Core Viewpoint - The company, a leading down jacket brand in China, reported a 1% revenue growth and a 5% increase in net profit for the first half of the 2025/26 fiscal year, indicating stable performance despite challenges in certain segments [1][4]. Financial Performance - Revenue for the first half of the 2025/26 fiscal year reached 8.93 billion yuan, a 1.4% increase year-on-year, while net profit grew by 5.3% to 1.19 billion yuan [1]. - The revenue breakdown shows brand down jackets increased by 8.3% to 6.57 billion yuan, while OEM processing and women's wear saw declines of 11.7% and 18.6%, respectively [1]. - The overall gross margin improved by 0.1 percentage points to 50.0%, with brand down jackets' gross margin slightly decreasing due to higher sales growth in lower-margin distribution channels [1]. Inventory and Cash Flow Management - The company effectively managed inventory, reducing it by 20.3% year-on-year, and decreased inventory turnover days by 11 days [2]. - Cash flow remained robust, allowing the company to maintain a stable dividend payout, with an interim dividend of 6.3 Hong Kong cents, a 5% increase from the previous year [2]. Strategic Initiatives - The company is focusing on brand leadership, deepening its core categories, and enhancing digital capabilities to drive high-quality growth [3]. - Collaborations with top international designers and the establishment of an AI-driven design database are aimed at improving product innovation and efficiency [3]. - Online revenue for brand down jackets grew by 2.4% year-on-year, while the company expanded its physical store presence, adding 85 self-operated and 285 distribution stores [3]. Market Outlook - The company anticipates a sales boost in the second half of the fiscal year, supported by strong performance in down jacket sales since October [4]. - Profitability is expected to continue improving, with net profit growth projected at 11.1%, 10.2%, and 10.0% for FY2026 to FY2028 [4]. - The target price is maintained at 5.1-5.5 Hong Kong dollars, reflecting a favorable valuation for a leading player in the down jacket market [4].

Core Viewpoint - Bosideng, a leading down jacket brand, reported a mid-term performance for the six months ending September 30, 2025, showing revenue growth and record net profit, despite challenges faced by its subsidiary brand Xuezhongfei [1][2] Group 1: Financial Performance - Bosideng achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4% [1] - The net profit reached 1.201 billion yuan, reflecting a 5.2% year-on-year growth, marking a historical high for the same period in recent years [1] - Revenue from the main business, "branded down jackets," increased by 8.3% to 6.568 billion yuan [1] Group 2: Revenue Breakdown - Self-operated channel revenue grew by 6.6% to 2.411 billion yuan [1] - Wholesale channel revenue rose by 7.9% to 3.701 billion yuan [1] - Revenue from the subsidiary brand Xuezhongfei declined by 3.2% to 378 million yuan [1] Group 3: Market Position and Strategy - Xuezhongfei's recent collaboration with Adidas has highlighted the manufacturing capabilities of domestic brands, indicating a shift in consumer preference towards local products [1] - Bosideng's Executive Director and CEO, Mei Dong, stated that Xuezhongfei has transitioned from negative to positive growth in sales during October and November, with a year-on-year increase of approximately 20% [1] - The company plans to continue investing resources into Xuezhongfei, focusing on brand marketing and product development [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][37][42]. Core Insights - The company reported a revenue growth of 1.4% to 8.93 billion yuan and a net profit growth of 5.3% to 1.19 billion yuan for the first half of the 2025/26 fiscal year [1][10]. - The brand's down jacket segment continues to lead growth, with a revenue increase of 8.3% to 6.57 billion yuan, despite challenges in other segments [1][15]. - The company has successfully reduced inventory by 20.3% and improved cash flow, maintaining a stable dividend payout with a mid-term dividend of 6.3 HKD cents, up 5% year-on-year [2][28]. Summary by Sections Financial Performance - For the first half of the 2025/26 fiscal year, the company achieved a revenue of 89.3 billion yuan, with a net profit of 11.9 billion yuan, reflecting a 1.4% and 5.3% year-on-year increase, respectively [1][10]. - The overall gross margin increased by 0.1 percentage points to 50.0%, driven by the growth in the down jacket business [1][23]. Business Segments - **Brand Down Jackets**: Revenue increased by 8.3% to 6.57 billion yuan, with a gross margin of 59.1%, a decrease of 2.0 percentage points [1][15]. - **OEM Processing**: Revenue decreased by 11.8% to 2.04 billion yuan, but the gross margin improved by 0.4 percentage points to 20.5% [15][23]. - **Women's Wear**: Revenue fell by 18.6% to 250 million yuan, with a gross margin of 59.9% [15][23]. - **Diversified Apparel**: Revenue decreased by 45.3% to 60 million yuan, primarily due to a decline in the school uniform business [16][23]. Strategic Initiatives - The company is focusing on brand leadership and product innovation by collaborating with top international designers to enhance its high-end image and market recognition [3][31]. - Digital transformation efforts include establishing an AI innovation lab in collaboration with Zhejiang University to improve design efficiency [3][32]. - The company is optimizing its channel strategy, with online revenue growth of 2.4% and a net increase of 85 self-operated stores and 285 dealer stores [3][33]. Future Outlook - The company anticipates accelerated growth in the second half of the fiscal year, supported by strong sales performance in the down jacket segment since October [4][37]. - Profit forecasts for FY2026 to FY2028 are projected at 3.91 billion, 4.30 billion, and 4.73 billion yuan, respectively, with year-on-year growth rates of 11.1%, 10.2%, and 10.0% [4][39].

