Bosideng International Holdings Limited (the "Company") – Notice of Publication of 2025/26 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website (https://company.bosideng.com) and the website of HKEXnews (www.hkexnews.hk). If you have elected to receive the Corporate Communications in printed form, the printed copies of the Current Corporate Communication in your selected language(s) are ...

– Notice of Publication of 2025/26 Interim Report (the "Current Corporate Communication") (incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限責任公司 ) (Stock Code 股份代號：3998) Dear Registered Shareholder(s), Bosideng International Holdings Limited (the "Company") * Actionable Corporate Communication is any corporate communication that seeks instructions from an issuer's securities holders on how they wish to exercise their rights or make an election as the issuer's securities holder. The E ...

Financial Performance - For the first half of the fiscal year 2025/26, the company's revenue increased by 1.4% to approximately RMB 8,927.6 million[8]. - The profit attributable to equity shareholders rose by 5.3% to approximately RMB 1,189.4 million, with a profit margin of 13.3%[8]. - The operating profit margin improved by 0.3 percentage points to 17.0%[8]. - The gross profit for the same period was RMB 4,466,703, representing a gross margin of approximately 50%[190]. - Operating profit increased to RMB 1,516,841, up from RMB 1,471,805, reflecting a growth of 3.1% year-over-year[190]. - Net profit for the period was RMB 1,201,206, compared to RMB 1,142,078 in 2024, marking a year-over-year increase of 5.2%[191]. - The group's income tax expense for the first half of the fiscal year 2025/26 increased to approximately RMB 478.7 million, with an effective tax rate of about 28.5%, a slight increase of 1.8 percentage points year-on-year[124]. - The company incurred a cash outflow of RMB (2,370,161) thousand from financing activities, compared to RMB (1,877,375) thousand in the same period of 2024[199]. Revenue Breakdown - The brand down jacket business generated revenue of approximately RMB 6,568.3 million, accounting for 73.6% of total revenue, with a year-on-year increase of 8.3%[13]. - The OEM management business recorded revenue of approximately RMB 2,044.4 million, representing 22.9% of total revenue, with a year-on-year decrease of 11.7%[13]. - The women's wear business generated revenue of approximately RMB 250.9 million, accounting for 2.8% of total revenue, with a year-on-year decrease of 18.6%[13]. - The diversified clothing business recorded revenue of approximately RMB 64.0 million, representing 0.7% of total revenue, with a year-on-year decrease of 45.3%[13]. - The revenue for the Xuezhongfei brand in the first half of the 2025/26 fiscal year was approximately RMB 377.9 million, representing a slight decline of 3.2% year-on-year[66]. - The Binjora brand, previously known as Bengen, reported revenue of approximately RMB 15.3 million in the first half of the 2025/26 fiscal year, a decrease of 26.0% year-on-year due to brand repositioning efforts[70]. Brand Strategy and Development - The company aims to become a world-leading fashion functional technology apparel group, focusing on the core down jacket business and fashion technology apparel[12]. - The company is committed to enhancing brand competitiveness through innovation and digital transformation, aiming to create long-term value for customers and society[11]. - The company is focusing on enhancing brand leadership, product categories, channel operations, and customer experience to strengthen its core competitiveness in the down jacket industry[16]. - The company aims to solidify its position as the "global leading down jacket expert" through strategic brand building and emotional storytelling[18]. - The brand was ranked 45th in the Brand Finance Apparel 50 2025 list, indicating a steady improvement in brand value[21]. - Bosideng's brand focus on product innovation and consumer preferences led to the launch of four award-winning products in the first half of the 2025/26 fiscal year, including the "Children's Three-in-One Down Jacket" and "CIRCULAR 3.0" which received the ISPO Award[54]. Innovation and Technology - Continuous investment in research and technology aims to enhance product innovation capabilities, including the establishment of an AI laboratory for design data integration[34]. - The company has launched an AI-powered design innovation model, creating an AI design lab to drive apparel design through big data, significantly reducing sample development time and costs[41]. - The company has implemented a data-driven single-store operation model, generating weekly diagnostic reports and targeted improvement strategies for each store, enhancing operational efficiency[44]. - The company has developed a smart supply chain ecosystem that enhances response speed and collaboration efficiency, enabling proactive supply chain management[43]. - The company is focused on quality excellence, implementing a digital quality control system to ensure real-time monitoring and traceability[34]. Operational Efficiency - The company has implemented a dynamic order adjustment system based on sales feedback, significantly improving channel efficiency and product management flexibility during peak sales periods[27]. - Inventory turnover days decreased significantly to 178 days, down 11 days year-on-year from the same period in 2024[29]. - The company implemented inventory destocking measures to enhance operational efficiency and prepare for peak season sales[29]. - The supply chain's flexibility and rapid response capabilities are key competitive advantages, with a focus on a dynamic order adjustment model based on market sales data[32]. - The company achieved a 99% replenishment availability rate for top-selling items, setting a new high challenge for replenishment availability of exceptional items[33]. Sustainability and ESG Initiatives - The group published its first climate responsibility report on September 29, 2025, outlining its innovative models for managing climate volatility risks[134]. - The group was included in the S&P Global "Sustainability Yearbook (China Edition)" for 2024 and 2025, highlighting its outstanding performance in ESG among over 1,700 assessed companies[136]. - The MSCI ESG rating for the group was upgraded from AA to AAA as of October 22, 2025, marking three consecutive years of improvement in ESG ratings[137]. - The group aims to achieve over 60% green electricity usage in operations by 2030 and aims for net-zero emissions within its operational scope by 2038[141]. - The company has implemented various measures in sustainable supply chains, circular design, and innovative materials during the first half of the fiscal year 2025/26[142]. Membership and Customer Engagement - In the first half of the 2025/26 fiscal year, the company added approximately 400,000 members on Tmall and JD platforms, bringing the total membership to about 21.4 million as of September 30, 2025[45]. - The company has restructured its membership system to enhance customer loyalty and satisfaction, focusing on core user experience upgrades[48]. - The company is focusing on member services and high-end customization to enhance customer experience and brand culture[93]. - The integration of member operations and emotional connections with consumers is being prioritized to enhance customer loyalty and retention[85]. Financial Management and Risk - The group aims to enhance its financial risk management through prudent financing and cash management strategies, primarily relying on cash generated from operating activities and bank borrowings[161]. - The group has implemented a systematic talent development system, focusing on the identification and development of strategic key employees to meet current organizational development needs[166]. - The group is actively utilizing forward foreign exchange contracts and currency swaps to mitigate risks associated with currency fluctuations, particularly given its operations primarily in China[162]. Employee Development and Corporate Culture - The group has trained a total of 1,035 outstanding university students, 207 excellent reserve managers, 58 excellent reserve directors, and 25 excellent retail company general managers as part of the "Eagle System" project by September 30, 2025, laying a solid talent foundation for strategic goals[179]. - The company emphasizes the importance of corporate culture as a core driver for achieving development goals and strategic implementation[175]. - The group aims to enhance its employer brand influence, aiming to attract top university graduates through various recruitment programs[166].

