Ge Long Hui·2025-06-30 07:06Core Viewpoint - The article highlights that despite an unusual warm winter impacting the down jacket industry, Bosideng has achieved record performance, demonstrating its ability to find stable growth points across seasons and scenarios, thereby reconstructing its growth logic [1][21]. Financial Performance - For the fiscal year 24/25, Bosideng reported revenue of 25.902 billion yuan, a year-on-year increase of 11.6%, and a profit attributable to equity shareholders of 3.514 billion yuan, up 14.3%, marking the eighth consecutive year of record highs [4]. - The profit growth rate consistently outpaced revenue growth, indicating high-quality performance [4]. Business Segments - The core business units of Bosideng maintained stable growth, with brand down jacket revenue reaching 21.668 billion yuan, a 11.0% increase, and OEM management revenue at 3.373 billion yuan, up 26.4%, both achieving historical highs [5]. - The single brand revenue for Bosideng reached 18.481 billion yuan, a 10.1% increase, while Xuezhongfei generated 2.206 billion yuan, up 9.2%, showcasing resilience against market challenges [5][6]. Product Innovation - Bosideng is expanding its growth space through innovation, focusing on both core and new product categories, such as lightweight down jackets and functional outerwear for spring and summer, to capture off-season sales [7][8]. - The introduction of the "Dibian" series and the "Extreme Cold" series demonstrates Bosideng's commitment to product innovation, enhancing market presence and consumer engagement [7][8]. Channel Strategy - Bosideng's omnichannel strategy shows robust growth, with online sales of brand down jackets reaching 7.478 billion yuan, accounting for 34.5% of total brand revenue [9]. - The company has significantly increased its membership base, adding approximately 7 million fans on major e-commerce platforms, indicating strong customer engagement [10][11]. Technological Advancements - Bosideng is redefining its "people, goods, and venue" strategy through technological innovation, including the development of multifunctional products and AI-driven design processes [14][15]. - The company has filed 466 patent applications and received 527 patent grants in the fiscal year, reflecting its strong commitment to product innovation and technological support [18]. Conclusion - The latest financial report reaffirms Bosideng's sustainable and high-quality development, showcasing its resilience in a volatile industry and its ability to adapt quickly to market changes [21][22].