Core Insights - Bosideng International Holdings Limited reported its financial results for the first half of the 2025/2026 fiscal year, showing a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% [1] - The gross profit margin remained high at 50%, with a slight increase of 0.1 percentage points, while the operating margin improved by 0.3 percentage points to 17% [1] Revenue Breakdown - The down jacket business continued to show strong growth, achieving revenue of 6.57 billion yuan, a year-on-year increase of 8.3%, accounting for 73.6% of total revenue, making it the core driver of the company's performance [1] - The company also expanded its product offerings in the fashion functional technology apparel segment, introducing products such as functional jackets and sun protection clothing for the spring and summer seasons [1] Channel Development - Bosideng optimized its channel quality, with the number of regular outlets for its down jacket business reaching 3,558, an increase of 88 from the end of the previous fiscal year [1] - The company focused on expanding flagship stores and concept stores while enhancing single-store operations through a refined operational system tailored to different store locations and consumer characteristics [1] Inventory and Sales Channels - Inventory turnover days decreased to 178 days, down by 11 days year-on-year [2] - The self-operated channel revenue grew by 6.6% year-on-year, while wholesale channel revenue increased by 7.9% [2] - Online sales continued to rise, with a greater focus on live e-commerce and social marketing to attract younger consumers, further increasing the online sales proportion [2] Brand Strategy - Bosideng is expanding its presence in the fashion functional technology apparel sector through a multi-brand strategy, developing a diverse brand matrix to meet various consumer needs [2] - In the high-end market, the company collaborated with Kim Jones on the AREAL series and made strategic investments in luxury down jacket brands, quickly entering the high-end functional apparel market [2] - In the value-for-money segment, Bosideng covers a broader consumer base through sub-brands such as Xuezhongfei and Bingjie [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 8.928 billion RMB for the first half of FY2026, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion RMB, up 5.3%, aligning with expectations [2]. - The company's down jacket business saw revenue of 6.568 billion RMB, growing 8.3% year-on-year, driven by steady growth in both direct and franchise channels [3]. - The gross margin improved by 0.1 percentage points to 50.0%, although the down jacket gross margin decreased by 2.0 percentage points to 59.1% due to a higher proportion of lower-margin distribution channels [4]. - The company is optimistic about its performance in the second half of the year, supported by successful new product launches and effective inventory management [4]. Summary by Sections Performance Review - The company achieved a revenue of 8.928 billion RMB in the first half of FY2026, with a net profit of 1.189 billion RMB, reflecting a 1.4% and 5.3% increase respectively [2]. Operational Analysis - The down jacket segment generated 6.568 billion RMB in revenue, with the main brand, Bosideng, contributing 5.719 billion RMB, showing an 8.3% increase [3]. - The online channel revenue for down jackets was 1.383 billion RMB, up 2.4%, while offline direct and franchise channels reported revenues of 2.411 billion RMB and 3.701 billion RMB, growing 6.6% and 7.9% respectively [3]. Margin and Cost Management - The gross margin increased slightly to 50.0%, with effective cost control reflected in the marketing management expense ratio [4]. - Inventory turnover days decreased by 11 days compared to the previous year, indicating improved inventory management [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.920 billion RMB, 4.322 billion RMB, and 4.739 billion RMB for FY2026, FY2027, and FY2028 respectively, with corresponding P/E ratios of 13, 12, and 11 [5].

