波司登(03998) - 2025 - 中期财报

Financial Performance - Revenue increased by 17.8% to approximately RMB 8,804.1 million[4] - Gross profit margin decreased slightly by 0.1 percentage points to 49.9%[4] - Operating profit margin improved by 0.2 percentage points to 16.7%[4] - Net profit attributable to equity shareholders rose by 23.0% to approximately RMB 1,129.7 million[4] - The company declared an interim dividend of 6.0 HK cents per ordinary share[4] - Bosideng's total down jacket business revenue reached RMB 6,062.7 million in the first half of 2024/25, a year-on-year increase of 22.7%[60] - Snow Flying brand revenue grew by 47.1% to RMB 390.4 million in the first half of 2024/25[55] - Bingjie brand revenue increased by 61.5% to RMB 20.7 million in the first half of 2024/25[59] - Bosideng brand accounted for 87.1% of the total down jacket business revenue, reaching RMB 5,279.9 million in the first half of 2024/25[60] - Revenue from down-related products increased to RMB 6,062,687 thousand, up 22.7% compared to the previous year[197] - Revenue from OEM management reached RMB 2,316,390 thousand, a 13.4% increase year-over-year[197] - Women's clothing segment reported a loss of RMB 50,421 thousand, compared to a loss of RMB 5,962 thousand in the previous year[197] - Diversified clothing segment revenue grew to RMB 116,909 thousand, up 21.3% year-over-year[197] - Total revenue for the group increased to RMB 8,804,128 thousand, up 17.8% compared to the previous year[195] - Profit from down-related products rose to RMB 1,225,297 thousand, a 30.6% increase year-over-year[197] - OEM management segment profit increased to RMB 389,515 thousand, up 14% compared to the previous year[197] - The group's total profit reached RMB 1,550,901 thousand, a 21.9% increase year-over-year[197] - Revenue from trademark licensing grew to RMB 88,048 thousand, up 168% compared to the previous year[195] - Revenue for the reporting period reached 8,804,128 thousand RMB, an increase from 7,471,665 thousand RMB in the same period last year[199] - Pre-tax profit for the reporting period was 1,558,448 thousand RMB, up from 1,300,534 thousand RMB in the previous year[199] - Government subsidies increased to 196,158 thousand RMB from 110,357 thousand RMB in the same period last year[199][200] - Amortization expenses remained consistent at 17,939 thousand RMB compared to the previous year[199] - Goodwill impairment loss was recorded at 70,000 thousand RMB, which was not present in the previous year[199] - Financing income rose to 197,317 thousand RMB from 178,021 thousand RMB in the prior year[199] - Financing costs increased to 105,455 thousand RMB from 96,505 thousand RMB in the same period last year[199] - Loss from associates and joint ventures decreased to 5,219 thousand RMB from 11,949 thousand RMB in the previous year[199] - Unallocated expenses rose to 187,315 thousand RMB from 134,072 thousand RMB in the same period last year[199] Business Segments - Brand down apparel business revenue increased by 22.7% to RMB 6,062.7 million, accounting for 68.9% of total revenue[9] - OEM management business revenue grew by 13.4% to RMB 2,316.4 million, representing 26.3% of total revenue[9] - Women's wear business revenue declined by 21.5% to RMB 308.1 million, making up 3.5% of total revenue[9] - Diversified apparel business revenue increased by 21.3% to RMB 116.9 million, contributing 1.3% to total revenue[9] - Bosideng's brand down jacket business revenue increased by 22.7% year-on-year to RMB 6,062.7 million in the first half of the 2024/25 fiscal year[12] - The Bosideng brand's revenue under the down jacket business grew by 19.4% year-on-year to RMB 5,279.9 million in the first half of the 2024/25 fiscal year[12] - The company's total revenue for the first half of the 2024/25 fiscal year reached RMB 8,804.1 million, compared to RMB 7,471.7 million in the same period last year[11] - Snow Flying's online and offline integration strategy focused on live streaming and collaborations with influencers to drive sales[57] - Bosideng launched a new冲锋衣 (windbreaker) series in 2024, targeting urban and outdoor scenarios with lightweight protective features[52] - OEM/ODM business revenue increased by 13.4% YoY to RMB 2,316.4 million, accounting for 26.3% of total revenue[69] - Revenue from top 5 OEM/ODM customers accounted for 90.3% of total OEM/ODM business revenue[69] - OEM/ODM business gross margin decreased by 0.3 percentage points to 20.1%[69] - Women's wear business revenue decreased by 21.5% YoY to RMB 308.1 million, accounting for 3.5% of total revenue[73] - Women's wear business total revenue decreased by 21.5% to RMB 308.1 million in the first half of 2024/25, compared to RMB 392.7 million in the same period last year[75] - Jessie brand revenue declined by 16.1% to RMB 116.3 million, accounting for 37.7% of women's wear business sales[75] - Buou Buou brand revenue dropped by 31.3% to RMB 70.8 million, representing 23.0% of women's wear business sales[75] - Koreano and Klova brands revenue decreased by 19.9% to RMB 121.0 million, making up 39.3% of women's wear business sales[75] - Self-operated sales accounted for 92.4% of women's wear business revenue, totaling RMB 284.6 million, a 21.9% decrease year-over-year[75] - Wholesale sales represented 7.6% of women's wear business revenue, amounting to RMB 23.5 million, a 17.4% decline year-over-year[75] - Diversified apparel business revenue increased by 21.3% to RMB 116.9 million in the first half of FY2024/25, with the Smart Uniform brand contributing 94.9% of the revenue[89] - Smart Uniform brand revenue grew by 30.4% to RMB 111.0 million in the first half of FY2024/25[92] - The Smart Uniform brand serves over 500 schools with an annual supply exceeding 1 million pieces[91] - Self-operated sales in the diversified apparel