Core Viewpoint - Bosideng showcased its digital transformation in the fashion industry through an innovative AI fashion show at the 2025 China Brand Night, highlighting the integration of technology and fashion [1][2]. Group 1: Digital Transformation and AI Integration - Bosideng's AI model "BSD.AI Aesthetic Brain" demonstrated the complete process of creating a down jacket, from demand generation to design and rendering [2]. - The company has established a comprehensive clothing database by integrating decades of design and user research data with global fashion trends [5]. - The introduction of AI technology has significantly improved design efficiency, reducing sample development time from 100 days to 27 days [5]. Group 2: Product Innovation and Market Response - Bosideng launched various product lines, including the Summit Series and Extreme Cold Series, to meet diverse consumer needs while enhancing product value through technology [5]. - The Extreme Cold Down Jacket features a groundbreaking dynamic cold protection technology, achieving a milestone in the field of scientific research equipment [5]. Group 3: Sustainability and ESG Strategy - Bosideng is accelerating its green and low-carbon transformation, aiming for net-zero emissions in operational aspects by 2038 [6]. - The company has developed an intelligent manufacturing system, GiMS, utilizing digital technologies to enhance production efficiency and reduce carbon footprints [6]. - Bosideng's national-level intelligent manufacturing demonstration factory has achieved 100% coverage of energy consumption monitoring systems, continuously optimizing key performance indicators [6].

Core Points - The 2025 World Brand Moganshan Conference opened on May 10, focusing on the theme "Brands Make the World a Better Place" [1] - Bosideng Group was recognized in the Xinhua News Agency's brand project, marking significant progress in brand building and global communication [3][5] - Bosideng's brand value reached 107.582 billion yuan, ranking among the world's top 500 brands and consistently appearing in the top 50 most valuable apparel brands globally [7] Group 1: Brand Development and Innovation - Bosideng has consistently implemented a brand development strategy, enhancing its brand through continuous shaping, cultivation, and innovation [7] - The company integrates traditional craftsmanship with international fashion, showcasing its cultural confidence and professional strength on global platforms like New York Fashion Week and Milan [7] - Bosideng aims to align with national development, focusing on innovative paths to enhance brand influence and quality, contributing to market consumption and quality-driven national initiatives [7] Group 2: Technological Integration and Market Strategy - High-tech innovations are crucial for traditional industries to ascend to higher-end markets, with Bosideng focusing on high-quality supply to meet evolving consumer demands [9] - The company has launched various product lines, including the "Summit Series" and "Extreme Cold Series," which cater to diverse consumer needs and incorporate advanced technology [9] - Bosideng is expanding its global presence in the mid-to-high-end down jacket market, establishing a brand matrix with international influence [9] Group 3: Sustainability and Corporate Responsibility - Bosideng's fashion show at the China Brand Night highlighted the integration of AI technology and sustainable fashion, showcasing the company's commitment to ESG principles [10][11] - The company aims to create a green factory and supply chain system, with its MSCI ESG rating projected to reach AA by 2025 [11] - Bosideng emphasizes the importance of both "hard technology" and "soft power" in building a truly global brand, reflecting its commitment to cultural confidence and technological strength [12]

Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Insights - The company is focusing on brand innovation to drive growth, with expectations for strong performance in the Spring/Summer collection [3][8]. - The company has been recognized for its sustainable practices, being included in the "Sustainable Development Yearbook (China Edition) 2025" by S&P Global, highlighting its leadership in ESG [5][8]. - The company is actively upgrading its channels and innovating its products, which is expected to enhance brand growth and sales performance [8][11]. Financial Performance - The company is projected to achieve revenues of RMB 255.6 billion, RMB 288.3 billion, and RMB 325.0 billion for FY2025, FY2026, and FY2027 respectively, with net profits of RMB 34.98 billion, RMB 39.88 billion, and RMB 45.20 billion [10][11]. - The earnings per share (EPS) are expected to increase from RMB 0.30 in FY2025 to RMB 0.39 in FY2027, indicating a positive growth trajectory [10][11]. - The company's return on equity (ROE) is projected to improve from 23% in FY2025 to 24% in FY2026 and FY2027 [10][11]. Market Performance - As of April 23, 2025, the company's stock price is HKD 3.95, with a market capitalization of approximately HKD 45.57 billion [4][12]. - The stock has shown a relative performance of -1.0% over the last month, 7.6% over the last three months, and -6.0% over the last year compared to the Hang Seng Index [4]. Strategic Initiatives - The company is enhancing its product offerings with the launch of the 2025 Spring/Summer collection, which includes innovative materials and designs aimed at meeting diverse consumer needs [8][11]. - The company has initiated a stock buyback program, demonstrating management's confidence in the company's future prospects, with a total of 69.21 million shares repurchased, representing 0.6% of total shares [9][11].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 波司登國際控股有限公司 呈交日期： 2025年4月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（ ...

FF305 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) | 2025年3月25日 | | 11,547,554,473 | | | 0 | | 11,547,554,473 | | 1). 其他 (請註明) | | | -11,000,000 | 0.0953 % | | HKD | 3.8638 | | ...

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） （股份代號：3998） 於2025年3月27日舉行之股東特別大會的投票結果 波司登國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董事 會」）欣然宣佈，於2025年3月27日舉行的本公司股東特別大會（「股東特別大會」）上，2025年3 月7日刊發的股東特別大會通告載述之建議決議案已獲本公司股東（「股東」）以投票方式正式通 過。決議案的投票結果如下： | 普通決議案 | 票數(%) | | | --- | --- | --- | | | 贊成 | 反對 | | 批准新協議項下截至2028年3月31日止三個年度各年的建議 | 2,024,608,612 | 0 | | 年度上限以及更新其項下擬進行之交易。 | (100%) | (0% ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 波司登國際控股有限公司 呈交日期： 2025年3月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年3月20日 | 11,547,554,473 | | | 0 | | 11,547,554,473 | | 1). 其他 (請註明) | | | | % | | | | | 參 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 波司登國際控股有限公司 呈交日期： 2025年3月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 03998 | | 說明 | 不適用 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已 ...

March 10, 2025 12:35 AM GMT Bosideng International Holdings Limited | Asia Pacific Research Tactical Idea We believe the share price will rise in absolute terms over the next 60 days. We recently named Bosideng our Top Pick, and see further upside from the current attractive 11x NTM P/E. We think its previewed 10% sales growth for Mar-end F25 (+6% in 2H) and faster NP growth are better than feared, which speaks to its business quality and competitive edge despite a warm winter and tough comp. We expect re-r ...