Core Insights - Bosideng, known as the "King of Down Jackets," achieved a record revenue of 25.902 billion yuan for the fiscal year 2025, marking an 11.58% year-on-year growth, with net profit reaching 3.514 billion yuan, up 14.31% [1] - The brand has transformed from a budget-friendly option to a high-end player, appealing to middle-class consumers who are willing to pay for quality and brand prestige [1][6] Revenue and Profitability - The revenue from Bosideng's main down jacket business was approximately 21.668 billion yuan, accounting for 83.7% of total revenue, while OEM management business contributed about 3.373 billion yuan, or 13.0% [9] - The average price of Bosideng's products has increased significantly, with the average price range now between 1,800 to 3,000 yuan, compared to 1,000 yuan in 2017 [3][5] Brand Strategy and Market Positioning - Bosideng underwent a major brand transformation starting in 2018, focusing on high-end down jackets and successfully participating in international fashion events, which helped elevate its brand image [5][6] - The company has optimized its sales channels by opening high-end flagship stores and expanding its online presence, which has contributed to its sales growth [5][6] Marketing and Consumer Perception - The brand's marketing strategies have included high-profile fashion shows and collaborations with celebrities, which have enhanced its visibility and appeal among younger consumers [6][7] - Despite the successful rebranding, there are concerns about the high marketing expenses, which have remained significant over the years [8] Challenges and Competition - Bosideng faces increasing competition from both international luxury brands and emerging domestic players, which are also targeting the high-end market [16][17] - Consumer acceptance of high-priced down jackets is limited, with most preferring prices between 200 to 1,000 yuan, indicating potential challenges for Bosideng's pricing strategy [19] Financial Health and Operational Efficiency - The company's inventory turnover days increased to 118 days, and inventory rose from 3.197 billion yuan to 3.951 billion yuan, suggesting a mismatch between revenue growth and inventory management [21] - Bosideng's overall gross margin decreased by 2.3 percentage points to 57.3%, reflecting challenges in maintaining profitability amid its high-end strategy [21]

原标题：从一件羽绒服到温暖社会的愿景，波司登获"ESG新标杆企业奖" 近日，证券之星第三届ESG新标杆企业评选结果揭晓。波司登集团凭借在环境、社会和治理 （ESG）领域的扎实耕耘与卓越实践，荣获"ESG新标杆企业奖"。该奖项由证券之星联合妙盈科技等专 业权威机构，在中国首席经济学家论坛等指导下设立，是ESG领域极具分量的权威认可。 这是继波司登获得MSCI ESG AA级评级、入选标普全球（S&P Global）《可持续发展年鉴（中国 版）2025》之后，在可持续发展领域收获的又一行业殊荣。 奖杯很轻，只有几百克；奖杯也很重，它背后是波司登49年来对"温暖"二字的理解——不仅是抵御 寒冷的物理温度，更是对社会、对环境、对未来的情感温度。 可持续写进公司章程，擘画温暖的底色 另一方面，将绿色低碳基因注入产品全生命周期。在产品端，波司登联合供应商开发生物基含量超 70%的防护面料，已应用于VERTEX系列。CIRCULAR 3.0系列实现"从衣服到衣服"闭环设计，获ISPO 全球设计大奖与美国IDEA银奖。多款产品通过中国质量认证中心（CQC）碳足迹认证。在此背景下， 波司登羽绒服所用羽绒100%通过RDS认证， ...