business increased by 30.4% to RMB 111.0 million, accounting for 94.9% of the total revenue[89] - Wholesale sales in the diversified apparel business decreased by 46.0% to RMB 5.5 million[89] - The Smart Uniform brand won multiple awards, including the Outstanding Enterprise of the Year in the Chinese School Uniform Industry[91] Retail and Distribution - Self-operated retail outlets increased by 18 to 1,154, accounting for 36.2% of the total retail network[63] - The number of retail outlets in first- and second-tier cities accounted for 26.3% of the total retail network[63] - The company optimized its retail network, reducing the total number of outlets by 29 to 3,188, while increasing self-operated outlets[63] - Down jacket retail network in East China decreased by 2 stores to 1,048 as of September 30, 2024, compared to March 31, 2024[67] - Total down jacket retail network decreased by 29 stores to 3,188 as of September 30, 2024, compared to March 31, 2024[67] - The company opened nearly 700 seasonal stores during the first half of FY2024/25, focusing on top-selling products in core business districts and sports venues[67] - The total number of retail outlets for women's wear business decreased by 29 to 396, with self-operated outlets down by 24 to 305 and third-party dealer outlets down by 5 to 91[84] - Jessie brand retail outlets decreased by 2 to 182, with self-operated outlets down by 2 to 108 and third-party dealer outlets down by 1 to 64[85] - Buou Buou brand retail outlets decreased by 29 to 94, with self-operated outlets down by 21 to 71 and third-party dealer outlets down by 5 to 14[85] - Koreano and Klova brands retail outlets increased by 2 to 66 and remained unchanged at 54, respectively[85] - Women's apparel retail network decreased by 29 stores to 396 stores as of September 30, 2024, compared to 425 stores as of March 31, 2024[87] Supply Chain and Operations - Inventory turnover days increased to 189 days in the first half of FY2024/25, up by 29 days compared to the same period in FY2023/24[23] - The company achieved a target of at least 40% for the first order ratio from distributors in June 2024[23] - The company's supply chain achieved a top-selling product replenishment availability rate of 99%[27] - The company implemented a leading industry model of period/spot goods operation, with initial orders controlled within 40%[27] - The company aims to further improve the replenishment availability rate for unexpected best-selling products[27] - The company slowed down the shipment pace and speed to distributors in the first half of FY2024/25 to adapt to market uncertainties[23] - The company's supply chain focuses on flexible fast response, quality excellence, R&D technology, resource integration, and cost leadership[27] - The company upgraded its large-scale commodity value chain closed-loop system and digital intelligence construction[27] - The company's supply chain transitioned from collaborative supply to proactive supply and digital intelligence supply[27] - The company's supply chain aims to maximize sales growth by ensuring popular products are rarely out of stock[27] Digital Transformation and Technology - Bosideng brand added over 1.3 million new fans and 1 million new members on Tmall and JD platforms, with total members exceeding 19 million as of September 30, 2024[35] - Bosideng brand added over 500,000 new fans on Douyin platform, with total fans exceeding 9.5 million as of September 30, 2024[35] - The company has established a comprehensive user management system with over 19 million members on Tmall and JD platforms and 9.5 million fans on Douyin[35] - The company has implemented a digital transformation strategy, including the full launch of the SAP system in 2024, to enhance financial data accuracy and decision-making[34] - The company has developed a smart logistics system with automated routing and real-time monitoring to improve delivery efficiency and user experience[31][32] - The company has focused on cost leadership, integrating cost management across the entire value chain to support stable profit growth[31] - The company has invested in advanced logistics technology, including self-developed inventory and order processing centers, to optimize warehouse operations and delivery speed[32] - The company has built a closed-loop user management system with multi-touchpoint precision, intelligent user insights, and differentiated interaction experiences[35] - The company has upgraded its membership system and diversified benefits to enhance customer loyalty and satisfaction[38] - The company has established a digital operation platform with a unified entry, platform, and data warehouse to support mobile office, online business, and intelligent decision-making[36] - The company has applied for 222 patents and received 340 patent authorizations in the first half of the 2024/25 fiscal year, with a cumulative total of 1,193 patents as of September 30, 2024[41] - The company has established a unified membership system and refined labeling system by upgrading its membership system and integrating full-channel data, continuously optimizing user profile modeling[40] - The company has developed a smart matching model for user behavior and product demand using AI technology, enabling automated and precise outreach while ensuring user data desensitization and encryption[40] Product Innovation and Design - The company launched new sunscreen clothing, which gained significant market attention and positive consumer feedback, contributing to category extension[17] - Bosideng introduced the "Overlap" series of down jackets and冲锋衣, successfully entering the outdoor保暖 market in September 2024[21] - The company signed a strategic cooperation agreement with the Polar Research Center in April 2024 to jointly develop