此外，波司登方面表示对雪中飞品牌的投入显著高于过去几年，除了渠道资源投入外，重点倾斜于品牌 营销、产品研发等资源的投入。11月27日晚间，波司登发布了25/26财年中期业绩，实现营收约89.28亿 元，同比上涨1.4%；净利润同比增长5.2%，达约12.01亿元。其中，品牌羽绒服收入稳步提升8.3%至约 65.68亿元，其中自营渠道收入24.11亿元，同比增长6.6%；批发渠道收入达37.01亿元，同比增长7.9%。 北京商报讯（记者 张君花）11月28日，波司登集团执行董事兼执行总裁梅冬在财报交流会上向媒体表 示，"通过10月和11月销售，雪中飞已经由负增长转变成了正增长，且同比增长约二十几个点"。与此同 时，波司登方面透露，未来，雪中飞将作为公司重点发展的品牌。梅冬表示，雪中飞第一战场依然是线 上渠道，线上依然有很大的发展空间，未来将持续聚焦线上核心电商平台，深度整合品牌线上资源进一 步推动品牌的发展。同时，也将科学理性的推进线下渠道布局。如重点拓展各大购物中心及奥特莱斯等 渠道，提升消费者体验，强化品牌认知，实现上线下的互为赋能 。 ...

Core Viewpoint - Bosideng's "dual focus" strategy on down jackets and fashionable functional apparel has shown significant results during the reporting period, with steady revenue and profit growth despite a challenging global consumer market [1][17]. Financial Performance - The company reported a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% year-on-year [1]. - The gross margin remained high at 50%, with a slight increase of 0.1 percentage points, and the operating margin improved by 0.3 percentage points to 17% [1]. Business Segments - The down jacket business achieved a revenue of 6.57 billion yuan, growing by 8.3% year-on-year, accounting for 73.6% of total revenue, serving as the core growth driver [2]. - The fashionable functional apparel segment performed well, expanding product offerings such as functional jackets and sun-protective clothing for spring and summer [2]. Product Innovation - Bosideng continues to integrate fashion and technology, enhancing its product matrix with innovative materials and designs, such as UV-resistant and cooling fabrics in sun-protective clothing [4]. - Collaborations with renowned designers, like Errolson Hugh for multifunctional jackets and Kim Jones for the AREAL high-end line, have received positive market responses [6][19]. Channel Development - The company optimized its channel quality, increasing the number of down jacket retail outlets to 3,558, with a net addition of 88 stores [7]. - Self-operated and wholesale channels both saw revenue growth, with self-operated channels up 6.6% and wholesale channels up 7.9% [9]. Supply Chain Management - Bosideng has established a "superior supply chain" system, enhancing efficiency in raw material procurement, production, and logistics [10]. - The company has reduced inventory turnover days to 178, a decrease of 11 days year-on-year, indicating improved inventory management [9]. ESG Practices - Bosideng is the first and only Asian textile and apparel company to receive an MSCI ESG AAA rating, reflecting its commitment to sustainable development [13][15]. - The company emphasizes fair labor practices within its supply chain, ensuring compliance with local wage laws and conducting third-party audits of suppliers [16]. Future Outlook - The dual focus strategy is expected to continue driving growth, with plans to expand the product matrix and enhance brand competitiveness in both down jackets and fashionable functional apparel [20]. - Bosideng aims to leverage its strong brand influence and efficient supply chain management to capitalize on opportunities in the evolving consumer market [20].

