Ge Long Hui·2025-07-01 03:08Core Insights - The company reported a revenue of 25.9 billion, a year-on-year increase of 12%, with a net profit of 3.6 billion, up 14% year-on-year, marking the eighth consecutive year of record revenue and net profit [1] - The gross profit margin decreased by 2 percentage points, influenced by changes in channel structure, product category mix, and rising costs of core raw materials [1] - The company is focusing on high-quality development in its core down jacket business, with the Bosideng brand revenue reaching 18.5 billion, a 10% increase year-on-year [1] Revenue Breakdown - Xuezhongfei brand revenue was 2.2 billion, a 9% increase year-on-year, driven by brand value innovation and core resource integration [2] - OEM processing business revenue was 3.4 billion, a 26% increase year-on-year, with the top five clients contributing 90% of this revenue [2] Channel Expansion - The company is actively promoting its presence on emerging platforms like Douyin, with approximately 21 million members on Tmall and JD, and about 10 million followers on Douyin [2] - Offline, the company is optimizing channel quality through TOP store expansion and refined operations to enhance efficiency [2] Profit Forecast Adjustment - The company has slightly adjusted its profit forecasts for FY26-28, expecting revenues of 28.4 billion, 31.1 billion, and 34.1 billion respectively, with net profits of 4 billion, 4.4 billion, and 5 billion [2]