Mei Ri Jing Ji Xin Wen·2025-08-29 00:27Core Viewpoint - Bosideng clarifies that reports regarding a potential acquisition of Canada Goose are false and that there is no undisclosed information [2] Group 1: Company Performance - Bosideng reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, representing an 11.6% year-on-year increase [5] - The net profit for Bosideng increased by 14.3% to 3.514 billion yuan during the same period [5] - The brand's down jacket business generated approximately 21.668 billion yuan, accounting for 83.7% of total revenue, with an 11.0% year-on-year increase [5] Group 2: Market Context - Bain Capital, the controlling shareholder of Canada Goose, is considering selling its stake, which may be related to the brand's recent underperformance [4] - Canada Goose's revenue growth has slowed significantly, with increases of 21.54%, 10.8%, 9.6%, and only 1.09% from fiscal years 2022 to 2025 [4] - In the first quarter of fiscal year 2026, Canada Goose reported a revenue increase of 22.4% to 108 million Canadian dollars, but its net loss widened to 125.5 million Canadian dollars [5] Group 3: Profitability Challenges - Bosideng's overall gross margin decreased by 2.3 percentage points to approximately 57.3% [8] - The gross margin for the brand's down jacket business fell by 1.6 percentage points to 63.4%, while the private label processing business and women's wear also saw declines [8] - Factors affecting the gross margin include changes in channel structure, product category mix, and rising core down costs [8] Group 4: Product Diversification - Bosideng has expanded its product range to include sun protection clothing and outdoor jackets, aiming to differentiate itself in a low-concentration market [11] - The company plans to educate consumers and lead the market in these segments through innovative technology and standard-setting [11]