Core Viewpoint - The company reported a revenue of 8.93 billion yuan for the first half of FY2025/26, reflecting a year-on-year growth of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% year-on-year, indicating a dual growth in revenue and profit despite a high base [1] Business Segmentation - The core brand down jacket business achieved a revenue of 6.57 billion yuan, with a year-on-year increase of 8.3%, driven primarily by the Bosideng main brand [2] - The OEM processing segment saw a revenue decline of 11.7% to 2.04 billion yuan, attributed to external factors such as tariffs, with potential for recovery as these factors diminish [2] - The women's wear and diversified apparel segments are undergoing adjustments, with the company focusing on improving overall operational and management efficiency [2] Multi-Channel Collaboration - The company has been enhancing its Top store reform, implementing tailored strategies to improve store operational efficiency [3] - The self-operated and wholesale channels for the brand down jacket business reported year-on-year revenue growth of 6.6% and 7.9% respectively, contributing to overall revenue growth [3] - Online revenue increased by 2.4% in the first half of FY2025/26, supported by a focus on core categories, brand building, content innovation, and refined operations [3] Profit Forecast and Rating - The company is expected to maintain strong growth in the down jacket sector, with projected net profits for FY2026 to FY2028 at 3.914 billion yuan, 4.403 billion yuan, and 4.897 billion yuan, representing year-on-year growth rates of 11.38%, 12.50%, and 11.22% respectively [4] - The company’s strong brand power, product development capabilities, and efficient supply chain management create competitive barriers, supporting a "buy" rating [4]

Core Viewpoint - The company reported FY2026H1 results with revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% year-on-year, with an interim dividend of 0.063 Hong Kong dollars per share [1] Group 1: Brand Down Jacket Business - The main brand showed steady growth with effective inventory reduction, generating revenue of 6.568 billion yuan, a year-on-year increase of 8.3%, accounting for 73.6% of total revenue [1] - By brand, Bosideng's main brand revenue was 5.719 billion yuan, up 8.3% year-on-year, while Xuezhongfei and Bingjie reported revenues of 0.378 billion yuan (down 3.2%) and 0.015 billion yuan (down 26.0%) respectively [1] - The company continues to optimize its main brand in terms of brand, product, and channel dimensions, maintaining high-quality growth [1] Group 2: OEM and Diversified Business - The OEM business saw a revenue decline of 1.044 billion yuan, down 11.7% year-on-year, primarily due to order front-loading caused by tariff issues [2] - Women's clothing revenue decreased to 0.251 billion yuan, down 18.6% year-on-year, with a gross margin decline of 1.9 percentage points to 59.9% [2] - The diversified clothing segment reported a revenue drop of 0.064 billion yuan, down 45.3% year-on-year, mainly due to a restructuring of the school uniform business [2] Group 3: Financial Metrics and Efficiency - Gross margin increased by 0.1 percentage points to 50.0%, driven by the higher revenue share of the high-margin brand down jacket business [3] - The expense ratio for distribution and administrative expenses was 27.5% and 7.2% respectively, with a year-on-year increase of 1.7 percentage points and a decrease of 1.5 percentage points [3] - The net profit margin increased by 0.5 percentage points to 13.3%, supported by a significant rise in financing income [3] - Inventory turnover days improved to 178 days, a decrease of 11 days year-on-year, due to a slowdown in raw material procurement and active inventory reduction [3] - The net cash flow from operating activities was -1.084 billion yuan, with cash and cash equivalents at 3.034 billion yuan at the end of the period [3] Group 4: Future Outlook - The company anticipates that expectations of a cold winter and an extended Spring Festival peak season will catalyze sales, supporting high-quality growth in performance [3] - The profit forecast for FY26-28 is set at 3.94 billion, 4.39 billion, and 4.90 billion yuan respectively, with corresponding P/E ratios of 13, 12, and 11 [3]

