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7月8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（不 ...

Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of HKD 5.6 [1][4][7] Core Insights - Bosideng reported a revenue increase of 11.6% year-on-year to RMB 25.902 billion and a net profit increase of 14.3% to RMB 3.514 billion for FY25, with a high dividend payout ratio of 84.1% [1][2][4] - The company continues to focus on its main brand and product innovation to drive growth, with projected EPS for 2026-2028 at RMB 0.34, 0.38, and 0.42 respectively [1][4] Revenue and Profit Growth - For the fiscal year ending March 31, 2025, the group achieved a revenue of RMB 25.902 billion, up 11.6% year-on-year, and a net profit of RMB 3.514 billion, up 14.3% year-on-year, despite a slight decline in gross margin [2][5] - The main brand's revenue grew by 10.1% to RMB 18.481 billion, while the OEM business saw a significant increase of 26.4% to RMB 3.373 billion [2][3] Business Segment Performance - The down jacket business generated revenue of RMB 21.668 billion, with a gross margin decrease of 1.6 percentage points to 63.4% [2] - The women's wear segment faced challenges, with a revenue decline of 20.6% to RMB 0.651 billion and a gross margin drop of 4.3 percentage points to 63.2% [3] - The diversified business segment reported a revenue increase of 2.8% to RMB 0.209 billion, with the school uniform business growing by 3.0% [3] Financial Projections - The report forecasts revenue growth rates of 10.1% for FY26, 10.7% for FY27, and 10.2% for FY28, with net profit growth rates of 10.9%, 11.2%, and 11.1% respectively [5][10] - The projected gross margin is expected to stabilize around 57.3% for FY26 and beyond [5][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7月7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 ...

如今，ESG已成为企业可持续发展的"风向标"，也是投资决策中不可或缺的考量因素。 一个关键转变在于，企业ESG工作逐渐迈向"深水区"，转向主动探索，构建可持续发展目标体系。这也 推动资本市场的响应，开启企业与资本的良性互动循环：高质量ESG数据降低投资决策成本→提升 ESG投资有效性→吸引更多资金流入。 彭博的预测数据显示，到2025年全球ESG资产规模将突破50万亿美元，占资产管理总额的三分之一以 上。另据近期证券时报·数据宝的统计，国内市场ESG基金数量持续增加，总规模已突破8200亿元。 聚焦到服装行业来看，ESG的意义更是深刻。服装作为资源消耗量大、产业链长的行业，迫切需要展开 ESG升级，同时年轻一代对"绿色时尚"的追求推动可持续服装市场扩容，让ESG与产品创新、消费者价 值绑定，使社会价值与经济价值统一。 而在ESG领域，波司登展现出持续引领的势头。 今年1月，摩根士丹利（MSCI）将波司登的ESG评级从A级上调至AA级，在中国纺织服装行业处于领先 水平。4月，波司登再次入选S&P Global《可持续发展年鉴（中国版）2025》，成为我国品牌服装行业 两家入选企业之一。 近日，波司登也又一次脱颖 ...

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7月4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（不 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company achieved a revenue of 25.9 billion CNY for FY2025, representing a year-on-year increase of 11.6%, and a net profit attributable to shareholders of 3.51 billion CNY, up 14.3% year-on-year. The total dividend for the year was 2.95 billion CNY, with a dividend payout ratio of 84% [2][4]. - In H2 FY2025, the company reported revenue of 17.1 billion CNY, an increase of 8.6% year-on-year, and a net profit of 2.38 billion CNY, up 10.6% year-on-year, indicating overall performance in line with expectations [2][4]. Summary by Sections Financial Performance - For FY2025, the company recorded a revenue of 25.9 billion CNY, with a year-on-year growth of 11.6%, and a net profit of 3.51 billion CNY, reflecting a 14.3% increase. The H2 results showed revenue of 17.1 billion CNY, up 8.6%, and a net profit of 2.38 billion CNY, up 10.6% [2][4]. Dividend Policy - The company distributed a total dividend of 2.95 billion CNY for FY2025, maintaining a high dividend payout ratio of 84% [2][4]. Future Outlook - The company is expected to benefit from a high-growth outdoor segment in FY2026, with projections for net profit to reach 3.9 billion CNY in FY2026, 4.3 billion CNY in FY2027, and 4.7 billion CNY in FY2028, corresponding to P/E ratios of 12, 11, and 10 respectively, indicating that the current valuation is at historical low levels [7][9].

