智通财经网·2025-11-27 13:44Core Viewpoint - Bosideng (03998) reported a mid-term performance for the fiscal year 2025/26, achieving a revenue of approximately RMB 8.928 billion, a year-on-year increase of 1.4%, and a net profit of approximately RMB 1.201 billion, reflecting a year-on-year growth of 5.2%, marking the highest mid-term performance in eight consecutive years [1] Group 1: Financial Performance - The company's revenue for the down jacket business under the Bosideng brand 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, indicating strong development resilience [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 collaborations with top luxury brand creative director Kim Jones for the Bosideng AREAL high-end product line [1] - The company also partnered with "functional godfather" Errolson Hugh to introduce the VERTEX three-in-one down series, enhancing brand value and internationalization [1] Group 3: Channel and Supply Chain Management - The company expanded its flagship stores and brand image stores, creating unique Bosideng stores while continuously developing top stores and refining single-store operations to enhance profitability and operational efficiency [2] - Bosideng implemented a pull replenishment mechanism during peak sales periods, effectively managing channel inventory and product structure, which significantly improved channel efficiency and product management flexibility during peak seasons [2] - As of September 30, 2025, the inventory turnover days for Bosideng were 178 days, a significant decrease of 11 days compared to the same period in 2024, reflecting improved operational efficiency [2] Group 4: Sustainability and ESG Rating - Bosideng actively explores sustainable development and received an upgrade in its MSCI ESG rating from AA to AAA on October 22, 2025, becoming the first and only Asian textile and apparel brand to achieve this highest rating [2] - The company has consistently improved its ESG rating for three consecutive years [2]