Ge Long Hui·2025-07-02 19:10Core Viewpoint - For FY25, the company expects revenue and net profit attributable to shareholders to grow by 11.6% and 14.3% year-on-year, respectively, with the down jacket business showing resilience despite a warm winter challenge [1][2] Revenue and Profit Summary - FY25 revenue reached 25.9 billion yuan, an increase of 11.6%, with operating profit at 4.967 billion yuan (+12.9%) and net profit at 3.514 billion yuan (+14.3%) [1] - The company declared a final dividend of 0.22 HKD per share, alongside an interim dividend of 0.06 HKD, resulting in a cash dividend payout ratio of 84% [1] Business Segment Performance - The brand down jacket business accounted for 83.7% of FY25 revenue, generating 21.67 billion yuan (+11.0%), with H1 and H2 revenues of 6.06 billion yuan (+22.7%) and 15.01 billion yuan (+7.0%), respectively [2] - By brand, FY25 revenue for Bosideng, Xuezhongfei, and Bingjie was 18.48 billion yuan (+10.1%), 2.21 billion yuan (+9.2%), and 0.13 billion yuan (-12.9%) [2] - The company’s direct sales and wholesale revenue for down jackets were 15.09 billion yuan (+5.2%) and 5.72 billion yuan (+24.3%), respectively [2] OEM and Other Business Insights - The OEM business grew significantly, with revenue of 3.37 billion yuan (+26.4%), while the high-end women's wear segment faced a decline, generating 0.65 billion yuan (-20.6%) [3] - The company experienced a goodwill impairment of 170 million yuan in the women's wear segment [3] Profitability and Efficiency - The overall gross margin for FY25 was 57.3%, down 2.3 percentage points, primarily due to declines in the gross margins of the brand down jackets and women's wear [3] - The operating profit margin for the down jacket business was 23.0%, an increase of 0.7 percentage points, aided by effective cost control [3] - The company’s operating profit margin for FY25 was 19.2% (+0.2 percentage points), with a net profit margin of 13.6% (+0.3 percentage points) [3] Inventory and Future Outlook - As of FY25, the company’s inventory stood at 3.95 billion yuan (+23.6%), with an inventory turnover period of 118 days (+3 days) [4] - For FY26, the main brand will focus on down jacket categories and enhance competitive advantages, with expectations for steady growth in the OEM business and improvements in the performance of sub-brands [4] - Revenue projections for FY26 to FY28 are 28.53 billion yuan, 31.22 billion yuan, and 34.08 billion yuan, with corresponding net profits of 3.92 billion yuan, 4.34 billion yuan, and 4.80 billion yuan [4]