Core Insights - The core message emphasizes that successful companies are those that grow and adapt to changing times, as articulated by the chairman of Bosideng, Gao Dekang [1] - Bosideng aims to become a world-leading fashion functional technology apparel group, focusing on down jackets and fashionable functional clothing [1] Financial Performance - For the first half of the 2025/26 fiscal year, Bosideng reported revenue of approximately 8.928 billion RMB, a year-on-year increase of 1.4% [1] - The profit attributable to equity shareholders rose by 5.2% to about 1.189 billion RMB, marking the highest mid-term performance in eight consecutive years [2][7] Dividend and Stock Performance - Based on strong operational performance, Bosideng declared an interim dividend of 0.063 HKD per share [2] - The company's stock price reached a year-high of 5.37 HKD, with a maximum increase of 46.7% within the year [2] Strategic Focus and Business Growth - Since 2018, Bosideng has focused on its core down jacket business, enhancing brand building, product innovation, and retail upgrades, which has strengthened its resilience against market fluctuations [4] - The brand's down jacket segment generated approximately 6.568 billion RMB in revenue, accounting for 73.6% of total revenue, with an 8.3% year-on-year growth [4] Profitability and Cost Management - The company's profit attributable to equity shareholders grew by 5.3% to 1.189 billion RMB, indicating a high-quality growth trend with revenue growth outpacing profit growth [7] - Gross margin increased by 0.1 percentage points to 50%, driven by supply chain efficiency and cost structure optimization [7] Inventory and Supply Chain Management - As of September 30, 2025, the inventory turnover days decreased significantly by 11 days to 178 days, reflecting effective inventory management strategies [7] Brand Development and Innovation - Bosideng has made significant strides in brand high-end positioning and product innovation, launching a high-end product line in collaboration with Kim Jones and showcasing at Paris Fashion Week [9][10] - The company filed 398 patent applications and achieved a total of 1,520 patents, enhancing its digital R&D capabilities [10] Market Opportunities and Sales Channels - The upcoming winter season and favorable climatic conditions are expected to boost sales, with the 2026 Spring Festival occurring later, extending the winter apparel sales period [11] - Bosideng is actively expanding its online presence, with significant growth in followers on platforms like Douyin and Tmall, contributing to a 2.2% year-on-year increase in online sales [11][12] Retail Network Expansion - The company increased its retail network by 88 stores to a total of 3,558, enhancing its market coverage in both first-tier and lower-tier cities [12] Analyst Outlook - Analysts maintain a positive outlook on Bosideng's growth potential, with several brokerages issuing "buy" ratings based on the company's solid fundamentals and growth prospects [12][13]

针对雪中飞在中期财报中的负增长问题，11月28日中午，波司登集团执行董事兼执行总裁梅冬在财报交 流会上向包括《每日经济新闻》在内的媒体表示，"通过10月和11月（销售），雪中飞已经由负增长转 变成了正增长，且同比增长约二十几个点"。 据梅冬透露，波司登会在资源上持续给"雪中飞"赋能。"今年，我们对雪中飞品牌的投入显著高于过去 几年，除了渠道资源投入外，重点倾斜于品牌营销、产品研发等资源的投入"。 （文章来源：每日经济新闻） 11月27日晚，羽绒服龙头波司登（HK03998）发布截至2025年9月30日止6个月的中期业绩。报告期内， 波司登实现营收89.28亿元，同比上涨1.4%；净利润12.01亿元，同比增长5.2%，创近年来同期历史新 高。 记者注意到，其主营业务"品牌羽绒服"收入提升8.3%至65.68亿元，其中自营渠道收入同比增长6.6%至 24.11亿元；批发渠道收入同比增长7.9%至37.01亿元。但波司登旗下品牌雪中飞告别往年同期的快速通 道，其收入同比下降3.2%至3.78亿元。 前段时间，"雪中飞"因代工阿迪达斯而备受市场关注。彼时，多位行业人士告诉记者，"雪中飞"代工国 际品牌并不让人意外， ...

证券研究报告 | 半年报点评 gszqdatemark 2025 11 28 年 月 日 波司登（03998.HK） 中期业绩稳健，期待旺季销售带动 FY2026 亮眼表现 FY2026H1 公司收入同比+1.4%/归母净利润同比+5.3%。1）公司发布 FY2026H1（截 至 2025/9/30 的 6 个月）业绩公告：主营业务收入/归母净利润分别同比增长 1.4%/5.3%至 89.3/11.9 亿元,宣派中期股息每股普通股 6.3 港仙。2）盈利质量方面：FY2026H1 公司毛利 率+0.1pcts 至 50.0%；销售/管理费用率同比分别+1.7pcts/-1.5pcts 至 27.5%/7.2%，归母 净利率同比+0.5pcts 至 13.3%。 分业务：品牌羽绒服同比+8%（主要系波司登主品牌带动增长），OEM 业务同比-12%。 1、品牌羽绒服业务：FY2026H1 收入同比+8%至 65.7 亿元，加盟增速略快于直营，业务毛 利率同比-2.0pcts 至 59.1%（我们判断主要系渠道结构变化影响）。 2、OEM 业务：FY2026H1-12收入%至同比20.4 亿元，销售占比 23%，毛 ...