Di Yi Cai Jing·2025-06-27 08:05Core Viewpoint - The domestic down jacket market is expected to face intensified competition in pricing, scale, and marketing, despite maintaining growth after the 2024 warm winter and rising down prices [1][4]. Group 1: Company Performance - Bosideng reported a revenue of 25.9 billion yuan for the fiscal year 2024-2025, representing an 11.6% year-on-year increase, with a net profit of 3.51 billion yuan, up 14.3% [1]. - The down jacket business of Bosideng saw a revenue growth of 11% to 21.67 billion yuan, while its OEM processing business grew by 26.4% to 3.37 billion yuan [1][2]. - Snow Flying, a brand under Bosideng, achieved a revenue of 2.21 billion yuan, reflecting a 9.2% increase, although this was a decline from the previous year's growth rate of 65.3% [2][3]. Group 2: Market Trends - The penetration rate of down jackets in China is around 10%, significantly lower than the 30% to 70% in developed countries, indicating long-term growth potential [2]. - The market concentration is increasing, with consumers shifting towards branded down jackets due to new national standards and past incidents of counterfeit products [2]. - The mid-to-high-end segment of the down jacket market accounts for approximately 20% to 30%, while the mass market still holds a 70% share, highlighting the importance of this segment [3]. Group 3: Competitive Landscape - The competition in the mass down jacket market is expected to intensify, with brands like Yalu and Dayday rapidly gaining market share [3][4]. - Bosideng is adjusting its strategy to focus on high cost-performance opportunities in the mass market, indicating a shift in its market approach [2][3].