（於開曼群島註冊成立之有限責任公司） （股份代號：3998） 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分內容而產生或因依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 2 本公司的香港股份過戶登記分處香港中央證券登記有限公司已獲委任於股東週年大會上擔任投 票表決的監票人。 於2025年8月20日舉行之股東週年大會的投票結果 波司登國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，於2025年8月20 日舉行的本公司股東週年大會（「股東週年大會」）上，2025年7月29日刊發的股東週年大會通告 載述之所有建議決議案均已獲本公司股東（「股東」）以投票方式正式通過。該等決議案的投票結 果如下： | | 普通決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 省覽及批准本公司截至2025年3月31日止年度之 | 9 ...

Core Insights - Bosideng has transformed from a domestic brand to a global leader in down jackets, maintaining market leadership for 30 consecutive years and achieving a revenue increase of 11.6% to approximately RMB 25.902 billion in the 2024/25 fiscal year [6][7]. Group 1: Brand and Market Strategy - The collaboration between Bosideng and Harbin to launch the "Harbin × Bosideng" co-branded down jacket exemplifies a new model of city and brand cooperation, integrating deeply into the ice and snow economy [2][3]. - Bosideng's dual focus strategy emphasizes both down jackets and fashionable functional apparel, optimizing its business layout to meet diverse consumer demands [6][7]. Group 2: Innovation and Technology - Bosideng has developed various innovative product lines, such as the Extreme Cold Series and the Puff Series, expanding its offerings to include functional outerwear and outdoor apparel [3]. - The company reported 466 patent applications and 527 granted patents in the 2024/25 fiscal year, with a total of 1,498 patents by March 31, 2025, reinforcing its image as a "down jacket expert" [3]. Group 3: Sustainability and ESG Initiatives - Bosideng has set a goal to achieve net-zero emissions in its operations by 2038, integrating sustainable development principles throughout its business processes [5]. - The company is focusing on green production, intelligent manufacturing, and waste management to reduce carbon emissions and promote sustainable practices [5]. Group 4: International Expansion - Bosideng has registered its international trademark in 68 countries and regions, and has made significant strides in global markets, including opening a flagship store in London before the 2012 Olympics [7]. - The brand aims to enhance its global influence by integrating various resources and promoting its professional capabilities and fashion creativity internationally [7].

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 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7月31日 狀態: 新提交 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 ...

（股份代號：3998） 根據上市規則第13.51(2)(l)及13.51B(2)條作出的公告 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） 本公告乃由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」）根據香港聯 合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.51B(2)條，就根據上市規則第 13.51(2)(l)條，有關本公司獨立非執行董事（「董事」）魏偉峰博士（「魏博士」）的資料變更而作 出。 於本公告日期，本公司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。 由於該訴訟乃於魏博士不再擔任SPI Energy獨立董事後12個月內發生，故根據上市規則第 13.51(2)(l)及13.51B(2)條，該 ...

Summary of Bosideng Conference Call Company Overview - **Company**: Bosideng - **Industry**: Down Jacket Market in China Key Points and Arguments Brand and Market Positioning - Bosideng has successfully upgraded its brand and improved supply chain quality, allowing it to enter the mid-to-high-end market through price increases, achieving high turnover, high gross margins, and low inventory levels [2][4][10] - The main brand's gross margin is higher than that of Canada Goose, and inventory turnover days are faster than Uniqlo, indicating superior operational efficiency [2][5] - The company aims to increase its market share from the current 11% over the next five years, with a focus on brand upgrades and supply chain optimization [6][12] Financial Projections - For the fiscal year 2025, Bosideng's revenue is expected to reach 25.9 billion yuan, with the down jacket business accounting for 84% and the main brand contributing 85% [2][8] - The company is projected to maintain a revenue growth rate of over 10% annually for the next three years [6][16] Growth Opportunities - Bosideng's future growth points include replacing international brands, increasing market share, opening seasonal stores, and implementing a multi-brand strategy [12] - The Chinese down jacket market has a low penetration rate, with per capita consumption significantly lower than in the U.S., indicating substantial growth potential [6][13] Supply Chain and Pricing Strategy - The key to Bosideng's successful price increases lies in product quality, channel management, and supply chain collaboration [2][10] - The company has a flexible supply chain that allows for quick responses to market demand, reducing the risk of unsold inventory and improving gross margins [11] Competitive Landscape - Bosideng's valuation is currently underestimated, with a dividend yield exceeding 6.5% and a price-to-earnings ratio of 11-12 times, compared to competitors like Li Ning, which has a higher valuation despite stagnant growth [3][7][17] - The company has a competitive advantage due to its unique supply chain and the growing demand for outdoor products [17] Product Diversification - Bosideng is expanding its product offerings beyond down jackets, including lightweight down jackets and sun protection clothing, which have seen rapid growth [6][14] - The sun protection clothing market is projected to reach 8.3 billion yuan by 2024, with Bosideng's online average price higher than the industry average [14] International Expansion - The acquisition of a stake in the luxury brand Mutinac is part of Bosideng's strategy to enhance its brand matrix, targeting both high-end and mass-market segments [15] Online and Offline Channel Development - Revenue and profit growth for the fiscal years 2025 to 2026 are expected to be 10% and 12%, respectively, with a focus on online sales through platforms like Douyin [16] Conclusion - Bosideng's strategic focus on brand enhancement, supply chain efficiency, and market expansion positions it well for future growth, despite current undervaluation in the market [3][17]