Core Viewpoint - The event held by Bosideng in Harbin emphasizes the brand's long-standing commitment to extreme cold weather gear, showcasing its latest technology and products designed for polar exploration, while celebrating its 28-year partnership with China's polar research efforts [1][16]. Group 1: Event Highlights - The launch event featured a snow sculpture of the "Xuelong 2" icebreaker, symbolizing Bosideng's dedication to extreme cold technology [3]. - The event included a forum titled "Life Meets the Polar," where experts and brand ambassadors discussed the importance of innovation and resilience in extreme conditions [8][10][14]. Group 2: Product Innovation - Bosideng's sixth-generation extreme cold series is designed for polar exploration, utilizing advanced technologies such as GORE-TEX fabric, a unique insulation structure mimicking polar bear fat, and a dynamic moisture-wicking system [5][6]. - The new products can withstand temperatures as low as -60°C, addressing the challenges of maintaining warmth and breathability in extreme environments [5][15]. Group 3: Brand Development and Market Position - Bosideng has established a strong market presence, with sales exceeding 200 million units globally and a leading position in the domestic market for 30 consecutive years [19]. - The company is focusing on diversifying its product offerings and enhancing its technological capabilities, with a goal to reach a market size of 250 billion yuan by 2025 [17]. Group 4: Commitment to Quality and Sustainability - Bosideng emphasizes quality control in its production process, sourcing down from premium regions and adhering to strict animal welfare and environmental standards [15]. - The company has accumulated 1,520 patents, reinforcing its technological barriers and commitment to innovation in the down apparel industry [17].