co-branded products and promote polar exploration awareness[16] - Bosideng collaborated with the Harbin Municipal Government in June 2024 to create the "Erbin" series brand IP, combining the brand's基因 with Harbin's冰雪文化[18] - The company showcased 30 sets of羽绒服 designs inspired by Chinese传统文化 at the "Reviving Craft" exhibition in Paris in July 2024, blending非遗技艺 with modern fashion[19] - The company launched the "Urban Outdoor Women's Multi-functional Jacket" and "China Antarctic Expedition Down Protective Clothing," both of which won the ISPO Award, and five other products that won the Red Dot Design Award[47] - The company upgraded its "Sunshine Series" with lighter and more comfortable fabrics, integrating technological decorative details and expanding into parent-child, men's, and accessory lines[50] - The company introduced the "Urban Light Outdoor Series," featuring innovative designs such as dual-color splicing and multiple waist-cinching styles for women, catering to young consumers' needs[51] - The company has developed a global-leading CIRCULAR product concept, focusing on sustainable materials such as recycled and bio-based materials[47] - The company has collaborated with renowned cross-border IPs, including designers, comic IPs, and overseas brands, to launch co-branded products that resonate with younger audiences[44] Sustainability and ESG - The company's ESG strategy includes a vision to lead sustainable fashion, with short-term, medium-term, and long-term goals, including achieving net-zero emissions in operations by 2038[119] - The company has set a target for 100% green electricity usage in operations and aims for 80% low-carbon fabric usage by 2038[122] - The company has been recognized for its ESG performance, being selected for the S&P Global Sustainability Yearbook (China Edition) 2024[115] - The company's carbon path planning, approved by the board, includes comprehensive carbon accounting across the entire value chain[121] - The company aims to improve transportation efficiency and explore new transportation methods as part of its sustainability initiatives[124] - The company aims to achieve zero emissions of toxic and harmful chemicals across the entire supply chain by 2030, as part of its ESG strategy and carbon pathway planning[126] - The company joined the ZDHC (Zero Discharge of Hazardous Chemicals) alliance to promote chemical safety management[126] Strategic Investments and Expansion - The company completed a strategic investment in the Canadian luxury down jacket brand Moose Knuckles, acquiring approximately 31.6% ownership, as part of its focus on the core down jacket business and international expansion[127] - The company successfully bid for a land parcel in Shanghai's Hongqiao Business District for approximately RMB 413.0 million, with a lease term of 40 to 50 years, to build a new office building[135] - The company's brand matrix includes Bosideng as a global leader in down jackets, Snow Flying targeting the mass market, BOGNER focusing on high-end ski fashion, and Moose Knuckles catering to the luxury fashion segment[129] - The company focuses on strengthening its core down jacket business and expanding into the "fashion functional tech apparel" sector, aiming for sustainable high-quality growth[155] - The company plans to enhance product competitiveness through innovation, original design, and technological advancements to meet evolving consumer needs[157] - In response to a challenging market environment, the company is re-evaluating the strategic positioning of its fashion women's wear business and focusing resources on core strategic opportunities[158] - The company will improve channel operations by enhancing single-store management and customer lifecycle operations to drive growth[159] - The company aims to leverage its leading expertise in down jackets to deepen cooperation with existing core clients and explore new customer resources in the OEM business[159] Talent and Human Resources - The company had 13,082 full-time employees as of September 30, 2024, an increase of 1,251 employees compared to 11,831 employees as of March 31, 2024[137] - Employee costs for the six months ended September 30, 2024, were approximately RMB 952.7 million, compared to RMB 780.3 million in the same period last year[137] - The company implemented a "Eagle" talent development system to cultivate and reserve young talent, focusing on university graduates as the foundation of its internal talent system[137] - The company launched three major campus recruitment projects: the "Million Yuan Annual Salary Plan," the "Eaglet Plan," and the "Leading Action" to attract top university students[137] - The company aims to establish itself as the "global leader in down jackets" and has developed a talent development plan aligned with this strategic goal[137] - The company's compensation and bonus policies are based on each employee's job responsibilities, performance, contributions, and market conditions[137] - The company provides employee benefits such as high-end medical programs for core management talent, improved dining and office conditions, and accommodation subsidies or dormitories for non-local employees[137] - As of September 30, 2024, the "Eagle Series" project has produced 892 outstanding university graduates, 183 reserve managers, 50 reserve directors, and 23 retail company general managers[150] Share Options and Financial Instruments - The company has adopted a new share option plan with an authorized limit of 1,103,652,138 shares, representing 10% of the total issued shares as of August 20, 2024[143] - As of September 30, 2024, the company can grant 1,103,652,138 share options under the new plan, which is approximately 9.52% of the issued share capital as of December 12, 2024[143] - A total of 670,519,999