8月3日，太阳岛年会主论坛开启了一场关于产业发展与品牌建设的深度对话。 (高德康在2025企业家太阳岛年会主论坛上致辞) "发展新质生产力，是企业从中国第一迈向全球领先的核心引擎。"高德康在主论坛发表了主题为《融合 聚势，向新而行，从中国第一迈向"全球领先"》的致辞，阐释了波司登49年专注羽绒服主业、以新质生 产力驱动品牌进阶升级的战略逻辑和时代价值。 当前，我国正处于"十四五"收官与"十五五"谋篇的关键节点，全球产业竞争格局重塑，纺织服装行业已 从传统制造蜕变为科技与时尚融合的创新产业（300832）。高德康表示，因地制宜发展新质生产力，不 仅是国家战略的召唤，更是企业迈向高质量发展的必由之路。他强调，新质生产力是以科技创新为驱动 力的先进生产力质态，关键在于"向新"、"提质"、"攀高"。 哈尔滨的8月，太阳岛的盛夏清风里涌动着智慧与创新的思潮。8月2日至4日，以"新质生产力：新智造 新消费新生态"为主题的2025企业家太阳岛年会在此盛大举行。这场汇聚政产学研高端思想的盛会，为 中国企业探寻高质量发展路径点亮了前行之光。 (大会主会场全景照片：聚焦新质生产力赋能高质量发展) 全国工商联纺织服装业商会理事长， ...

Core Viewpoint - The forum emphasizes the importance of ESG (Environmental, Social, and Governance) practices for sustainable development in enterprises, highlighting the role of innovation in achieving high-quality growth [1][2]. Group 1: ESG Strategy and Implementation - Bosideng has integrated the national "dual carbon" strategy into its operations, committing to sustainable development throughout its business processes [2][3]. - The company established a "1+3+X" ESG strategic framework, aiming for net-zero emissions in operational processes by 2038, focusing on three core areas: product leadership, environmental sustainability, and human-centric approaches [3][7]. - Bosideng has developed a digital management platform for supply chain ESG, enabling traceability across 349 core suppliers and linking executive compensation to climate performance [3][6]. Group 2: Technological Innovation and Sustainable Practices - The company has collaborated with suppliers to develop eco-friendly protective fabrics with over 70% bio-based content, achieving global leadership and winning the ISPO award [6]. - Bosideng has initiated the CIRCULAR 3.0 series, which promotes closed-loop regeneration in fashion, and has completed carbon footprint certifications for five products [6][7]. - The company has implemented energy-efficient manufacturing systems and innovative technologies, resulting in a 5.5% reduction in Scope 3 emissions [7]. Group 3: Community and Environmental Initiatives - Bosideng's afforestation project in the Tengger Desert aims to plant 23,000 sand-fixing plants over 1,000 acres, contributing to land desertification reduction [8]. - The company has adopted 100% energy-efficient lighting in its stores and ensured that logistics packaging meets FSC certification standards [8]. Group 4: Industry Leadership and Recognition - Bosideng actively promotes sustainable development within the industry, participating in various initiatives and receiving recognition for its ESG governance, including an AA rating from MSCI [9][10]. - The company was selected as a case study for ESG practices at the 2025 Enterprise ESG Development Forum, showcasing its contributions to the global fashion industry [9][10]. Group 5: Future Commitment and Vision - Bosideng aims to continue its commitment to global development initiatives and sustainable goals, striving to create a green, resilient, and shared future [10].

