Core Viewpoint - Bosideng reported a stable revenue growth driven by its brand down jacket business, while the OEM processing business faced pressure due to tariffs [1][2] Group 1: Financial Performance - For the first half of FY2025/26, the company achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% [1] - The brand down jacket business generated revenue of 6.568 billion yuan, growing by 8.3%, with the main Bosideng brand contributing 5.719 billion yuan, also up 8.3% [1] - The OEM processing business revenue declined by 11.7% to 2.044 billion yuan, while women's clothing revenue fell by 18.6% to 0.251 billion yuan [1] - The overall gross margin slightly increased by 0.1 percentage points to 50.0%, with the brand down jacket business gross margin decreasing by 2.0 percentage points to 59.1% [2] Group 2: Channel and Inventory Management - The company optimized its channel structure, resulting in a net increase of 88 retail stores to 3,558, with self-operated stores increasing by 3 to 1,239 [1] - The average inventory turnover days decreased by 11 days to 178 days, attributed to a slowdown in raw material procurement and inventory reduction efforts [3] - The online channel for the brand down jacket business saw a revenue increase of 2.4% to 1.383 billion yuan, accounting for 21.1% of the business [1] Group 3: Future Outlook - The company expects the OEM business to stabilize and return to growth in the second half of the fiscal year, while maintaining a focus on product innovation and channel quality improvement [3] - The net profit forecasts for FY2026-2028 are 3.931 billion yuan, 4.382 billion yuan, and 4.786 billion yuan, with corresponding PE ratios of 13.5, 12.1, and 11.1 times [3]

此外，公司维持较强派息意愿，中期宣派股息0.063 港元/股，同比+5.0%。 机构：华源证券 研究员：符超然 2025/26 上半财年营收在高基数下同增1.4%。公司发布FY2025/26 中报，上半财年实现营收89.3 亿元， 同比+1.4%；实现归母净利润11.9 亿元，同比+5.3%，归母净利率13.3%，同比+0.5pct，在高基数下公司 上半财年仍实现收入与利润的双增长。 多渠道协同推动品牌羽绒服业务高质量发展。公司近年不断深化Top 店改革，定制"一店一设"、"一店 一策"的精细化策略提升店铺运营效率。拆分核心业务品牌羽绒服：从销售类别看，品牌羽绒业务的自 营及批发渠道FY25/26H1 营收同比分别+6.6%/+7.9%，协同驱动公司营收增长。拆分线上线下看，线下 端，波司登、雪中飞线下店铺较FY24/25 年底分别-67/+126 家至3140/389 家，雪中飞开店速度提升，冰 洁开启品牌重塑及焕新，于FY25/26H1 开启线下渠道布局；线上端，公司通过发力核心品类、注重品 牌建设、聚焦内容创新及精细化运营，持续提升经营能力和运营效率，推动上半财年线上营收同增 2.4%，"双十一"战绩位 ...

机构：东吴证券 研究员：汤军/赵艺原 投资要点 公司公布FY2026H1 业绩：营收89.28 亿元/yoy+1.4%，归母净利11.89亿元/yoy+5.3%，中期派息每股6.3 港仙。 品牌羽绒服：主品牌稳健增长，批发有效去库。FY26H1 品牌羽绒服业务收入65.68 亿元/yoy+8.3%/占比 73.6%。1）按品牌分，波司登主品牌收入57.19 亿元/yoy+8.3%，雪中飞收入3.78 亿元/yoy-3.2%，冰洁 收入0.15 亿元/yoy-26.0%。主品牌持续在品牌、产品、渠道维度优化向上，延续高质量增长表现；雪中 飞聚焦性价比羽绒服赛道，深挖品牌"冰雪"及"运动"基因，持续发力线上业务；冰洁品牌上半年启动重 塑，关注年轻女性羽绒服品牌产品的高质量发展。2）按模式分，自营/批发收入分别同比 +6.6%/+7.9%，批发收入增长快于自营，使得FY26H1 品牌羽绒服毛利率同比-2.0pct 至59.1%。我们预计 批发终端销售增长进一步快于报表表现，批发商库存有效去化，为旺季销售做好准备。截至FY26H1 末，羽绒服业务零售网点总数较本财年年初净增加88 家至3,558 家，公司持续优化渠道 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, meeting expectations [1] Group 1: Financial Performance - Bosideng's management reiterated its guidance for fiscal year 2026, expecting a 10% year-on-year increase in sales, with net profit growth expected to exceed sales growth [1] - For the period from October to date, Bosideng's offline sales recorded double-digit year-on-year growth, with a reduction in discount rates [1] - Online business maintained strong momentum during the Double Eleven shopping festival [1] Group 2: Forecast Adjustments - Credit Lyonnais raised its net profit forecast for fiscal years 2026 to 2028 by 1% to 2%, reflecting a more favorable business mix and strict cost control [1] - Sales forecasts were largely maintained, with the target price increased from HKD 5.2 to HKD 5.8 due to an anticipated increase in price-to-earnings ratio to 13 times [1] Group 3: Investment Appeal - The forecasted dividend yield for the next 12 months is 6.5%, presenting an attractive risk-reward profile [1] - Given the lower base from previous periods, the "outperform" rating is maintained [1]

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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: 2025年11月30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 呈交日期: 2025年12月2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 | 本月底法定/註冊股本總額： USD 2 ...

（原标题：中银国际：升波司登(03998)目标价至5.4港元 维持"买入"评级） 智通财经APP获悉，中银国际发布研报称，波司登(03998) 2026财年上半年收入和净利润分别同比增长 1%和5%，其主品牌波司登表现稳健，且优于整体服装行业。最近双十一的销售数据也显示，波司登的 羽绒服持续受到消费者青睐，市场认可度进一步提升。该行预计波司登将在2026财年下半年旺季实现业 绩环比改善。即使产品结构有所调整，但预计毛利率将基本保持稳定，维持"买入"评级，并将目标价上 调至5.4港元。同时认为波司登2026财年的预计股息收益率超过6%，具备较高吸引力。 ...

中银国际发布研报称，波司登(03998)2026财年上半年收入和净利润分别同比增长1%和5%，其主品牌波 司登表现稳健，且优于整体服装行业。最近双十一的销售数据也显示，波司登的羽绒服持续受到消费者 青睐，市场认可度进一步提升。该行预计波司登将在2026财年下半年旺季实现业绩环比改善。即使产品 结构有所调整，但预计毛利率将基本保持稳定，维持"买入"评级，并将目标价上调至5.4港元。同时认 为波司登2026财年的预计股息收益率超过6%，具备较高吸引力。 ...

该行预计波司登将在2026财年下半年旺季实现业绩环比改善，即使产品结构有所调整，但预计毛利率将 基本保持稳定；2026财年的预计股息收益率超过6%，具备较高吸引力。该行维持对其"买入"评级，并 将目标价上调至5.4港元。 中银国际发表报告指，波司登2026财年上半年收入和净利润分别按年增长1%和5%，主品牌波司登表现 稳健，且优于整体服装行业。最近双十一的销售数据也显示，波司登的羽绒服持续受到消费者青睐，市 场认可度进一步提升。 ...

每经AI快讯，波司登(03998.HK)涨超3%，截至发稿，涨3.19%，报5.17港元，成交额1.03亿港元。 ...