Core Viewpoint - Bosideng Group has been awarded the "ESG New Benchmark Enterprise Award" for its solid efforts and outstanding practices in the field of Environmental, Social, and Governance (ESG) [1][3] Group 1: ESG Achievements - This award follows Bosideng's MSCI ESG AA rating and inclusion in S&P Global's "Sustainable Development Yearbook (China Edition) 2025" [3] - The company has established a clear ESG governance structure, with a Sustainable Development Supervisory Group under the board of directors, responsible for setting and overseeing ESG goals and strategies [5] Group 2: Carbon Neutrality Goals - Bosideng has set an ambitious goal of achieving net-zero emissions in its operations by 2038, linking executive compensation to carbon reduction progress [5][7] - The company announced its "1+3+X" ESG strategy and carbon goals during the 29th UN Climate Change Conference (COP29), committing to the UN Global Compact's ten principles on human rights, labor, and environmental protection [7] Group 3: Sustainable Practices - Bosideng aims to enhance energy efficiency and renewable energy use, achieving a photovoltaic power generation of 917.2 MWh for the fiscal year 2024/25 [8] - The company has developed protective fabrics with over 70% bio-based content and implemented a closed-loop design in its CIRCULAR 3.0 series, receiving multiple design awards [8] Group 4: Logistics and Supply Chain - The average carbon footprint of logistics per parcel has decreased by approximately 4% through the expansion of a new energy transportation fleet and smart logistics warehousing [10] - Bosideng's supply chain ESG digital management platform has been launched to track and manage key data on energy consumption, carbon emissions, and labor compliance in real-time [10] Group 5: Social Responsibility - In the fiscal year 2024/25, Bosideng's female management ratio exceeded 50%, with 178,100 hours of training provided to employees [13] - The company donated over 26.5 million yuan worth of high-quality cold-resistant clothing to more than 20,000 underprivileged individuals through its public welfare foundation [13] Group 6: Long-term Commitment - Bosideng views ESG as a continuous journey rather than a sprint, with ongoing efforts to achieve its 2038 net-zero emissions commitment and integrate more small and medium-sized factories into its supply chain ESG platform [14] - The company emphasizes the importance of human wisdom, responsibility, and collaboration in driving ESG initiatives, aiming to create value for people [11]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.50 [3]. Core Views - The company reported revenue growth of 11.6% year-on-year to HKD 25.90 billion and a net profit increase of 14.3% to HKD 3.51 billion for the fiscal year 2024/25, indicating stable growth in its core business segments [1][6]. - The company maintains a high dividend payout ratio of over 80%, which is attractive to investors [1]. - The focus on fashion functional technology apparel and continuous improvement in channel management are expected to drive revenue growth in the future [1][6]. Revenue and Profit Forecast - For FY26, the company expects revenue growth of approximately 10% for its main brand, Bosideng, and around 20% for the Snow Flying brand, driven by innovative products and an extended Spring Festival peak season [2][6]. - The company anticipates a revenue of HKD 28.47 billion for FY26, with a year-on-year growth of 9.91% [9]. Margin and Efficiency - The gross margin for FY25 decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments in business segments [4]. - Despite the margin pressure, operating profit margin improved by 0.3 percentage points to 19.2% due to enhanced operational efficiency and reduced distribution and administrative expenses [4]. ESG Performance - The company has achieved an ESG rating upgrade from A to AA by MSCI, positioning it as a leader in the textile and apparel industry in terms of sustainability [5]. - The company has implemented a comprehensive ESG strategy focusing on sustainability across its entire value chain [5]. Valuation Metrics - The company is projected to have a PE ratio of 13.9x for FY26, reflecting its operational efficiency and leading ESG development [6]. - The estimated EPS for FY26 is projected at RMB 0.36, with a dividend yield of 5.74% [9].

目錄 | 關於本報告 | 01 | 4. 自然向好 | | | --- | --- | --- | --- | | 主席致辭 | 02 | 4.1 氣候責任 | 49 | | 績效回顧 | 06 | | | | | | 4.2 能源管理 | 67 | | 1. 關於波司登 | | 4.3 優選材料 | 73 | | | | 4.4 水資源 | 78 | | 1.1 集團簡介 | 10 | 4.5 廢棄物 | 80 | | 1.2 我們的文化 | 10 | 4.6 生物多樣性保護 | 82 | | 1.3 主要品牌 | 11 | 4.7 物流與包裝 | 84 | | 1.4 獎項和認可 | 12 | 4.8 數智化賦能低碳減排 | 86 | | 2. 我們的 ESG 戰略目標 | | 5. 產品先鋒 | | | 2.1 ESG 戰略 | 14 | 5.1 研發創新 | 89 | | 2.2 零碳目標 | 15 | 5.2 質量保障 | 97 | | 2.3 ESG 戰略支柱 | 16 | 5.3 客戶服務 | 99 | | | | 5.4 綠色產品 | 102 | | 3. ESG 管理 | | 5.5 綠色零 ...