Core Viewpoint - Bosideng, a leading company in the Chinese down jacket industry, has released its ESG report for the fiscal year 2024-2025, marking the ninth consecutive year of such reports, highlighting its commitment to climate responsibility, energy management, biodiversity protection, green products, and employee rights [1] Group 1: Social Responsibility Initiatives - The Bosideng Public Welfare Foundation has established various projects such as "Warm China," "Shin Ai Fund," and "Orange Love Plan," providing material support and conducting volunteer activities, with total donations exceeding 1.4 billion RMB, benefiting 1.589 million people across 30 provinces and 112 cities [1] - In the fiscal year 2024-2025, the "Warm Families" project donated over 26.5 million RMB worth of high-quality cold-resistant clothing to more than 20,000 underprivileged individuals, with distributions planned for several provinces including Tibet, Xinjiang, and Gansu [1] Group 2: Disaster Relief Efforts - Following the 6.8 magnitude earthquake in Shigatse, Tibet, on January 7, 2025, Bosideng's Public Welfare Foundation quickly activated its emergency aid mechanism, donating over 11.4 million RMB in cold-resistant materials to support affected communities and rescue workers [2] Group 3: Educational Support - The "Shin Ai Fund" project has provided targeted financial assistance for tuition and living expenses to over 800 students from low-income families, helping them complete their education and pursue university degrees [2] - In 2024, the project donated a total of 200,000 RMB to support underprivileged students at Jiangnan University and Changshu Institute of Technology [2] Group 4: Volunteer Services and Sustainability - Bosideng has formed a volunteer service team that participates in the "Public Welfare 100" initiative, ensuring team members engage in over 100 minutes of volunteer service annually, thereby establishing a sustainable service mechanism [3] - The company promotes green and low-carbon sustainability through energy resource management and responsible material procurement, with all offline stores using energy-saving lighting that reduces energy consumption by 40% compared to traditional lighting [3] - In the fiscal year 2024-2025, Bosideng launched a carbon neutrality performance conference and initiated the fifth phase of the Alashan "Carbon Neutral Forest" project, planning to plant 23,000 trees over an area of 460 acres [3]

Core Insights - Bosideng reported a revenue increase of 11.6% year-on-year to 25.9 billion yuan and a net profit increase of 14.3% to 3.51 billion yuan for the fiscal year 2024/25, indicating stable growth in core business segments [1] - The company declared a final dividend of 0.22 HKD per share, maintaining a high payout ratio of over 80% [1] - The brand's down jackets and OEM segments saw revenue growth of 11.0% and 26.4%, respectively, while women's wear and diversified apparel experienced declines of 20.6% and growth of 2.8% [1] Revenue and Growth - The main brand Bosideng and Xuezhongfei achieved revenue growth of 10.1% and 9.2% to 18.41 billion yuan and 2.21 billion yuan, respectively, driven by enhanced brand building and optimized channel structures [2] - The number of franchise and self-operated stores increased by 253 to a total of 3,470, contributing to revenue growth [2] - Online sales for brand down jackets grew by 9.4% to 7.47 billion yuan, reflecting a strong digital presence [2] Profitability and Cost Management - The company's gross margin decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments in business segments [2] - Operating profit margin increased by 0.3 percentage points to 19.2%, supported by improved operational efficiency and reduced distribution and administrative expenses [2] - The company is expected to see profit recovery after completing channel and product structure adjustments [2] ESG Initiatives - Bosideng's ESG rating was upgraded from A to AA by MSCI, positioning it as a leader in the Chinese textile and apparel industry [3] - The company joined the United Nations Global Compact and participated in initiatives aimed at carbon neutrality in the textile industry [3] - The ESG strategy focuses on sustainability across the value chain, with themes centered on environmental improvement, product innovation, and human-centric approaches [3] Forecast and Valuation - Due to uncertainties in retail recovery, the company has adjusted its revenue growth forecast for the main brand Bosideng, with net profit estimates for FY26-28 revised down by 5.6% to 39.1 billion yuan [3] - The target price is set at 5.5 HKD, with a price-to-earnings ratio of 13.9x for FY26, reflecting confidence in operational efficiency and ESG leadership [3]

文 | 本原财经 中产的心头好，"羽绒服之王"波司登交卷了：2025财年，营收首次达到259.02亿元，同比增长11.58%；归母净利润为35.14亿元，同比增长14.31%。营收、 利润两大关键指标均连续9年创新高。 8台缝纫机、10位裁缝起家，从贴牌生产羽绒服，到自主品牌的佼佼者，从「平价之王」到「万元轻奢」，生动描绘了国货逆袭的成长蓝图。 支撑起波司登250亿营收的，是2024年均价1800~3000元的系列产品。 波司登用49年勇攀品牌高峰，让中产们边骂边买，爱恨交织。 01中产捧出轻奢国货 "1万元的波司登羽绒服穿在身上是一种什么样的体验？"在社交媒体上不少消费者提出疑问。 "两个月工资不够买一件羽绒服，这个冬天不过也罢""里面的毛是仙鹤毛？"即便是见惯国际大牌的张丽也不理解，以前的老国货怎么突然这么贵了。 这个价格带，中产虽然觉得有点贵，但愿意为品牌品质和社交符号买单，用实力将波司登送上电商平台销量榜。而2017年的时候，这个均价还是1000元，张 丽评价，"波司登这价格是坐火箭飙升的"。 在80后90后消费者的记忆中，波司登是上学时期几百元就能买到的亲民国货，十倍的蜕变到底源于什么？ 2013年 ...