Investment Rating - The report assigns a rating of "Outperform" for Bosideng International Holdings, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - Bosideng Group reported FY25 results with revenue reaching RMB 25.90 billion, an increase of 11.6% year-on-year, and a net profit attributable to the parent company of RMB 3.51 billion, up 14.3% year-on-year, with a net profit margin of 13.6%, reflecting a 0.3 percentage point increase [1][11]. - The company experienced steady growth in its non-women's wear categories, with revenue changes of +11.0% for down jackets and +26.4% for ODM, while women's wear saw a decline of -20.6% [2][12]. - The overall gross profit margin decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments and increased competition in the women's wear segment [2][12]. - The brand's down jacket business saw a revenue growth of approximately 10%, but the gross profit margins for its brands, including Bosideng and Xuezhongfei, declined [3]. - The company improved its operational efficiency, with a stable inventory turnover period of 118 days, and a reduction in expense ratios leading to an increase in operating profit margin to 19.2% [5]. Summary by Sections Financial Performance - FY25 revenue was RMB 25.90 billion, with a net profit of RMB 3.51 billion, marking increases of 11.6% and 14.3% respectively [1][11]. - FY25H2 revenue reached RMB 17.10 billion, up 8.6%, and net profit was RMB 2.38 billion, up 10.6% [1]. Business Segments - Revenue changes for FY25 included +11.0% for down jackets, +26.4% for ODM, -20.6% for women's wear, and +2.8% for diversified apparel [2][12]. - The gross profit margins for these segments were 63.4% for down jackets, 19.1% for ODM, 63.2% for women's wear, and 21.7% for diversified apparel [2][12]. Operational Efficiency - The company added 253 retail outlets, bringing the total to 3,470, with a focus on enhancing the quality of its retail network [4]. - Online revenue reached RMB 7.58 billion, reflecting a 9.3% year-on-year increase [4]. Strategic Initiatives - The strategic investment in Moose Knuckles, acquiring a 31.6% stake, aims to diversify the brand matrix and expand into international markets [7]. - Future plans include enhancing the brand's presence in both online and offline channels, with a focus on quality and operational efficiency [8].

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7月3日 FF305 | 2). 就根據股份計劃授予發行人的董事的股份獎勵或期權而發行新股或轉 | | 1,788,000 | 0.0155 % | HKD | 1.07 | | | --- | --- | --- | --- | --- | --- | --- | | 讓庫存股份 - 涉及新股 | | | | | | | | 購股權計劃 (於25/08/2017 採納) | | | | | | | | 變動日期 | 2025年7月3日 | | | | | | | 於下列日期結束時的結存 (註5及6) 2025年7月3日 | | 11,561,948,473 | | 0 | | 11,561,948,473 | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | | 1). 購回股份 (擬註銷但截至期終結存日期尚未註銷) | | 5,000,000 | 0.0433 % ...