（原标题：民银国际：给予波司登(03998)买入评级 目标价5.80港元） 智通财经APP获悉，民银国际发布研报称，给予波司登(03998)买入评级，目标价5.80港元。该行认为公 司股息率吸引，预计FY26保持80%以上派息率，现价对应FY26股息率约6.0%。预计公司FY26E-FY28E 营收285.1/316.0/349.3亿元，同比分别+10.1%/+10.8%/+10.5%，归母净利润39.0/43.7/49.0亿元，同比 +10.9%/+12.0%/+12.2%。现价对应26EPE为13倍。 民银国际主要观点如下： (2)品牌羽绒服占比上升使集团利润率提升。FY26H1集团毛利率同比+0.1pp至50.0%，主品牌毛利率为 64.8%，因1H批发增长快于自营及主动去库。 深化功能科技+时尚美学，多动力推动旺季动销，10-11月表现亮眼 (1)产品端，主品牌新品阵容强大，夯实功能科技+时尚美学，差异化竞争。期内户外极寒、小香风、泡 芙创新系列增长亮丽，聚焦户外/休闲/商务/时尚四大场景，与国际顶尖设计大师合作。主品牌合作前顶 奢创意总监KimJones推出Areal高端线、合作机能风设计大师Err ...

FY26H1集团收入同比+1.4%至89.3亿元，归母净利润同比+5.3%至11.9亿元，利润增长快于收入。期末 存货额同比-20%，主因公司放缓原材采购节奏+主动去库铺垫旺季，应收周转天数同比-4天至59天。 民银国际发布研报称，给予波司登(03998)买入评级，目标价5.80港元。该行认为公司股息率吸引，预计 FY26保持80%以上派息率，现价对应FY26股息率约6.0%。预计公司FY26E-FY28E营收285.1/316.0/349.3 亿元，同比分别+10.1%/+10.8%/+10.5%，归母净利润39.0/43.7/49.0亿元，同比+10.9%/+12.0%/+12.2%。 现价对应26EPE为13倍。 (1)分部收入中，品牌羽绒服同比+8%至65.7亿元。品牌羽绒服业务，主品牌增长好于其他，线下好于线 上。FY26H1主品牌收入同比+8%至57.2亿元，批发/自营同比+8%/+7%，线上营收同比+2.4%。 民银国际主要观点如下： (2)品牌羽绒服占比上升使集团利润率提升。FY26H1集团毛利率同比+0.1pp至50.0%，主品牌毛利率为 64.8%，因1H批发增长快于自营及主动去库。 FY ...

Core Viewpoint - Bosideng positions itself at the forefront of extreme cold exploration through technological innovation, emphasizing its long-standing commitment to providing warmth in extreme environments, as demonstrated during its recent polar-themed event in Harbin [1][20]. Group 1: Event Highlights - The event titled "Life Meets the Polar" was held on December 7 in Harbin, featuring notable attendees including government officials, industry experts, and brand ambassadors, showcasing Bosideng's 49 years of craftsmanship and 28 years of polar exploration collaboration [1][3]. - A snow sculpture inspired by China's first domestically built polar research icebreaker, "Snow Dragon 2," was unveiled, symbolizing Bosideng's narrative of overcoming cold challenges [3][5]. Group 2: Product Innovation - The sixth generation of the extreme cold series was launched, designed for polar exploration, featuring advanced thermal technology capable of withstanding temperatures as low as -60°C [5][7]. - The new series incorporates a three-layer thermal technology system, including GORE-TEX fabric, a unique insulation structure mimicking polar bear fat, and a patented moisture-wicking system, enhancing breathability and warmth retention [5][14]. Group 3: Brand Philosophy and Market Position - Bosideng's founder, Gao Dekang, emphasized the brand's mission to create high-quality down jackets that can withstand extreme conditions, reflecting a commitment to innovation and excellence in the down apparel industry [7][20]. - The company has achieved significant market presence, with its down jackets sold in 72 countries and a cumulative sales figure exceeding 200 million units, maintaining a leading position in the domestic market for 30 consecutive years [18][16]. Group 4: Research and Development Strategy - Bosideng is focusing on a dual approach of research and industry integration to enhance its cold protection technology, with plans to establish a smart manufacturing facility in Harbin to streamline production processes [14][15]. - The brand has accumulated 1,520 patents, establishing a strong technological barrier and driving innovation in the down apparel sector [16][18]. Group 5: Future Outlook - The Chinese down apparel market is projected to exceed 227 billion yuan in 2024, with a compound annual growth rate of 11.5% from 2020 to 2025, indicating a shift in consumer demand towards functional and fashionable products [16]. - Bosideng aims to leverage its expertise in down technology to expand its product matrix, addressing diverse market needs while maintaining a focus on high-quality, innovative offerings [16][18].

