Ge Long Hui·2025-11-27 13:34Core Viewpoint - Bosideng reported a mid-term performance for the fiscal year 2025/26, achieving revenue of approximately RMB 8.928 billion, a year-on-year increase of 1.4%, and a net profit of about RMB 1.201 billion, up 5.2%, marking the highest mid-term performance in eight consecutive years [1] Group 1: Financial Performance - The revenue from the Bosideng brand under the down jacket business increased by 8.3% to approximately RMB 5.719 billion, reinforcing its market leadership [1] - The operating profit margin for the first half of the fiscal year 2025/26 improved to 17.0%, an increase of 0.3 percentage points compared to the same period last year, demonstrating strong resilience in development [1] Group 2: Product Innovation - Bosideng launched a series of significant product releases and participated in international fashion events in the fall of 2025, including the "Master Puff" series at Paris Fashion Week and a high-end product line in collaboration with Kim Jones [1] - The company also partnered with Errolson Hugh to introduce the VERTEX three-in-one down jacket series, enhancing brand value and internationalization [1] Group 3: Channel Development - The company expanded its flagship stores and brand image stores, creating unique Bosideng stores while continuing to develop top stores and refine single-store operations, thereby improving profitability and operational efficiency [2] Group 4: Supply Chain Management - Bosideng maintained a low initial order ratio while implementing a rapid replenishment mechanism during peak sales periods, effectively managing channel inventory and product structure [2] - As of September 30, 2025, the inventory turnover days were 178 days, a significant decrease of 11 days compared to the same period in 2024, reflecting improved operational efficiency [2] Group 5: Sustainability and ESG Rating - Bosideng actively explores sustainable development and received an upgrade in its MSCI ESG rating from AA to AAA, becoming the first and only Asian textile and apparel brand to achieve this highest rating [2] - The company has seen a steady improvement in its ESG rating for three consecutive years [2]