms like Douyin [1] - The offline business is expected to remain stable, with same-store sales projected to increase year-on-year [1] Inventory and Profitability - The company is expected to maintain healthy inventory levels, which will support good discount levels [2] - Despite challenges in revenue, the profit growth rate is anticipated to exceed the revenue growth rate, with the main brand's gross margin expected to remain stable [2] Earnings Forecast and Valuation - The EPS forecast for FY26/27 has been revised down by 6%/9% to 0.32/0.34 yuan, with the current stock price corresponding to 13/12 times FY26/27 earnings [2] - The target price has been reduced by 4% to 5.65 yuan, corresponding to 16/15 times FY26/27 earnings, maintaining an outperform rating with a 21% upside potential from the current stock price [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady revenue growth for the full year, with the designer series enhancing the main brand's momentum [5] - The high sales period for FY2026 is coming to an end, but the company is projected to achieve mid-single-digit revenue growth for the full year [8] - The main brand's down jacket business is expected to grow steadily, with a projected revenue increase slightly above the overall group growth rate [8] Financial Forecasts and Valuation - Revenue projections (in million RMB) for the upcoming years are as follows: - 2024: 23,214.03 - 2025: 25,901.71 (growth rate: 38.39%) - 2026E: 27,140.42 (growth rate: 4.78%) - 2027E: 28,915.83 (growth rate: 6.54%) - 2028E: 31,014.57 (growth rate: 7.26%) [7] - Net profit projections (in million RMB) are as follows: - 2024: 3,074.07 - 2025: 3,513.91 (growth rate: 43.74%) - 2026E: 3,725.23 (growth rate: 6.01%) - 2027E: 3,993.65 (growth rate: 7.21%) - 2028E: 4,308.95 (growth rate: 7.90%) [7] - The company maintains a high dividend payout intention, supported by strong brand image and product development capabilities [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6][18]. Core Insights - The company is expected to achieve stable growth in sales, with a projected revenue increase in the mid-single digits for FY26, despite a warmer winter impacting seasonal sales [6]. - The downtrend in OEM business due to tariff impacts is noted, while the main brand, Bosideng, is expected to perform slightly better than the overall group [6]. - The company is focusing on optimizing its channel structure, with online sales anticipated to be a key growth driver [6]. - Product innovation is highlighted as a significant factor for growth, with successful collaborations with designers enhancing brand momentum [6]. - The multi-brand strategy is becoming more refined, with various brands targeting different market segments, which is expected to unlock greater potential [6]. - The company has a strong consumer recognition in the down jacket sector, and its commitment to high dividend payouts is noted, with a current dividend yield of 6.2% [6]. Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: RMB 23,214 million, RMB 25,902 million, RMB 27,139 million, RMB 29,265 million, and RMB 31,459 million, with growth rates of 38%, 12%, 5%, 8%, and 7% respectively [6][14]. - Net profit attributable to shareholders is forecasted to be RMB 3,074 million, RMB 3,514 million, RMB 3,730 million, RMB 4,059 million, and RMB 4,388 million for the same period, with growth rates of 44%, 14%, 6%, 9%, and 8% respectively [6][14]. - The earnings per share (EPS) is expected to be RMB 0.28, RMB 0.32, RMB 0.32, RMB 0.35, and RMB 0.38 from FY2024 to FY2028 [6][14]. - The gross margin is projected to be around 59.6% for FY2024, gradually decreasing to 57.6% by FY2028 [6][14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve stable growth in sales as the peak season concludes, with a projected mid-single-digit revenue growth for the fiscal year 2026 [6] - The down jacket business is anticipated to grow steadily, while the OEM business faces temporary adjustments due to tariffs [6] - The company continues to optimize its channel structure, with online sales expected to be the core growth driver [6] - Product innovation is highlighted as a key growth driver, with successful collaborations with renowned designers [6] - The multi-brand strategy is becoming increasingly refined, enhancing business synergy and potential [6] - The company has a strong consumer recognition in the down jacket sector, with a commitment to high dividend payouts [6] Financial Data and Profit Forecast - Revenue projections (in million RMB): FY2024: 23,214; FY2025: 25,902; FY2026E: 27,139; FY2027E: 29,265; FY2028E: 31,459 [5] - Net profit projections (in million RMB): FY2024: 3,074; FY2025: 3,514; FY2026E: 3,730; FY2027E: 4,059; FY2028E: 4,388 [5] - Earnings per share (in RMB): FY2024: 0.28; FY2025: 0.32; FY2026E: 0.32; FY2027E: 0.35; FY2028E: 0.38 [5] - The company maintains a high gross margin, with projections around 57% for FY2026E [5]

Core Viewpoint - The integration of technological innovation and industrial innovation, particularly through "Artificial Intelligence +", is crucial for the transformation and upgrading of traditional industries, especially in the textile and apparel sector [2] Group 1: Industry Transformation - Artificial intelligence is driving a systemic reconstruction of the textile and apparel industry, necessitating a shift towards high-end, intelligent, and green development [2] - The industry is facing a critical challenge to upgrade and modernize its production capabilities through the adoption of advanced technologies [2] Group 2: Recommendations for Implementation - It is recommended to identify key common technological needs within major manufacturing industry chains and implement significant technological breakthroughs and industrial application demonstration projects to facilitate the transition from technological breakthroughs to large-scale applications [2] - Support should be given to the establishment of innovation consortia led by enterprises, promoting deep collaboration among industry, academia, research, and application, encouraging leading companies to drive innovation across small and medium enterprises [2] - There is a need to deepen the integration of industry and education to cultivate versatile talents, promote the transformation of technological achievements, and foster an industrial ecosystem that injects new momentum into the construction of a modern textile industry system [2]

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2月28日 狀態: 新提交 | 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 | 本月底法定/註冊股本總額： USD 200,000 第 1 頁 共 11 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名 ...

Core Insights - Gu Ailing, a prominent Chinese Winter Olympics athlete, has gained significant attention after winning 1 gold and 2 silver medals at the Milan Winter Olympics, becoming the athlete with the most medals in freestyle skiing history [1][3] Group 1: Athlete Earnings - Gu Ailing ranks first in the Forbes athlete income list for the Winter Olympics with an income of $23 million (approximately 160 million RMB) [3] - Other top earners include Auston Matthews (hockey player) with $20 million, Lindsey Vonn (alpine skier) with $8 million, Chloe Kim (snowboarder) with $4 million, and Ilya Malinin (figure skater) with $700,000 [3] Group 2: Brand Endorsements - Gu Ailing endorses over 10 top-tier brands across various industries, including Louis Vuitton (LV), Tiffany & Co., IWC, TOD'S, Bosideng, Porsche, Anta, Faction Skis, Red Bull, TCL, Mengniu, Luckin Coffee, Bank of China, and China Mobile, covering luxury goods, automotive, outdoor sports, food and beverage, finance, and telecommunications [5] - Her impressive image and achievements have made her a sought-after figure for major brands, reflecting her status as a top athlete in the Winter Olympics [5] Group 3: Personal Insights - Gu Ailing has received praise for her authenticity, notably showing emotion during a press conference upon learning of her grandmother's passing [5] - She expressed a keen interest in AI as her primary focus outside of skiing [5]