Core Viewpoint - The company reported a solid performance for the fiscal year 2024/25, with revenue increasing by 11.6% to 25.9 billion and net profit rising by 14.3% to 3.51 billion, aligning with expectations [1] Revenue Breakdown - Brand down jackets revenue grew by 11% to 21.67 billion, with Bosideng, Xuezhongfei, and Bingjie contributing 10.1%, 9.2%, and -12.9% growth respectively, reaching 18.48 billion, 2.21 billion, and 0.13 billion [1] - OEM management business revenue increased by 26.4% to 3.37 billion, while women's and diversified clothing revenues decreased by 20.6% and increased by 2.8% to 0.65 billion and 0.21 billion respectively [1] Channel Performance - Brand down jacket sales through self-operated and wholesale channels grew by 5.2% and 24.3% to 15.09 billion and 5.72 billion respectively [1] - The number of retail stores increased by 253 to 3,470, with self-operated and wholesale stores net increasing by 100 and 153 to 1,236 and 2,234 respectively [1] Operational Efficiency - The company enhanced operational efficiency through the expansion of the Top Store system and upgrading channel stratification [2] - Online sales for brand down jackets rose by 9.4% to 7.48 billion, accounting for 34.5% of total sales [2] Profitability Metrics - Gross margin decreased by 2.3 percentage points to 57.3%, with brand down jackets' gross margin declining by 1.6 percentage points to 63.4% due to lower-margin franchise channels and rising raw material costs [2] - Net profit margin improved by 0.3 percentage points to 13.6% due to a decrease in distribution and administrative expense ratios [2] Financial Health - Inventory increased by 23.6% to 3.95 billion, with inventory turnover days rising by 3 days to 118 days [2] - The company maintained a healthy cash position with cash and cash equivalents of 4.18 billion and a dividend payout ratio of 84.1% [2] Future Outlook - The company is expected to achieve revenue growth of 10.06%, 10.37%, and 10.51% for FY2026 to FY2028, reaching 28.506 billion, 31.461 billion, and 34.766 billion respectively [3] - Net profit is projected to grow by 11.48%, 11.77%, and 11.59% to 3.917 billion, 4.378 billion, and 4.886 billion respectively, with corresponding valuations of 12, 11, and 10 times [3]

Core Viewpoint - The company reported a solid financial performance for the fiscal year 2024/25, with revenue and net profit growth driven by product innovation and channel upgrades, despite challenges in certain segments [1][5]. Financial Performance - The company achieved a revenue of 25.902 billion yuan, an increase of 11.6% year-on-year [1] - The net profit attributable to shareholders was 3.514 billion yuan, up 14.3% year-on-year [1] - The overall gross margin was 57.3%, down 2.3 percentage points, while the net profit margin reached 13.6%, up 0.4 percentage points [1] Brand Performance - The main brand, Bosideng, generated revenue of 21.668 billion yuan, reflecting an 11.0% increase, accounting for 83.7% of total revenue [1] - The gross margin for the brand was 63.4%, down 1.6 percentage points, influenced by rising raw material costs and lower margins from new product categories [1] - The Snow Flying brand reported revenue of 2.206 billion yuan, a 9.2% increase, focusing on high-cost performance down jackets [2] - The Ice Cleansing brand saw a revenue decline of 12.9% to 127 million yuan, indicating ongoing adjustments [2] Channel Development - The company optimized its channel structure, with a net increase of 253 retail outlets, bringing the total to 3,470 [2] - Online sales reached 7.575 billion yuan, a 9.3% increase, with online revenue from the main brand accounting for 34.5% of its total revenue [2] OEM and Other Business Segments - The OEM business grew significantly, achieving revenue of 3.373 billion yuan, up 26.4%, while the women's wear segment faced challenges with a 20.6% revenue decline [3] - The diversified clothing business saw a slight increase of 2.8% to 209 million yuan, driven by stable growth in school uniform sales [3] Cost Management and Efficiency - The overall gross margin decreased by 2.3 percentage points to 57.3%, primarily due to the faster growth of lower-margin OEM business compared to branded products [4] - The sales expense ratio decreased by 1.8 percentage points to 32.9%, reflecting improved operational efficiency [4] - The company maintained healthy inventory turnover with a total inventory of 3.951 billion yuan and a turnover period of 118 days [4] Future Outlook - The company expects continued growth in net profit for FY2026, FY2027, and FY2028, with projected figures of 3.91 billion, 4.35 billion, and 4.78 billion yuan respectively, reflecting year-on-year growth rates of 11%, 11%, and 10% [5]