(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 Non-registered Shareholder(s), Bosideng International Holdings Limited (the "Company") – Notice of Publication of (i) 2024/25 Annual Report, (ii) Circular dated July 29, 2025, (iii) Notice of Annual General Meeting (the "Current Corporate Communication") and (iv) Environmental, Social and Governance Report (the "ESG Report") The English and Chinese versions of the Company's Current Corporate Communic ...

(Stock Code 股份代號：3998) Dear Registered Shareholder(s), Bosideng International Holdings Limited (the "Company") – Notice of Publication of (i) 2024/25 Annual Report, (ii) Circular dated July 29, 2025, (iii) Notice of Annual General Meeting, (iv) Annual General Meeting Proxy Form (the "Current Corporate Communication") and (v) Environmental, Social and Governance Report (the "ESG Report") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website ( ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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。 Bosideng International Holdings Limited 茲通告波司登國際控股有限公司（「本公司」）謹訂於2025年8月20日（星期三）上 午十時正假座香港金鐘道95號統一中心22樓香港總商會舉行股東週年大會（「股東週年 大會」），以討論下列事項： 普通決議案 波司登國際控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：3998） 股東週年大會通告 – 1 – 1. 省覽及批准本公司截至2025年3月31日止年度之財務報表及本公司董事 （「董事」）會報告和核數師（「核數師」）報告。 2. 宣派末期股息每股本公司普通股（「股份」）22.0港仙。 3. (i) 重選高德康先生為執行董事； (ii) 重選黃巧蓮女士為執行董事； (iii) 重選董炳根先生為獨立非執行董事；及 (iv) 授權董事會（「董事會」）釐定董事薪酬。 4. 委任核數師及授權董事會釐定其薪酬。 5. 作 ...

此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他持牌 證券商、銀行經理、律師、專業會計師或其他專業顧問。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本通函全部或任何部份內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 Bosideng International Holdings Limited 波司登國際控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：3998） (1)購回股份及發行新股之一般授權 (2)重選董事 及 (3)股東週年大會通告 波司登國際控股有限公司（「本公司」）謹訂於2025年8月20日（星期三）上午10時正假座香港金鐘 道95號統一中心22樓香港總商會舉行股東週年大會（「股東週年大會」），股東週年大會通告載於 本通函第AGM-1頁至第AGM-5頁。隨本通函附奉委任代表表格。 無論 閣下是否有意出席股東週年大會及於會上投票，務請將隨附之委任代表表格按其所印列 指示填妥並盡早且無論如何須不遲於股東週年大會或其任何續會指定舉行時間48小時前 ...

波司登國際控股有限公司 於開曼群島註冊成立之有限責任公司 股份代號 ：3998 2024/25 年度報告 2025 年珠峰攀登窗口期，專業登山 運 動 員 李 生 濤（木 子）身 著 波 司 登 羽 絨服，成功完成珠穆朗瑪峰登頂的挑 戰。波司登以 49年的專業經驗和勇 攀高峰的精神，將守護融入每一個細 節，成為攀登者前行的底氣。以溫暖 點亮極寒之境，以無畏鑄就不朽傳 奇，在海拔 8,848 米的巔峰之上，波 司登與攀登者一同書寫中國登峰的輝 煌篇章。 波司登國際控股有限公司 | 年度報告 2024/25 公司簡介 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」）是中華人民共和國（「中國」）知名的羽絨服裝品牌運營商。本 集團創始於1976年，在創始人高德康先生的引領下開啓艱苦卓 絕的創業歷程。2007年10月11日，本公司於聯交所主板上市， 股份代號3998。 本集團專心專注羽絨服領域，成為消費者公認的羽絨服專家，引 領行業發展。目前，本集團旗下羽絨服品牌包括波司登、雪中 飛、冰潔等，通過這些品牌，本集團得以滿足不同客戶群體的需 求及鞏固其在中國市場的領導地位。其中，波司登品牌羽絨服連 續3 ...