Zheng Quan Ri Bao·2025-06-27 13:43Core Insights - Bosideng International Holdings Limited reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, representing a year-on-year growth of 11.58% [2] - The net profit attributable to equity shareholders was 3.514 billion yuan, an increase of 14.31% year-on-year, with a proposed final dividend of 0.22 HKD per share [2] - Despite challenges such as a warm winter and a tough consumer environment, Bosideng achieved record highs in revenue and net profit for eight consecutive years, with operating profit growth outpacing revenue growth [2] Business Segments - The brand down jacket business remains the largest revenue source, generating approximately 21.668 billion yuan, accounting for 83.7% of total revenue, with a year-on-year growth of 11.0% [2] - The OEM management business recorded revenue of about 3.373 billion yuan, representing 13.0% of total revenue, with a year-on-year increase of 26.4% [2] - Women's clothing revenue was approximately 651 million yuan, accounting for 2.5% of total revenue, showing a decline of 20.6% year-on-year [2] - Diversified clothing business generated about 209 million yuan, making up 0.8% of total revenue, with a year-on-year increase of 2.8% [2] Strategic Focus - Bosideng is focusing on a "dual focus" strategy on down jackets and fashionable functional apparel, aiming to enhance its product offerings, including lightweight down jackets and extreme cold series [3] - The brand is also working on building the "China Good Down" IP and launching city brand collaborations [3] - The "Xuezhongfei" brand is enhancing its online business and focusing on category value innovation and core resource integration [3] Operational Efficiency - The company employs a pull replenishment and small batch quick response mechanism, achieving efficient inventory turnover with an inventory turnover period of 118 days, slightly up by 3 days year-on-year [3][6] - The gross profit margin decreased by 2.3 percentage points to 57.3%, attributed to changes in product category structure and rising costs of down jackets [6] Market Challenges - The overall performance of the textile and apparel industry is experiencing a slowdown in growth rates due to low consumer confidence and market saturation, leading to increased marketing costs and inventory pressures [6] - Bosideng faces challenges in high-end transformation, internationalization, and operational efficiency, with a need to target younger consumer segments and enhance brand positioning [6]