Core Viewpoint - The report from Credit Lyonnais indicates that Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, meeting expectations [1] Group 1: Financial Performance - Bosideng's management reiterated its guidance for fiscal year 2026, expecting a 10% year-on-year increase in sales, with net profit growth expected to exceed sales growth [1] - For the period from October to date, Bosideng's offline sales recorded double-digit year-on-year growth, with a reduction in discount rates [1] - Online business maintained strong momentum during the Double Eleven shopping festival [1] Group 2: Forecast Adjustments - Credit Lyonnais raised its net profit forecast for fiscal years 2026 to 2028 by 1% to 2%, reflecting a more favorable business mix and strict cost control [1] - Sales forecasts were largely maintained, with the target price increased from HKD 5.2 to HKD 5.8 due to an anticipated increase in price-to-earnings ratio to 13 times [1] Group 3: Investment Appeal - The forecasted dividend yield for the next 12 months is 6.5%, presenting an attractive risk-reward profile [1] - Given the lower base from previous periods, the "outperform" rating is maintained [1]

Group 1 - The article emphasizes the importance of standardization in the clothing industry, highlighting the role of the National Clothing Standardization Technical Committee and the China National Textile and Apparel Council in leading industry development [7] - It mentions the services provided by China Textile Testing & Certification Services, which include testing and certification for fibers, yarns, fabrics, garments, home textiles, industrial textiles, leather products, and footwear [7] Group 2 - The article promotes the idea of creating a better quality of life through trust and value enhancement in the textile and apparel sector [7] - It provides contact information for relevant organizations, indicating a collaborative approach to industry standards and quality assurance [7]

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11月30日 狀態: 新提交 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 呈交日期: 2025年12月2日 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 ...

Core Viewpoint - Zhongyin International has raised the target price for Bosideng (03998) to HKD 5.4 while maintaining a "Buy" rating, citing stable performance and growth potential in the upcoming fiscal periods [1] Financial Performance - For the first half of the fiscal year 2026, Bosideng reported a revenue growth of 1% and a net profit growth of 5% year-on-year [1] - The main brand, Bosideng, has shown robust performance, outperforming the overall apparel industry [1] Market Trends - Recent Double Eleven sales data indicates that Bosideng's down jackets continue to be favored by consumers, leading to an increase in market recognition [1] - The company is expected to see performance improvement in the second half of the fiscal year 2026 during the peak season [1] Profitability Outlook - Despite adjustments in product structure, the gross margin is anticipated to remain stable [1] - The expected dividend yield for Bosideng in fiscal year 2026 is projected to exceed 6%, indicating high attractiveness for investors [1]

中银国际发布研报称，波司登(03998)2026财年上半年收入和净利润分别同比增长1%和5%，其主品牌波 司登表现稳健，且优于整体服装行业。最近双十一的销售数据也显示，波司登的羽绒服持续受到消费者 青睐，市场认可度进一步提升。该行预计波司登将在2026财年下半年旺季实现业绩环比改善。即使产品 结构有所调整，但预计毛利率将基本保持稳定，维持"买入"评级，并将目标价上调至5.4港元。同时认 为波司登2026财年的预计股息收益率超过6%，具备较高吸引力。 ...

该行预计波司登将在2026财年下半年旺季实现业绩环比改善，即使产品结构有所调整，但预计毛利率将 基本保持稳定；2026财年的预计股息收益率超过6%，具备较高吸引力。该行维持对其"买入"评级，并 将目标价上调至5.4港元。 中银国际发表报告指，波司登2026财年上半年收入和净利润分别按年增长1%和5%，主品牌波司登表现 稳健，且优于整体服装行业。最近双十一的销售数据也显示，波司登的羽绒服持续受到消费者青睐，市 场认可度进一步提升。 ...

Group 1 - Bosideng (03998.HK) experienced a rise of over 3%, specifically increasing by 3.19% to reach a price of 5.17 HKD [1] - The trading volume for Bosideng was reported at 103 million HKD [1]

消息面上，波司登近期发布2025/26财年中期业绩公告。财报显示，截至2025年9月30日，公司实现营收 约89.28亿元（人民币，下同），同比上涨1.4%；权益股东应占溢利同比增长5.2%至约11.89亿元，中期 业绩连续8年创同期历史新高。 东方证券指出，展望26下半财年，预计公司收入和盈利均有望提速。在之前结束的双十一活动中，在天 猫和抖音平台，公司波司登主品牌在服饰品类名列前茅，其副牌雪中飞也表现优异，为旺季提速打下了 良好基础。围绕双聚焦战略和羽绒主业的多品牌矩阵，该行预期公司未来3年将保持稳健可持续增长。 波司登(03998)涨超3%，截至发稿，涨3.19%，报5.17港元，成交额1.03亿港元。 来源：智通财经网 ...