Ge Long Hui·2025-10-25 21:09Group 1 - Recent nationwide temperature drop and early winter in northern regions are beneficial for the company's main product, down jackets, leading to positive sales impacts, especially in the East China market [1] - The sales peak season has been significantly extended due to the later Chinese New Year date, which is expected to positively influence the company's FY2026 financial performance [1] - The company's main brand has shown strong performance during the ongoing Double Eleven shopping festival [1] Group 2 - Appointment of renowned designer Kim Jones as creative director for the new AREAL high-end urban line is expected to enhance brand strength and international influence, despite the high-end product line's sales contribution being relatively low [2] - The company demonstrates resilient operational performance with projected revenue and profit compound growth rates of 17.66% and 19.73% respectively from FY2021 to FY2025, indicating strong growth potential in the coming years [2] - The company has maintained a high dividend payout ratio, averaging around 78% since its listing, which is expected to continue, enhancing investment attractiveness [2] Group 3 - Future earnings forecasts have been slightly adjusted, with EPS predictions for FY26, FY27, and FY28 set at 0.34, 0.38, and 0.42 CNY respectively, and a target price of 6.31 HKD based on a 17x PE for FY26 [3]