Core Viewpoint - The 2025 Entrepreneur Boao Forum held in Hainan focused on "Linking the World, Leading the Future: New Opportunities in the 14th Five-Year Plan," gathering global business leaders to discuss new opportunities and paths for development [1] Group 1: Company Initiatives - Bosideng showcased its AREAL high-end product line at the forum, integrating fashion aesthetics with modern technology to create an immersive cultural experience [1][6] - The AREAL pop-up store, inspired by the "∞" symbol, emphasizes a "boundary-less" design aesthetic, transforming the space into a three-dimensional expression of the brand's philosophy [2][5] - The pop-up store features a central "8" shaped installation that embodies the core concept of "breaking boundaries and moving forward," aligning with the AREAL series' vision [2][5] Group 2: Product Features - The AREAL line, developed in collaboration with renowned designer Kim Jones, represents a fusion of functionality and fashion, breaking the boundaries between outdoor and urban wear [5][9] - The collection redefines down jackets with a layering system that allows for versatile use across different scenarios, promoting a modern wardrobe that balances functionality and elegance [6][9] - Bosideng utilizes premium wool and custom fabrics in the AREAL line, combining natural materials with high-tech textiles to achieve both comfort and practicality [8] Group 3: Brand Positioning - The pop-up store at Boao signifies a key step in Bosideng's brand upgrade, reflecting the shift from "technology output" to "value output" for Chinese brands [9][11] - Bosideng has positioned itself on a global scale, participating in major international fashion weeks and expanding its international presence, aligning with the Belt and Road Initiative [9][11] - The collaboration with international designers illustrates Bosideng's commitment to finding its voice in the global market, merging Eastern craftsmanship with Western fashion trends [9][11]

在2025企业家博鳌论坛十周年之际，一场以"乘风·成林"为主题的公益之约启幕。作为深耕实业与公 益数十载的代表性企业之一，波司登集团在论坛现场分享了深耕乡土、践行公益的实践经验，通过视频 生动展示了企业的责任与担当。 波司登的公益事业起源于康博村，也植根于康博村。饮水思源，情系桑梓，1999年波司登创始人高 德康当选康博村党支部书记，带领村民走上村企共建、共同致富的道路。系统性参与康博村的整体规划 与建设，对村内土地、道路、住宅、绿化及公共服务等功能区进行全面布局与科学改造，将原来分散的 老旧村庄集中建设，累计出资1.3亿元，为1700多名村民打造了包含427幢别墅在内的现代化农民集中居 住区——康博苑，苑中环境优美，配套服务设施完善，使其成为展现江南水乡新风貌的亮丽风景线。如 今，这里已成为宜居宜业的美丽乡村典范。 以感恩之心反哺家乡、回馈社会，是波司登始终不变的初心。 这份投入早已超越单纯的资金支持，是企业将自身发展与乡村振兴大局深度融合的主动担当。 康博村 有责任、有担当的企业行动，是国家和社会公益行动的重要支持。从常熟乡间的村办缝纫组到全球 知名的羽绒服品牌企业，波司登的成长轨迹始终与康博村的变迁同频 ...

Core Insights - The company reported a revenue of 8.93 billion and a net profit of 1.19 billion for FY26H1, showing a year-on-year increase of 1.4% and 5.3% respectively [1] - The brand's down jacket revenue reached 6.57 billion, reflecting an 8.3% year-on-year growth [1] - The company plans to distribute an interim dividend of 0.063 HKD per share [1] Brand Leadership - The company is reinforcing its brand image as a "global leader in down jackets" through innovative brand campaigns and comprehensive product promotion [1] - In FY26H1, the company linked its brand to the Everest polar gene and launched the "Master Puff" series at Paris Fashion Week [1] Core Product Development - The company is focusing on its core product categories and expanding its spring and summer offerings [1] - Key product series include down jackets, functional outerwear, and sun protection clothing, with several products winning the ISPO Award for global design [1] Channel Optimization - The company is enhancing its channel operations by expanding top-tier stores and improving single-store performance [1] - Online sales of the brand's down jackets have shown steady growth, with strong performance during the Double Eleven shopping festival [1] Membership Experience Enhancement - The company has established better communication channels with customers, adding approximately 400,000 new members on Tmall and JD platforms [2] - As of September 30, 2025, the total membership on these platforms reached about 21.4 million [2] Financial Forecast - The company maintains its financial forecasts, expecting revenues of 28.4 billion, 31.1 billion, and 34.1 billion for FY26-28, with net profits of 4 billion, 4.4 billion, and 5 billion respectively [2]